新券税锚落地：曲线或迎二次陡化

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - Liquidity abundance drives a dual - bull market in stocks and bonds, but export data interferes with the bond market. The 7 - day OMO of the central bank was in a net - withdrawal state last week, yet the capital market remained loose. The short - term asset yields declined due to loose funds, and the mid - and long - term yields also had downward support after the weak bond market sentiment recovered. However, the July export data and the establishment of the Xinzang Railway Company triggered the stock - bond "seesaw" effect, restricting the downward space of ultra - long - term interest rates [2][87]. - The pricing focus of taxation is more inclined to new bonds, and the curve valuation may face upward pressure. The ChinaBond Valuation Center will gradually transition the yield curve and prioritize using new bonds to compile it. The winning bid rate of new local bonds on August 8 was higher than the valuation of the same - term old bonds, indicating that the pricing focus has shifted to new bonds. Potential tax policy changes may also push up the valuation center [2][88]. - Ample funds are beneficial for short - term interest rates to maintain good performance, and the curve shape may continue to steepen. The previous negative sentiment in the bond market has weakened, and the bond market pricing may become more neutral. Short - term interest rates are expected to perform well, while the downward space of long - term interest rates may be restricted. The strategy of "shortening portfolio duration + preferentially allocating old bonds" is recommended, and steepening the interest rate curve is also a cost - effective option [2][89]. 3. Summary by Relevant Catalogs 3.1 Important Matters - On August 8, the central bank conducted a 7000 - billion - yuan 3 - month (91 - day) fixed - quantity, interest - rate - tender, multiple - price - winning bid buy - back operation. After this operation, the buy - back was still in a net - withdrawal state as the August maturity scale was 9000 billion yuan [5]. - China's export in July 2025 reached 321.784 billion US dollars, a year - on - year increase of 7.2%, the highest growth rate since April. Exports to the EU and ASEAN increased by 9.2% and 16.6% respectively, while exports to the US decreased by 21.7% year - on - year [7]. - The State Council issued an opinion on gradually implementing free pre - school education, covering all kindergarten senior - class children and eligible private kindergarten children [9]. - On August 8, 2025, the Xinzang Railway Co., Ltd. was established with a registered capital of 950 billion yuan, marking the start of the substantial construction of the Xinzang Railway project [12]. - On August 7, the ChinaBond Valuation Center announced that it would gradually transition the yield curve and prioritize using new bonds to compile it [13]. 3.2 Money Market - Open Market Operations and Capital Interest Rate Trends: From August 4 to 8, 2025, the central bank's 7 - day reverse repurchase operation had a net withdrawal of 536.5 billion yuan. The policy interest rate for the 7 - day open - market reverse repurchase was 1.40%. As of August 8, R001, R007, DR001, and DR007 were 1.341%, 1.454%, 1.312%, and 1.425% respectively, with changes compared to August 1 [15][20]. - Certificate of Deposit Interest Rate Trends and Repurchase Transaction Volume: Commercial bank certificates of deposit had a net financing of 177.31 billion yuan last week, with city commercial banks having the largest issuance scale. The 1 - year issuance rate of national and share - holding banks dropped to around 1.63%. In the secondary market, the yields of certificates of deposit declined, and the 1Y - 3M term spread widened [24][29]. 3.3 Bond Market - Primary Market: From January to August, the net financing rhythm of local government bonds was faster than that of national bonds. As of August 8, the cumulative net financing of national bonds and local bonds in 2025 was about 4.37 trillion yuan and 5.27 trillion yuan respectively. The actual issuance of local government bonds in July was lower than expected, which may lead to an increase in the actual supply in August - September. Last week, the issuance and net financing of national bonds increased significantly, while the issuance of local bonds slowed down. The issuance scale of special refinancing bonds has reached 1.84 trillion yuan as of August 8 [34][41][42]. - Secondary Market: Last week, the market showed a bull - steepening trend. The short - and medium - term interest rates declined due to loose funds, while the ultra - long - term interest rates increased due to export data and strong risk assets. The trading volume and turnover rate of 10 - year national bond and national development bond active bonds decreased. The term spread and the spread between national and local bonds showed different trends [46][50][59]. 3.4 Institutional Behavior Tracking - The leveraged trading volume recovered last week due to loose funds. The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase was 7.42 trillion yuan, a decrease of about 0.21 trillion yuan from the previous week [67]. - In the cash bond market, state - owned banks mainly bought national bonds with a maturity of less than 5 years, rural commercial banks mainly increased their holdings of national bonds with a maturity of more than 10 years, and securities firms and funds had a stronger buying force for national bonds with a maturity of less than 10 years [70]. - The current加仓 cost of major trading desks for 10 - year national bonds is between 1.69% - 1.70% [74]. 3.5 High - Frequency Data Tracking - Last week, the settlement prices of rebar, cathode copper, and Brent and WTI crude oil futures decreased compared to the previous week, while the BDI index increased. The CCFI index decreased, and the prices of pork and glass also declined, while the price of vegetables increased. The central parity rate of the US dollar against the RMB was 7.14 [84]. 3.6 Market Outlook - The bond market may continue to show a steepening trend. The strategy of "shortening portfolio duration + preferentially allocating old bonds" is recommended, and steepening the interest rate curve is also a cost - effective option. Specific trading varieties can consider 250011 and 2500002 [89].