当股市高歌猛进，债市奏响逆袭之歌 在股民们为上证指数突破3700点欢呼雀跃，庆祝三年新高之时，债市却悄然上演了一出令人难以置信 的"绝地反击"。8月15日，债市一反常态，与股市携手飘红，奏响了一曲股债双收的奇妙乐章。 值得关注的是，机构投资者的操作也呈现出明显的分化态势。一方面，基金和券商选择抛售，仅8月14 日当天，基金单日净卖出利率债就超过50亿元，券商也紧随其后，纷纷抛售长债。另一方面，保险和银 行等大型机构则积极抄底，某大型险资甚至在一天内就买入了20亿元的政策性金融债。 这种分化的背后，是政策变动带来的冲击。自8月8日起，新发行的国债利息开始征收6%的增值税，这 使得原本享有免税优势的基金被迫抛售债券以止损。然而，对于银行和保险等原本就不依赖免税盈利 的"大户"而言，这反倒是一个难得的捡便宜机会。由于老券仍然享受免税政策，因此瞬间成为了市场 的"香饽饽"。 早盘伊始，利率债便展现出强劲的上涨势头。10年期国债活跃券收益率一举跌破1.72%的重要关口，稳 稳站在此下方。30年期国债期货主力合约更是终结了之前的四连跌颓势，以远超预期的反弹力度宣告归 来。 信用债市场同样不甘示弱，银行债和产业债奋勇当先， ...

Group 1 - The macroeconomic environment in China continues to show signs of recovery, with the manufacturing PMI slightly increasing to 49.7% in June from 49.5% in May, indicating a prolonged contraction phase [2] - The consumer price index (CPI) remained stable with a year-on-year decrease of 0.1%, while the producer price index (PPI) saw a larger decline of 3.3% compared to a 2.7% drop in April, reflecting pressures in production material prices [2] - The stock market experienced a broad rally in June, with major indices such as the Shanghai Composite Index and Shenzhen Component Index rising by 2.90% and 4.23% respectively, driven by positive investor sentiment following U.S.-China trade discussions [3][4] Group 2 - The bond market showed a downward trend in yields, with 1-year, 5-year, and 10-year government bond yields decreasing by 12 basis points, 5 basis points, and 2 basis points to 1.34%, 1.51%, and 1.65% respectively [5] - The overall bond market returned a positive performance, with the China Bond Index rising by 0.59% in June, indicating a favorable environment for fixed-income investments [5] Group 3 - The U.S. macroeconomic indicators showed mixed results, with the Markit Composite PMI at 52.9%, while the Eurozone manufacturing PMI remained in contraction at 49.5% [6] - Global stock indices exhibited varied performance, with the S&P 500 and Nikkei 225 increasing by 4.96% and 6.64% respectively, while European indices like the FTSE 100 and DAX saw slight declines [6] Group 4 - In June, equity funds, particularly small-cap and growth-style funds, outperformed large-cap funds, with the average returns for small-cap mixed funds and mid-cap growth funds at 6.02% and 5.77% respectively [18] - Fixed-income funds also recorded positive returns, with convertible bond funds leading at 3.47%, followed by actively managed bond funds at 1.13% [19] Group 5 - QDII funds showed strong performance, particularly in the global emerging markets mixed funds, which achieved an average return of 12.67% in June, benefiting from favorable conditions in international markets [28]