Group 1 - The core viewpoint of the article is that the adjustment of the value-added tax policy on interest income from newly issued government bonds is a key measure for optimizing the tax system in response to market developments, balancing fiscal sustainability and market mechanism improvement [1][2][3] - The restoration of value-added tax on interest income from new government bonds is expected to expand fiscal revenue sources, addressing the fiscal balance pressure as tax revenue decreased by 1.2% while public budget expenditure increased by 3.4% in the first half of 2025 [1] - The adjustment aligns with the maturity of the bond market, which has reached a scale of 122 trillion yuan, and aims to create a fairer competitive environment by leveling the tax burden across different types of bonds, thus enhancing the overall vitality of the bond market [2] Group 2 - The policy change is anticipated to promote the optimization and rebalancing of capital allocation across markets, as the decrease in post-tax bond yields will highlight the comparative advantages of equity assets, potentially leading to a shift of risk preference funds from the bond market to sectors like banking and technology [3] - This adjustment is seen as a practical measure to address fiscal challenges while also serving as a long-term strategy to optimize the bond market ecosystem and promote efficient capital allocation [3]