7月理财规模增长弱于季节性

Group 1: Wealth Management Scale - The wealth management scale decreased by CNY 744 billion to CNY 30.92 trillion during the week of July 28 to August 1[1] - In July, the total growth was only CNY 2,469 billion, significantly lower than the historical average of over CNY 10 trillion for the same month[1] - The decline in scale is attributed to ongoing net value decreases and redemption pressures, with short-term and medium-term debt products experiencing maximum drawdowns of 8bp and 6bp respectively[1] Group 2: Leverage Rates - The average leverage level in the interbank market decreased from 107.41% to 107.34% during the week of July 28 to August 1[3] - Non-bank institutions saw a rebound in leverage rates, increasing from 112.10% to 112.34%[3] - Exchange leverage rates also declined slightly from 122.47% to 122.43% during the same period[3] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds decreased from 5.49 years to 5.45 years[4] - Credit bond fund duration reached a historical high of 2.81 years, up from 2.78 years[4] - Short and medium-term bond fund durations decreased to 1.01 years and 1.65 years respectively[4] Group 4: Government Debt Issuance - The planned issuance of government bonds increased to CNY 5,785 billion for the week of August 4-8, up from CNY 5,174 billion[47] - Net issuance of government bonds rose from CNY 2,876 billion to CNY 3,390 billion, primarily due to a significant increase in national bond net issuance[47] - Local government bond issuance for the week of July 28 to August 1 was CNY 3,372 billion, with a net issuance of CNY 2,360 billion[50]