债市逆风期的机构应对与变化：——央行报表及债券托管量观察

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the bond market in August 2025 from multiple perspectives, including the central bank's balance sheet and custody volume, institutional leverage, institutional behavior by type, and bond types. It presents the latest trends in central bank monetary policy and institutional investment strategies, and predicts short - term investment opportunities and risks in the bond market [8]. - In the short term, due to the approaching of the end - of - September to early - October period to achieve the annual 5% growth target, with the implementation of growth - stabilizing policies and cross - quarter capital fluctuations, institutional sentiment remains cautious, and there may be redemption disturbances. The remaining issuance quota of bonds is relatively low, indicating that there is still room for fiscal stimulus [7][9]. 3. Summary by Directory 3.1 August Central Bank Balance Sheet and Custody Volume Interpretation - Balance Sheet Changes: In August 2025, the central bank's balance sheet size increased from 45.9 trillion yuan to 46.3 trillion yuan. On the asset side, the main increase was in "claims on other depository corporations", and the main decrease was in "claims on other financial corporations". On the liability side, the main increase was in "government deposits", and the main decrease was in "deposits of other depository corporations" [14]. - Impact on Custody Volume: The net investment of the central bank's innovative tools in August was 2608 billion yuan, which was close to the monthly increase of 2754 billion yuan in the "ChinaBond - Other" (central bank) account. The main incremental bond types were local government bonds and policy - bank bonds [32]. 3.2 Leverage Ratio - In August, the overall capital market was stable, but the bond market was in a head - wind period. The average monthly leverage ratio dropped to 107.4%. The stock - bond seesaw effect continued to suppress the bond market performance, and institutional leverage willingness weakened. The average monthly trading volume of pledged repurchase remained at 7.6 trillion yuan [37]. 3.3 By Institution Type - Banks: Large banks reduced their allocation of 7 - 15y local government bonds and extended the maturity of their Treasury bond purchases. Rural commercial banks' entry - point expectations rose, and their secondary - market trading demand weakened [52][54]. - Insurance: Since August, under the influence of "rush to stop sales", insurance companies have increased their bond purchases at high prices, mainly increasing their holdings of local government bonds and Treasury bonds [67]. - General Funds: In August, the custody volume of general funds decreased again this year, mainly reducing their holdings of certificates of deposit and commercial bank financial bonds. Fund redemptions occurred repeatedly, while bank wealth management's bond allocation was in line with the seasonal level [76][80][84]. - Foreign Investors: The decline in the comprehensive return of foreign investors' investment in certificates of deposit narrowed, and the net outflow speed slowed down. They mainly reduced their holdings of certificates of deposit, Treasury bonds, and policy - bank bonds [93]. 3.4 By Bond Type - In August, the incremental increase in the bond market's custody volume decreased month - on - month. Interest - rate bonds were the main supporting factor, with increments of 8261 billion yuan, 5172 billion yuan, and 4616 billion yuan for Treasury bonds, local government bonds, and policy - bank bonds respectively. Certificates of deposit were the main reduction item, with a reduction of 3556 billion yuan [94].