Core Viewpoint - The article discusses the recent economic data for July, which fell below expectations, leading to fluctuations in interest rates and a notable rise in the stock market, particularly as it approached the 3700-point mark [4][5]. Group 1: Economic Data and Market Reactions - July economic data was disappointing, resulting in a slight decline in interest rates initially, with the 10Y government bond yield dropping to a low of 1.72% before recovering [4]. - The stock market experienced a strong rally in the afternoon, with the index reaching near 3700 points, which contrasted with the earlier economic data [4][5]. - The central bank conducted a 2380 billion yuan reverse repurchase operation, with a net injection of 1160 billion yuan, indicating a shift towards a more accommodative monetary policy [2]. Group 2: Interest Rate Trends - The interbank funding rates showed a slight increase, with DR001 around 1.40% and DR007 at approximately 1.48% [2]. - The weighted rates for various repo codes indicated a mixed trend, with R001 at 1.44% and R007 at 1.49%, reflecting changes in market liquidity and investor sentiment [3]. - The 10Y government bond yield closed at 1.745%, showing a recovery from earlier lows, influenced by the stock market's performance [4][5]. Group 3: Market Sentiment - The article highlights a shift in sentiment among bond investors, who previously criticized stock market volatility but are now facing losses as the stock market rises [5]. - The phrase "3000-point defense battle" is referenced, indicating a historical context of market struggles that bond investors are now experiencing firsthand [5].