股市强势叠加税期资金面有所收敛，债市大幅走弱

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On August 18, during the tax payment period, the liquidity tightened; the bond market weakened significantly; the main indices of the convertible bond market followed the upward trend, with most individual convertible bonds rising; the yields of U.S. Treasuries across various maturities generally increased, and the yields of 10 - year government bonds in major European economies showed divergent trends [1] 3. Summary by Related Catalogs 3.1 Bond Market News 3.1.1 Domestic News - Premier Li Qiang chaired the ninth plenary meeting of the State Council, emphasizing enhancing the effectiveness of macro - policies, stabilizing market expectations, boosting domestic circulation, stabilizing the real estate market, and improving people's livelihood [3] - The National Association of Financial Market Institutional Investors launched a self - regulatory investigation into institutions involved in the illegal use of bond issuance proceeds [4] - On August 18, the total market capitalization of A - shares exceeded 100 trillion yuan for the first time, and the Shanghai Composite Index reached a 10 - year high. The market rally was driven by policy dividends, industrial upgrading, and other factors [4] - In the first half of the year, China's GDP grew by 5.3% year - on - year, and emerging industries led the growth. Major indices such as the Shanghai Composite Index and the Shenzhen Component Index all rose [5] 3.1.2 International News - After the "Trump - Zelensky meeting", Trump called Putin to arrange a three - party meeting, and both Russia and the U.S. supported direct negotiations between Russia and Ukraine [6] - In June, EU exports to the U.S. reached a two - year low, with a 10% year - on - year decline. The EU's trade surplus shrank, and the chemical industry was particularly affected. Germany's exports to the U.S. declined, and the strengthening of the euro exacerbated the challenges [7] 3.1.3 Commodities - On August 18, international crude oil futures prices continued to rise, while international natural gas prices turned down. WTI September crude oil futures rose 0.99% to $63.42 per barrel, Brent October crude oil futures rose 1.14% to $66.60 per barrel, COMEX gold futures fell 0.12% to $3378.60 per ounce, and NYMEX natural gas prices fell 0.58% to $2.906 per ounce [8][9] 3.2 Liquidity 3.2.1 Open Market Operations - On August 18, the central bank conducted 266.5 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with an operating rate of 1.40%. With 112 billion yuan of reverse repurchases maturing on the same day, the net injection was 154.5 billion yuan [11] 3.2.2 Funding Rates - On August 18, due to tax payments, the liquidity tightened, and major repurchase rates increased. DR001 rose 4.70bp to 1.503%, and DR007 rose 3.46bp to 1.514% [12] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On August 18, the strong stock market and the tightened liquidity due to tax payments weakened the bond market. By 20:00, the yield of the 10 - year Treasury bond active bond 250011 rose 2.50bp to 1.7700%, and the yield of the 10 - year China Development Bank bond active bond 250210 rose 2.25bp to 1.8900% [16] - Bond Tendering Situation: Information on the tendering of multiple bonds including 25NongfaDiscount07 (Increment 2) and 25Guokai06 (Increment 31) was provided, including maturity, issuance scale, winning yield, and other details [18] 3.3.2 Credit Bonds - Secondary Market Transaction Anomalies: On August 18, 4 industrial bonds and 2 urban investment bonds had transaction prices deviating by more than 10%. For example, "H1 Bidi 04" rose by more than 31%, and "18 Taixing Xinghuang Bond 01" fell by more than 49% [18][19] - Credit Bond Events: Multiple companies announced events such as adjusting bond repayment arrangements, canceling bond issuances, and facing losses or legal issues [21] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On August 18, the A - share market strengthened, and the Shanghai Composite Index reached a 10 - year high. The main indices of the convertible bond market followed the upward trend. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rose 0.92%, 0.87%, and 1.01% respectively. Most individual convertible bonds rose [21] - Convertible Bond Tracking: Jinwei Convertible Bond will start online subscription on August 20 [24] 3.3.4 Overseas Bond Markets - U.S. Bond Market: On August 18, the yields of most U.S. Treasuries rose, with the 2 - year yield rising 2bp to 3.77% and the 10 - year yield rising 1bp to 4.34%. The 2/10 - year yield spread narrowed by 1bp, and the 5/30 - year yield spread widened by 1bp. The 10 - year inflation - protected Treasury (TIPS) break - even inflation rate remained at 2.38% [25][26][27] - European Bond Market: On August 18, the yields of 10 - year government bonds in major European economies showed divergent trends. The yield of the German 10 - year government bond remained at 2.78%, while the yields of French, Italian, and Spanish 10 - year government bonds declined, and the yield of the British 10 - year government bond rose [28][29] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: Information on the daily price changes of top - 10 rising and falling Chinese - funded U.S. dollar bonds as of the close on August 18 was provided, including companies such as Sunac China and SMIC [31]