【笔记20250822— “英伟达不过如此，纳斯达克也就那样”】

Core Viewpoint - The article discusses the current state of the stock market, which has risen above 3800 points, and the weak results of the primary issuance of government bonds, alongside a balanced and slightly loose liquidity environment [2][4]. Market Performance - The stock market showed strong performance, surpassing 3800 points, with a notable increase in trading activity. The A-share market took 5 trading days to rise from 3700 to 3800 points, indicating a rapid upward trend [4]. - The 10-year government bond yield opened slightly higher at 1.768% and fluctuated throughout the day, reaching a peak of 1.79% before settling at 1.785% [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 361.2 billion yuan, with 238 billion yuan maturing, resulting in a net injection of 123.2 billion yuan. Additionally, a 600 billion yuan MLF operation is scheduled for August 25, 2025, with a one-year term [2][4]. - The liquidity environment remains balanced and slightly loose, with the DR001 and DR007 rates around 1.41% and 1.47%, respectively [2]. Bond Market Insights - The primary issuance of government bonds was weak, leading to a slight increase in yields. The market reacted to guidance from major banks to purchase 30-year government bonds, which may have contributed to the observed fluctuations in bond yields [4]. - The overall trading volume in the interbank market was significant, with R001 and R007 rates at 1.45% and 1.48%, respectively, indicating a diverse range of trading activities [3].