Report Industry Investment Rating No information provided in the content. Core Viewpoints - In August, liquidity has become a key factor in the bond market. The linkage between risky assets and the bond market has continued for some time, and in the medium - to long - term, the bond market is still priced based on fundamentals. Risky assets' strength is a short - term disturbance. If liquidity is stable, changes in funds flowing to risky assets are not the key to the bond market. An abundant liquidity environment is more likely to lead to a "double - bull" market for stocks and bonds. Attention should be paid to the central bank's operations, large banks' net lending levels, and the liability - side stability of bond funds and other broad - based funds [1][2]. - Although there are disturbances such as government bond supply, certificate of deposit (CD) maturities, and tax payments in August, there are also clear supporting factors. It is expected that the central bank will use various tools to maintain the stability of the money market, and the central level of money market rates will remain in a low - level volatile pattern, but special - time fluctuations need attention [4]. Summary by Directory 1. August: Liquidity Becomes a Key Factor in the Bond Market - Since July, the linkage between stocks, commodities, and bonds has attracted market attention. Liquidity plays a dual role in the stock - bond market linkage. Abundant liquidity benefits both markets, while changes in risk appetite and equity returns drive asset reallocation, causing some bond market funds to flow into stocks and commodities [1][8]. - In late July, high inter - bank liquidity demand and the rise of stocks and commodities suppressed the bond market. At the beginning of August, loose liquidity led to a "double - bull" market for stocks and bonds. From August 11 - 13, the relationship between stocks and bonds changed from a "seesaw" to a "double - bull" situation. On August 11, the central bank's large - scale net withdrawal in the open market and the strength of risky assets dragged down bond market sentiment. On August 13, the bond market showed resilience [1][8][9]. - In the second half of August, the bond market lacks a new narrative. Liquidity will continue to be crucial. The sustainability of risky assets' performance remains to be seen. If liquidity is stable, it won't be the key to the bond market. An abundant liquidity environment is more likely to lead to a "double - bull" market. Attention should be paid to the central bank's operations, large banks' net lending levels, and the liability - side stability of bond funds [2][14]. 2. July: Turbulence in the Money Market - In July, the money market had a "roller - coaster" ride, with funds loosening at the beginning, tightening in the middle, and then fluctuating again in the late stage. The central bank's operations were more targeted, with more precise and flexible liquidity injections [15]. - In terms of money prices, overnight money rates often ran below the policy rate but rose during tax payments and at the end of the month. The 7 - day money rate's central level declined, and the 7 - day money rate's stratification phenomenon was more prominent, while the overnight money rate's stratification was similar to the previous month [17]. - In terms of money quantity, the net lending of large state - owned banks decreased, while the lending of money market funds and wealth management products increased. The microstructure of money lending changed, increasing the volatility of overnight money rates [30]. - Factors affecting money supply and demand in July included precise and targeted open - market operations, government bond issuance (which decreased month - on - month but remained high year - on - year), high CD maturities with stable issuance prices, and a structural differentiation in credit in July after an unexpected increase in June [35][40][46]. 3. Current Concerns about the Money Market - Historically, August has a relatively low central level of money market rates in the second half of the year. In 2022 and 2023, there were large fluctuations at the end of August due to external policy variables [53]. - Currently, there are several concerns: high CD maturities above 3 trillion yuan in August, but banks' liability - side pressure is neutral, and the demand for price - increasing issuance is limited; continued government bond supply pressure, with the central bank likely to use various tools to maintain money market stability; and over 1.2 trillion yuan of medium - to long - term liquidity maturing in August, but a 70 - billion - yuan 3 - month buy - out reverse repurchase was carried out on August 8 [61][62][64]. - Although there are disturbances in August, there are also supporting factors such as seasonal factors and the central bank's support. It is expected that the central level of money market rates will remain low - level volatile, but attention should be paid to fluctuations at special times [66].

Core Viewpoint - The establishment of Zhongyou Financial Asset Investment Co., Ltd. by Postal Savings Bank marks the completion of the lineup of financial asset investment companies (AIC) under six major state-owned banks, enhancing the capacity for equity investment in the banking sector [1][2]. Group 1: Establishment and Regulatory Context - Postal Savings Bank plans to invest 10 billion yuan to establish Zhongyou Investment, following the regulatory approval for AICs issued by the National Financial Supervision Administration [1][2]. - The establishment of Zhongyou Investment will require regulatory approval and aims to adhere to legal and regulatory frameworks while focusing on risk management [2]. Group 2: Strategic Importance and Objectives - The investment is part of the bank's response to national calls for supporting technological innovation and enhancing comprehensive service capabilities, particularly in supporting private enterprises and the real economy [2][3]. - Other national commercial banks, including Industrial Bank, CITIC Bank, and China Merchants Bank, have also received AIC licenses, with registered capital of 10 billion yuan and 15 billion yuan respectively [2]. Group 3: Market Expansion and Challenges - The AIC pilot program has expanded from Shanghai to 18 cities, indicating a shift in the financial service paradigm from indirect financing to a combination of equity and debt [4]. - Challenges faced by AICs include limited capital sources, scarce investment targets, and difficulties in exit channels, which need to be addressed for effective operation [4][5]. Group 4: Future Development and Recommendations - Future development of AICs requires breakthroughs in institutional frameworks, capabilities, and ecological systems, including the establishment of long-term assessment mechanisms and diversified funding sources [6]. - It is recommended that banks enhance their investment decision-making and risk management processes while collaborating with local governments and state-owned platforms to explore diverse exit strategies [5][6].

Core Viewpoint - The article emphasizes the importance of strengthening the linkage between equity and debt markets to support technological innovation, highlighting the development of technology innovation bonds (科创债) as a key mechanism for financing tech enterprises [1][3]. Group 1: Policy Support and Market Dynamics - The issuance of technology innovation bonds has accelerated since the announcement by the People's Bank of China and the China Securities Regulatory Commission on May 7, 2023, with 223 issuers launching 300 bonds totaling 502.1 billion yuan by June 20, 2023 [4]. - The characteristics of technology innovation bonds include large issuance scale, high subscription enthusiasm, low interest rates, and diverse issuers, with banks being the primary issuers [4]. - The funds raised from these bonds are directed towards technology loans, new technology investments, and working capital, covering sectors such as integrated circuits, intelligent computing centers, and biomedicine [4]. Group 2: Development of Technology Innovation Bond ETFs - The conditions for launching technology innovation bond ETFs have matured, with ten public fund institutions submitting applications for the first batch of ETFs on June 18, 2023 [6]. - These ETFs are expected to attract long-term capital from institutional investors, enhancing market liquidity and supporting the overall ecosystem of technology innovation bonds [6]. - The introduction of these ETFs fills a gap in the "technology finance" bond fund sector, providing a more transparent and efficient investment method for various institutional and individual investors [6]. Group 3: Future Mechanisms and Recommendations - The article suggests further development of technology innovation bonds by optimizing issuance and trading systems, and expanding the range of issuers to include small and private enterprises [8]. - Recommendations include the introduction of specific implementation details and ensuring effective execution, as well as enhancing regulatory oversight [8]. - The need for long-term technology innovation bonds is highlighted to address the mismatch in funding durations, allowing for better alignment with the financing needs of tech enterprises [8].

Core Viewpoint - The Chinese government is enhancing support for technology innovation through the development of technology innovation bonds (科创债), aiming to facilitate financing for tech enterprises and promote a healthy cycle between technology, industry, and finance [1][5]. Group 1: Policy Support and Market Dynamics - The China Securities Regulatory Commission (CSRC) emphasizes the need to strengthen the linkage between stocks and bonds to support technology innovation [1]. - Since the announcement on May 7, 2023, by the People's Bank of China and CSRC, the issuance of technology innovation bonds has accelerated, with 223 issuers launching 300 bonds totaling 502.1 billion yuan by June 20, 2023 [1][2]. - The issuance of technology innovation bonds is characterized by large scale, high subscription enthusiasm, low interest rates, and diverse issuers, with banks being the primary issuers [2]. Group 2: Fund Utilization and Market Participation - The funds raised from the first batch of bank-issued technology innovation bonds will be used for technology loans and investments in technology innovation bonds, while securities firms will use the funds for new technology investments and liquidity support [2]. - The sectors covered by these bonds include integrated circuits, intelligent computing centers, and biomedicine, indicating a focus on cutting-edge industries [2]. Group 3: Development of Technology Innovation Bond ETFs - The conditions for launching technology innovation bond ETFs are becoming favorable, with several fund companies submitting applications for the first batch of ETFs [3]. - Technology innovation bond ETFs are expected to attract long-term capital from institutional investors, enhancing market liquidity and reducing issuance rates [3][4]. - The introduction of these ETFs fills a gap in the "technology finance" bond fund sector and is anticipated to improve the overall market ecosystem for technology innovation bonds [3][4]. Group 4: Future Directions and Recommendations - The CSRC suggests further development of technology innovation bonds, including optimizing issuance and trading systems, and expanding the range of issuers to include small and private enterprises [5]. - Experts recommend the need for specific implementation details and regulatory oversight to ensure effective execution of these initiatives [5].

1. Report Industry Investment Ratings - The investment ratings for stock index futures, stock index options, and treasury bond futures are all "Oscillation" [7][8] 2. Core Views of the Report - The sentiment of both stock and bond bulls has declined. Stock index futures are releasing capital congestion, stock index option selling strategies need to wait for a decline in volatility, and the bullish sentiment in the treasury bond market has weakened [1][2] 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - **View**: Capital congestion is being released. The Shanghai Composite Index fluctuated lower on Thursday with slightly increased trading volume. Over 4,600 stocks in the entire market closed lower. Only the petroleum and petrochemical sectors among the primary industries closed higher. Market sentiment declined, the number of stocks hitting the daily limit increased, and there was a gap in the 4 - board stocks in the consecutive - limit ladder. High - beta styles retreated more significantly. The positions of IM increased by 14,500 lots compared to the previous day. There is no clear main line in the small - cap stocks in the future, so the operation should continue to be defensive [1][7] - **Operation Suggestion**: Wait and see [7] Stock Index Options - **View**: Selling options still need to wait and see, waiting for the inflection point of volatility decline. Due to the deeper adjustment of the underlying assets, the liquidity of the option market improved yesterday. Volatility continued to rise. Although the 500ETF options and MO are still at a relatively low percentile, considering that volatility may be in an upward range, the selling option strategy still needs to wait and see. The sentiment indicators show that the willingness to buy options to bottom - fish increased in a falling environment. Therefore, it is recommended to take profit on the long - volatility strategy intraday and use a light - position bullish spread strategy to bet on a short - term technical rebound [2][7] - **Operation Suggestion**: Dual - buying on the main line, light - position bullish spread [7] Treasury Bond Futures - **View**: The bullish sentiment in the bond market declined. Treasury bond futures mostly closed lower yesterday. For spot bonds, the yields of medium - and short - term treasury bonds mostly increased, while the yields of ultra - long - term treasury bonds decreased, and the yield curve flattened. The central bank's net injection of 84.2 billion yuan through open - market operations had a negative impact on the short - end as the inter - bank funding rates mostly increased slightly. The conflict between Israel and Iran and the Fed's hawkish stance reduced risk appetite, which was beneficial to the long - end of bonds. In the future, the central bank's care for the funding side and large banks' continuous buying of short - term bonds are beneficial to the short - end, while the 10 - year treasury bond yield has dropped to around the previous low of 1.6%, and there may be insufficient momentum for further significant decline in the short term. Attention should be paid to the steepening of the yield curve [2][8][9] - **Operation Suggestion**: For the trend strategy, maintain caution; for the hedging strategy, pay attention to short - selling hedging at low basis levels; for the basis strategy, pay appropriate attention to the widening of the basis; for the curve strategy, the odds of steepening the curve in the medium term are higher [9] 3.2 Economic Calendar - The economic calendar includes data on fixed - asset investment, social consumer goods retail sales, industrial added value, unemployment rate, etc. in China, as well as data on manufacturing indices, retail sales, CPI, and unemployment claims in the United States and the eurozone [10] 3.3 Important Information and News Tracking - The first batch of projects using the risk - sharing tool for science and technology innovation bonds have been officially launched, which can enhance the bond - financing availability and convenience of relevant enterprises and institutions and initially connect the "equity - bond - loan" linkage [11] - During the period from May 16 to June 18, the consumption of home appliances and 3C products with trade - in services at Suning易购 was booming, with significant increases in store traffic, trade - in orders, and high - end product sales [11] - The Fed kept the federal funds rate target range unchanged at 4.25% - 4.50%, maintained the IOR at 4.40%, the discount rate at 4.50%, and the pace of quantitative tightening unchanged [12] - The Bank of England kept the policy rate unchanged at 4.25% [13] 3.4 Derivatives Market Monitoring - The report also includes data on stock index futures, stock index options, and treasury bond futures, but specific data summaries are not provided in the given text [14][18][30]

Core Viewpoint - The launch of the first batch of Sci-Tech Bond ETFs by multiple fund companies marks a significant step in enhancing the bond market's support for technological innovation in China, aligning with the regulatory push for stronger bond-stock linkage to facilitate financing for tech enterprises [1][2][4]. Group 1: Policy and Market Development - The People's Bank of China and the China Securities Regulatory Commission introduced a comprehensive policy package on May 7, 2025, to support the issuance of Sci-Tech bonds, including flexible bond terms and simplified disclosure processes [2]. - The scale of Sci-Tech bonds has expanded rapidly, with their proportion of total corporate bonds increasing from 1% to 10% since 2023, reflecting a tenfold growth in issuance [2]. Group 2: Fund and Investment Dynamics - As of early June 2025, the total scale of bond ETFs in China exceeded 300 billion, with significant growth in the number of bond ETFs launched this year [3]. - The upcoming Sci-Tech Bond ETFs are expected to enhance liquidity and recognition in the market, potentially lowering financing costs for companies issuing these bonds [2][3]. Group 3: Future Outlook - The current monetary policy environment is conducive to bond investment, with expectations of continued support for credit bonds due to a shift towards a moderately loose monetary policy [4]. - The introduction of Sci-Tech Bond ETFs by firms like Invesco Great Wall is seen as a strategic move to strengthen their product offerings and enhance their competitive edge in the fixed income market [4].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views of the Report - After the Sino-US London negotiation, the trading focus of the bond market has returned to domestic factors. The current monetary policy has become loose, and there is a strong expectation of further easing in Q3. However, the bond market is expected to remain range - bound due to macro uncertainties [1][14]. - The central bank's policy intervention has changed the "trend bull" to an "oscillating bull" in the bond market. With the uncertainty of the Sino - US trade negotiation timeline and July being a potential policy announcement window, the bond market is expected to oscillate or rise slightly in the short term. Given the strong performance of the stock market this year, the bond market is expected to remain high and oscillate [2][30]. - The trading difficulty in the bond market increases with more macro uncertainties. It is recommended to capture short - term bullish opportunities and use arbitrage strategies while being cautious about short - term bond market risks caused by changes in market risk appetite [2][30]. 3. Summary According to Relevant Catalogs 3.1 Weak Fundamentals and Oscillation 3.1.1 Inflation and Growth Recovery Require Greater Policy Efforts - Since the beginning of the year, the Treasury bond futures market has been volatile with high - level oscillations. The central bank intervened in February to prevent excessive interest rate decline and capital idling, leading to a monthly correction in the bond market. Subsequently, medium - and long - term allocation funds bought when the 30Y interest rate rose by more than 20bp, stabilizing the market. The bond market then fluctuated due to Sino - US trade conflicts [5]. - The macro - fundamental situation remains at the bottom with oscillations. Exports have been affected by the Sino - US trade war, and domestic demand recovery is not significant. There is an "asset shortage" in RMB assets, and the structure has changed compared to the past two years. If external Fed rate cuts accelerate and internal policies stimulate the economy, the stock market may see a mid - term recovery; otherwise, the risk - free interest rate may continue to decline [6][7]. 3.1.2 Liquidity, Monetary Policy, and Seat Analysis - After the Sino - US London negotiation, the bond market trading focus is back on domestic factors. The current monetary policy is loose, and there is a strong expectation of further easing in Q3. However, the bond market is expected to remain range - bound due to macro uncertainties. The central bank's next focus is to boost inflation, promote growth, and reduce costs, but attention should be paid to market expectation reversals and changes in risk appetite [14]. - Currently, the trading volume of the 12 - contract is limited, and the short - term inter - delivery spread may be positively correlated with the market. The basis has converged during the repair process since early June, and the market has a demand for profit - taking in positive hedging. The curve structure has limited factors to support long - term steepening, and the steepening space may be reduced [15]. - Since June, the net long position in the market has increased slightly, indicating cautious market sentiment. After a slight upward oscillation of each contract recently, it may reach the upper limit of the stage range. Caution should be exercised against emotional disturbances [16]. 3.2 The Downward Trend of the Long - Term Interest Rate Center Remains Unchanged, but the Short - Term Rhythm Varies 3.2.1 The Downward Trend of the Long - Term Interest Rate Remains Unchanged - Since 2015, China's interest rates have generally shown a downward trend, with three upward periods lasting more than a quarter. The duration and amplitude of these upward periods have been decreasing. The current passive de - stocking period has lasted nearly 28 months, longer than the previous cycle. If fiscal policy remains "supportive but not aggressive", the long - term interest rate center will continue to decline [26]. 3.2.2 Market Outlook for the Second Half of the Year - The central bank's policy intervention has changed the bond market from a "trend bull" to an "oscillating bull". With the uncertainty of the Sino - US trade negotiation timeline and July being a potential policy announcement window, the bond market is expected to oscillate or rise slightly in the short term. The view that the bond market will remain high and oscillate is maintained. Trading difficulty increases, and it is recommended to capture short - term bullish opportunities and use arbitrage strategies while being cautious about short - term risks [2][30].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Domestic fundamental data in May showed mixed results, with industrial growth slightly declining, social retail sales exceeding expectations, fixed - asset investment scale continuously shrinking, and the unemployment rate improving month - on - month. Financial data remained divided, with government bonds being the main support for social financing, and corporate credit demand weakening due to the cooling real estate market and hidden debt replacement. In the trade aspect, the pulling effect of pre - exported goods continued to weaken, and exports in May slightly declined [3]. - The central bank announced eight incremental policies at the Lujiazui Forum, which are helpful for the construction of a modern monetary policy system and enhancing the ability to manage exchange - rate risks. Overseas, the US labor market cooled, the number of initial jobless claims continued to increase, and the market expected the Fed's first interest - rate cut to be in September [3]. - Given that domestic domestic demand needs to be boosted and the central bank has carried out repurchase operations to maintain a balanced and loose capital market, treasury bond futures are expected to remain strongly volatile in the short term, and investors are advised to maintain a certain position [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: On June 18, 2025, the closing prices of T, TF, TS, and TL were 109.140, 106.280, 102.544, and 120.900 respectively, with changes of - 0.01%, - 0.01%, 0.01%, and 0.09%. The trading volumes of T, TF, TS, and TL were 48,250, 39,784, 27,708, and 52,815 respectively, with changes of - 429, + 194, + 1,018, and - 1,625 [2]. - **Futures Spreads**: The spreads of various contracts showed different changes. For example, the TL2512 - 2509 spread increased by 0.06 to - 0.13, and the T09 - TL09 spread decreased by 0.10 to - 11.76 [2]. - **Futures Positions**: The positions of T, TF, TS, and TL showed different trends. For example, the T main - contract position decreased by 2,200 to 203,959, and the TF main - contract position decreased by 804 to 155,973 [2]. 3.2 Bond Market - **CTD Bonds**: The net prices of some CTD bonds changed. For example, the net price of 250007.IB decreased by 0.0103 to 101.4059, and the net price of 250006.IB increased by 0.0037 to 100.3779 [2]. - **Active Bonds**: The yields of active bonds decreased. For example, the 1 - year yield decreased by 2.85bp to 1.3700%, and the 3 - year yield decreased by 2.50bp to 1.3825% [2]. 3.3 Interest Rates - **Short - term Interest Rates**: The short - term interest rates showed different trends. For example, the silver - pledged overnight rate decreased by 0.05bp to 1.3795%, and the Shibor overnight rate decreased by 0.30bp to 1.3660% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.4 Industry News - **Central Bank Policies**: The central bank announced eight incremental policies at the Lujiazui Forum, including promoting RMB foreign - exchange futures trading and establishing an inter - bank market transaction report, which is conducive to the construction of a modern monetary policy system and enhancing exchange - rate risk management capabilities [2][3]. - **CSRC Reforms**: The CSRC will launch a "1 + 6" policy measure to further deepen the reform of the Science and Technology Innovation Board, including setting up a growth layer and restarting the listing of unprofitable enterprises under the fifth set of standards [2]. - **Financial Regulatory Policies**: The financial regulatory authority will replicate and promote the experience of the free - trade zone and free - trade port in expanding institutional opening, support foreign - funded institutions to participate in more financial business pilots, and optimize the business environment for foreign investment [2].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On May 21, Treasury bond futures closed with mixed results. The 30 - year main contract fell 0.08%, the 10 - year main contract remained flat, the 5 - year main contract rose 0.03%, and the 2 - year main contract rose 0.02%. The Treasury bond futures index was 1.0. The volume - price factor and fundamental factor were both bullish. Without leverage, the cumulative returns of the strategy were 0.05% in the past 20 days, - 0.62% in the past 60 days, 0.16% in the past 120 days, and 1.29% in the past 240 days [1]. - In the equity market, the market rose and then fell throughout the day, with the three major indices slightly up. The total trading volume of the Shanghai and Shenzhen stock markets was 1.17 trillion yuan, an increase of 378 million yuan from the previous trading day. There were more falling stocks than rising ones, with over 3,600 stocks falling across the market [1]. Summary by Relevant Catalogs Fundamental Tracking - **Treasury Bond Futures Performance**: On May 21, the 30 - year main contract of Treasury bond futures fell 0.08%, the 10 - year main contract was flat, the 5 - year main contract rose 0.03%, and the 2 - year main contract rose 0.02%. The Treasury bond futures index was 1.0. The volume - price factor and fundamental factor were bullish. The cumulative returns of the strategy were 0.05% in 20 days, - 0.62% in 60 days, 0.16% in 120 days, and 1.29% in 240 days without leverage [1]. - **Equity Market**: The market rose and then fell throughout the day, with the three major indices slightly up. The trading volume was 1.17 trillion yuan, up 378 million yuan from the previous day. There were more falling stocks than rising ones, with over 3,600 stocks falling [1]. - **Funds**: Overnight shibor was 1.5090%, unchanged from the previous trading day. The 7 - day shibor was 1.5490%, down 0.7bp; the 14 - day shibor was 1.6470%, down 0.3bp; the 1 - month shibor was 1.6150%, down 0.2bp [2]. - **Treasury Bond Futures Market Data**: Details of the opening, high, low, closing prices, changes, amplitudes, trading volumes, and open interests of 2 - year, 5 - year, 10 - year, and 30 - year main contracts on May 21 were provided. The IRR of 2 - year, 5 - year, 10 - year, and 30 - year active CTD bonds were 1.81%, 1.85%, 1.88%, and 5.03% respectively, and R007 was about 1.5884% [3]. - **Money Market**: On May 21, the inter - bank pledged repurchase market traded 2.2 billion yuan, a decrease of 10.03%. Overnight rate was 1.40%, unchanged; 7 - day rate was 1.60%, up 1bp; 14 - day rate was 1.66%, down 2bp; 1 - month rate was 1.59%, down 6bp [4]. - **Cash Bonds**: Treasury bond yield curves showed mixed changes (2Y down 0.36BP to 1.48%; 5Y down 0.25BP to 1.56%; 10Y up 1.36BP to 1.71%; 30Y up 1.15BP to 1.88%). Credit bond yield curves also showed mixed changes (for AAA - rated medium - and short - term notes, 6M up 5.00BP to 1.69%; 1Y up 43.00BP to 2.14%; 3Y up 3.00BP to 1.75%; 5Y down 0.25BP to 1.99%) [4]. - **Net Long - Position Changes by Institution Type**: Daily changes: private funds decreased by 1.09%, foreign capital increased by 5.47%, and wealth management subsidiaries increased by 6.6%. Weekly changes: private funds increased by 7.82%, foreign capital increased by 9.6%, and wealth management subsidiaries increased by 3.18% [6]. Macro and Industry News - On May 21, the central bank conducted 157 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%, the same as before. With 92 billion yuan of 7 - day reverse repurchases maturing, there was a net injection of 65 billion yuan [8]. Trend Intensity - The trend intensity of Treasury bond futures was 0, with a range of [- 2, 2] and classifications including weak, weakly bearish, neutral, weakly bullish, and strong. - 2 indicated the most bearish, and 2 indicated the most bullish [9].

Core Viewpoint - The recent policy initiative by multiple government departments emphasizes the importance of capital markets in supporting technological innovation, aiming to enhance the "technology-industry-finance" cycle and stimulate innovation vitality [1] Group 1: Stock-Debt Linkage - Stock-debt linkage facilitates a diversified financing structure for companies, allowing for tailored capital solutions based on their development stages, such as equity financing for high-risk startups and bond financing for mature firms [1][2] - This linkage is expected to lower the trial-and-error costs associated with technological innovation by providing better funding support and risk-sharing mechanisms [2] Group 2: Financing Data and Trends - As of the end of 2024, there are 1,767 companies listed on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with 581 of these companies raising nearly 1 trillion yuan in total financing [3] - From 2021 to 2024, the issuance of Sci-Tech bonds has significantly increased, with amounts of 16.66 billion yuan, 102.84 billion yuan, 364.54 billion yuan, and 613.686 billion yuan respectively, cumulatively providing over 1 trillion yuan in financing support to 335 companies, with the proportion of these bonds in total corporate bonds rising from 0.4% to 15.53% [3] Group 3: Support for Disruptive Innovation - The stock-debt linkage is anticipated to enhance the support for disruptive technological innovations, which require substantial R&D investment and stable financial backing [4] - This approach is expected to attract patient capital that understands technology, thereby fostering the development of groundbreaking technologies that are crucial for high-quality economic growth [4]