债券通迎多项对外开放优化举措，资金面依旧宽松，债市震荡走弱

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On July 8, the liquidity remained loose; affected by the stock-bond seesaw effect, the bond market oscillated weakly; the main indices of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasuries across various maturities generally increased, and the yields of 10-year government bonds in major European economies generally increased [1] Summary by Directory 1. Bond Market News (1) Domestic News - The National Development and Reform Commission and other three departments will support eligible zero-carbon park projects through local government special bond funds, etc., and encourage policy banks to provide medium - and long - term credit support [3] - The National Development and Reform Commission newly allocated 10 billion yuan in central budgetary investment for the work - relief program, supporting 1,975 projects in 26 provinces (autonomous regions, municipalities) and the Xinjiang Production and Construction Corps, expected to pay 4.59 billion yuan in labor remuneration and help 310,000 key groups stabilize employment and increase income [3] - On July 8, the central bank and the Hong Kong Monetary Authority announced three opening - up optimization measures for Bond Connect, including improving the south - bound mechanism, optimizing the offshore repo business mechanism, and optimizing the Swap Connect operation mechanism [4] - The central bank is actively researching other measures to promote the opening - up of the bond market, such as deepening the connectivity between domestic and foreign financial markets, improving cross - border investment and financing facilitation, and enriching the offshore RMB financial product system [6] (2) International News - Trump said that equal - tariff measures would be implemented starting August 1, 2025, and warned that the EU would receive a tariff letter, with potential tariff rates of 60% - 70% and a 10% tariff increase on India [7] (3) Commodities - On July 8, WTI August crude oil futures rose 0.59% to $68.33 per barrel, Brent September crude oil futures rose 0.82% to $70.15 per barrel, COMEX gold futures fell 0.96% to $3,310.80 per ounce, and NYMEX natural gas prices fell 1.88% to $3.349 per ounce [8] 2. Liquidity (1) Open Market Operations - On July 8, the central bank conducted 69 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with an operating rate of 1.40%. With 131 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 62 billion yuan [10] (2) Funding Rates - On July 8, the liquidity remained loose. DR001 rose 0.01bp to 1.315%, and DR007 fell 0.25bp to 1.464%. Other funding rates also showed corresponding changes [11][12] 3. Bond Market Dynamics (1) Interest - rate Bonds - Spot Bond Yield Trends: On July 8, affected by the stock - bond seesaw effect, the bond market oscillated weakly. The yields of 10 - year Treasury bond active issue 250011 and 10 - year China Development Bank bond active issue 250210 rose 0.30bp and 0.55bp respectively [14][15] - Bond Tendering Situation: The tendering information of several bonds such as 25Guokai02 (Zeng4), 25Guokai08 (Zeng6) was provided, including maturity, issuance scale, winning yield, etc. [16] (2) Credit Bonds - Secondary Market Transaction Anomalies: On July 8, 7 urban investment bonds had transaction price deviations of over 10%, with some falling and some rising [17] - Credit Bond Events: Events such as overdue debts of Shimao Construction, overseas debt restructuring of Times China Holdings were reported [19] (3) Convertible Bonds - Equity and Convertible Bond Indices: On July 8, the three major A - share indices rose collectively, and the main indices of the convertible bond market also rose. The convertible bond market turnover was 76.882 billion yuan [19][20] - Convertible Bond Tracking: On July 9, Guanghe Convertible Bond started online subscription. On July 8, Lanfan Convertible Bond announced a downward revision of the conversion price, and several convertible bonds announced early redemption or were about to meet early redemption conditions [26] (4) Overseas Bond Markets - U.S. Bond Market: On July 8, the yield of 2 - year U.S. Treasuries remained unchanged at 3.90%, while the yields of other maturities generally increased. The 2/10 - year U.S. Treasury yield spread widened by 2bp, and the 5/30 - year spread narrowed by 1bp [23][25] - European Bond Market: On July 8, the yields of 10 - year government bonds in major European economies generally increased, with Germany, France, Italy, Spain, and the UK seeing corresponding increases [28] - Daily Price Changes of Chinese - issued Dollar Bonds: The daily price changes of Chinese - issued dollar bonds as of the close on July 8 were provided, including information on credit entities, bond codes, and price changes [30]