1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall policy tone of the third - quarter monetary policy in 2025 remains moderately loose and emphasizes enhanced counter - cyclical adjustment. The policy has shifted from "tool deployment" to "efficiency improvement", with a focus on implementing policies and enhancing transmission mechanisms. The probability of comprehensive interest rate cuts and reserve requirement ratio cuts in the short term is low, but the use of structural tools is expected to increase [3][4][60]. - In the bond market, due to factors such as the expected introduction of the new public fund sales fee regulations, the bond market is facing re - allocation opportunities. The impact of the new regulations on different bond types will be structurally differentiated [5][71]. 3. Summary by Directory 3.1 Bond Market Weekly Review - From September 22 - 26, the bond market was mainly affected by liquidity, and the Treasury bond yields first rose and then fell. The yield of the 10 - year Treasury bond active bond ranged from 1.7850% to 1.8360% [2][9]. - On September 22, the central bank's open - market operations and the unchanged LPR quotes dampened market expectations for further monetary policy easing. In the following three trading days, the central bank's operations changed rhythm, leading to fluctuations in bond market sentiment. By September 26, the central bank's operations effectively boosted market confidence, and most yields of inter - bank interest - rate bonds declined [9][10]. - As of September 26, Treasury bond yields generally first rose and then fell. The 1 - year Treasury bond yield was 1.3825%, down 0.75bp from the previous Friday; the 10 - year Treasury bond yield was 1.8768%, down 0.21bp; the 30 - year Treasury bond yield was 2.2170%, up 1.74bp. Key term spreads of Treasury bonds showed differentiation [11][14][18]. 3.2 Bond Market Data Tracking 3.2.1 Funding Situation - From September 22 - 26, the central bank's open - market operations had a net investment of 940.6 billion yuan. Funding rates showed differentiation. The R001 and DR001 decreased, while the R007 and DR007 increased. The difference in funding costs between non - bank institutions and banks widened, and the term spread of FR007S5Y - FR007S1Y expanded [20][21]. - SHIBOR rates declined. As of September 26, SHIBOR overnight, 1 - week, 2 - week, 1 - month, and 3 - month rates changed by - 14.00bp, 1.30bp, - 0.10bp, 1.90bp, and 1.40bp respectively compared to September 19 [32]. 3.2.2 Supply Side - From September 22 - 26, the total issuance of interest - rate bonds decreased, and the net financing amount decreased. The total issuance of government bonds decreased, and the net financing amount decreased. The issuance scale of inter - bank certificates of deposit decreased, the net financing amount decreased, and the issuance rate increased [37][40][47]. 3.3 Next Week's Outlook and Strategy 3.3.1 Interpretation of the Third - Quarter Meeting of the Central Bank's Monetary Policy Committee - The overall policy tone remains moderately loose, but there are marginal adjustments. The policy has entered the observation and implementation period, with a more cautious and flexible attitude, emphasizing implementation and efficiency, and strengthening support for key areas such as small and micro enterprises and foreign trade [59][60][61]. - The probability of comprehensive interest rate cuts and reserve requirement ratio cuts in the short term is low, but the frequency and scale of using structural tools are expected to increase [4][61]. 3.3.2 Next Week's Outlook - The supply pressure of Treasury bonds will decrease next week. The total issuance scale of interest - rate bonds from September 22 - 26 decreased, and there are no Treasury bond issuance plans next week, while local government bonds are planned to issue 107.153 billion yuan [64]. - As it approaches the end of the quarter, the central bank's open - market operations' net investment was 940.6 billion yuan from September 22 - 26. Next week, reverse repurchase maturities are 1567.4 billion yuan. The funding rate center is expected to rise, and the funding situation will remain in a tight balance [20][65]. 3.3.3 Bond Market Strategy - The bond market has been under pressure recently due to factors such as the strengthening of M1 year - on - year, the recovery of market risk appetite, and inflation expectations. The one - year rolling stock - bond spread is approaching the + 2 times standard deviation range [67]. - The expected introduction of the new public fund sales fee regulations is a key variable affecting the bond market's micro - structure. If the regulations remain unchanged, it may lead to bond funds' passive asset sales. The impact on different bond types will be structurally differentiated, with 5 - year Treasury bonds and policy - financial bonds expected to show relative resilience [5][71]. 3.4 Global Major Asset Classes - The U.S. Treasury yield curve flattened. As of September 26, 2025, the yields of 1Y, 2Y, 3Y, 5Y, 10Y, and 30Y U.S. Treasuries changed by + 7bp, + 6bp, + 10bp, + 8bp, + 6bp, and + 2bp respectively compared to September 19, and the 10Y - 2Y term spread remained unchanged at 57bp [74]. - The U.S. dollar index rose slightly, and the central parity rate of the U.S. dollar against the RMB was raised. Gold, silver, and crude oil prices increased [74][75][78].