固定收益点评：8月会出现债市拐点吗？

Report Industry Investment Rating No relevant content provided. Core View of the Report - In previous bond bull years since 2019 (excluding 2020), the bond market often reached a low point in August. This year, considering fundamentals, institutional behavior, and bond supply, the previous "anti - involution" trading in the bond market has cooled marginally. Related policies will mainly raise the interest rate fluctuation center, and the probability of driving a significant upward movement in interest rates is low. With the central bank's positive attitude towards protecting the capital market, bond market interest rates are expected to remain volatile [5][23]. Summary by Related Catalogs 1. Review of August Market Trends in Previous Years - 2019: Intensified Sino - US trade friction pushed bond market interest rates down. However, in August, inflation data exceeded expectations, and financial data also exceeded expectations. The Sino - US trade negotiation showed signs of easing, and the TMLF was absent in October, causing bond market interest rates to rise from August to October [7]. - 2021: The central bank's full - scale reserve requirement ratio cut in early July led to abundant liquidity and a decline in bond market interest rates. In August, the issuance of local bonds increased, and positive signals from the State Council executive meeting and the increase in new re - loan quotas in September raised expectations of broad credit and drove up interest rates [7]. - 2022: Multiple rounds of reserve requirement ratio cuts and interest rate cuts led to loose liquidity and a decline in bond market interest rates. In August, the State Council executive meeting proposed an additional 300 billion yuan in policy - based and development - oriented financial instruments, and the PMI entered the expansion range in September, causing bond yields to rise [7]. - 2023: Disappointing economic data in May and multiple interest rate cuts led to a decline in bond market interest rates. Starting from late August, a series of real - estate stabilization policies were introduced, and economic data in August was better than expected, causing bond market interest rates to rise [8]. - 2024: The central bank's interest rate cut in July drove bond market interest rates down. In August, the Jiangsu branch of the People's Bank of China required rural commercial banks to pay attention to long - bond holding risks, and the central bank's second - quarter monetary policy implementation report mentioned medium - and long - term interest rate risks, causing interest rates to rise [10]. 2. Reasons for the Frequent Appearance of Inflection Points in August 2.1 Fundamental Factors - After the Politburo meeting in July, a series of growth - stabilizing policies are usually introduced around August, leading to a "first - down - then - up" bond market trend. However, based on this year's Politburo meeting, the probability of interest rate cuts in the short term is low, and the possibility of introducing incremental policies this year is small, with limited impact on the bond market [11][12]. 2.2 Institutional Behavior Factors - From September to the fourth quarter, it is usually the redemption period for wealth management products, increasing the pressure on bond market adjustments. The correlation between the stock market and the bond market strengthens during external shocks, but in other cases, the direct impact of the stock market's rise on the bond market is limited, and the suppression of the bond market by the stock market is expected to gradually weaken [14][15]. 2.3 Supply Factors - Around August, the supply of local bonds is usually large, which is negative for the bond market. However, this year, the issuance rhythm of local special bonds has advanced, and the issuance speed from July to September may be relatively smooth, resulting in limited marginal supply pressure on the bond market in August [18][19]. 3. Outlook on the Current Market - Fundamentals: The possibility of introducing incremental policies this year is small, with limited impact on the bond market [22]. - Institutional Behavior: The bond - allocating power of wealth management products usually declines marginally from August to September, which may put upward pressure on the bond market. The suppression of the bond market by the stock market is expected to gradually weaken [22]. - Bond Supply: The marginal supply pressure on the bond market in August is limited [22].