截至目前，科创债新政落地已有三月。 据券商中国记者统计，在这三个月内，新发科创债发行规模高达8806.59亿元。其中，银行、券商等金融机构 新发债券规模占比36%。 券商中国记者统计数据进一步发现，当前科创债发行主体虽然仍以央国企、大型机构为主，但越来越多的中小 机构、民营企业也参与其中。从票面利率来看，近三个月新发科创债发行票面利率均值为1.8994%，最低甚至 能到0.01%。 展望后市，华泰证券认为，科创债等新品种会在下半年迎来更多供给，部分民企债也在通过科技板回归发行市 场。 三个月内科创债新发规模超8800亿元 5月7日，央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，提出了一系列鼓励债市"科 技板"建设的政策。券商、银行等相关各方迅速行动起来，科创债市场持续扩容。 数据显示，5月7日到8月7日，全市场以公募形式累计新发的科技创新债券共有698只，计划发行规模高达 8806.59亿元。而据Wind统计，上年同期全市场共发行了187只科技创新债券，发行总规模为1976.08亿元。两 相对比，足可见政策效应显著。 科创债新政的一大看点在于新增支持商业银行、证券公司、金融资产投资公司、股权 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report comprehensively analyzes the bond market situation through multiple indicators, showing that last week the bond market sentiment recovered slightly, while the trading activity in the secondary market decreased. The bond - fund issuance increased significantly, and there were changes in the bond - buying behavior of different institutions. The relative valuation of bonds also showed certain fluctuations [1][2]. 3. Summary by Directory 3.1 Bond Market Sentiment - The bond market sentiment index last week was 114.8, up 0.1 from the previous value; the bond market sentiment diffusion index was 50.1%, up 1.3 percentage points from the previous value [1]. 3.2 Institutional Duration - Last Friday, the fund duration was 2.21 years, up 0.01 years from the previous Friday; the rural commercial bank duration was 3.12 years, up 0.02 years; the insurance duration was 6.93 years, down 0.01 years [1]. 3.3 Leverage Ratio - Last week, the pledged repurchase balance was 11.9 trillion yuan, up 0.5 trillion yuan from the previous value; the large - bank net lending balance was 5.0 trillion yuan, up 1.0 trillion yuan; the bond market leverage ratio was 103.8%, up 0.2 percentage points [1]. 3.4 Secondary Market Transactions - Last week, in terms of turnover rate, the 30Y Treasury bond turnover rate was 2.3%, down 1.0 percentage point; the 10Y Treasury bond turnover rate was 0.7%, down 0.2 percentage points; the 10Y China Development Bank bond turnover rate was 28.7%, down 0.5 percentage points; the ultra - long - term credit bond turnover rate was 0.38%, down 0.06 percentage points [1]. 3.5 Institutional Allocation Power - Last week, the newly issued bond - fund shares were 25.1 billion yuan, up 22 billion yuan from the previous value. The stock market risk premium was 1.17%, up 0.02 percentage points; the US dollar index was 98.4, down 0.9. The rural commercial bank bond - allocation index was - 33.3%, up 19.3 percentage points; the insurance bond - allocation index was 50.1%, down 21.4 percentage points; the money - market fund bond - allocation index was 30.1%, down 16.1 percentage points; the insurance's allocation index for Tier 2 and perpetual bonds was - 10.2%, down 18.8 percentage points [2]. 3.6 Primary Market Subscription - Last week, the full - field multiple of Treasury bonds decreased by 1.2 times to 3.1 times, the full - field multiple of local government bonds decreased by 0.4 times to 23.3 times, and the full - field multiple of China Development Bank bonds was 3.5 times, remaining the same as the previous value [2]. 3.7 Relative Valuation - Last week, the spread between 10 - year China Development Bank bonds and Treasury bonds widened by 2.0bp to 8.3bp, the spread between 30 - year and 10 - year Treasury bonds widened by 1.4bp to 25.7bp, the spread between old and new 10 - year China Development Bank bonds narrowed by 0.9bp to 1.2bp, and the spread between 10 - year local government bonds and Treasury bonds widened by 2.1bp to 12.5bp [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a weekly observation of credit bonds from August 4th to August 8th, 2025. It shows that credit - bond issuance increased significantly on the primary market, while the total trading volume decreased on the secondary market. Industry and regional credit spreads showed mixed trends [1][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - From August 4th to August 8th, 2025, 411 credit bonds were issued, with a total issuance scale of 437.957 billion yuan, a 71.67% increase compared to the previous period [1][11]. - In terms of issuance scale, 185 industrial bonds were issued, with a scale of 175.948 billion yuan (a 37.05% increase and accounting for 40.17% of the total); 184 urban investment bonds were issued, with a scale of 119.809 billion yuan (a 35.62% increase and accounting for 27.36% of the total); 42 financial bonds were issued, with a scale of 142.2 billion yuan (a 270.31% increase and accounting for 32.47% of the total) [1][11]. - The average issuance term of credit bonds was 3.22 years, with industrial bonds at 2.89 years, urban investment bonds at 3.83 years, and financial bonds at 1.90 years [1][13]. - The average issuance coupon rate of credit bonds was 2.11%, with industrial bonds at 2.04%, urban investment bonds at 2.25%, and financial bonds at 1.78% [2][17]. 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [3][22]. 3.2 Secondary Market 3.2.1 Credit Spread Tracking - Industry credit spreads showed mixed trends. For AAA - rated industries, the credit spread of the automobile industry increased the most (2.3BP), while that of the mining industry decreased the most (1.5BP); for AA + - rated industries, the computer industry increased the most (6.5BP), and the non - ferrous metals industry decreased the most (11.8BP); for AA - rated industries, the commercial trade industry increased the most (6.7BP), and the media industry decreased the most (2.8BP) [3][24]. - Coal credit spreads decreased overall, while steel credit spreads showed mixed trends. AAA and AA + - rated coal credit spreads decreased by 0.4BP and 0.3BP respectively; AAA and AA + - rated steel credit spreads increased by 1BP and decreased by 2.1BP respectively [24]. - Urban investment credit spreads of all levels decreased overall, while non - urban investment credit spreads showed mixed trends. The three levels of urban investment credit spreads decreased by 0.5BP, 0.8BP, and 1.5BP respectively; the three levels of non - urban investment credit spreads increased by 0.1BP, 0.6BP, and decreased by 0.6BP respectively [24]. - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The three levels of central state - owned enterprise credit spreads increased by 0.4BP, 1BP, and decreased by 2.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 0.2BP, 0.7BP, and 0.9BP respectively; the three levels of private enterprise credit spreads decreased by 0.1BP, 0.1BP, and 6.3BP respectively [25]. - Regional urban investment credit spreads showed mixed trends. In terms of spread levels, for AAA - rated regions, the top three were Shaanxi, Yunnan, and Liaoning; for AA + - rated regions, the top three were Qinghai, Gansu, and Shaanxi; for AA - rated regions, the top three were Shaanxi, Yunnan, and Sichuan. In terms of month - on - month changes, for AAA - rated regions, Yunnan increased the most (0.4BP), and Jilin decreased the most (2BP); for AA + - rated regions, Qinghai increased the most (4.6BP), and Liaoning decreased the most (7BP); for AA - rated regions, Shaanxi increased the most (0.5BP), and Hebei decreased the most (21.8BP) [26]. 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1263.376 billion yuan, a decrease of 11.51% compared to the previous period. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Commercial bank bonds had a trading volume of 373.834 billion yuan (a 28.05% decrease and accounting for 29.59% of the total); corporate bonds had a trading volume of 352.34 billion yuan (an 11.18% increase and accounting for 27.89% of the total); medium - term notes had a trading volume of 315.271 billion yuan (a 1.98% decrease and accounting for 24.95% of the total) [4][27]. 3.2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [29].

Primary Market - A total of 25 offshore bonds were issued this week, including 9 offshore RMB bonds, 10 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 JPY bond, with issuance scales of 18.638 billion RMB, 1.428 billion USD, 1.55 billion HKD, 0.35 billion SGD, and 10.46 billion JPY respectively [2] - The largest single issuance in the offshore RMB bond sector was 4 billion RMB by State Grid Corporation, while the highest coupon rate for RMB bonds was 7% issued by Zhongmu Xinglv Cultural Investment Development Group [2] - In the USD bond market, the largest single issuance was 500 million USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 6.8% issued by Binzhou Smart City Operation Co., Ltd. [2] Secondary Market Overview - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.44% to 246.48 [3] - The investment-grade USD bond index rose by 0.45% to 239, while the high-yield USD bond index increased by 0.36% to 242 [3] - The real estate USD bond index rose by 0.51% to 182.94, and the city investment USD bond index increased by 0.18% to 150.58 [3] Benchmark Spread - The spread between 10-year US and Chinese government bonds widened to 255.67 basis points, an increase of 3.78 basis points from the previous week [4] Domestic News - State Grid completed the issuance of 10 billion RMB in offshore dim sum bonds, setting records for the first central enterprise offshore RMB bond exceeding 10 billion and the first 20-year term issuance [7] - In July, the total bond financing for the real estate sector reached 71.39 billion RMB, a year-on-year increase of 90.3%, with credit bond financing accounting for 64% [8] - The China Securities Association announced an increase in the upper limit of lead underwriters for large bond issuances to 8 [9][10] Overseas News - The US Treasury's auction of 30-year bonds faced weak demand, with a yield of 4.813%, indicating that investors are seeking higher returns [11] Offshore Bond Alerts - ZTE Corporation successfully issued 3.584 billion RMB (equivalent to 500 million USD) in zero-coupon convertible bonds, marking the largest offshore refinancing since its Hong Kong listing [12] - Ocean Capital reported a recovery of 655 million RMB in bad debt provisions through various means [13] - KWG Group announced that its offshore bond will be delisted after defaulting, as it seeks a comprehensive solution for its offshore debt situation [14] - Sunac China announced the resumption of trading for three bonds following debt restructuring operations [15]

Core Viewpoint - The trading data for the 30-year government bond (511130) indicates a significant level of financing activity, with net buying observed over the recent trading days [1] Financing Activity - On August 8, the 30-year government bond (511130) recorded a financing buy amount of 1.08 billion yuan, ranking 158th in the market, with a financing repayment amount of 1.04 billion yuan, resulting in a net buy of 4.29 million yuan [1] - Over the last three trading days (August 6-8), the financing buy amounts for the 30-year government bond were 1.25 billion yuan, 880 million yuan, and 1.08 billion yuan respectively [1] Short Selling Activity - On the same day, there were no shares sold short, resulting in a net short sale of 0.00 shares [1]

Group 1: U.S. National Debt Overview - The total U.S. national debt reached approximately $36.66 trillion as of May 2025, with a year-over-year increase of $1.71 trillion, or 4.9% [5][6] - The U.S. government debt-to-GDP ratio is about 122%, significantly higher than China's ratio of 66% [5][6] - Domestic investors hold approximately 78% of U.S. government debt, amounting to about $27 trillion, indicating a reliance on domestic rather than foreign sources for debt financing [8][6] Group 2: Foreign Holdings of U.S. Debt - Foreign investors hold about 22% of the total U.S. national debt, which translates to approximately $8.06 trillion [8][6] - Japan leads foreign holdings with $1.13 trillion, followed by the UK at $809.4 billion and China at $756.3 billion [11][23] - The UK has seen a significant increase in its holdings of U.S. debt, rising from $1.5 billion in 2011 to $809.4 billion in 2025, reflecting a growth of over 439% [23][24] Group 3: China's Reduction of U.S. Debt Holdings - China has been reducing its U.S. debt holdings, with a decrease of $5.637 billion since its peak of $1.32 trillion in 2011, bringing its current holdings to the lowest level since February 2009 [13][16] - The reduction is attributed to geopolitical tensions, particularly the lessons learned from the freezing of Russian assets, and a strategic shift towards "preventive hedging" [15][19] - China's shift also includes a structural adjustment of its foreign reserves, moving from U.S. debt to increasing gold reserves, with significant purchases made since November 2022 [21][19] Group 4: Implications of Debt Holdings - The increase in U.S. debt holdings by the UK is largely due to non-sovereign bond holdings, with a significant portion attributed to foreign investments routed through UK financial institutions [24][26] - The dynamics of U.S. debt holdings reflect broader geopolitical considerations, where countries are acting as strategic players rather than just investors, indicating a shift in the global financial landscape [27][26] - The confidence in the U.S. economy is mirrored in the purchasing of U.S. debt, while withdrawals may signal geopolitical concerns or strategic repositioning [27][26]

Regulatory Actions - Three institutions received disciplinary actions from the China Interbank Market Dealers Association for various violations related to private fund management and non-market-based issuance [1] - Shanghai Huancai Private Fund Management Co., Ltd. was warned for assisting an issuer in self-financing issuance through nested asset management plans [1] - Shanghai Fuxi Asset Management Co., Ltd. and Jiangsu Yuning Private Fund Management Co., Ltd. received severe warnings for facilitating non-market-based issuance and charging large financial assistance fees [1] Macro Dynamics - The Ministry of Finance plans to issue 20 billion yuan of book-entry discount treasury bonds with a maturity of 28 days, starting interest accrual on August 12, 2025, and repayment on September 9, 2025 [4] - Hebei Province successfully issued the first batch of local bonds after the restoration of VAT, with a 10-year general bond yielding 1.87% and a total issuance of 30.07 billion yuan [4] Local Government Bonds - Shanxi Province plans to issue 17.73 billion yuan in special new bonds for government investment projects, with two bond series set to be issued on August 15, 2025 [5] Corporate Bonds - Henan Railway Construction Investment Group Co., Ltd. plans to issue 30 billion yuan in corporate bonds, with the project accepted by the Shanghai Stock Exchange [8] - Kaifeng State-owned Assets Investment and Operation Group Co., Ltd. intends to issue 15 billion yuan in corporate bonds, with feedback received from the Shenzhen Stock Exchange [9] - Puyang State-owned Capital Operation Group Co., Ltd. is set to issue 25 billion yuan in corporate bonds, with feedback from the Shanghai Stock Exchange [10] Innovation and Support Measures - The Henan Provincial Government introduced 20 measures to support enterprise technological innovation, focusing on financial services throughout the innovation lifecycle [6] Market Trends - The issuance of floating-rate bonds in Shanxi Province marks a significant development in financial tools, with a total issuance of 10.7 billion yuan by Shanxi Lu'an Mining Group [11][12] - Zhongyuan Environmental Protection completed the issuance of 5 billion yuan in technology innovation bonds with a 2.70% interest rate [13] - State Grid successfully issued 10 billion yuan in offshore dim sum bonds, with initial pricing indicators narrowing significantly [13] Corporate Governance - Foshan Construction Development Group announced the removal of Chairman Huang Guoxian from his position [16] Market Insights - The current structure of pending convertible bonds shows a high concentration, particularly in the banking sector, indicating strong refinancing demand [16]

8月1日，财政部、税务总局发布《关于国债等债券利息收入增值税政策的公告》（简称《公告》），自 2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢 复征收增值税。 8月8日，国债等债券利息收入恢复征收增值税政策正式落地，债券市场迎来了首批附带利息增值税的债 券。 证券时报记者根据数据统计，以计划发行规模统计，8月8日起发行的国债、地方债、金融债的规模超过 2500亿元。其中，2只续发行的国债规模超2000亿元，但续发并不涉及税收变动；新发行的债券规模近 440亿元。 受访人士认为，新发国债等债券的利息收入恢复征收增值税，相关发行人的融资成本会有所上升。为了 补偿税负，新发行债券的票面利率或将相应提升。 首批发行规模近440亿元 8月5日，中国债券信息网披露的信息显示，中国农业发展银行、中国进出口银行拟于8月6日新发行6只 金融债券。其中，农发行发行不超过150亿元392天期利随本清债券，以及60亿元、50亿元、160亿元3年 期、5年期、10年期固定利率附息债券；进出口银行于8月6日发行不超过10亿元66个月固定利率附息债 （票面利率1.6%），以及不超过80亿元为 ...

数据统计显示，上证地方国企信用债指数近一个月上涨0.09%，近三个月上涨0.92%，年至今上涨 1.55%。 金融界8月8日消息，上证指数低开震荡，上证地方国企信用债指数 (沪地企债，950265)报188.22点。 从债项评级分布来看，上证地方国企信用债指数持仓10.17%为"AA"级债券，14.51%为"AA+"级债券， 0.00%为"AA-"级债券，75.32%为"AAA"级债券。 据了解，上证地方国企信用债指数系列从上海证券交易所上市的公司债和企业债中，选取由地方国有企 业发行的符合条件的债券作为指数样本，以反映相应地方国企信用债的整体表现。该指数以2013年12月 31日为基日，以100.0点为基点。 资料显示，上证地方国企信用债指数系列样本每月调整一次，定期调整生效日为每月首个交易日，定期 调整数据截止日为生效日前一交易日。遇临时调整时，若样本发生摘牌等事件，视情况自事件生效之日 起剔除出指数；样本发生其他事件，参照计算与维护细则处理。 来源：金融界 ...

Core Viewpoint - The Shanghai 10-Year Treasury Bond Index has shown a slight decline over the past month but has increased year-to-date, indicating a mixed performance in the bond market [2]. Group 1: Index Performance - The Shanghai 10-Year Treasury Bond Index reported a decrease of 0.23% over the past month, an increase of 0.24% over the last three months, and a year-to-date increase of 0.89% [2]. - The index is composed of treasury bonds with a remaining maturity of 7 to 10 years that are listed on the Shanghai Stock Exchange, with a base date of December 31, 2008, set at 100.0 points [2]. Group 2: Bond Rating and Adjustments - The index consists entirely of unrated bonds, with a 100.00% holding in non-rated securities [2]. - The sample for the index is adjusted quarterly, with adjustments taking effect on the first trading day after the second Friday of the bond futures delivery month [2]. - New bonds that meet the criteria are added to the index starting from the day after their listing, while bonds that are suspended or delisted are removed in the next scheduled adjustment [2].