以往提及国债投资，险企投资负责人总不忘强调其免税效应所带来的对收益率的额外贡献。但如今新发 行的国债、地方债及金融债利息收入即将恢复征收增值税，对于手握约17万亿元债券余额的投资"大 户"险资来说，影响程度如何？ 此前保险公司购买上述债券持有期利息收入免交所得税和增值税，而资本利得税一直没有免税政策。在 此次税收调整后，普通自营机构投资国债、地方债、金融债所产生的利息收入增值税率将从0上升至 6%，资管产品（含公募基金）从0上升至3%。 据记者从多位保险公司资管人士及财务人士处了解，由于部分保险资金会委托给下属资管公司或外部资 管公司进行管理，这当中由于管理方式的不同，所承担的增值税率也将各有不同。例如保险公司委托下 属资管公司进行自有资金投资管理，适用6%增值税率，而如购买旗下资管公司发行的资管产品或购买 公募基金产品等，则适用3%增值税率，由资管公司统一申报并代扣代缴。 不管适用哪档税率，无疑都会造成险资债券投资收益的下降。国家金融监管总局数据显示，截至今年一 季度末，近35万亿元保险资金中，债券投资余额接近17万亿元，占比达48.6%，在大类资产配置中几乎 占有"半壁江山"，国债、金融债均是保险公司债券 ...

Group 1 - The enthusiasm for bond investments among small and medium-sized banks reached a new high in July, with total bond trading exceeding 17.24 trillion yuan [1][2] - The increase in bond trading is attributed to insufficient loan demand, reduced credit issuance, pressure from larger banks, and restrictions on cross-regional operations [1][3] - Many small and medium-sized banks are actively engaging in financial investments, particularly in bonds, to expand their assets and income [1][4] Group 2 - The trading volumes for city commercial banks and rural commercial banks showed a consistent upward trend in the first quarter, with a significant increase in July [2][3] - In the first half of the year, a notable portion of asset growth for some banks was achieved through bond investments, with one city commercial bank reporting a 500 billion yuan increase in assets, half of which came from bond investments [3][4] - The trend of increasing financial investment as a proportion of total assets among listed banks has been evident, with 30 banks reporting financial investments exceeding 30% of total assets [5][6] Group 3 - The investment income from bond trading has become a significant driver of revenue for banks, with many banks reporting substantial year-on-year growth in investment income [6][7] - The Central Bank acknowledged the importance of bond investments for banks and their role in supporting fiscal policy and the real economy [7][8] - There is a need for small and medium-sized banks to maintain a balance between investment returns and risk exposure, with the Central Bank monitoring high-risk institutions [8]

七月份债券市场呈现出异常活跃的态势，中小银行在现券交易领域表现尤为突出。银行间同业拆借中心数据显示，城农商行合计现券交易金额再次突破17万 亿元大关，达到约17.24万亿元，延续了领先于大行和股份行的强劲势头。 这一现象背后反映出多重因素的叠加影响。有效贷款需求不足导致信贷投放缩量，大型银行下沉业务对中小银行形成挤压，跨区域展业受到限制，这些因素 共同推动中小银行转向债券投资来扩容资产规模、提升收益水平。两家西部城农商行相关负责人透露，上半年特别是二季度的资产规模增量中，相当大部分 依靠债券投资实现。 现券交易热度持续升温 从年初至今的数据走势来看，城商行和农商行的现券买卖行为呈现高度一致性。城商行前七个月的现券买卖规模分别为64552.77亿元、74994.44亿元、 104174.19亿元、89224.96亿元、86214.04亿元、100534.48亿元、109175.2亿元。农商行同期规模则为44457.04亿元、45297.66亿元、66608.66亿元、66788.82 亿元、57406.44亿元、62537.76亿元、63199.86亿元。 两类机构的现券买卖规模在一季度呈现逐月攀升态势，二季度 ...

Core Insights - In July, the enthusiasm for bond trading among small and medium-sized banks reached a new high for the year, with total trading volume exceeding 17 trillion yuan, driven by factors such as insufficient loan demand and credit contraction [1][2][3] Group 1: Bond Trading Performance - The total bond trading volume for city commercial banks and rural commercial banks showed strong momentum, consistently exceeding that of large and joint-stock banks since March [3] - In the first seven months of the year, city commercial banks' bond trading volumes were 64,552.77 billion yuan, 74,994.44 billion yuan, 104,174.19 billion yuan, 89,224.96 billion yuan, 86,214.04 billion yuan, 100,534.48 billion yuan, and 109,175.2 billion yuan, while rural commercial banks' volumes were 44,457.04 billion yuan, 45,297.66 billion yuan, 66,608.66 billion yuan, 66,788.82 billion yuan, 57,406.44 billion yuan, 62,537.76 billion yuan, and 63,199.86 billion yuan [2] Group 2: Financial Investment Trends - The proportion of financial investment assets in total assets for listed banks reached a near-high of 30%, with 30 banks exceeding this threshold [4][5] - Chongqing Bank saw a significant increase in financial investment assets, rising by 1,227 billion yuan to 3,859 billion yuan, with its proportion of total assets increasing by 7.71 percentage points to 41.42% [5][6] Group 3: Revenue Structure and Market Dynamics - The trend of "selling bonds to boost revenue" has emerged, with many banks reporting significant increases in investment income, with some banks seeing growth rates exceeding 100% [7][8] - The central bank emphasized the importance of bond investments for banks, noting that while they can support fiscal policy and the real economy, banks must maintain a balance between investment returns and risk [9]

Core Viewpoint - The article discusses the recent announcement by two departments regarding the reinstatement of value-added tax (VAT) on interest income from newly issued government bonds, local bonds, and financial bonds starting from August 8, which reverses the previous tax exemption policy [1]. Summary by Sections Tax Implications - The cancellation of the tax exemption applies specifically to the VAT on interest income, which is a fundamental aspect of the discussion [4]. - Different types of investors and their respective tax rates on bond investments are outlined, showing that public funds and certain asset management products previously enjoyed a 0% tax rate on government and local bonds [5]. Market Reactions and Conclusions - The first conclusion indicates that existing bonds (old bonds) will not be affected by the new tax policy, which is beneficial for these older securities [6]. - The second conclusion suggests that the new tax policy is relatively favorable for interest rate bonds while being unfavorable for financial bonds issued by banks and brokerages, as the latter will be subject to the new tax rules [8]. - The third conclusion states that credit bonds will benefit from the policy change since their tax obligations remain unchanged, leading to a narrowing of the price gap between credit bonds and interest rate bonds [9][10]. - The fourth conclusion emphasizes that the overall impact on bond investments is negative, as the removal of the tax exemption is detrimental to the bond category as a whole [11]. Fiscal Context - The fifth conclusion highlights the need for the government to find new sources of revenue, as public budget revenues have declined, necessitating the introduction of taxes on bond interest income [13][15]. Impact on Financial Institutions - The sixth conclusion discusses the implications for banks, brokerages, and insurance companies, noting that their bond issuance costs will increase and their profits will be affected due to the additional tax burden [16][17]. Individual Investors - The seventh conclusion reassures individual investors that the impact of the tax change on their investments is minimal, suggesting they should continue with their investment strategies without significant concern [18][19].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In June 2025, the year-on-year growth rate of bond custody balance was 14.9%, slightly down 0.3 percentage points from May. The newly added custody scale was 1.4 trillion yuan, a year-on-year decrease of 176.9 billion yuan. The main contributors to the year-on-year decrease were interbank certificates of deposit, while interest rate bonds increased year-on-year [3][6]. - Except for foreign investors who continued to reduce their holdings, the overall bond - allocation strength of institutions was not weak. Banks, insurance and other allocation - type institutions maintained year - on - year increases, while non - legal person products, foreign investors and securities firms had year - on - year decreases [3]. - Looking ahead, it is necessary to pay attention to the trend of equities and the pressure evolution of the fund's liability side. In July, the bond supply structure is likely to continue the situation in June, with government bonds increasing and interbank certificates of deposit decreasing. However, it is expected that the net supply of government bonds will decline from August to September, and the supply pressure in the bond market may ease [3]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Situation in June 2025 - The year - on - year growth rate of bond custody balance was 14.9%, and the newly added custody scale was 1.4 trillion yuan, a year - on - year decrease of 176.9 billion yuan [3][6]. - In terms of bond types, interest rate bonds (treasury bonds + local government bonds + policy - based financial bonds) and financial bonds increased year - on - year, especially government bonds. Treasury bonds increased by about 20 billion yuan year - on - year, and local government bonds increased by about 28 billion yuan year - on - year. Interbank certificates of deposit decreased significantly, and the net supply turned negative, continuing the downward trend since the second quarter [3][19]. 3.2 Bond - Allocation Situation of Different Institutions in June 2025 - **Banks**: With the increasing growth rate of the deposit - loan gap, bond investment maintained a year - on - year increase, and they preferred local government bonds in terms of structure [3]. - **Insurance**: The liability side remained abundant. In the bullish bond market atmosphere in June, they increased the allocation of bonds, mainly increasing the allocation of local government bonds, credit bonds and financial bonds [3]. - **Non - legal person products**: Although the year - on - year increase was significantly less, affected by the high base of manual interest compensation last year, the actual bond - allocation strength was not weak. They reduced the allocation of interbank certificates of deposit and increased the allocation of active varieties such as treasury bonds and policy - based financial bonds [3]. - **Foreign investors**: They continued the selling trend in May, mainly because the appreciation of the RMB against the US dollar led to a decline in the carry - trade income of foreign institutions [3]. - **Securities firms**: They increased their holdings by 15.14 billion yuan, a year - on - year decrease of 5.29 billion yuan. But the absolute scale of bond allocation was not much different from the seasonality, and they replenished some bond positions in June after net selling in May [3]. 3.3 Outlook - **Supply side**: In July, the bond supply structure is likely to continue the situation in June, with government bonds increasing and interbank certificates of deposit decreasing. It is expected that the net supply of government bonds will decline from August to September, and the supply pressure in the bond market may ease [3][51]. - **Institutional side** - **Banks**: With high - growth assets and abundant liabilities, it is expected that banks will maintain a high level of bond allocation [3][52]. - **Insurance**: It is necessary to pay attention to whether the rise of the stock market will affect the insurance allocation rhythm. Although it is expected that insurance will maintain a certain bond - allocation intensity in July, the diversion of insurance funds by equities needs to be concerned [3][56]. - **General asset management accounts**: The liability side of wealth management products is relatively stable, while funds need to pay attention to the redemption pressure that may be brought by the continuous adjustment of the bond market [3][60].

Core Insights - The total scale of bond ETFs in China has surpassed 510 billion yuan as of July 25, marking a significant growth trend in recent years, with the scale first exceeding 100 billion yuan in May 2024 and reaching over 500 billion yuan by July 2025 [1][3] Group 1: Growth of Bond ETFs - The bond ETF market has experienced explosive growth, with net inflows exceeding 270 billion yuan this year alone, driven by new products like the benchmark credit bond ETF and the sci-tech bond ETF, which contributed over 200 billion yuan in incremental funds [1][3] - As of July 25, the total scale of bond ETFs reached 510.5 billion yuan, with 39 bond ETFs available, while the total scale of all ETFs in China reached 4.64 trillion yuan [1][2] Group 2: Characteristics and Investor Composition - Bond ETFs combine the advantages of passive index funds and ETFs, offering high transparency, low investment fees, and strong liquidity, making them an essential tool for institutional investors [2] - Approximately 85% of bond ETFs are held by institutional investors, with broad-based funds being the largest holders, followed by brokerages, repo accounts, insurance companies, and banks [2] Group 3: Performance and Future Outlook - The current market conditions suggest that while bond performance may be suppressed due to rising risk appetite, there remains an inherent demand for monetary policy easing, indicating potential for lower short-term interest rates [1][4] - The credit bond market is characterized by a dual advantage of yield spread and coupon protection, with sci-tech bonds being particularly attractive due to their high credit quality and policy support, making them suitable for stable investment portfolios [3][4]

Group 1 - The core viewpoint of the article highlights the investment strategies and asset allocations of Fund of Funds (FOF) as revealed in the second quarter of 2025, showcasing a shift in focus towards different asset classes [1] Group 2 - As of the end of Q2 2025, the Huaan Gold ETF emerged as the most heavily weighted fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan, a decrease from 1.414 billion yuan at the end of Q1 2025 [3] - Bond assets remain the primary focus for FOFs, with the Hai Fu Tong Zhong Zheng Short Bond ETF having a total market value held by FOFs exceeding 1.643 billion yuan, held by 57 FOFs, making it the highest valued fund among FOFs [3] Group 3 - Many FOF managers are adopting a steady yet progressive investment approach, with a notable focus on growth-oriented thematic ETFs, such as the Industrial Bank Rui Zhi Jin Qi FOF, which has achieved a return rate of 21.64% year-to-date [4] - The Bohai Huijin Preferred Progress 6-Month Holding Mixed FOF has also performed well, with a return rate exceeding 20% this year, heavily investing in thematic ETFs related to Hong Kong innovation and technology [4] - The Guotai Industry Rotation Stock FOF-LOF has reported a return rate close to 20%, diversifying its investments across various sectors including military, gold, animation games, real estate, and rare earths [4]

基 金 研 究 主动债券开放型基金二季报分析： [Table_Authors] 倪韵婷(分析师) 纯债仓位整体上行，杠杆久期双升 本报告导读： 金 2025 年二季度，主动债基纯债仓位上行，权益仓位整体下降；杠杆久期双升。 季 投资要点： 请务必阅读正文之后的免责条款部分 基 | | | | | 021-38676666 | | --- | --- | | 登记编号 | S0880525040097 | | | 魏玮(分析师) | | | 021-38676666 | | 登记编号 | S0880525040123 | | | 刘悦(研究助理) | | | 021-38676666 | | 登记编号 | S0880125042244 | 究 报 告 报 证 | 1. | 2025 | 年二季度市场回顾 3 | | --- | --- | --- | | 2. | | 大类资产配置：纯债仓位整体上升，权益仓位整体下降 3 | | 3. | | 类属资产配置：纯债类产品利率债和信用债仓位上升 5 | | 4. | 杠杆率：有所回升 | 5 | | 5. | | 个券选择：拉长久期，加仓高等级信用债 6 | | 6 ...

截至7月18日，东方红智逸沪港深定开混合近三个月复权单位净值增长率为5.46%，位于同类可比基金59/630；近半年复权单位净值增长率为5.58%，位于同 类可比基金85/630；近一年复权单位净值增长率为12.43%，位于同类可比基金58/630；近三年复权单位净值增长率为5.18%，位于同类可比基金309/552。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金东方红智逸沪港深定开混合（004278）披露2025年二季报，第二季度基金利润407.99万元，加权平均基金份额本期利润0.0057元。报告期内，基金净 值增长率为0.76%，截至二季度末，基金规模为7.67亿元。 该基金属于偏债混合型基金。截至7月18日，单位净值为1.443元。基金经理是纪文静，目前管理9只基金。其中，截至7月18日，东方红智逸沪港深定开混合 近一年复权单位净值增长率最高，达12.43%；东方红稳添利纯债A最低，为2.82%。 基金管理人在二季报中表示，展望三季度，政府债发行节奏前置或带来后期供给压力减轻，银行体系的流动性有望好转； ...