每日债市速递 | 国债期货收盘集体上涨

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on July 31, with a fixed rate and a total of 283.2 billion yuan, at an interest rate of 1.40%, with the same amount being bid and awarded [1] - On the same day, 331 billion yuan of reverse repos matured, resulting in a net withdrawal of 47.8 billion yuan [1] Group 2: Funding Conditions - The central bank's shift to net withdrawal in the open market had a limited impact on the interbank market, with the overnight repo weighted average rate (DR001) rising over 8 basis points and the 7-day rate increasing by more than 3 basis points [3] - The latest overnight financing rate in the US is 4.36% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.64%, down more than 2 basis points from the previous day [6] Group 4: Bond Market - Major interbank bond yields collectively declined [9] - Government bond futures closed higher, with the 30-year main contract rising by 0.57%, the 10-year by 0.17%, the 5-year by 0.08%, and the 2-year by 0.01% [13] Group 5: Economic Indicators - China's official manufacturing PMI for July is 49.3, a decrease of 0.4 percentage points, indicating a slight decline in manufacturing activity; the composite PMI output index is at 50.2, down 0.5 percentage points but still above the critical point, suggesting overall expansion in production activities [14] - The Ministry of Commerce spokesperson discussed the recent China-US trade talks, indicating a commitment to stabilize trade relations and extend certain tariffs for 90 days [14] Group 6: Bond Issuance and Events - Agricultural Development Bank plans to issue its first interbank technology innovation bonds, with a maximum issuance of 2 billion yuan [17] - The issuance of special bonds for 2025 is nearing completion, with 33 regions disclosing a total scale of nearly 780 billion yuan [17] - Shenzhen Longguang Holdings has completed cash early repayment for six domestic bonds, totaling overdue loans of 28.5 billion yuan [17]