固收周报：政治局会议前瞻，“稳增长”与“调结构”-20250731

Group 1: Interest Rate Bonds - During the period from July 18 to July 25, 2025, the central bank conducted a total of 23,438.00 billion yuan in reverse repurchase operations, with 21,315.00 billion yuan maturing, resulting in a net injection of 2,123.00 billion yuan[2] - The overall interbank funding prices increased, with DR001 rising by 6.08 basis points to 1.5174% and DR007 increasing by 14.56 basis points to 1.6523%[2] - In the primary market, the issuance of interest rate bonds totaled 9,398.05 billion yuan, with total maturing bonds amounting to 7,306.36 billion yuan, resulting in a net financing amount of 2,091.69 billion yuan[2] - The yields on government bonds for various maturities increased: 1-year up by 3.45 basis points to 1.3835%, 3-year up by 7.34 basis points to 1.4777%, 5-year up by 7.92 basis points to 1.6048%, 7-year up by 7.31 basis points to 1.6926%, and 10-year up by 6.72 basis points to 1.7324%[2] - The 10Y-1Y yield spread widened from 31.62 basis points to 34.89 basis points[2] Group 2: Credit Bonds - From July 21 to July 27, 2025, a total of 956 credit bonds were newly issued (including interbank certificates of deposit), with an issuance scale of 12,074.83 billion yuan, a decrease of 1,330.33 billion yuan compared to the previous period[3] - The total repayment of credit bonds was 14,553.08 billion yuan, resulting in a net financing amount of -2,478.24 billion yuan[3] - Among the newly issued bonds, the AAA-rated bonds accounted for 5,334.28 billion yuan, representing 77.67% of the total issuance[3] - The yields on city investment bonds increased overall, with the 3-year AA-rated bonds experiencing the largest rise of 12.27 basis points[3] - The yields on medium-term notes also increased, with the 10-year AAA-rated bonds rising by 11.99 basis points[3]