价格法修正草案公布，强调“反内卷”，资金面进一步收敛，债市延续弱势

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the increasing expectation of industrial product price hikes, the stock market rally, and the tightened funding situation, the bond market weakened further. The convertible bond market followed the equity market higher, with most convertible bond issues rising. Yields on U.S. Treasuries across all maturities generally increased, and yields on 10 - year government bonds in major European economies mostly rose significantly [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of China - EU relations and the principles for future development [3]. - The central bank and the Ministry of Agriculture and Rural Affairs jointly issued an opinion to increase financial resource input in key areas of rural revitalization and improve rural basic financial services [4]. - The draft amendment to the Price Law was open for public consultation, covering aspects such as improving government pricing, clarifying the criteria for identifying improper price behaviors, and strengthening legal responsibilities for price violations [6]. - As of July 24, 735 billion yuan of central budget - internal investment in 2025 had been basically allocated, focusing on multiple fields such as modern industrial systems and infrastructure [7]. - The central bank announced a 400 - billion - yuan MLF operation on July 25, with a net injection of 100 billion yuan, marking the fifth consecutive month of increased roll - overs [8]. 3.1.2 International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. Since June 2024, it has cut interest rates eight times [9]. - In July, the U.S. Markit manufacturing PMI fell into contraction again, but the recovery of the service sector offset the decline. The composite PMI index rose, but concerns about the business environment persisted [10]. 3.1.3 Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. COMEX gold futures fell [11]. 3.2 Funding Situation 3.2.1 Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 119.5 billion yuan due to 450.5 billion yuan of reverse repurchase maturities [13]. 3.2.2 Funding Rates - On July 24, due to continuous net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. For example, DR001 rose 28.05bp to 1.652%, and DR007 rose 9.33bp to 1.576% [14]. 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On July 24, affected by multiple factors, the bond market weakened further. Yields on the 10 - year Treasury bond active issue 250011 and the 10 - year China Development Bank bond active issue 250210 increased [17]. - Bond Tendering Situation: Various bonds were tendered on July 24, with details on issuance scale, winning yields, and subscription multiples provided [18]. 3.3.2 Credit Bonds - Secondary - market Transaction Anomalies: On July 24, the trading price of one industrial bond, "H0 Zhongnan 02", deviated by more than 10%, falling by over 28% [19]. - Credit Bond Events: Multiple events occurred, including some companies being included in the list of dishonest被执行人, delayed rating report disclosures, rating withdrawals, forced interest - payment events, ineffective bondholder meetings, and companies being investigated by the CSRC [20]. 3.3.3 Equity and Convertible Bonds - Equity and Convertible Bond Indexes: On July 24, the three major A - share stock indexes had mixed performances, with the Shanghai Composite Index closing above 3600 points. The convertible bond market followed the equity market higher, with most convertible bond issues rising [21]. - Convertible Bond Tracking: On July 25, Guanghe Convertible Bond was listed. On July 24, some convertible bonds announced proposals to lower conversion prices or were expected to trigger conditions for lower conversion prices, and some were about to meet early redemption conditions [24]. 3.3.4 Overseas Bond Markets - U.S. Bond Market: On July 24, yields on U.S. Treasuries across all maturities generally increased, and the yield spread between 2 - year and 10 - year U.S. Treasuries remained unchanged, while the spread between 5 - year and 30 - year U.S. Treasuries narrowed [25][26]. - European Bond Market: On July 24, the yield on the 10 - year British government bond declined, while yields on 10 - year government bonds in other major European economies generally rose significantly [28]. - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: As of the close on July 24, price changes of various Chinese - funded U.S. dollar bonds were provided, including those of companies like Sunac China and Lenovo Group [30].