Group 1 - The core viewpoint of the news is that the People's Bank of China and the China Securities Regulatory Commission have jointly announced measures to support the issuance of technology innovation bonds (referred to as "Sci-Tech Bonds"), leading to significant growth in this market [1][2] - The new policies include allowing various financial institutions to issue Sci-Tech Bonds, encouraging long-term bond issuance, optimizing issuance management, and promoting local support through interest subsidies and guarantees [1][2] - The issuance scale of Sci-Tech Bonds has increased dramatically, with average monthly issuance rising from 16 billion yuan in March 2021 to 2,827 billion yuan from May to July 2023 [2] Group 2 - The average coupon rate for newly issued Sci-Tech Bonds from May to July 2023 was 1.885%, with a significant portion of existing bonds having rates concentrated in the 2%-3% and 1%-2% ranges [5] - As of August 8, 2023, the median valuation yield of Sci-Tech Bonds was 1.90%, indicating a historical low in yield levels [5][6] - The total balance of Sci-Tech Bonds reached 27.2 trillion yuan as of August 8, 2023, with Beijing, Guangdong, and Shanghai being the top regions for issuance [9][10] Group 3 - The majority of issuers are rated AAA (86.3%), with local state-owned enterprises making up 49.3% of the issuers, indicating a high barrier to entry for issuance [12][13] - The current issuance is primarily focused on short to medium-term bonds, with 71.4% of bonds having maturities of 1-5 years [14] - Future developments are expected to see longer issuance terms to better match the funding needs of technology enterprises, alongside an increase in the participation of private enterprises in the Sci-Tech Bond market [15][16]

Core Viewpoint - European bond yields have generally increased, indicating a rise in borrowing costs and potential implications for economic conditions in the region [1] Group 1: Bond Yield Changes - The UK 10-year government bond yield rose by 3 basis points to 4.750% [1] - The French 10-year government bond yield increased by 2.5 basis points to 3.534% [1] - The German 10-year government bond yield went up by 2.2 basis points to 2.744% [1] - The Italian 10-year government bond yield also rose by 2.2 basis points to 3.606% [1] - The Spanish 10-year government bond yield increased by 2.1 basis points to 3.349% [1]

Group 1: Major Asset Movements - The Chinese Yuan has rapidly appreciated, leading to a significant increase in gold and silver prices. COMEX gold rose by 3.0% to $3,475.5 per ounce, while COMEX silver surged by 6.7% to $40.3 per ounce [1][40]. - The S&P 500 index fell by 0.1%, while the French CAC40 dropped by 3.3%. In contrast, emerging market indices showed mixed results, with Brazil's IBOVESPA rising by 2.5% [1][2]. - The WTI crude oil price increased by 0.5% to $64.0 per barrel, and Brent crude rose by 0.6% to $68.1 per barrel [34][35]. Group 2: Economic Indicators - The U.S. PCE price index for July showed a year-on-year increase of 2.6%, aligning with market expectations. The core PCE index rose by 2.9% year-on-year [79]. - Initial jobless claims in the U.S. for the week ending August 23 were reported at 229,000, lower than the expected 230,000 [82]. - The cumulative fiscal deficit for the U.S. in 2025 reached $1.14 trillion, with total expenditures of $5.31 trillion and tax revenues of $3.29 trillion [51]. Group 3: Political and Geopolitical Events - French Prime Minister Borne announced a trust vote on September 8 to push through a €44 billion austerity plan, causing significant market concerns and leading to a drop in the CAC 40 index [47]. - The geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, are expected to exacerbate volatility in oil prices and disrupt global inflation control efforts [87]. Group 4: Federal Reserve Developments - President Trump dismissed Federal Reserve Governor Cook, which has led to a temporary decline in U.S. stock and bond rates. Cook has filed for a temporary injunction to remain in her position [62][71]. - Fed officials, including Waller, expressed support for a potential rate cut of 25 basis points in September, with expectations for further cuts in the following months [75][76].

Group 1 - The bond market's custody balance has surpassed 190 trillion yuan, marking a historic high and indicating significant progress in China's financial market development [1] - The proportion of bond balance in the total social financing stock has risen to 28.6%, reflecting a shift from reliance on indirect financing to a dual-driven model of direct and indirect financing [2] - The development of the bond market has reduced financing costs and improved efficiency for enterprises, particularly benefiting those with good credit ratings [2] Group 2 - The growing bond market enhances the asset allocation diversity for financial institutions, thereby increasing the resilience of the financial system [3] - A larger bond market improves market depth and liquidity, attracting more domestic and foreign investors, and providing a reliable pricing anchor for the financial system [3] - The bond market's expansion supports the transition of macroeconomic regulation from quantity-based to price-based approaches [3] Group 3 - The expanding bond market offers a variety of underlying assets for fixed-income and "fixed-income plus" products, providing residents with important channels for wealth preservation and growth [4] - The market-driven formation of bond interest rates influences the returns on savings and wealth management products, promoting the marketization of deposit rates [4] - The bond market's growth signifies major advancements in the construction of a multi-tiered capital market in China, with future emphasis on structural optimization and international appeal of RMB bonds [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The bond market in September may break the seasonal pattern and still present long - trading opportunities. The latest PMI data shows a marginal improvement in the fundamentals, but the effective demand remains weak. Mid - to long - term interest rates are expected to decline. The seasonal weakness in September may have been adjusted in August. The central bank is supportive of bond market liquidity, and institutional behavior signals still suggest long - trading. Currently, one can focus on the spread compression opportunity between the new 30 - year bond 25 Special 06 and 25 Special 02 [2]. - From a seasonal perspective, the bond market usually corrects in September, but the current market sentiment has improved significantly, and the number of institutions bearish on the bond market has decreased notably [3]. - Most fixed - income buyers hold a neutral view, with over 80% of them remaining neutral [3]. - The basis of the T - contract is at a historical high, and the curve can still be steepened [6]. 3. Summary According to the Directory 3.1 Seller and Buyer Markets 3.1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index this week is 0.1, and the unweighted index is 0.14, up 0.11 from last week. Currently, institutions generally hold a neutral - to - bullish view, with 7 bullish, 19 neutral, and 3 bearish. 24% of institutions are bullish, citing the attractiveness of the 10 - year Treasury yield around 1.8%, weak fundamentals, and expected central bank easing. 66% are neutral, concerned about the "stock - bond seesaw" effect and incomplete institutional duration adjustment. 10% are bearish, worried about stock market rallies, inflation expectations, and subsequent pro - growth policies [12]. 3.1.2 Buyer Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index is 0.02, and the unweighted index is 0.03, down 0.03 from last week. Institutions generally hold a neutral - to - bullish view, with 3 bullish, 24 neutral, and 2 bearish. 10% of institutions are bullish, citing credit contraction, the improved cost - effectiveness of the bond market, and central bank support. 83% are neutral, believing that the bond market is gradually desensitized to equities. 7% are bearish, concerned that a stronger stock market may raise the interest - rate center [13]. 3.1.3 Credit Bonds - The scale of "fixed - income +" funds is expanding, which may support the demand for medium - to high - grade, medium - to short - duration non - financial credit bonds, but the current increase is limited. The stock - bond seesaw effect still exists, and a rising stock market may continue to pressure long - term bonds [18]. 3.1.4 Convertible Bonds - Institutions generally hold a neutral - to - bullish view this week, with 11 bullish and 4 neutral. 73% are bullish, believing that the logic of incremental funds driving the equity market remains valid. 27% are neutral, concerned about high valuations and increased market divergence [20]. 3.2 Treasury Futures Tracking 3.2.1 Futures Trading - Futures prices have risen across the board. As of August 29, the prices of TS/TF/T/TL contracts are 102.42 yuan, 105.52 yuan, 107.81 yuan, and 116.55 yuan respectively, up 0.10 yuan, 0.14 yuan, 0.15 yuan, and 0.57 yuan from last Friday. - Open interest has increased across the board. As of August 29, the open interest of TS/TF/T/TL contracts is 67,000 lots, 113,000 lots, 178,000 lots, and 121,000 lots respectively, up 38,948 lots, 5,654 lots, 16,595 lots, and 10,567 lots from last Friday. - Trading volume has decreased across the board. As of August 29, the 5 - day moving average trading volume of TS/TF/T/TL contracts is 84.7 billion yuan, 84.1 billion yuan, 120.6 billion yuan, and 212.2 billion yuan respectively, down 43.223 billion yuan, 29.834 billion yuan, 37.99 billion yuan, and 54.024 billion yuan from last Friday. - The trading volume - to - open - interest ratio has decreased across the board. As of August 29, the 5 - day moving average trading volume - to - open - interest ratio of TS/TF/T/TL contracts is 0.65, 0.77, 0.70, and 1.74 respectively, down 0.92, 0.62, 1.16, and 2.20 from last Friday [24][25]. 3.2.2 Spot Bond Trading - The turnover rate of 30 - year Treasury bonds has decreased. On August 29, it was 4.48%, down 0.94 percentage points from last week and 0.79 percentage points from Monday, with a weekly average of 3.99%. The weekly average turnover rate of interest - rate bonds has decreased. On August 29, it was 0.78%, down 0.10 percentage points from last week and 0.19 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds has increased. On August 29, it was 4.71%, up 0.62 percentage points from last week and down 1.03 percentage points from Monday [32][35]. 3.2.3 Basis Trading - Except for the basis of the TS main contract, which has widened, the basis of other main contracts has narrowed. As of August 29, the basis (CTD) of TS/TF/T/TL main contracts is - 0.04 yuan, 0.05 yuan, 0.44 yuan, and 0.71 yuan respectively, down 0.07 yuan, 0.02 yuan, 0.13 yuan, and 0.23 yuan from last Friday. - The net basis of all main contracts has narrowed. As of August 29, the net basis (CTD) of TS/TF/T/TL main contracts is 0.001 yuan, 0.08 yuan, 0.12 yuan, and 0.21 yuan respectively, down 0.02 yuan, 0.003 yuan, 0.09 yuan, and 0.18 yuan from last Friday. - The IRR of all main contracts has increased. As of August 29, the IRR (CTD) of TS/TF/T/TL main contracts is 1.51%, 1.25%, 1.13%, and 1.01% respectively, up 0.33%, 0.04%, 0.29%, and 0.44% from last Friday [39][42]. 3.2.4 Inter - delivery Spread and Inter - variety Spread - In terms of inter - delivery spreads, the spreads of TS and TF main futures contracts have widened, while those of T and TL main futures contracts have narrowed. As of August 29, the near - to - far spreads of TS/TF/T/TL contracts are - 0.07 yuan, 0.14 yuan, 0.24 yuan, and 0.46 yuan respectively, down 0.07 yuan, up 0.04 yuan, down 0.01 yuan, and down 0.08 yuan from last Friday. - In terms of inter - variety spreads, except for the 3*T - TL futures contract, whose spread has narrowed, the spreads of other main futures contracts have widened. As of August 29, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL are 99.33 yuan, 103.21 yuan, 301.86 yuan, and 206.90 yuan respectively, up 0.06 yuan, 0.13 yuan, 0.24 yuan, and down 0.17 yuan from last Friday [49][50].

Market Overview - The bond market showed a strong consolidation on September 1, with overall minor fluctuations in the morning and a recovery in the afternoon, leading to a slight decline in interbank bond yields [1] - The central bank conducted a net withdrawal of 105.7 billion yuan in the open market, with significant drops in funding rates at the beginning of the month [1] Bond Futures - All major bond futures closed higher, with the 30-year main contract rising by 0.30% to 116.910, the 10-year main contract up by 0.17% to 108.000, and the 5-year main contract increasing by 0.08% to 105.595 [2] - The yield on the 30-year government bond rose by 0.25 basis points to 2.02%, while the yields on the 10-year government bonds showed a slight decline [2] International Bond Market - In North America, U.S. Treasury yields were mixed, with the 10-year yield increasing by 2.31 basis points to 4.224% [3] - In Asia, Japanese bond yields generally rose, with the 10-year yield up by 1.9 basis points to 1.627% [3] - In the Eurozone, yields on 10-year bonds also increased, with French bonds rising by 3.4 basis points to 3.512% [3] Primary Market - The Agricultural Development Bank of China issued financial bonds with yields of 1.3785% for 91-day, 1.6741% for 3-year, and 1.7824% for 5-year bonds, with strong bid-to-cover ratios [4] Funding Conditions - The central bank conducted a 1,827 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net withdrawal of 105.7 billion yuan for the day [5] - Short-term Shibor rates fell across the board, with the overnight rate down by 1.6 basis points to 1.315%, marking a new low since September 2022 [5] Institutional Insights - There has been limited capital flow from the bond market to the stock market, with some redemption in pure bond funds but a general trend towards "fixed income plus" strategies [6] - The capital market's gradual improvement is expected to shift wealth allocation from deposits and fixed income towards equity assets, indicating a potential new cycle in wealth distribution [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The "stock - bond seesaw" is likely to continue weakening. The rise in the stock market is not due to expectations of rising economic data, and even when the stock market rises, the capital interest rate remains low and the financing demand such as credit has not significantly increased. The future trends of stocks and bonds will be relatively independent, and "trading bonds based on stocks" is not a good strategy. The more reasonable "right - side" trading signals for bond yield decline are the central bank's further easing policies and the accelerated entry of allocation - type institutions [4][9]. - The current bond market adjustment is different from that in the first quarter. The first - quarter adjustment was caused by the central bank's active tightening of liquidity, while the current one is due to institutions' active adjustment of investment strategies. It is expected that the short - end will be more stable than the long - end, and credit bonds will be more stable than interest - rate bonds [4][9]. - Considering the historical upward trend of interest rates in September compared to August and the "early" adjustment of the bond market in 2025, the bond market is expected to gradually build a top in a narrow - range oscillation. The short - term strategy suggests quick in - and - out trading of long - end bonds for small fluctuations and continuous holding of medium - and short - term credit bonds [4][11]. 3. Summary According to Relevant Catalogs 3.1 Bond Market Weekly View: The "Stock - Bond Seesaw" May Continue to Weaken - Last week, the "stock - bond seesaw" weakened. The reasons for the stock market rise and bond market adjustment are independent of each other. The stock market rise is due to the improvement of national governance expectations and confidence in technological - led economic transformation, while the bond market adjustment is because of the low profit - making effect [4][7][9]. - The future trends of stocks and bonds will be relatively independent. The bond market adjustment this time is different from that in the first quarter, with the short - end and credit bonds being more stable. The bond market is expected to build a top in a narrow - range oscillation, and short - term strategies for long - end and medium - and short - term credit bonds are proposed [4][9][11]. 3.2 This Week's Focus in the Fixed - Income Market: Rising Treasury Bond Supply - Data to be released this week include China's August S&P Global Manufacturing PMI, US August ADP employment figures, and August unemployment rate. An important event is the grand military parade in Tiananmen Square, China on September 3 [14][15]. - At the beginning of the month, the local bond issuance scale declined, while the treasury bond issuance scale increased to a relatively high level. It is expected that a total of 6324 billion yuan of interest - rate bonds will be issued, which is at a relatively high level compared to the same period [15]. 3.3 Review and Outlook of Interest - Rate Bonds: Limited Bond Market Recovery - The central bank's reverse repurchase operations had a net investment of 196.1 billion yuan. The MLF was over - renewed, and the capital interest rate increase was controllable under the central bank's active investment. The repurchase trading volume decreased, and the overnight ratio decreased. The net financing of certificates of deposit remained negative, and the prices mainly declined [20][21][27]. - Last week, the bond market sentiment marginally recovered, but the bullish momentum was still weak. The long - end active bonds were basically flat compared to the previous week. The yield curve continued to steepen, with the long - end 10Y treasury bond yield rising the most and the 1Y policy bank bond yield falling the most [39][40]. 3.4 High - Frequency Data: Mainly Declining Operating Rates - On the production side, the operating rates of blast furnaces, semi - steel tires, petroleum asphalt, and PTA all declined, and the average daily crude steel production in mid - August had a year - on - year growth rate of - 0.4% [46]. - On the demand side, the year - on - year growth rates of passenger car manufacturers' wholesale and retail sales declined. The year - on - year growth rate of commercial housing transaction area was still significantly negative. The SCFI and CCFI composite indices changed by 2.1% and - 1.6% respectively [46]. - On the price side, crude oil, copper, and aluminum prices rose, coal prices were divided, and the prices of building materials, cement, and glass in the mid - stream changed to different extents. The output of rebar increased, and the inventory continued to rise rapidly. Vegetable prices rose, fruit prices changed slightly, and pork prices fell [47].

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][4][7] 2. Core Viewpoints of the Report - The "over - rising" spread of Science - Tech Bond ETF component bonds has potential to widen. The second batch of Science - Tech Bond ETFs may bring about a repeat of the rush - to - buy market and a compression of liquidity premium, leading to an expansion of the "over - rising" spread. The inclusion of existing Science - Tech Bond ETFs in the pledgeable pool may also contribute to the compression of the spread [4][7] - For Science - Tech Bond ETF component bonds, perpetual bonds have a smaller "over - rising" spread and greater potential for compression compared to non - perpetual bonds. Institutions with stable liability ends are recommended to participate in advance [4][10] - In terms of the overall credit bond strategy, continue to recommend short - term, medium - to - high - quality, and highly liquid entities, and dig for "convex points" along the yield curve. After the short - end negative sentiment is fully released, start to increase allocations [4][13] 3. Summary by Directory 3.1 Credit Bond Weekly Viewpoint: The "Over - Rising" Spread of Science - Tech Bond ETF Component Bonds Has Potential to Widen - The "over - rising" spread of Science - Tech Bond ETF component bonds has remained stable at 7 - 8bp in the past month, with little over - adjustment in adverse market conditions. Trading opportunities mainly lie in individual bond pricing deviations [4][7] - On August 20, 14 fund companies collectively submitted applications for the second batch of Science - Tech Bond ETFs, which are expected to expand the "over - rising" spread of component bonds. The change in the "over - rising" spread from June to July was in line with the establishment and expansion of ETFs but with a slight lead. The listing of the second batch may repeat the rush - to - buy market, and the inclusion of existing ETFs in the pledgeable pool since August 27 may boost the compression of the "over - rising" spread [4][7] - The "over - rising" spread of Science - Tech Bond ETF component bonds is affected by factors such as terms, maturities, and outstanding scales. Perpetual bonds have a smaller and more volatile "over - rising" spread compared to non - perpetual bonds, and it is expected that the spread of perpetual bonds will continue to compress by about 5bp. Institutions with stable liability ends are recommended to participate in advance [4][10] - In terms of the overall credit bond strategy, continue to recommend short - term, medium - to - high - quality, and highly liquid entities, and dig for "convex points" along the yield curve. After the short - end negative sentiment is fully released, start to increase allocations. Currently, the steep part of the yield curve has shifted from 1 - 2Y to 2 - 3Y, and the recommended logic and entities remain unchanged [4][13] 3.2 Credit Bond Weekly Review: Short - End Starts to Recover, Long - End Continues to Adjust 3.2.1 Negative Information Monitoring - There were no bond defaults or overdue events, no downgrades of corporate main ratings or outlooks, and no downgrades of bond ratings during the week from August 25 to August 31, 2025. However, on August 28, Fitch downgraded the ratings of Vanke and its subsidiary, and on August 25, Moody's downgraded the ratings of Crown Resorts. There were also several major negative events, including overdue debts of Sunshine City, the chairman of Taihe Group being placed under detention, the default of "19 Han Dang Ke MTN001" of Wuhan Contemporary Technology Industry Group, and overdue debts of Guizhou Hongcai Investment Group [16][17][18] 3.2.2 Primary Issuance: Subscription Sentiment Improves, but Net Financing Remains Negative - The primary issuance volume of credit bonds continued to decline month - on - month, and the maturity volume also decreased slightly. The net financing was still negative. From August 25 to August 31, the primary issuance of credit bonds was 229.2 billion yuan, a 7% month - on - month decrease, and the total repayment amount dropped to 259.6 billion yuan, resulting in a net financing outflow of 30.4 billion yuan, with a smaller net outflow compared to the previous period [19] - The number of cancelled or postponed bond issuances decreased significantly month - on - month, indicating that the primary market sentiment is recovering. The average coupon rates of newly issued AAA and AA+ bonds were 2.21% and 2.45% respectively, with the AA+ rate down 15bp compared to the previous week. The frequency of newly issued AA/AA - bonds remained low [20] 3.2.3 Secondary Trading: Long - End Spreads Face Greater Pressure to Widen - The valuations of short - and medium - term credit bonds started to recover, but the long - end continued to adjust, with an overall decline of about 1bp. Spreads also faced greater pressure to widen at the long - end. The upward pressure on bond market valuations eased slightly last week, with the yields of high - grade short - term bonds dropping significantly by 3 - 4bp, while the low - grade and long - term bonds with weak liquidity were still making up for losses, with an upward movement of about 2 - 3bp. The risk - free rate curve declined at the short - end and remained unchanged at the medium - and long - ends, and the credit spreads fluctuated narrowly overall, but the 5Y spreads generally widened by about 3bp [24] - The term spreads of all grades widened significantly, with the 5Y - 1Y spreads of AAA and AA+ grades widening by up to 6 - 7bp and the AA grade widening by 4bp. The AA - AAA grade spreads fluctuated narrowly [27] - In terms of urban investment bond credit spreads, the spreads of each province fluctuated within ±1bp last week, with little differentiation among provinces and inconspicuous fluctuations in high - valuation areas. The spread of Inner Mongolia widened by up to 2bp [29] - In terms of industrial bond credit spreads, the spreads of each industry mainly narrowed by about 1bp last week, slightly outperforming urban investment bonds. The spread of the real estate industry narrowed by up to 4bp month - on - month [31] - In secondary trading, the liquidity of credit bonds further declined, with the turnover rate dropping 0.02 percentage points to 1.62% month - on - month. The issuers of the top ten bonds in terms of turnover rate were mostly central and local state - owned enterprises. There were 3 bonds with a discount of more than 10% last week, issued by Country Garden and Sunshine City. Among individual entities, the urban investment entities with the largest spread narrowing or widening were scattered. In the industrial sector, the top five entities with the largest spread widening were all real estate enterprises, and the valuations of private enterprises in the construction and communication sectors also increased significantly [33][35]

Report Overview - The report provides a snapshot of the global asset market performance on September 1, 2025, including government bond yields, exchange rates, stock indices, and futures trading data [2] Global Asset Market Performance Government Bond Yields - **10 - year government bond yields**: In the US, it was 4.230 on August 29, 2025, with a latest change of 0.025, a one - week change of - 0.025, a one - month change of 0.012, and a one - year change of 0.428. Different countries showed various trends in yield changes over different time frames [2] - **2 - year government bond yields**: For example, the US 2 - year yield was 3.590 on August 29, 2025, with a latest change of - 0.020, a one - week change of - 0.150, a one - month change of - 0.080, and a one - year change of - 0.470 [2] Exchange Rates - **Dollar against major emerging economies' currencies**: Against the Brazilian real, the exchange rate was 5.430 on August 29, 2025, with a latest change of 0.28%, a one - week change of 0.07%, a one - month change of - 2.03%, and a one - year change of - 1.08% [2] - **Renminbi**: The on - shore RMB was 7.131 on August 29, 2025, with a latest change of 0.00%, a one - week change of - 0.51%, a one - month change of - 0.87%, and a one - year change of - 0.01% [2] Stock Indices - **Major economies' stock indices**: The S&P 500 was at 6460.260 on August 29, 2025, with a latest change of - 0.64%, a one - week change of - 0.10%, a one - month change of 3.56%, and a one - year change of 14.93% [2] - **Asian stock indices**: The Hang Seng Index was 25077.620 on August 29, 2025, with a latest change of 0.32%, a one - week change of - 1.03%, a one - month change of 2.33%, and a one - year change of 44.20% [2] Credit Bond Indices - **Investment - grade and high - yield bond indices**: The US investment - grade credit bond index was 3463.740 on August 29, 2025, with a latest change of - 0.25%, a one - week change of - 0.08%, a one - month change of 0.35%, and a one - year change of 3.38% [2] Futures Trading Data Stock Index Futures - **Index performance**: The A - share index closed at 3857.93 with a 0.37% increase. The CSI 300 closed at 4496.76 with a 0.74% increase [3] - **Fund flow**: The latest A - share fund flow was - 952.48, and the 5 - day average was - 1067.85 [3] - **Trading volume**: The latest trading volume of the two Shanghai and Shenzhen stock markets was 27982.97, with a month - on - month change of - 1725.06 [3] Treasury Bond Futures - **Closing prices and changes**: The T00 treasury bond futures closed at 108.050 with a - 0.15% change, and the TF00 closed at 105.665 with a - 0.04% change [4] - **Funding rates**: The R001 funding rate was 1.4184% with a daily change of - 14.00 BP, and the R007 was 1.5171% with a - 4.00 BP change [4]

Group 1 - The bond market showed slight upward movement, with the 30-year government bond ETF rising by 0.05% and the 30-year government bond futures contract increasing by 0.09% [1] - The central bank conducted a 7-day reverse repurchase operation of 182.7 billion yuan at a stable interest rate of 1.40%, indicating a stable monetary policy environment [1] - The yields on major government bonds, including the 10-year and 30-year bonds, experienced slight declines, reflecting a downward trend in interest rates [1] Group 2 - The bond market faced headwinds in August, with the 10-year government bond yield increasing by 7.35 basis points, despite the Shanghai Composite Index rising by 7.97% [2] - Analysts suggest that the recent synchronized rise in stocks and bonds may be attributed to increased support from the central bank and a loosening of the funding environment at the end of the month [2] - The Pengyang 30-year government bond ETF is highlighted as the first ETF tracking the 30-year government bond index, offering T+0 trading attributes and serving as a flexible cash management tool for investors [2]