国债等债券利息收入恢复征收增值税，银行间主要利率债收益率普遍下行

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - On August 1, after the month - end, the money market was abundant with major repo rates declining. The yield of major interest - rate bonds in the inter - bank market generally decreased, and the convertible bond market rebounded. The yields of US Treasury bonds across different maturities dropped significantly, and the yields of 10 - year government bonds in major European economies showed a divergent trend [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - From August 8, 2025 (inclusive), the VAT on the interest income of newly issued treasury bonds, local government bonds, and financial bonds will be restored. Natural persons buying treasury bonds with a monthly limit of no more than 100,000 yuan will enjoy the VAT exemption on interest income until December 31, 2027 [3] - The central bank will use the re - loan policy for scientific and technological innovation and technological transformation to promote the rapid growth of loans to science - and - technology small and medium - sized enterprises. The State Administration of Foreign Exchange will optimize and improve the fund management of domestic enterprises' overseas listings [4] - As of August 1, 800 billion yuan of this year's "Two Major" construction project list has been fully allocated, and 69 billion yuan of the third - batch ultra - long - term special treasury bond funds for consumer goods trade - in have been allocated, with the fourth batch of 69 billion yuan to be allocated in October. The issuance progress of this year's ultra - long - term special treasury bonds has exceeded 60% [5][6] - The Ministry of Finance reported six typical cases of local government implicit debt accountability, requiring local governments to prevent and resolve implicit debt risks [7] - New policy - based financial instruments are expected to be launched soon, and infrastructure investment is expected to pick up in the second half of the year [8] 3.1.2 International News - In July, the non - farm payrolls in the US increased by 73,000, far lower than expected, and the data of the previous two months was significantly revised down by 258,000. The unemployment rate rose to 4.2% [9] - Two Fed officials said the labor market remained robust, and inflation was still the main consideration for policy - making [10] - On August 1, international crude oil futures prices continued to fall, and international natural gas prices declined slightly [11] 3.2 Money Market 3.2.1 Open Market Operations - On August 1, the central bank conducted 126 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 663.3 billion yuan due to the maturity of 789.3 billion yuan of reverse repurchases [13] 3.2.2 Funding Rates - On August 1, despite the large - scale net withdrawal by the central bank, the money market was abundant after the month - end, and major repo rates declined. DR001 dropped 8.18bp to 1.314%, and DR007 dropped 13bp to 1.424% [14] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On August 1, affected by the stock - bond seesaw effect, the bond market fluctuated narrowly in the morning. After the Ministry of Finance announced the VAT on new treasury bonds in the afternoon, the bond market recovered. The yields of major interest - rate bonds in the inter - bank market generally declined, with long - term bonds showing larger fluctuations [16] - Bond Tendering: The tendering information of 25进出清发02 (Additional Issue 1), 25附息国债12 (Second Continued Issue), and 25超长特别国债03 (Continued Issue) was provided [18] 3.3.2 Credit Bonds - Secondary Market Transaction Abnormalities: On August 1, no credit bond transaction price deviated by more than 10% [18] - Credit Bond Events: Various credit - related events of companies such as Qingdao Huangdao Development, Zhejiang Xinchang Investment and Development were reported [20] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indexes: On August 1, the three major A - share stock indexes fell, while the main convertible bond indexes rose. The convertible bond market rebounded, with most individual bonds rising [19] - Convertible Bond Tracking: Information on the approval of convertible bond issuance by companies such as Jinlang Technology and the expected trigger of conversion price downward adjustment and early redemption of some convertible bonds was reported [27] 3.3.4 Overseas Bond Markets - US Bond Market: On August 1, due to the weak non - farm data and significant downward revision of the previous value, the yields of US Treasury bonds across different maturities declined significantly. The yield spread between 2 - year and 10 - year US Treasury bonds and that between 5 - year and 30 - year US Treasury bonds widened [23][25] - European Bond Market: On August 1, the yields of 10 - year government bonds in major European economies showed a divergent trend [28] - Daily Price Changes of Chinese - funded US Dollar Bonds: The daily price changes of the top 10 Chinese - funded US dollar bonds with the largest gains and losses were reported [30]