1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The State Council's new policy on sports industry will increase the supply of sports industry credit bonds and promote innovation in asset - securitized products, but also poses higher requirements for credit risk assessment and prevention [4][11]. - The adjustment of the bond market under the stock - bond rotation shows new characteristics, and the new regulations on fund sales fees have attracted market attention. The new regulations may suppress short - term bond fund investment demand and guide long - term investment [5][15]. - In August, China's import and export growth rates were lower than market expectations, with different performances among trading partners [6][17]. - The central bank's open - market operations led to a net capital withdrawal last week, and the money market was generally stable with most money prices falling [7][20]. - The issuance scale of the primary credit bond market decreased, and the issuance cost fluctuated. The secondary market trading activity cooled, and bond yields showed differentiation [8][36]. 3. Summary by Directory Market Hotspots - **Policy Support for Sports Industry Bond Market**: The State Council's "Opinions" support sports enterprises in financing through the bond market, which may increase the supply of sports industry credit bonds and promote innovation in asset - securitized products. However, it also requires higher credit risk assessment and prevention [4][11]. - **Stock - Bond Rotation and New Fund Sales Regulations**: The A - share market adjusted last week, weakening the "stock - bond seesaw" effect. The bond market adjustment showed new characteristics. The new regulations on fund sales fees may suppress short - term bond fund investment demand and guide long - term investment [5][15]. Macroeconomic Data - In the first eight months of 2025, China's total import and export value was $5412.9 billion, with a year - on - year increase of 3.1%. In August, exports were $3218.1 billion (up 4.4% year - on - year), imports were $2194.8 billion (up 1.3% year - on - year), and the trade surplus was $1023 billion. The growth rates of imports and exports were lower than market expectations. Exports to ASEAN and the EU were stable, while exports to the US continued to decline significantly [17]. Money Market - The central bank net withdrew $421.8 billion through open - market operations last week. On September 5, it conducted a $1 - trillion 3 - month outright reverse repurchase operation. The money market was generally stable, and most money prices fell, with changes ranging from 1 - 10bp [7][20]. Primary Credit Bond Market - The issuance scale of credit bonds decreased to $133.451 billion last week. The issuance scale of each bond type generally decreased, especially for ultra - short - term financing bills and medium - term notes. The net financing of infrastructure investment and financing, power production and supply, and transportation industries had large outflows. The average issuance cost of credit bonds fluctuated, with changes not exceeding 15bp [8][23]. Secondary Credit Bond Market - The trading volume of the secondary bond market was $7247.247 billion last week, and the trading activity cooled for two consecutive weeks. Bond yields showed differentiation. The 10 - year Treasury yield fell 1bp to 1.83%. Short - term credit bond yields mostly declined, while long - term yields rose slightly. Short - term credit spreads narrowed, and long - term credit spreads widened. Rating spreads changed little [36][37].

Report Industry Investment Ratings - **Macro Finance**: Long-term bullish on stock indices, recommended to buy on dips; neutral on treasury bonds, recommended to hold [1][5] - **Black Building Materials**: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][8] - **Non-ferrous Metals**: Neutral on copper, aluminum, nickel, tin, gold, and silver. For copper, recommended to hold or buy on dips for short-term trading; for aluminum, recommended to buy on dips after a pullback; for nickel, recommended to hold or short on rallies; for tin, gold, and silver, recommended for range trading [1][10][11][15] - **Energy and Chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins. Most are expected to trade in a range, with PVC, caustic soda, and styrene having specific price ranges to watch; rubber is expected to be strongly bullish in the short term; for soda ash, recommended to short the 01 contract and long the 05 contract for arbitrage [1][20][21][25] - **Cotton Textile Industry Chain**: Neutral on cotton, cotton yarn, and PTA, recommended for range trading; bullish on apples, expected to be strongly bullish; bearish on red dates, expected to be weakly bearish [1][34][36][37] - **Agriculture and Animal Husbandry**: Bearish on live pigs and eggs, recommended to short on rallies; neutral on corn and soybean meal, recommended for range trading; bullish on oils, expected to be strongly bullish in the short term but currently experiencing a high-level correction [1][38][40][46] Core Views - The A-share market is in a confidence restoration phase after adjustment, and the mid-term upward drive remains unchanged. The bond market is under pressure and lacks rebound momentum [5] - The black building materials market is in a stalemate, with the price of coking coal rising slowly and the price of rebar expected to fall first and then rise in September [7] - The non-ferrous metals market is affected by both macro and fundamental factors, with the price of copper expected to fluctuate at a high level and the price of aluminum expected to be supported by supply and demand [10][11] - The energy and chemical market is affected by factors such as supply and demand, cost, and policy, with the price of PVC expected to fluctuate in the short term and the price of soda ash recommended for arbitrage [20][33] - The cotton textile industry chain market is affected by factors such as supply and demand, weather, and policy, with the price of cotton expected to be strong in the short term but under pressure in the long term [34] - The agriculture and animal husbandry market is affected by factors such as supply and demand, weather, and policy, with the price of live pigs expected to be under pressure in the long term but with short-term rebound potential [39] Summary by Category Macro Finance - **Stock Indices**: The A-share market oscillated and pulled up on Wednesday, with the trading volume shrinking slightly, indicating that the market is gradually entering the confidence restoration phase after adjustment. In the medium term, the upward drive of the market remains unchanged, and it is recommended to buy on dips [5] - **Treasury Bonds**: The bond market was under pressure on Wednesday, with the yield curve steepening significantly. The negative factors included tight capital, supply pressure, and the stock-bond seesaw effect. If the market environment does not change, it will take time for the market to clear [5] Black Building Materials - **Coking Coal**: The price increase of pithead coal slowed down, and the market was in a stalemate. It is recommended to wait for a driving force [7] - **Rebar**: The futures price of rebar oscillated narrowly on Wednesday. The fundamental supply and demand weakened, but it is the traditional peak season in September. It is expected that the price will fall first and then rise, and it is recommended to buy on dips [7] - **Glass**: The supply and demand of glass improved, and the fundamentals were better than in July and August. It is recommended to take partial profits on the 01 long position and buy on dips [8] Non-ferrous Metals - **Copper**: The price of copper was affected by both macro and fundamental factors, with the short-term upward momentum insufficient and the overall high-level oscillation expected. It is recommended to hold or buy on dips for short-term trading [10][11] - **Aluminum**: The price of aluminum was supported by supply and demand, with the demand entering the peak season and the inventory approaching the inflection point. It is recommended to buy on dips and consider the arbitrage strategy of going long AD and short AL [11] - **Nickel**: The price of nickel was affected by macro and fundamental factors, with the short-term price affected by the macro environment and the long-term supply surplus continuing. It is recommended to short on rallies moderately [15] - **Tin**: The supply of tin ore was tight, and the demand was expected to recover. It is recommended for range trading and to pay attention to the supply resumption and downstream demand [17] - **Silver and Gold**: The price of silver and gold was supported by the expectation of interest rate cuts and concerns about the US fiscal situation and geopolitical situation. It is recommended to buy on dips after the price correction [16][19] Energy and Chemicals - **PVC**: The supply and demand of PVC were still weak, but the valuation was low, and it was recommended to pay attention to policy and cost disturbances. It is expected to oscillate in the short term, and the 01 contract is recommended to watch the range of 4700 - 5000 [20][21] - **Caustic Soda**: The price of caustic soda was affected by factors such as warehouse receipts, supply, and demand. It is expected to oscillate, and the 01 contract is recommended to watch the range of 2530 - 2680 [21][22] - **Styrene**: The price of styrene was affected by factors such as cost, supply, and demand. It is expected to oscillate, and it is recommended to watch the range of 6900 - 7200 [25] - **Rubber**: The price of rubber was affected by factors such as cost, inventory, and demand. It is expected to be strongly bullish in the short term, and it is recommended to watch the support level of 15600 [25][26] - **Urea**: The supply of urea decreased, and the demand was weak. The inventory continued to accumulate. It is expected to oscillate, and it is recommended to pay attention to the support level of 1650 - 1700 for the 01 contract [27][28] - **Methanol**: The supply of methanol was stable, and the demand was expected to increase. It is expected to oscillate, and it is recommended to watch the range of 2350 - 2450 for the 01 contract [28] - **Polyolefins**: The demand for polyolefins improved, but the supply pressure of PP was large. It is expected that the LL主力合约 will oscillate in a range, and the PP will oscillate weakly. It is recommended to watch the range of 7200 - 7500 for the LL主力合约 and 6900 - 7200 for the PP [30] - **Soda Ash**: The supply of soda ash was abundant, and the demand was weak. It is recommended to short the 01 contract and long the 05 contract for arbitrage [33] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global supply and demand of cotton improved, but the increase in new cotton production was expected to put pressure on the price. It is recommended to do a good job in hedging [34] - **PTA**: The inventory of PTA decreased recently, but the supply increased in the far month, and the oil price weakened. It is expected to oscillate, and it is recommended to watch the range of 4600 - 4950 [35][36] - **Apples**: The price of early-ripening apples was firm, and it is expected to remain strongly bullish [36] - **Red Dates**: The consumption of red dates was weak, and the price was under pressure. It is expected to oscillate weakly [37] Agriculture and Animal Husbandry - **Live Pigs**: The supply of live pigs increased in September, and the price was under pressure in the long term. However, there was short-term rebound potential due to policy regulation and holiday demand. It is recommended to take rolling stop-profit on the 11 and 01 short positions and add short positions on rebounds [39] - **Eggs**: The demand for eggs was boosted by school openings and Mid-Autumn Festival preparations, and the supply pressure was relieved to some extent. However, the supply was still sufficient in the short term, and it is recommended to be cautious about shorting the 12 and 01 contracts and watch for range trading [40] - **Corn**: The new corn was about to be listed, and the old corn inventory was relatively tight. It is recommended to pay attention to the listing time of the new corn and watch the 11 contract for range trading [43] - **Soybean Meal**: The price of soybean meal was affected by factors such as the US soybean supply and demand, domestic inventory, and cost. It is recommended to watch the support level of 3030 for the M2601 contract and pay attention to the USDA supply and demand report [46] - **Oils**: The price of oils was in a high-level correction, with the short-term support levels of 8200, 9200, and 9700 for the 01 contracts of soybean oil, palm oil, and rapeseed oil respectively. It is recommended to wait and see and pay attention to the positive spread arbitrage of the 11 - 01 contracts of rapeseed oil [46][51]

2025年09月11日申万期货品种策略日报-国债 | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） | 021-50586292 | | | | tanggh@sywgqh.com.cn | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2512 | TS2603 | TF2512 | TF2603 | T2512 | T2603 | TL2512 | TL2603 | | | 昨日收盘价 | 102.350 | 102.290 | 105.425 | 105.350 | 107.490 | 107.205 | 114.76 | 114.38 | | | 前日收盘价 | 102.378 | 102.320 | 105.570 | 105.480 | 107.775 | 107.510 | 115.72 | 115.36 | | | 涨跌 | -0.028 | -0.030 | -0.145 | -0.130 | -0.285 | -0.305 | -0.96 ...

Group 1 - Since the end of July, government bond futures have shown weak fluctuations, with the "stock-bond seesaw" effect becoming prominent, and the bond market is under pressure due to the CSRC's proposed regulations on fund redemption fees [1][3] - In August, China's exports increased by 4.4% year-on-year, while imports grew by 1.3%, indicating a potential decline in export growth in the future due to the release of transshipment demand [1] - The bond market is currently sensitive to negative news and less responsive to positive developments, reflecting a weak market sentiment, especially in the long end of the yield curve [3] Group 2 - The macroeconomic narrative is more favorable for the stock market, with core economic indicators showing volatility, while the bond market faces challenges due to the current economic phase and rising inflation expectations [2] - The central bank's recent shift in monetary policy language suggests a focus on implementing existing policies rather than introducing new ones, which may impact credit expansion and the bond market [2] - The recent regulatory changes regarding redemption fees for bond funds could lead to increased costs for investors, further pressuring the bond market [3]

Core Viewpoint - The domestic macroeconomic environment showed signs of marginal improvement in August, with a slight recovery in manufacturing PMI and a strong performance in the stock market, while the bond market faced pressure due to the strong stock performance and changes in interest rates [3][4][5]. Economic Indicators - In August, the manufacturing PMI recorded at 49.4%, a slight increase of 0.1% from July's 49.3%, indicating improved manufacturing sentiment [3]. - The CPI remained flat year-on-year, while the PPI decreased by 3.6%, reflecting a balance between the price changes of production and living materials [3]. Stock Market Performance - The stock market performed strongly in August, with the Shanghai Composite Index breaking through 3700 and 3800 points, reaching a ten-year high [4]. - Major indices saw significant gains, with the Shanghai Composite Index and Shenzhen Component Index rising by 7.97% and 15.32%, respectively [4]. - Among 31 Shenwan industry sectors, 30 experienced gains, with notable increases in the communication, electronics, and non-ferrous metals sectors, all exceeding 18% [4]. Bond Market Dynamics - The bond market faced pressure as the stock market thrived, with the central bank implementing a 700 billion yuan reverse repurchase operation to maintain liquidity [5]. - The yield on medium to long-term government bonds increased, with the 5-year and 10-year yields rising by 6 basis points and 13 basis points to 1.63% and 1.84%, respectively [5]. - The overall return of the bond market, as reflected by the China Bond Index, fell by 0.61% in August [5]. Global Economic Context - The US Markit Composite PMI rose to 55.4% in August, while the Eurozone's manufacturing PMI increased to 50.7%, indicating positive economic performance abroad [6]. - Global stock indices showed mixed results, with the S&P 500 and Nikkei 225 rising by 1.91% and 4.01%, respectively [6]. Fund Performance - The Morningstar China Open-End Fund Index recorded a 7.94% increase in August, driven by strong A-share performance [14]. - Growth-style funds outperformed value and balanced funds, with large-cap growth equity funds achieving average returns of 17.31% [18]. - Fixed-income funds exhibited mixed results, with convertible bond funds leading with a 5.97% increase, while credit bond funds showed declines [19].

Core Viewpoint - The total net asset value of public funds in China has surpassed 35 trillion yuan for the first time, reflecting a strong growth trend driven by increasing wealth management needs among residents and the recognition of public funds as a key investment tool [1][2]. Group 1: Public Fund Growth - As of July 2025, there are 164 public fund management institutions in China, managing a total net asset value of 35.08 trillion yuan, an increase of 0.69 trillion yuan (2.01%) from the end of June [2]. - The growth in public funds is attributed to the rising demand for wealth management among residents, with public funds becoming an important avenue for capital market participation [1][2]. Group 2: Fund Categories and Performance - The total net asset value of closed-end funds is 3.74 trillion yuan, while open-end funds account for 31.33 trillion yuan [2]. - Open-end funds include five categories: stock funds (4.92 trillion yuan), mixed funds (3.83 trillion yuan), bond funds (7.24 trillion yuan), money market funds (14.61 trillion yuan), and QDII funds (0.73 trillion yuan) [2]. - Money market funds have seen significant growth, increasing by over 380 billion yuan since the end of June, driven by lower bank deposit rates and a shift in investor preferences [3]. Group 3: Investor Sentiment and Market Trends - The growth in equity funds, particularly stock and mixed funds, reflects increased investor confidence in the stock market, with stock funds and mixed funds growing by 192.59 billion yuan and 138.56 billion yuan, respectively [3]. - The correlation between stock market performance and public fund growth has strengthened, indicating a rising demand for quality assets among investors [3][4]. Group 4: Future Outlook - Experts believe that the expansion of public funds is a long-term trend, with public funds currently accounting for less than 10% of household total assets, suggesting significant growth potential [4]. - The ongoing recovery in the capital market presents an important opportunity for the public fund industry to enhance its role in asset allocation for households and institutions [4].

上周，事件驱动债市放大波动，而本周，债市重回偏弱格局。 市场风险偏好有所变化 7月以来，股债市场整体呈现"跷跷板"效应。在全球流动性宽松、美元资产重新配置的大背景下，我国基 本面及政策面趋稳形成相对优势，A股由此开启流动性"牛市"，并出现一定赚钱效应，吸引资金稳步流 入，债市随之承压。不过，受益于央行呵护流动性以及美联储降息预期进一步强化，加之理财及债基赎回 压力相对可控，债市相对"抗跌"。 近期，股指期货远月合约贴水幅度扩大，且股指看涨期权隐含波动率下行幅度明显大于看跌期权，该数据 于上周上半周到达阶段性高点，下半周以来有所修复，说明市场风险偏好回落后再度回升，这有利于股 债"跷跷板"效应的发挥。 图为30年期国债期货主力连续合约日线走势 证监会就公募基金销售费用管理规定征求意见 9月5日，证监会发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》，明确以下几点：一是 赎回费全额计入基金财产，无论投资者持有时长如何，赎回费不再返还给销售机构，而是全部计入基金资 产；二是统一赎回费率标准，将股票型、混合型、债券型基金以及FOF基金的短期赎回费率拉平，持有期 不足6个月的投资者需缴纳至少0.5%的赎回费； ...

Core Viewpoint - The bond market has experienced significant adjustments since July, leading to negative returns for over a thousand bond funds, while the equity market has seen a rise in investor confidence due to supportive policies [1][4]. Group 1: Bond Market Performance - Since early July, the 30-year government bond futures have retraced over 5%, with other maturities also showing declines, indicating a broad adjustment in the bond market [2][3]. - As of September 9, the yields for various government bonds have increased, with the 30-year yield nearing 2.10%, reflecting a shift in market expectations and risk appetite [2][3]. Group 2: Fund Performance - Over a thousand bond funds have reported negative returns this year, with 50 funds showing returns below -2% and 181 funds below -1% [4]. - In contrast, convertible bond funds and mixed equity-bond funds have performed relatively well, with some convertible bond funds exceeding 20% returns [4]. Group 3: Market Dynamics - The adjustments in the bond market are attributed to a shift in expectations driven by macroeconomic policies aimed at stabilizing growth, leading to a stronger equity market and a "stock-bond seesaw" effect [3][6]. - The recent regulatory changes regarding fund fees may influence investor behavior, potentially increasing the attractiveness of bond funds despite current market challenges [5]. Group 4: Future Outlook - Analysts suggest that while the bond market faces short-term pressures from rising equity markets, there remains fundamental support for bonds, and a potential stabilization could occur if negative sentiment dissipates [6]. - The ongoing dynamics between equity and bond markets will continue to be a focal point, with the possibility of structural opportunities arising as the market adjusts [6].

Core Viewpoint - The bond market has experienced significant adjustments since July, leading to negative returns for over a thousand bond funds, while the equity market has seen a rise in investor confidence due to supportive policies [1][4]. Group 1: Bond Market Performance - Since July, the 30-year government bond futures have retraced over 5%, with other maturities also showing declines, indicating a broad adjustment in the bond market [2][3]. - As of September 9, over a thousand bond funds reported negative year-to-date returns, with 50 funds showing returns below -2% and 181 funds below -1% [4]. - The bond market's downturn is attributed to changing market expectations, driven by macroeconomic policies aimed at stabilizing growth and a strong equity market performance [3][4]. Group 2: Fund Dynamics - The adjustment in the bond market has led to significant redemption pressures on bond funds, with nearly 20 funds experiencing large redemptions in the past month [4]. - Convertible bond funds and mixed equity-bond funds have performed relatively well, with some convertible bond funds achieving returns exceeding 20% [4]. - Recent regulatory changes regarding public fund fees have raised concerns among investors, potentially impacting the bond market's attractiveness [5]. Group 3: Market Outlook - The current environment suggests that the bond market may continue to face disturbances due to rising risk appetite and the strong performance of the equity market [6]. - Despite the challenges, there remains fundamental support for the domestic bond market, with expectations of a stable liquidity environment and ongoing growth policies [6]. - Analysts suggest that while a trend of recovery in the bond market may take time, there could be structural opportunities as market sentiment stabilizes [6].

Core Viewpoint - The bond market has experienced significant adjustments since July, leading to negative returns for over a thousand bond funds, while the equity market has seen a resurgence in investor confidence due to supportive policies [2][8]. Group 1: Bond Market Adjustments - Since early July, the 30-year government bond futures have retraced over 5%, with other maturities also showing declines, indicating a broad adjustment in the bond market [4][5]. - The recent adjustments in the bond market are attributed to changing expectations, with macroeconomic policies aimed at stabilizing growth and a shift in risk appetite due to a strengthening equity market [6][11]. Group 2: Fund Performance - As of September 9, over a thousand bond funds reported negative year-to-date returns, with 50 funds showing returns below -2% and 181 funds not exceeding -1% [8]. - In contrast, convertible bond funds and mixed equity-bond funds have performed relatively well, with several convertible bond funds achieving returns exceeding 20% [9]. Group 3: Market Dynamics and Future Outlook - The bond market is facing redemption pressures due to declining net values, with nearly 20 funds experiencing significant redemptions in the past month [9]. - Analysts suggest that the current bond market adjustments may serve as a correction to previous overpricing, as the market had been overly crowded, leading to declining bond yields [9]. - The introduction of new regulations by the China Securities Regulatory Commission regarding public fund fees has raised concerns among investors, although some analysts believe the impact on the bond market will be limited [9][12].