新华财经北京8月11日电（王菁）债市周一（8月11日）全线回调，税收调整扰动逐渐降温过后，市场开 始收益率成本适度回升预期，国债期货集体收跌，超长端走弱态势更显著，银行间现券收益率普遍回升 2BPs左右；公开市场单日净回笼4328亿元，资金利率走势小幅分化。 机构认为，8月为政府债净供给大月，流动性对冲正当其时，而税收调整之后明显利空新券定价，保障 发行成本的重要性更加凸显，因此后续或有货币配合的支持。关注8月央行是否恢复买债，或已具备一 定条件。 【行情跟踪】 银行间主要利率债收益率午后升幅扩大，30年期国债"25超长特别国债02"收益率上行3.1BPs报 1.9520%，10年期国开债"25国开10"收益率上行3.2BPs报1.8220%，10年期国债"25附息国债11"收益率上 行2.65BPs报1.7175%。 中证转债指数收盘上涨0.67%，报470.91点，成交金额818.93亿元。海泰转债、欧通转债、荣泰转债、 塞力转债、大元转债涨幅居前，分别涨20.00%、15.21%、15.04%、12.46%、12.35%。信测转债、中装 转2、高测转债、松霖转债、利扬转债跌幅居前，分别跌9.27%、4. ...

Market Overview - On August 1, the South Korean stock market experienced a sudden drop, with the Seoul Composite Index falling nearly 4%, marking the largest decline since early April [2] - The decline was attributed to government plans to increase taxes on businesses and investors, leading to cautious sentiment in one of the hottest stock markets globally [2] Tax Policy Changes - The South Korean Ministry of Finance proposed to lower the capital gains tax threshold from 5 billion KRW (approximately 714,250 USD) to 1 billion KRW, while also increasing transaction taxes [4] - The corporate income tax rate is set to rise from 24% to 25%, reversing previous tax reduction policies [4] Investor Sentiment - The proposed tax changes have sparked strong backlash among retail investors, with a nationwide petition for immediate withdrawal gaining traction and public support [5] - Despite the recent downturn, the Seoul Composite Index has risen over 30% this year, benefiting from optimistic sentiment surrounding corporate governance reforms initiated by the new government [5] Economic Context - President Lee Jae-myung, who took office in June, aims to boost government revenue to increase subsidies and stimulate consumption amid slowing economic growth [6] - The proposed tax increases may weaken support from the active retail investor community and raise concerns among foreign institutional investors who had recently regained confidence in the market [6] Market Performance - Samsung Electronics, South Korea's largest market-cap stock, has seen consecutive declines due to disappointing earnings reports that did not meet analyst expectations [6] - The market's focus is shifting towards government policy reforms, with recent tax proposals being perceived as negative news that could undermine investor confidence [8] Future Outlook - If market momentum is lost, achieving President Lee's ambitious goal of pushing the stock market above 5,000 points, which is over 50% higher than current levels, will become more challenging [8] - The proposed increase in stock transaction tax from 0.15% to 0.2% and the new tax rates on dividend income are unexpected negative developments for the market [8]

Group 1 - The core viewpoint of the article highlights the Brazilian government's efforts to achieve fiscal balance through various tax adjustments and new tax measures since Lula's third term began in January 2023 [1] - Over the past three years, the Lula administration has implemented approximately 25 tax adjustments, including increasing existing tax rates, eliminating certain tax incentives, introducing new taxes, and imposing additional taxes on specific goods and services [1] - Notable measures include a special tax on the sports betting industry, the "shirt tax" on international shopping, and the financial transaction tax (IOF) [1] Group 2 - In 2023, the government has undertaken a series of measures to adjust the tax structure, including the restoration of certain tax rate incentives that were suspended during the pandemic, adjusting tax burdens on investment funds, enhancing the powers of tax dispute management agencies, and increasing tax rates related to firearms and ammunition [1]