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 Industry Investment Rating - No relevant content provided Core Views of the Report - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the rising expectation of industrial product price increases, 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 generally rose significantly [1]. Summary by Relevant Catalogs Bond Market News Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing that China and the EU should strengthen communication, enhance mutual trust, and deepen cooperation at this critical historical juncture [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 basic financial services in rural areas [3]. - The draft amendment to the Price Law was open for public comment, mainly covering three aspects: improving government pricing, clarifying the criteria for identifying unfair price behaviors, and improving legal liability for price violations [5]. - As of now, 735 billion yuan of the central budget - investment for 2025 has been basically allocated, focusing on supporting projects in multiple fields [5]. - The central bank will conduct 400 billion yuan of MLF operations on July 25, with a net investment of 100 billion yuan [5]. International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. The market is now focused on whether the bank will continue to cut interest rates in the future [6]. - In July, the U.S. Markit manufacturing PMI fell back into contraction, but the recovery in the service sector offset the decline in manufacturing. The overall business activity expanded at the fastest pace since December last year [7]. Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. WTI September crude oil futures rose 1.19% to $66.03 per barrel, Brent September crude oil futures rose 0.98% to $69.18 per barrel, COMEX gold futures fell 0.74% to $3372.50 per ounce, and NYMEX natural gas prices rose 1.63% to $3.115 per ounce [8]. Funding Situation Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 450.5 billion yuan of reverse repurchases maturing on the same day, there was a net withdrawal of 119.5 billion yuan [10]. Funding Rates - On July 24, due to consecutive net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. DR001 rose 28.05 basis points to 1.652%, and DR007 rose 9.33 basis points to 1.576% [11]. Bond Market Dynamics Interest - Bearing Bonds - Spot Bond Yield Trends: On July 24, affected by the rising expectation of industrial product price increases, the stock market rally, and the tightened funding situation, the bond market weakened further. By 20:00, the yield on the 10 - year Treasury active bond 250011 rose 3.40 basis points to 1.7400%, and the yield on the 10 - year CDB active bond 250210 rose 4.80 basis points to 1.8350% [14]. - Bond Tendering Results: Multiple bonds were tendered on July 24, with details such as issue scale, winning yield, and subscription multiples provided [16]. Credit Bonds - Secondary Market Transaction Anomalies: On July 24, the trading price of one industrial bond, "HO Zhongnan 02," deviated by more than 10%, falling by more than 28% [17]. - Credit Bond Events: There were various credit - related events, including the invalidation of a bondholder meeting, companies being investigated by the CSRC, a company being included in the list of dishonest被执行人, delayed rating disclosures, rating withdrawals, and a forced interest - payment event [19][20]. Convertible Bonds - Equity and Convertible Bond Indexes: On July 24, the three major A - share indexes showed mixed performances, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 0.65%, 1.21%, and 1.50% respectively. The convertible bond market followed the equity market higher, with major convertible bond indexes rising. The trading volume of the convertible bond market was 83.63 billion yuan, a decrease of 6.772 billion yuan from the previous trading day [21]. - Convertible Bond Tracking: On July 25, Guanghe Convertible Bonds will be listed. On July 24, some convertible bonds announced proposals to lower the conversion price or were expected to trigger conditions for lowering the conversion price, and some were about to meet the conditions for early redemption [22][23][24]. Overseas Bond Markets - U.S. Treasury Market: On July 24, yields on U.S. Treasuries across all maturities generally increased. The yield on 2 - year U.S. Treasuries rose 3 basis points to 3.91%, and the yield on 10 - year U.S. Treasuries rose 3 basis points to 4.43%. The 2/10 - year U.S. Treasury yield spread remained unchanged at 52 basis points, and the 5/30 - year U.S. Treasury yield spread narrowed by 4 basis points to 98 basis points. The 10 - year U.S. inflation - protected Treasury (TIPS) break - even inflation rate rose 8 basis points to 2.45% [27][28][29]. - European Bond Market: On July 24, the yield on 10 - year UK government bonds fell 2 basis points, while yields on 10 - year government bonds in other major European economies generally rose significantly. Yields on 10 - year government bonds in Germany, France, Italy, and Spain rose by 9, 10, 11, and 11 basis points respectively [30]. - Price Changes of Chinese - Issued U.S. Dollar Bonds: As of the close on July 24, price changes of Chinese - issued U.S. dollar bonds were provided, including daily changes, credit entities, bond codes, bond balances, maturity dates, yields, and monthly changes [32].