Macro and Strategy Research - The report highlights a persistent "anti-involution" sentiment in the macroeconomic environment, with the U.S. manufacturing PMI falling to a new low since December 2024, while the service sector shows signs of recovery [2][3] - In the domestic context, various sectors including automotive, photovoltaic, cement, and steel are actively implementing measures to curb disorderly competition and promote industrial upgrades, significantly boosting market sentiment [4] - The upcoming Politburo meeting is expected to provide further insights into policy directions, particularly regarding the importance of "anti-involution" in addressing supply-demand imbalances [4] Fixed Income Research - The report notes that the bond market is under pressure, with the 10-year government bond yield rising above 1.7%, influenced by a tightening of the monetary environment and expectations of increased infrastructure investment [6][7] - The central bank has conducted a net withdrawal of over 500 billion yuan in the open market, leading to a noticeable increase in funding prices [7] - The issuance of bonds has seen weak subscription sentiment, with a total issuance of 90 bonds amounting to 940.9 billion yuan, indicating a continued lack of enthusiasm in the primary market [7] Industry Research - The report discusses the "anti-involution" in centralized procurement within the pharmaceutical and biotechnology sectors, emphasizing the need to focus on beneficiaries of optimized procurement rules [10] - Key industry news includes the approval of new treatments and the establishment of a biopharmaceutical industrial park in Pudong, which is expected to enhance the sector's growth [10][11] - The report indicates a positive performance in the pharmaceutical sector, with the Shanghai Composite Index rising by 2.53% and the pharmaceutical sector increasing by 2.94% during the week [11] - The report suggests that the innovation drug sector is supported by ongoing policy initiatives, and it recommends focusing on companies that are expected to benefit from these changes [11]

固 定 收 益 研 究 债市承压，10Y 国债收益率站上 1.7% ――利率债周报 分析师： 王哲语 SAC NO： S1150524070001 2025 年 7 月 25 日 统计区间：2025 年 7 月 18 日至 2025 年 7 月 24 日 资金价格：央行连续回笼资金 统计期内，央行公开市场净回笼资金超 5000 亿元，一方面源于此前的税 期大量投放陆续到期，另一方面可能源于央行有意收紧资金面间接为权益 市场降温。资金价格在 7 月 24 日上行明显，DR007 由 1.5%以下快速上 行至近 1.6%的位置。 一级市场：认购情绪偏弱 统计期内，利率债共发行 90 只，实际发行总额 9409 亿元，净融资额为 7691 亿元，新增地方专项债规模继续提升，超长期国债的认购情绪仍偏 低，7 月 24 日续发的 30Y 特别国债折合年收益率为 1.97%，较二级市场 成交收益率高出 0.5-1.0bp 左右，超长期国债的一级市场情绪依然偏弱。 二级市场：债市持续承压 统计期内，各期限国债收益率均上行，主要受到三方面因素影响，一是 "反内卷"信号不断加强，供给端去产能政策延续；二是雅鲁藏布江下游 水电工 ...