Key Insights - The report indicates that the A-share market is expected to experience a seasonal rebound in July, driven by policy and performance factors, with a stable upward trend anticipated [3][2][1] - The focus for July is on three main lines: consumption, technology, and dividends, with growth sectors like technology expected to have good development prospects and investment opportunities [3][2][1] - The construction industry is seeing a recovery in activity, with a business activity index of 52.8% in June, indicating expansion, while fixed asset investment growth is slowing [5][6] - Infrastructure investment remains high, with broad infrastructure investment growth at 10.44% year-on-year for the first five months of the year, although narrow infrastructure investment growth is at 5.6% [6][9] - The real estate sector is under pressure, with a 10.7% year-on-year decline in development investment for the first five months, but policy measures are expected to improve market confidence [7][9] - The floating rate bond market is developing, with a current market size of approximately 495.9 billion yuan, accounting for about 0.3% of the total bond market [13][12] - The banking sector is benefiting from a supportive monetary policy environment, with expectations of continued easing and structural policy tools to support key areas like technology and consumption [20][21][23]

固收研究报告 研究助理:张岩东 ☎: 15210804363 网: zhangyandong_yj@chinastock.com.cn 2025年7月2日 分析师 刘雅坤 ☎：17887940037 网: liuyakun_yj@chinastock.com.cn 分析师登记编码：S0130523100001 风险提示 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 何为浮息债?根据付息方式的不同,债券主要可分为零息债券、贴现债券、固息债券、 浮息债券、利随本清债券。浮息债券是发行时规定债券利率随某个基准市场利率定期浮 动的债券,是由有固定中长期资金需要的主体发行的一般融资工具。浮息债挂钩的基准 利率较为多元,基准利率包括 LPR, DR007 和 SHIBOR 和一年定期存款利率, 当前我 国浮息债以挂钩 DR007 和 LPR 为主。 ● 浮息债估值方法。相比固息债,浮息债估值更为复杂。关于如何进行浮息债券估值,基 本思想是采用现金流折现的方法。根据中债金融估值中心的处理方法解决案例如下。对 于这里以估价全价给出,相应的估价净公式减去对应的应 ...