Core Viewpoint - The recent decline in government bond futures has led to increased expectations for the People's Bank of China (PBOC) to resume government bond trading operations, particularly in the fourth quarter, to release medium- to long-term funds and improve market sentiment [1][2]. Group 1: Market Conditions - The yields on 10-year and 30-year government bonds have fallen below 1.8% and 2.1%, respectively, indicating a significant rise in yields since the beginning of the year [1]. - The bond market sentiment is currently bearish, with the 10-year government bond yield recently rising to around 1.8% [2]. - The PBOC has suspended government bond trading operations for eight consecutive months, leading to a notable shift in the bond market compared to earlier in the year [2]. Group 2: PBOC Operations - The PBOC's resumption of government bond trading is seen as having suitable conditions, although the urgency is not strong at the moment [1][6]. - The PBOC has previously indicated that it would consider resuming operations based on market supply and demand conditions [1]. - The PBOC's operations are primarily aimed at managing liquidity and influencing government bond yield trends [2][3]. Group 3: Analyst Perspectives - Analysts believe that the resumption of government bond trading could stabilize bond prices and mitigate negative feedback loops from large-scale redemptions of wealth management products [6]. - Some analysts argue that the PBOC's bond trading operations are more flexible and effective compared to other liquidity management tools like reverse repos [5]. - The current market dynamics suggest that the resumption of bond trading may not fundamentally alter the interest rate trends, as the core factors are related to the stock-bond valuation relationship [6].

以下文章来源于21世纪资管研究院 ，作者21世纪资管研究院 受此影响，最近一周债基收益较为低迷。wind数据显示，截至9月11日发稿，所收录的930只 短期纯债型基金中有751只近一周回报为负；3571只中长期纯债基金中有2926只近一周回报为 负。 CNEX债券分歧指数显示，在此轮债市"阵痛"行情中，基金机构持续抛券，成为市场卖方主 力。 21世纪资管研究院 . 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 记者丨 吴霜 余纪昕 编辑丨方海平 公募基金费用新规的余波席卷至债市。 近两日，债券收益率大幅攀升。 10年期国债收益率自9月4日1.74%的低位于几个交易日内连 续快速上行，9月10日，债市跌势仍未止步，10年期国债收益率当日下午突破1.8%的关键点 位，一度触及1.83%的高点；30年期国债收益率也上行2.9个基点，来到2.10%附近。 9月11日截至发稿， 债市现已有企稳迹象，呈现长短端表现分化。 利率债品种中，长端还在继 续跌，比如30年期国债活 ...

对债市的判断仍要回到决定债券市场表现的根本性因素中，就是资金面、基本面、政策面以及估值。目 前看，债券市场机会大于风险，最大的潜在风险点可能来自于机构一致性降低仓位导致的恐慌和踩踏。 中证报中证网讯(记者张韵)9月11日晚间，大成基金基金经理万晓慧在中国证券报"中证点金汇"直播间 表示，维持年初对债市的震荡行情判断，债市仍然具备中期的配置价值。 在她看来，参考过去经验，在资金面、基本面不发生根本性变化的前提下，"股债跷跷板"只是阶段性影 响，并不会造成债市趋势性转熊。无论是回溯我国的历史资产价格表现，还是回溯世界其他主要国家的 历史资产价格表现，股和债两类资产的相关性是不稳定的，两者仅在特定时期表现出明显的负相关性。 ...

Group 1: US Economic Data and Market Reactions - The ADP employment data for August showed an increase of 54,000 jobs, significantly below the market expectation of 68,000, indicating a cooling labor market [1] - Following the disappointing employment report, the FOMC is expected to lower interest rates by 50-75 basis points this year, with potential further cuts in March and June 2026 [1] - US stock markets declined, with the Dow Jones Industrial Average falling by 220.43 points (0.48%) and the Nasdaq Composite down by 7.3 points (0.03%) [1] Group 2: Trade Policies and Tariffs - A confidential memorandum revealed that Japan agreed to let Trump decide the investment direction of its $550 billion in capital in the US to avoid high tariffs [2] - Trump signed an executive order adjusting the scope of import tariffs, allowing for zero tariffs on certain goods that cannot be produced in the US or are in short supply [3] Group 3: Domestic Economic Policies - China's foreign exchange reserves increased to $332.22 billion as of the end of August, up by $29.9 billion (0.91%) from July [4] - The People's Bank of China conducted a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a supportive monetary policy stance [7] - Shenzhen announced new real estate policies to stimulate housing demand, allowing non-residents to purchase two homes in certain districts and removing restrictions on corporate purchases [5] Group 4: Market Trends and Bond Yields - The bond market saw rising yields, with 1Y, 10Y, and 30Y government bond yields at 1.3959%, 1.8260%, and 2.1123% respectively, indicating a widening yield spread [8] - The stock market's strong performance may continue to attract funds, potentially diverting investment away from the bond market [9]

Market Review - The bond market in 2025 is characterized by a gap between expectations and reality, particularly regarding the anticipated "moderate easing" monetary policy that did not materialize as expected [2][12][15] - The macroeconomic narrative has shifted, with a focus on combating "involution" and promoting high-quality development, as highlighted by various government initiatives [21][25] - The economic environment remains cold, with GDP growth in the first half of 2025 recorded at 5.3%, indicating a stabilization after three consecutive quarters of improvement [15][60] Investment Strategy - The strategy emphasizes short-term positioning while engaging in long-term trading, with a focus on the 10-year government bond yield fluctuating between 1.6% and 1.9% [110] - The bond market is expected to experience a weak overall trend with potential for rebounds, driven by the accumulation of realistic market expectations [65][69] - The current bond market participants are increasingly unstable, with a notable rise in individual investors holding public bond funds, which increased by 3.6% to 7.6% in the first half of 2024 [82][83] Bond Market Dynamics - The yield curve has shown a widening in term spreads, with the 10-1 year government bond spread at 43 basis points and the 30-10 year spread at 28 basis points as of September 3, 2025 [71][73] - The absolute level of interest rates remains low, with credit spreads for major bond varieties at historical lows, indicating a crowded secondary market with low coupon rates [93][104] - Historical data shows that years with a flat yield curve have occurred 67% of the time since 2010, suggesting a tendency for bond markets to rise during such periods [99][100]

Group 1 - The article discusses the recent significant decline in bond prices, particularly highlighting the 30-year government bond yield rising from around 2.06% to over 2.11% in a single day [1][11] - The article attributes the bond market's volatility to new public fund regulations regarding redemption fees and rumors about tax exemptions, which have created a sensitive environment for bonds in a low-interest-rate context [12][11] - It emphasizes the importance of strategic asset allocation, suggesting that investors should adopt a diversified approach rather than focusing solely on the performance of individual assets like bonds [17][16] Group 2 - The article notes that A-shares have seen a decrease in trading volume, dropping from 3 trillion to 2 trillion, leading to a "pants-snatching" situation where liquidity is concentrated in a few hot sectors [21][22] - It highlights the performance of specific stocks, particularly in the AI and battery sectors, which have shown significant trading activity and volatility [25] - The article mentions the strong performance of Alibaba in the Hong Kong market, with substantial net buying from mainland investors, indicating a positive sentiment towards the stock [26][27]

Group 1 - The report highlights a significant rise in gold prices driven by increased expectations of interest rate cuts, concerns over debt, and worries regarding the independence of the Federal Reserve due to political pressures [2][15][16] - The market is currently pricing in a high likelihood of multiple interest rate cuts by the Federal Reserve within the year, with estimates suggesting 3-4 cuts totaling 75-100 basis points [2][15] - Concerns about fiscal discipline in developed countries, particularly with upcoming long-term bond issuances, have led to increased demand for gold as a "credit benchmark" [2][15][16] Group 2 - The report indicates that the domestic market may not experience the expected benefits from overseas interest rate cuts, as previous patterns of capital inflow have not been evident [25][26][29] - The divergence in monetary policy between domestic and overseas markets has persisted for nearly three years, suggesting that domestic interest rates may not follow the trend of international cuts [29][30] - The report notes that the current market environment may accelerate the reallocation of assets from bonds to equities, potentially putting further pressure on the bond market [31][35] Group 3 - The bond market has shown signs of weakness, with a notable "double kill" scenario where both stocks and bonds declined simultaneously, indicating fragile market sentiment [4][33] - Despite a brief recovery in the bond market, the overall performance remains lackluster compared to equities, which have shown resilience after recent corrections [5][32][35] - The report suggests adopting a "weak asset" mindset towards bonds, focusing on minimizing losses and seeking short-term trading opportunities rather than expecting sustained upward trends [6][36]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The bond market has been in a "passive defense" mode, with a "follow - down but not follow - up" pattern. However, as the upward momentum of the stock market weakens, the bond market may gradually shift from "passive defense" to "active repair." Although a trend - based repair may still need to wait, there may be a short - term repair window, allowing for the search of structural opportunities. But the stock - bond "seesaw" logic remains, and further stock market rises could suppress the bond market [4][30][31]. 3. Summary According to the Table of Contents 3.1 Bond Market Review: Stable First, Then Decline, and Seasonal Easing of Funds - **Asymmetric Stock - Bond Linkage and Differentiated Long - and Short - End Performance**: The bond market continued the "passive defense" mode. When the stock market adjusted, the bond market's confidence needed to be strengthened, showing an oscillatory repair. When the stock market recovered, the bond market declined almost unilaterally. The long - and short - ends showed different characteristics: the short - end was "easy to rise and hard to fall," and the long - end was "down first, then up." The curve flattened, with the short - end being weak and the medium - and long - ends rising first and then falling. As of 9/5, the yields of 1Y, 5Y, 10Y, and 30Y government bonds changed by 2.6, - 2, - 1.2, - 2.5BP respectively compared to 8/29 [7][8]. - **Seasonal Easing of Funds at the Beginning of the Month**: The central bank's net reverse - repurchase liquidity withdrawal exceeded one trillion yuan at the beginning of the month, and the funds became seasonally loose. The volatility of fund rates decreased significantly, and the willingness of state - owned banks to lend recovered rapidly. The yields of certificates of deposit (CDs) fluctuated slightly. As of 9/5, compared to 8/29, DR001, DR007, R001, and R007 decreased by 1.32BP, 7.86BP, 5.75BP, and 6.05BP respectively, and the secondary yields of 1M, 3M, 6M, 9M, and 1Y CDs changed by - 0.9, + 1.0, + 1.1, + 0.4, + 0.5BP respectively [15][16]. 3.2 This Week's Focus: Why Does the Bond Market "Follow Down but Not Follow Up"? - **Lack of Clear Driving Forces for Bond Market Repair**: Neither the fund nor the fundamental aspects provided clear driving forces for the bond market's repair. The fund was basically loose enough, mainly providing "bottom - support" rather than "driving strength." The fundamental faced structural repair pressure, and the market had sufficient expectations. The restart of government bond trading was uncertain in the short term [20]. - **Boosted Market Risk Appetite and Potential Negative Pressures**: The continuous efforts in real - estate policies and the rising "anti - involution" expectations boosted market risk appetite. The bond market was still worried about potential negative factors, and the sentiment was weak [21]. - **Absence of Allocation - Disk Support and Increased Bond Market Volatility**: The support of the allocation - disk was limited this year. The net purchase of over - 10 - year interest - rate bonds by relevant institutions decreased marginally. The initiative of the trading - disk to go long was not strong, and there was passive selling pressure. Bond funds were cautious about extending durations [25][26]. 3.3 Next Week's Concerns: Will the Bond Market's "Main Logic" Return? - **Weakening Stock Market Momentum and Bond Market Repair Foundation**: The A - share trading volume declined from its high last week, indicating that the upward momentum of the stock market may be weakening. The market's consensus on the weakening of the stock market's upward momentum will promote the repair of bond market sentiment. After the adjustment, the bond yield curve has certain trading value, and the abundant liquidity can support the bond market's repair [30]. - **Short - Term Repair Window and Potential Risks**: Although a trend - based repair may need to wait, the bond market may have a short - term repair window. However, the stock - bond "seesaw" logic still exists. If the stock market continues to rise moderately, it may suppress the bond market, and the redemption pressure of hybrid products may disrupt the repair process [31].

Report Information - Report Title: Stock Market Adjustment, Bond Market Rebound - Report Date: September 5, 2025 - Researcher: Liu Yang - Contact: liuyang18036@greendh.com - Futures Practitioner Qualification Number: F3063825 - Futures Trading Consultation Number: Z0016580 [3] Industry Investment Rating - Not provided Core Viewpoints - The overall trend of the main contracts of Treasury bond futures this week was to rise first and then fall. There is an obvious seesaw effect between stocks and bonds. The yield curve of Treasury bond cash bonds has changed little. The manufacturing PMI in August continued to be below the boom - bust line, with production expanding and demand being slightly weak. The non - manufacturing business activity index increased slightly. The export of South Korea in August showed a certain growth. The wholesale price of agricultural products continued to rise, and the inflation pressure was limited in the short term. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls [5][7][12] Summary by Directory Treasury Bond Futures Weekly Market Review - The main contracts of Treasury bond futures showed a trend of rising first and then falling this week. On Monday, they refused to fall and rebounded to close a medium - positive line. On Tuesday, there was a small - scale fluctuation adjustment. On Wednesday, they attacked again and closed a medium - positive line. On Thursday, they rose and then fell slightly. On Friday, they fell sharply. For the whole week, the 30 - year Treasury bond fell 0.18%, the 10 - year Treasury bond rose 0.12%, the 5 - year Treasury bond rose 0.07%, and the 2 - year Treasury bond fell 0.03% [5] Stock - Bond Seesaw - The Wind All - A Index hit a new high on Monday this week, then fell for three consecutive days from Tuesday to Thursday, and rebounded sharply on Friday. Although the Treasury bond futures showed independence on some single days, the overall stock - bond seesaw effect was obvious [7] Changes in the Yield Curve of Treasury Bond Cash Bonds at Maturity - As of September 5, compared with August 29, the 2 - year Treasury bond yield rose 1 BP to 1.41%, the 5 - year Treasury bond yield fell 2 BP to 1.61%, the 10 - year Treasury bond yield fell 1 BP to 1.83%, and the 30 - year Treasury bond yield fell 3 BP to 2.11% [9] Manufacturing PMI in August - The official manufacturing PMI in August was 49.4%, remaining below the boom - bust line for the fifth consecutive month. Large - scale enterprises continued to expand in the boom range, medium - sized enterprises' prosperity declined, and small - scale enterprises hovered at a low level. The PMI of the equipment manufacturing industry and high - tech manufacturing industry increased. The procurement volume index increased, indicating that corporate procurement activities accelerated [12] Production and Demand in the Manufacturing Industry in August - The production index in August was 50.8%, showing continuous expansion. The new order index was 49.5%, indicating that market demand was still slightly weak. Industries such as medicine and computer communication electronics had rapid production and demand release, while industries such as textile and clothing and chemical raw materials had insufficient production and demand [14] New Export Orders and Import Index in the Manufacturing Industry in August - The new export order index in August was 47.2%, and the import index was 48.0%. The new export order index changed little compared with July. After the Sino - US economic and trade talks in Stockholm, the two sides agreed to suspend the implementation of 24% tariffs for 90 days, and China's export growth in August might be acceptable [17] Price Indexes in the Manufacturing Industry in August - The purchase price index of major raw materials in August was 53.3%, and the ex - factory price index was 49.1%. The purchase price index of raw materials continued to be in the expansion range, and the expansion amplitude increased in August. The prices of some industries rose, while those of some industries were below the critical point. The average value of the Nanhua Industrial Products Index in August was basically the same as that in July [19] Inventory Indexes in the Manufacturing Industry in August - The raw material inventory index in August was 48.0%, and the finished - product inventory index was 46.8%. The finished - product inventory index fell to a relatively low level again. From January to July, the cumulative year - on - year growth of manufacturing profits was 4.8%, and the year - on - year growth of finished - product inventory was 2.3%. Manufacturing enterprises were cautious about increasing inventory [22] Business Expectation Indexes in the Manufacturing Industry in August - The employment index in August was 47.9%, hovering at a relatively low level. The business activity expectation index was 53.7%, showing a slight rebound in the expectation of future prosperity [24] Non - Manufacturing Business Activity Index in August - The non - manufacturing business activity index in August was 50.3%. The construction industry business activity index was 49.1%, and the service industry business activity index was 50.5%. Some industries such as capital market services and transportation were in a high - level boom range, while industries such as retail and real estate had weak prosperity [26] Construction Industry Indexes in August - The new order index in August was 40.6%, and the employment index was 43.6%. The business activity expectation index was 51.7%. Affected by weather conditions, the prosperity of the construction industry slowed down [29] Service Industry Indexes in August - The new order index in August was 47.7%, and the employment index was 45.9%. The business activity expectation index was 57.0%, showing a slight upward trend [31] South Korea's Exports in August - South Korea's exports increased by 1.3% year - on - year in August. The daily average export amount calculated by working days increased by 5.8% year - on - year. The semiconductor export amount reached a record high, and the automobile export also showed strong momentum [34] Agricultural Product Price Index - The Agricultural Product Wholesale Price 200 Index on September 5 was 117.93, higher than that on August 31 but significantly lower than the same period last year, indicating that the price continued to rise but was still lower than last year [37] Nanhua Industrial Products Index - The Nanhua Industrial Products Index continued to decline after hitting a closing high on July 25. It declined slightly in August and fluctuated narrowly this week, indicating limited short - term inflation pressure [39] Capital Interest Rates - After the end of the month, the capital interest rates fell to a low level this week. The weighted average of DR001 was between 1.31% - 1.32%, and the weighted average of DR007 was around 1.44%. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was around 1.66%. The central bank carried out a 100 - billion - yuan 3 - month (91 - day) repurchase operation on Friday, which fully offset the due amount [41] Market Logic and Trading Strategies - The manufacturing PMI in August continued to be below the boom - bust line, with economic downward pressure still obvious. The service industry business activity index expanded moderately. The strong rebound of the Wind All - A Index on Friday corresponded to the unilateral decline of Treasury bond futures. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls. The trading - type investment should conduct band operations [44][45]

Group 1 - The core viewpoint of the articles indicates a significant decline in the bond market, with various government bond futures experiencing notable drops, particularly the 30-year and 10-year contracts [1][2] - As of the afternoon close, the yields on major government bonds have risen sharply, with the 10-year government bond yield increasing by 1.15 basis points to 1.765% and the 30-year yield rising by 1.55 basis points to 2.0275% [1][2] - Analysts attribute the bond market's decline to recent volatility in the equity and commodity markets, with a notable increase in risk appetite among investors leading to a shift in capital away from bonds [3][4] Group 2 - The recent bond market adjustment has seen an overall increase in yields by approximately 15 to 20 basis points, which is less severe than previous adjustments in earlier quarters [3] - The current market sentiment is influenced by expectations of potential favorable policies before and after the National Day, as well as the upcoming "14th Five-Year Plan" [3][4] - The bond market is expected to remain volatile in the near term, with recommendations for cautious trading strategies, including buying on dips and being mindful of profit-taking opportunities [3][4]