1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Despite the weak domestic fundamentals in July, the stock and bond markets deviated from the fundamentals. The stock market reflected the expectations of the fundamentals, while the bond market anticipated the reality. The central bank maintained a supportive attitude towards liquidity through continuous over - subscription of repurchase agreements, which made it difficult for bond yields to rise. It is recommended to allocate 10 - year treasury bonds when the yield reaches 1.75% [21]. - Overseas, the long - end of US Treasury bonds remained in a wide - range oscillation of 4.0 - 4.5%. The Fed may cut interest rates by 25 - 50bp in the remaining time of 2025, which could support the high valuation of US stocks and reshape the valuation of global risk assets. It is advisable to be bullish on the short - end of US Treasury bonds and gold [22][24]. 3. Summary According to the Directory 3.1 One - Week Views 3.1.1 Why the Bond Market Showed "Desensitization" - From August 11 - 15, 2025, the yield of the 10 - year treasury bond active bond rose 5.4bp from 1.691% to 1.745%. The bond market showed "desensitization" to the worse - than - expected July data such as financial data [16][17]. 3.1.2 Future Trend of US Treasury Bond Yields - Last week, the long - end of US Treasury bonds oscillated between 4.0 - 4.5%, and the term spread narrowed marginally. The US economic data in July and August showed mixed signals. The CPI data increased the expectation of interest rate cuts, while the PPI inflation accelerated. The consumer confidence index declined, and the unemployment benefit data was better than expected. The US Treasury Secretary predicted a possible 50bp interest rate cut in September, and the market's expectation of a 25bp interest rate cut in September reached 92.1% [22][25][35]. 3.2 Domestic and Overseas Data Aggregation 3.2.1 Liquidity Tracking - In the open - market operations from August 11 - 15, 2025, the total net investment was - 4149 billion yuan. The money - market interest rates generally increased slightly this week compared with last week [39][42]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - The total commercial housing transaction area declined comprehensively. Steel prices showed mixed trends, and LME non - ferrous metal futures official prices also had mixed movements [57][59][61]. 3.3 One - Week Review of Local Government Bonds 3.3.1 Primary Market Issuance Overview - This week, 26 local government bonds were issued in the primary market, with a total issuance amount of 914.32 billion yuan, a repayment amount of 1051.68 billion yuan, and a net financing amount of - 137.36 billion yuan. Six provinces and cities issued local government bonds, with Sichuan, Qingdao, and Liaoning ranking in the top three in terms of issuance volume [68][71]. 3.3.2 Secondary Market Overview - This week, the outstanding amount of local government bonds was 52.63 trillion yuan, the trading volume was 3411.79 billion yuan, and the turnover rate was 0.65%. The yields of local government bonds across all maturities increased [87][94]. 3.3.3 This Month's Local Government Bond Issuance Plan No specific content provided other than the source. 3.4 One - Week Review of the Credit Bond Market 3.4.1 Primary Market Issuance Overview - This week, 350 credit bonds were issued in the primary market, with a total issuance amount of 2598.96 billion yuan, a total repayment amount of 2764.12 billion yuan, and a net financing amount of - 165.16 billion yuan, a decrease compared with last week [96]. 3.4.2 Issuance Interest Rates - The issuance interest rate of short - term financing bonds was 1.7348%, down 45.24bp; that of medium - term notes was 2.1890%, up 3.98bp; and that of corporate bonds was 2.0730%, down 3.47bp [109]. 3.4.3 Secondary Market Transaction Overview - This week, the total trading volume of credit bonds was 5369.15 billion yuan [111]. 3.4.4 Maturity Yields - The maturity yields of national development bonds, short - term financing bonds, medium - term notes, corporate bonds, and urban investment bonds all increased across the board this week [110][112][114]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bonds and medium - term notes generally narrowed, those of corporate bonds narrowed across the board, and those of urban investment bonds showed a differentiated trend [120][125][126]. 3.4.6 Grade Spreads - The grade spreads of short - term financing bonds and medium - term notes generally narrowed, those of corporate bonds generally narrowed, and those of urban investment bonds generally widened [129][131][134]. 3.4.7 Trading Activity - This week, the top five most actively traded bonds in each bond type were listed, and the industrial sector had the largest weekly trading volume of bonds [137]. 3.4.8 Issuer Rating Changes - Only the issuer Shenzhen Investment Holdings Co., Ltd. had its rating upgraded, and there were no bonds with downgraded ratings or outlooks this week [139].