1. Report Industry Investment Rating - The rating for treasury bonds is "oscillating" [4] 2. Core Viewpoints of the Report - The bond market is still in a favorable period. The pattern of fundamental factors favoring the bond market remains unchanged, the central bank is expected to continue to support market liquidity, and the bond market should continue to strengthen slightly [2][16] - The performance of credit data in July should be relatively weak, and the tax period is a disturbing factor, but the central bank can keep the capital market in an overall balanced state. After continuous upward movement, the upward momentum of the stock market has weakened, and it is expected to consolidate next week [2] 3. Summary According to the Table of Contents 3.1 One - Week Review and Views 3.1.1 This Week's Trend Review - From August 4th to August 10th, treasury bond futures rose slightly. Market sentiment was affected by various factors such as new bond interest taxation news, rumors about bond issuance changes, stock market trends, and central bank liquidity operations. As of August 8th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.370, 105.820, 108.610, and 119.250 yuan respectively, with changes of +0.018, +0.090, +0.160, and +0.160 yuan compared to the previous weekend [1][13] 3.1.2 Next Week's Viewpoint - The fundamental factors favorable to the bond market remain unchanged. The 7 - month financial data to be released next week is expected to be weak. The central bank will continue to support liquidity, and the capital market will be balanced. The difficulty of further increasing market risk appetite next week is relatively high, and the bond market will be less sensitive to the rise of the stock market [16][17] - Strategies include: holding long positions in trading accounts next week, paying close attention to market sentiment changes, holding the strategy of steepening the yield curve, and observing the narrowing of inter - period spreads [18][19] 3.2 Interest - Bearing Bond Weekly Observation 3.2.1 Primary Market - This week, 62 interest - bearing bonds were issued, with a total issuance volume of 8085.09 billion yuan and a net financing amount of 5958.98 billion yuan. The net financing amount of treasury bonds increased, while that of local government bonds decreased, and that of inter - bank certificates of deposit increased [23] 3.2.2 Secondary Market - Treasury bond yields mostly declined. As of August 8th, the yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds were 1.40%, 1.55%, 1.69%, and 1.96% respectively, with changes of - 2.44, - 2.32, - 1.76, and +1.00 bp compared to the previous weekend. The 10Y - 1Y spread narrowed, while the 10Y - 5Y and 30Y - 10Y spreads widened [27] 3.3 Treasury Bond Futures 3.3.1 Price, Trading Volume, and Open Interest - Treasury bond futures rose slightly. As of August 8th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.370, 105.820, 108.610, and 119.250 yuan respectively, with changes of +0.018, +0.090, +0.160, and +0.160 yuan compared to the previous weekend. The trading volumes and open interests of different - term treasury bond futures changed to varying degrees [36][39] 3.3.2 Basis and IRR - This week, the opportunity for cash - and - carry arbitrage was not obvious. The capital market was generally loose, and the futures basis generally oscillated within a narrow range. The IRR of the CTD bonds of each variety's main contracts was between 1.4% - 1.8%, and the current certificate of deposit interest rate was between 1.5% - 1.6%, so the opportunity for cash - and - carry arbitrage strategies was relatively limited [43] 3.3.3 Inter - period and Inter - variety Spreads - As of August 8th, the inter - period spreads of the 2509 - 2512 contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were - 0.066, - 0.055, +0.105, and +0.370 yuan respectively, with changes of - 0.024, 0.000, +0.080, and +0.100 yuan compared to the previous weekend. Next week, the inter - period spreads are expected to oscillate within a narrow range and narrow slightly [46][47] 3.4 Capital Market Weekly Observation - This week, the central bank conducted 11267 billion yuan of reverse repurchase operations in the open market, with 16632 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 5365 billion yuan. Capital interest rates such as R007, DR007, SHIBOR overnight, and SHIBOR 1 - week all declined slightly. The average daily trading volume of inter - bank pledged repurchase increased [51][54][56] 3.5 Overseas Weekly Observation - The US dollar index oscillated weakly, and the yield of 10Y US treasury bonds increased. As of August 8th, the US dollar index fell 0.43% to 98.2670 compared to the previous weekend's close, the yield of 10Y US treasury bonds was reported at 4.27%, up 4BP from the previous weekend, and the spread between Chinese and US 10Y treasury bonds was inverted by 258.0BP [61] 3.6 Inflation High - Frequency Data Weekly Observation - This week, industrial product prices showed mixed trends. The Nanhua Industrial Product Index, Metal Index, and Energy and Chemical Index changed by - 35.19, +75.23, and - 36.18 points respectively compared to the previous weekend. Agricultural product prices also showed mixed trends, with the prices of pork, 28 key vegetables, and 7 key fruits changing by - 0.19, +0.21, and - 0.05 yuan/kg respectively compared to the previous weekend [65] 3.7 Investment Advice - The first and middle ten - days of August are a favorable period for the bond market, and trading accounts can continue to hold long positions next week [18][66]

有势，但未必有因。表面上看，市场是混沌的，随机的，但实际上它服从于某个大趋势，是在一个大趋势的通道之中，或上涨，或下跌，亦或横盘蓄势。 ——笔记哥《应对》 | | | | 银行间资金 | (2025.08.08) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 嚴高利率 | 变化 | 成交量 | 变化量 | (亿 | 成交安占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | 元) | | 比 (%) | | R001 | 1.34 | -1 | | 1. 70 | 0 | 74678.84 | 104. 03 | | 90. 57 | | R007 | 1.45 | 8 | | 1. 70 | 0 | 6547, 89 | 222. 73 | | 7.94 | | R014 | 1.49 | -2 | wn | 1. 70 | 0 | 945. 33 | -179.76 | | 1. 15 | | R1M | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In July, the bond market oscillated weakly due to factors such as the central bank's protection of the capital market, short - term settlement of Sino - US economic and trade negotiations, and the "anti - involution" driving the equity and commodity markets. The long - end yield increased more, with the 10Y and 1Y Treasury bond yields rising by 6BP and 4BP respectively [1][8]. - In August, from the fundamental perspective, focus on the possible improvement of CPI and social financing structure, the resilience of exports after the extension of Sino - US tariff exemptions, the marginal changes of PMI in domestic and external demand, and the impact of the "anti - involution" policy on the improvement of the prosperity index. Also, observe the possible disturbances of the improvement of key data such as real estate on the fundamentals and expectations [2]. - In terms of supply, the single - month issuance peak of ultra - long special national bonds and the continued high - level use of new special bonds are expected to drive the high supply of government bonds in August. The net supply of government bonds in August may be around 1.4 trillion yuan, which may be the peak in the second half of the year [2]. - Regarding the capital market, there may be phased fluctuations due to the end of the month and the peak of inter - bank certificate of deposit (CD) maturities. After entering August, with the decline of inter - bank CD scale and the central bank's protection, the capital market is expected to return to a balanced and loose state. The central bank may restart Treasury bond trading, and multiple tools will jointly support the reasonable and abundant liquidity [2]. - From the policy perspective, the Politburo meeting at the end of July was positive but with limited incremental information. The Sino - US tariff negotiation was settled at the end of July, with a 90 - day tariff exemption extension, and the attitude of the US needs to be continuously monitored [3]. - In terms of institutional behavior, institutions still increased their holdings in July. In August, with interest rates likely to decline and fluctuate, focus on the support of large - scale banks for the short - end, the increase in the long - end holdings of rural commercial banks, the recovery of the fund's motivation to increase holdings by extending the duration, and the marginal change in the insurance company's willingness to allocate ultra - long - end bonds [3]. Group 3: Summary According to the Catalog 1. Bond Market Review: Interest Rates Oscillated Upward, and the Yield Curve Steepened Bearishly - In July, affected by multiple factors, the bond market oscillated weakly. The long - end yield increased more, with the 10Y and 1Y Treasury bond yields rising by 6BP and 4BP respectively. The term spread widened by 2BP to 32BP [1][8]. - The yield curve of Treasury bonds steepened bearishly in July, with the medium - and long - end yields generally rising more. The implied tax rate of China Development Bank bonds generally increased [9]. - Overseas, US inflation continued to rise slightly, labor data improved, and the Fed maintained the benchmark interest rate unchanged in July. The market's expectation of a September interest rate cut decreased. The yield of US Treasury bonds rose, and the Sino - US interest rate spread inverted further [10]. 2. This Month's Outlook and Strategy (1) This Month's Bond Market Outlook: The Capital Market is Likely to Return to Normal, and Supply will Reach a Peak in the Second Half of the Year - **Fundamentals**: For the July macro - data to be released, pay attention to the possible improvement of CPI and social financing structure, the resilience of exports after the extension of tariff exemptions, the marginal changes of PMI, and the impact of real estate data improvement on fundamentals and expectations [2][28]. - **Supply**: The single - month issuance peak of ultra - long special national bonds and the continued high - level use of new special bonds will drive the high supply of government bonds in August. The net supply of government bonds in August is expected to be around 1.4 trillion yuan, which may be the peak in the second half of the year [2][41]. - **Capital Market**: There may be phased fluctuations at the end of the month, but after entering August, with the decline of inter - bank CD scale and the central bank's protection, the capital market is expected to return to a balanced and loose state. The central bank may restart Treasury bond trading, and multiple tools will jointly support the reasonable and abundant liquidity [2][48]. - **Policy**: The Politburo meeting at the end of July was positive but with limited incremental information. The Sino - US tariff negotiation was settled at the end of July, with a 90 - day tariff exemption extension, and the attitude of the US needs to be continuously monitored [3][61]. - **Institutional Behavior**: Institutions still increased their holdings in July. In August, with interest rates likely to decline and fluctuate, focus on the support of large - scale banks for the short - end, the increase in the long - end holdings of rural commercial banks, the recovery of the fund's motivation to increase holdings by extending the duration, and the marginal change in the insurance company's willingness to allocate ultra - long - end bonds. The adjustment of government bond VAT may also affect institutional allocation logic [3][68]. (2) Bond Market Strategy: Focus on the Balance between Stocks and Bonds, the Bond Market will Oscillate Downward, and Pay Attention to Trading Opportunities - In August, the main points of concern are the return of the capital market to a loose state under the central bank's protection, the shift from the stock - bond seesaw to the balance between stocks and bonds, the peak supply of government bonds due to the acceleration of special bond issuance, and the short - term impact of the change in government bond VAT [74]. - In terms of interest rates, the bond market's capital market in August is likely to return to a stable state under the central bank's protection. The bond market is still in a favorable environment, but the implementation of broad - based monetary policies needs to be awaited. The subsequent market is likely to evolve from the stock - bond seesaw to a balanced state. Short - term bond interest rates may decline marginally. Strategies include maintaining an appropriate duration, focusing on band trading, paying attention to the trading value of old bonds and the allocation value of new bonds, taking profits when yields are low, and increasing allocations when the 10 - year Treasury bond yield rises above 1.75% [76]. 3. Important Economic Calendar for August - The table provides the expected release dates and market expectations of various economic indicators in July and August, including foreign exchange reserves, CPI, PPI, M2, social financing scale, etc. [78]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The weakening domestic demand is reflected by the July manufacturing PMI falling short of expectations, and the correction in the commodity market pricing this week is favorable for the bond market, with yields of different maturities declining. The potential returns are considerable considering the downward space of 10 - 12bp for the 10 - year and 30 - year Treasury bond yields and the duration [3][6]. - In terms of fundamentals and monetary policy, the demand side remains weak, and the short - term policy stimulus expectations are retreating. The cooling of the commodity market and the stock market may be beneficial to the bond market due to the stock - bond seesaw effect. The opportunities in the first and middle ten - days of the month may be greater, while the situation in the last ten - days needs further observation [6]. - For the second half of the year, policy clues may be the main variable guiding the macro - economic trend. The loose monetary policy will continue, and the bond market can prioritize high - cost - effective varieties [35]. 3. Summary by Directory Bond Market Performance Review - Interest rate bonds: The yield curve has flattened. The 1 - year Treasury bond yield decreased by 1bp to 1.37%, and the yields of 3 - year and above decreased more significantly. The 10 - year and 30 - year Treasury bond yields decreased by 3.3bp and 3.4bp to 1.71% and 1.92% respectively [12][15]. - Credit bonds: The spreads generally widened. On the implied AA+ urban investment bond curve, the 1 - year, 3 - year, and 5 - year yields increased by 10bp, with the 5 - year yield reaching 2.04%. On the AAA - secondary capital bond curve, the 1 - year, 3 - year, and 5 - year yields increased by 7bp, 14bp, and 14bp respectively [15]. Bond Market Primary Issuance Situation - Local bonds: Issued 3372 billion yuan this week, with a net issuance of 2360 billion yuan, including 209 billion yuan of new general bonds, 1832 billion yuan of new special bonds (575 billion yuan of special special bonds), 877 billion yuan of ordinary refinancing bonds, and 454 billion yuan of special refinancing bonds [20]. - Treasury bonds: Issued 4061 billion yuan this week, with a net issuance of 107 billion yuan, including 830 billion yuan of special Treasury bonds [20]. - Policy - financial bonds: Issued 1580 billion yuan this week, with a net issuance of - 56 billion yuan [20]. Fund Market Situation - The cross - month capital market remained stable. Before the cross - month, the central bank's large - scale net reverse - repurchase injection made the capital market looser. The overnight interest rate fell below the OMO rate, and the R001 decreased by 19bp to 1.36%. On the cross - month day, the central bank's "unexpected" reduction in roll - over still maintained a balanced capital market [26]. - The overnight and one - week Shibor rates closed at 1.32% and 1.45%, changing by - 5bp and + 3.8bp respectively compared with last week. The overnight and one - week CNH Hibor rates closed at 1.1% and 1.28%, changing by - 43.1bp and - 36.2bp respectively compared with last week [26]. - The yields of inter - bank certificates of deposit mostly declined. The 1 - month AAA inter - bank certificate of deposit decreased by 6.9bp to 1.49%. The weighted issuance period of inter - bank certificates of deposit was compressed to 5.9 months. The average trading volume of inter - bank pledged repurchase decreased from 7.70 trillion yuan last week to 6.72 trillion yuan [29]. China Bond Market Macro - environment Tracking and Outlook - The US dollar index has been below 100 for the past week, and the offshore RMB has continued to appreciate. The central bank may maintain a loose tone in the second half of the year. This week, the central bank conducted a basically equal - amount roll - over, with a net injection of 69 billion yuan [34]. - In terms of the macro - economic outlook, achieving the 5% annual target is not difficult. Policy clues will be the main variable guiding the macro - economic trend in the second half of the year. The loose monetary policy will continue, and the bond market can prioritize high - cost - effective varieties [35].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From July 28 to August 1, treasury bond yields first rose and then fell due to multiple factors, with the yield curve showing a flattening trend. The resumption of VAT on bonds has a limited negative impact on the bond market, and credit bonds may see value re - evaluation opportunities. The tax advantage of public funds over bank self - operations is further enhanced, which may drive the outsourcing demand of bank self - operations. Next week, fund rates are expected to remain stable, while the supply pressure of treasury bonds will increase. The current bond market strategy suggests maintaining a defensive stance and seizing structural opportunities [2][3][7]. 3. Summary According to the Directory 3.1 Bond Market Weekly Review - From July 28 to August 1, treasury bond yields first rose and then fell. The fund - side was first loose and then tight, remaining generally loose. Important policy events were successively implemented, and the manufacturing PMI in July fell below the boom - bust line. Overall, yields of treasury bonds across various maturities generally declined. For example, the yields of 1 - year, 10 - year, and 30 - year treasury bonds decreased by 1.01BP, 2.65BP, and 2.35BP respectively, and the yield curve showed a flattening trend [2][12]. 3.2 Bond Market Data Tracking 3.2.1 Fund - side - From July 28 to August 1, the central bank's open - market operations had a net injection of 69.00 billion yuan. The central bank conducted 16,632.00 billion yuan of open - market reverse repurchases, with 16,563.00 billion yuan maturing. The fund - side was stable across the month, and the fund rate center declined. The differences in fund costs between non - bank institutions and banks increased, and the term spread of FR007S5Y - FR007S1Y converged [23][24]. 3.2.2 Supply - side - From July 28 to August 1, the total issuance of interest - rate bonds decreased, while the net financing increased. The issuance of government bonds decreased, and the issuance scale of inter - bank certificates of deposit also decreased. The net financing of treasury bonds increased, while that of local government bonds decreased [41][44]. 3.3 Next Week's Outlook and Strategy 3.3.1 Impact of Resuming VAT on the Bond Market - Starting from August 8, 2025, VAT will be resumed on the interest income of newly issued treasury bonds, local government bonds, and financial bonds. This has a limited negative impact on the bond market, and credit bonds may see value re - evaluation opportunities. The tax advantage of public funds over bank self - operations is further enhanced. The market impact after the implementation of the new policy needs to closely track the primary - market issuance [3][52]. 3.3.2 Next Week's Outlook - After crossing the month, fund rates are expected to remain stable. Next week, the planned issuance of treasury bonds is 4130.00 billion yuan, significantly higher than this week, and the supply pressure will increase [59][60]. 3.3.3 Bond Market Strategy - For interest - rate bonds, 10 - year treasury bonds above 1.70% have allocation value, with 1.80% regarded as the upper - limit pressure. For credit bonds, seize the value re - evaluation opportunities brought by the resumption of VAT on interest - rate bonds. In the convertible bond market, focus on equity - balanced varieties. This week, pay attention to the primary - market issuance results of local government bonds on August 8, the central bank's liquidity injection through various tools in July, and inflation data [7][61]. 3.4 Global Major Assets - As of August 1, 2025, yields of US treasury bonds generally declined, and the term spread widened. The US dollar index rose, and the central parity rate of the US dollar against the RMB increased slightly. Gold and crude oil prices rose, while silver prices fell [63][68].

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on August 4, with a fixed rate and quantity tendering, amounting to 544.8 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 495.8 billion yuan of reverse repos matured, resulting in a net injection of 49 billion yuan [1] Group 2: Funding Conditions - The central bank's open market has shifted to net injection, leading to a stable yet slightly loose funding environment in the interbank market, with the overnight repo weighted average rate (DR001) slightly rising to around 1.31% [3] - The latest overnight financing rate in the U.S. stands at 4.39% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is at 1.63%, showing a slight decrease from the previous day [7] Group 4: Bond Market Overview - The yields on major interbank bonds are as follows: - 1Y government bond yield at 1.3675% - 2Y at 1.4200% - 3Y at 1.4450% - 5Y at 1.5700% - 7Y at 1.6475% - 10Y at 1.7075% - Long-term bonds at 1.9190% [10] Group 5: Recent City Investment Bonds - The recent trends and data on AAA-rated city investment bonds show various yield spreads, indicating market conditions and investor sentiment [12] Group 6: Upcoming Bond Issuances - The Ministry of Finance plans to issue 60 billion yuan of 182-day discount treasury bonds on August 11 [21] - The China Development Bank will issue up to 34 billion yuan of three fixed-rate bonds on August 5 [21] - Ant Financial is starting the subscription for a 20 billion yuan, 3-year financial bond, with a subscription range of 1.7%-2.4% [21]

Core Viewpoint - The central bank's attitude towards the funding environment remains unchanged, indicating that there is no basis for tightening the funding situation in August [1] Group 1: Funding Situation - It is expected that the net financing of government bonds in August will be between 1.17 trillion and 1.39 trillion yuan, which is close to July's figures [1] - Starting in August, the maturity and operation timing of the Medium-term Lending Facility (MLF) will align, both occurring on the 25th of each month [1] - The combined maturity of MLF and reverse repos in August is 1.2 trillion yuan, which is lower than July's 1.5 trillion yuan [1] Group 2: Market Outlook - Since May, the combined net injection from MLF and reverse repos has been positive, suggesting that there is no need for excessive concern regarding the funding environment [1]

1. 公开市场操作 央行公告称，8月1日以固定利率、数量招标方式开展了1260亿元7天期逆回购操作，操作利率1.40%，投标量1260亿元，中标量1260亿元。Wind数据显 示，当日7893亿元逆回购到期，据此计算，单日净回笼6633亿元。当周净投放69亿元。 8月4日至8日一周，央行公开市场将有16632亿元逆回购到期，其中周一至周五分别到期4958亿元、4492亿元、3090亿元、2832亿元、1260亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 跨月后尽管央行公开市场大额净回笼，银行间市场周五资金面依旧充裕。存款类机构隔夜回购加权利率（DR001）下行超8个bp，重回1.31%附近，7天期 则下滑13个bp。 海外方面，最新美国隔夜融资担保利率为 4.32% 。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.635%位置，较上日微降。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率涨跌不一。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | ...

围绕事件博弈的一周。 尽管多重事件交织，本周债券市场情绪在波动中仍实现了修复。一方面，在权益和商品价格回调、政治局会议未落地 超预期政策的背景下，风险偏好回落；另一方面，政策不确定性暂时过去之后，市场关注重心回归到对基本面和资金 面的判断。 周五突发的税收调整是否打断这种情绪修复？ 周五财政部、税务总局公告称对新发行的国债、地方债、金融债的利息收入，恢复征收增值税。对于本次国债等债券 票息恢复征收增值税的政策调整，我们认为，其影响更多体现为一次性和结构性的价格重估，而不构成趋势性的方向 改变。若还有央行配合对冲操作，尤其是提供流动性支持或开展公开市场买债操作，市场对税负上升的响应过程有望 更加平稳。具体看来，这个事件有四个相对确定和三个不确定性比较大的影响： 四个相对确定的影响：（1）静态测算下新老券利差扩大幅度或落在 6–11bp 之间。（2）本轮未纳入征税范围或此前已 征税的品种相对受益。（3）资管类产品相对优势进一步强化。（4）对银行而言，信贷资产相对吸引力上升。 三个不确定性影响：（1）新老债利差走阔以何种方式"分配"。（2）央行是否对冲及对冲程度。（3）是否意味着开启新 一轮税收制度调整周期仍待观察 ...

Group 1: Report Core View - This week, the pressure on the capital market eased, with the central bank increasing support and the government bond issuance scale declining. The capital supply - demand pattern improved, and interest rates dropped. In August, liquidity will be "precisely regulated", with potential disturbances from large - scale certificate of deposit maturities, accelerated government bond issuance, and significant long - and medium - term liquidity maturities [1][22] - Looking at specific time points, disturbances may intensify around the tax payment period in the first and middle of August. Next week, the large - scale expiration of open - market operations is a concern, but the seasonal loosening at the beginning of the month may mitigate the pressure [2] Group 2: Market Data Summary Open Market - From July 28 to August 1, the net open - market injection was 69 billion yuan, a decrease from the previous week. From August 4 to August 8, the open - market operations due to expire amount to 166.32 billion yuan [3] Government Bonds - This week, the net government bond payment was 287.6 billion yuan. Next week, the planned government bond issuance is 578.5 billion yuan, with net payments of 339 billion yuan [37] Money Market - As of August 1, compared with July 25, various capital interest rates declined. The average daily trading volume of inter - bank pledged repurchase was 6716.6 billion yuan, a decrease of 982 billion yuan from July 21 - 25. The net capital outflow of the banking system averaged 3.02 trillion yuan, a decrease of 156.5 billion yuan from last week [5] Inter - bank Certificates of Deposit - From July 28 to August 1, the total issuance of inter - bank certificates of deposit was 386.7 billion yuan, with a net financing of - 16.2 billion yuan. Next week, the maturity scale is 583.8 billion yuan, an increase of 180.9 billion yuan from this week [5][81]