1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current stock - bond state may be what the authorities desire, namely "a slow - bull in stocks and no continuous sharp decline in bonds." The monetary authorities maintain liquidity but avoid rapid policy rate cuts, using more structural tools and supporting the real estate market. This encourages the transfer of funds from real estate and bonds to equities, achieving a slow - bull in stocks and preventing continuous sharp declines in bonds and real estate to ensure financial stability [1][88]. - In September, the stock - bond state is likely to remain unchanged, and the headwind period for the bond market may not be over. The 10 - year Treasury yield has two pressure levels: 1.80% and 1.90%. Currently, it hovers around 1.78%. Short - term bond market operations may require patience, with more focus on band - trading during pullbacks. After two major macro - events in September (domestic military parade and Fed's decision on interest rate cuts), the bond market may enter a favorable period in late September and the fourth quarter [2][91]. 3. Summary According to the Table of Contents 3.1 Current Open Market Analysis - **Macroeconomic Environment**: The economic fundamentals are still "weak." In July, CPI was flat year - on - year, with core CPI rising to 0.8%. PPI's year - on - year decline remained at 3.6%, but the month - on - month decline narrowed. Financial data showed a seasonal decline in social financing, a contraction in credit financing, and a negative increase in new RMB loans for the first time in 20 years. Some economic indicators were divided, and domestic economic recovery was restricted by multiple factors [7][8]. - **Policy Environment**: The Fed's dovish stance is conducive to the implementation of domestic aggregate monetary policy in the fourth quarter. The central bank mainly uses structural policies and guides funds through a two - step allocation: in asset allocation, it guides funds from bonds to stocks; in economic development, it focuses on consumption, infrastructure, and real estate in sequence. If three of the four conditions are met, the probability of a domestic central bank's comprehensive interest rate cut is high, and currently, three conditions are gradually being met [24][27]. - **Bank Funding**: The bank funding situation has been relatively loose since July, with a slight reduction in net central bank money injection in July compared to June. As of August 14, the central bank's money withdrawal was 43,530 billion yuan, and the injection was 17,265 billion yuan. The 7 - day reverse repurchase rate remained stable at 1.40%, and market interest rates such as DR007 and FR007 showed a downward trend [28][31]. - **Corporate Profit and Financing Environment**: From January to July 2025, the total profit of industrial enterprises above the designated size continued to decline year - on - year, but the decline narrowed. The manufacturing PMI in July was 49.3%, below the boom - bust line. In July, corporate short - term and long - term loans decreased, and only bill financing increased year - on - year. Overall, industrial profits are still suppressed by price factors, and the financing structure is tilting towards bonds [37]. 3.2 Interest Rate Market Analysis - **Primary Market**: In July, the total issuance of interest - rate bonds was 3.2 trillion yuan, with a net financing of 1.53 trillion yuan. As of August 14, the total issuance was 1.9 trillion yuan. The issuance interest rates of four types of interest - rate bonds (Treasury bonds, local government bonds, policy - bank bonds, and inter - bank certificates of deposit) have shown a trend of convergence since January 2025, with the Treasury bond rate rising by more than 15BP [43]. - **Secondary Market**: From July to August 2025, the short - end interest rates of Treasury bonds remained stable, while the medium - and long - end rates generally increased, making the yield curve steeper. In July, the 10 - year Treasury yield rose from 1.65% to 1.70%, and in August, it fluctuated between 1.70% - 1.79%. The trend of China Development Bank bonds was different from that of Treasury bonds, and the spread between them widened [48][53]. 3.3 Credit Market Analysis - **Primary Market**: In July, the net financing of credit bonds was strong, with a net financing of 3,519 billion yuan. As of August 14, the issuance scale was 6,364.05 billion yuan, and the repayment amount increased to 8,742 billion yuan. The weighted average issuance interest rate of credit bonds in July was 1.91%, down 30BP year - on - year [67]. - **Secondary Market**: As of August 14, the yields of AAA - rated corporate bonds of various maturities declined, with the long - end decline being greater. Credit spreads continued to converge, and the spreads between AA and AAA - rated corporate bonds also narrowed [73]. - **Real Estate Bonds**: In July, the net financing of real estate bonds turned positive, with a net financing of 44 billion yuan. As of August 14, the net financing was negative. The transaction volume of commercial housing has been at a low level in the past five years, and as of August 9, the average weekly transaction area of commercial housing in 30 large and medium - sized cities decreased by 13.31% year - on - year [78][81]. - **Urban Investment Bonds**: In July 2025, the net financing of urban investment bonds was - 423 billion yuan, remaining at a historical low. This reflects the pressure on the financing environment of urban investment platforms and the acceleration of their transformation process [85]. 3.4 September Bond Market Strategy - The current stock - bond state is expected to continue in September. The bond market may still face headwinds, with 1.80% and 1.90% as two pressure levels for the 10 - year Treasury yield. Short - term bond market operations should focus on band - trading during pullbacks, and the bond market may improve after two major macro - events in September [2][91].

杰克逊霍尔全球央行年会即将召开，这一年度盛会再次成为全球金融市场关注焦点。美联储主席鲍威尔 将于8月22日发表讲话，市场普遍预期其将释放9月降息信号。然而，历史数据显示，美股在杰克逊霍尔 周期间表现并非总是乐观，今年情况可能更加复杂。 会议期间的市场波动性往往显著增加。交易员密切关注央行官员的每一个措辞，任何政策暗示都可能引 发剧烈价格波动。这种敏感性使得杰克逊霍尔周成为年内最具挑战性的交易时段之一。 市场对降息的预期已达到极高水平，交易员将9月降息25个基点的概率锁定在92%以上。这种近乎一致 的共识反映出投资者对经济放缓的担忧，同时也为政策制定者带来额外压力。 消费数据呈现疲软态势，7月零售环比增速录得0.5%，较6月0.9%的增速明显回落。核心零售环比增速 同样从0.8%降至0.3%，表明居民消费意愿转弱。这些数据进一步强化了市场对经济下行的预期。 历史表现：涨多跌少但波动加剧 本文源自：金融界 过去十年间，美股在杰克逊霍尔年会期间整体呈现上涨态势。标普500指数在会议召开前后的表现多数 为正，道琼斯指数和纳斯达克指数同样展现出相似走势。这种现象主要源于市场对央行政策指引的积极 预期。 作者：观察君 投 ...