关注、加星，第一时间接收推送！ 文 |申万宏源·宏观团队 联系人| 浦聚颖 9 . 0 6 - 9 . 1 2 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、深度专题 | "十五五"：产业破局与重构 ——"十五五"规划研究系列之三 热点思考 1、热点思考 | 全面"遇冷"——美国8月非农数据点评 2、热点思考 | 主权债务"迷你风暴" 高频跟踪 电话会议 1、 "周见系列" 第47期：《9月：Risk off？》 第48期：《人民币"6时代"？》 2、"洞见系列" 第91期: 《 全面"遇冷"——美国8月非农数据点评 》 第92期: 《"十五五":产业破局与重构》 深度专题 热点思考 1、数据点评 |"抢出口"的认知误区——8月外贸数据点评 2、数据点评 | 为何大宗涨价拉不起PPI？ 3、数据点评 | 通胀不再是联储核心矛盾？——美国8月CPI点评 4、海外高频 | 美国就业数据走弱，金银价格延续上涨 1 热点思考 | 全面"遇冷"——美国8月非农数据点评 点击看全文 热点思考 2025.9.7 美国8月非农数据"遇冷"，市场从"降息交易"切换到"衰退交易"。美国 ...

Core Viewpoint - The article discusses the increasing global debt levels over the past two decades and emphasizes the importance of understanding the composition of sovereign debt holders, which has been underexplored in existing literature [3][5]. Group 1: Research Background and Data Construction - The paper constructs a dataset of sovereign debt holders across 101 countries from 1991 to 2018, categorizing investors into six types: domestic banks, private non-banks, official investors, foreign banks, foreign private non-banks, and foreign official investors [5][4]. - The dataset integrates data from multiple sources, including the IMF, World Bank, and central banks, covering 24 developed countries, 48 emerging markets, and 29 developing countries [5][4]. Group 2: Marginal Holders of Government Debt - The study finds that private non-bank investors hold 62% of newly issued debt on the margin, despite averaging only 44% of total sovereign debt holdings [7]. - In developed, emerging, and developing countries, private non-bank investors are the most active marginal investors, with emerging markets showing significant contributions from both domestic and foreign private non-banks [7]. Group 3: Analysis of Private Non-Bank Institutions - The paper segments private non-bank investors into domestic and foreign categories, revealing that in the U.S. Treasury market, 70% of marginal holdings by domestic private non-banks come from money market funds and hedge funds [9]. - In the UK, insurance and pension funds account for 50% of domestic private non-bank marginal holdings, while in the Eurozone, investment funds dominate with 78% of marginal holdings in foreign sovereign debt [9]. Group 4: Demand Elasticity Analysis of Sovereign Debt - The paper develops a framework to analyze the demand elasticity of sovereign debt, focusing on how price changes affect investor demand [10][12]. - It finds that private non-bank institutions exhibit higher demand price elasticity compared to banks, with foreign private non-bank investors showing a demand price elasticity of -9.74, indicating a strong sensitivity to price changes [12].

Group 1: Global Bond Market Trends - Concerns over fiscal sustainability have intensified, leading to a collective sell-off of global long-term bonds, with yields soaring [1][3] - The 30-year U.S. Treasury yield has approached 5%, reflecting investor anxiety over increasing sovereign debt and upcoming inflation data [3][6] - Japan's long-term bonds have seen significant declines, with the 40-year yield rising by 17 basis points, driven by fears of increased fiscal spending ahead of the July 20 elections [6][8] Group 2: Country-Specific Developments - Germany has abandoned years of fiscal tightening, leading to rising long-term bond yields, with the 30-year yield reaching its highest level since 2011 at 3.25% [4][5] - The U.S. is projected to add trillions in national debt over the next decade due to recent legislation, causing unease among investors [3][5] - Japan's debt-to-GDP ratio has reached 250%, with a significant portion of the budget allocated to debt repayment, raising concerns about fiscal sustainability [6][7] Group 3: Market Reactions and Predictions - The rise in Japanese bond yields is expected to impact corporate bond issuance costs, potentially leading to reduced domestic issuance or increased reliance on foreign financing [7] - Analysts warn that rising bond yields could eventually affect the Japanese stock market, particularly as government spending and inflation rise [7][8] - The tightening of global liquidity due to rising Japanese bond yields may directly impact U.S. tech stocks that rely on low-cost funding [8]

Group 1 - The 10-year Japanese government bond yield briefly rose to 1.595%, the highest level since October 2008, while the 20-year and 30-year yields also reached their highest levels since 1999 and a historical high of 3.195%, respectively [1] - Concerns are growing regarding the potential loss of majority seats by the ruling coalition in the upcoming Senate elections, which could lead to increased political instability and pressure on Japanese bonds [2][3] - The Japanese government is facing declining support due to rising living costs, including a surge in rice prices, which is impacting the ruling party's popularity ahead of the elections [2] Group 2 - Global long-term bond yields are rising, with Japan leading the trend, as concerns over expanding fiscal deficits weaken market demand [3][6] - The focus has shifted from central bank interest rate policies to fiscal and national debt issues, with significant worries about excessive government spending and bond supply [6][9] - The demand for ultra-long bonds is decreasing as traditional buyers, such as life insurance companies, reduce their purchases amid the Bank of Japan's gradual exit from the market [9][10]

Group 1 - Brazil's Ministry of Finance plans to issue its first sovereign debt in the Chinese market as early as this year [1] - The country intends to issue new dollar sustainable bonds in Europe and panda bonds in China [1] - The European Union is looking to negotiate with Brazil to expand bilateral trade, which may also lead to Brazil issuing bonds in Europe and potentially in China [1]

Group 1 - The 10-year U.S. Treasury yield remains below 4.5%, indicating economic uncertainty and multiple factors affecting market direction [1] - Global investors are reassessing debt and deficit issues across countries, not just in the U.S., with expectations of rising global bond yields [1][2] - The decline in the international appeal of U.S. Treasuries is evident as foreign investors, particularly from Japan, shift their focus back to domestic markets due to rising Japanese bond yields [2] Group 2 - Japan's government debt-to-GDP ratio is the highest among developed countries at 235%, while the U.S. stands at 122% [3] - Concerns are rising regarding European sovereign debt as fiscal pressures increase, with Germany's 10-year bond yield expected to rise from 2.5% to 3% [3] - The U.S. fiscal policy and tariff uncertainties complicate predictions for the 10-year Treasury yield, which is projected to end the year at 4.25% [3] Group 3 - A proposed tax bill in the U.S. could increase the fiscal deficit by $2.4 trillion over the next decade, with the current fiscal deficit at 6.4% of GDP [4] - The likelihood of a severe market reaction similar to the U.K.'s past situation is considered low due to high current yields helping to stabilize the market [4] Group 4 - A sharp rise in U.S. Treasury yields could negatively impact the stock market, leading to wider credit spreads and tighter financial conditions, ultimately suppressing economic growth [5] - Concerns about U.S. debt management are highlighted, with warnings that failure to control debt could lead to significant market disruptions [5]