Core Viewpoint - The announcement marks the end of the tax exemption era for interest income on bonds, indicating a significant step towards tax system fairness in the bond market [2][12]. Policy Changes - Starting from August 8, 2025, new bonds issued will be subject to value-added tax (VAT) on interest income, while existing bonds will remain exempt until maturity [3][10]. - The policy aims to enhance fiscal sustainability and reflects a necessary adjustment as the bond market matures [12]. Market Reactions - Bond traders have expressed urgency in assessing the tax impact, with a notable shift in pricing dynamics between old and new bonds [2][3]. - The scarcity premium for tax-exempt old bonds has rapidly increased, while new bonds will need to offer higher coupon rates to compensate for the tax burden [3][10]. Investment Strategies - Analysts recommend focusing on acquiring tax-exempt old bonds, particularly long-term government and local bonds, to capitalize on their scarcity premium [5][10]. - There is a consensus that the new tax policy will lead to a widening spread between old and new bonds, with strategies like "long old bonds, short new bonds" becoming prevalent [6][10]. Market Dynamics - The bond market is expected to experience increased demand for old bonds, leading to a potential decline in yields for these securities [5][7]. - The adjustment in tax policy may also influence the pricing of credit bonds and interbank certificates of deposit, as institutions reassess their investment strategies [10][11]. Cross-Asset Implications - The tax changes could lead to a reallocation of funds across different asset classes, with some institutions potentially favoring high-dividend stocks due to the reduced attractiveness of taxable bonds [10][11]. - The varying tax impacts on different investment entities may create a divergence in capital flows, with public funds and foreign investors potentially gaining an advantage [10][11]. Future Considerations - The market will need to adapt to the new pricing dynamics between old and new bonds, with the potential for significant shifts in trading strategies as institutions respond to the tax changes [7][12]. - The upcoming issuance of new bonds will be critical in reflecting market sentiment and pricing adjustments in response to the new tax regime [5][12].

Group 1 - The bond market experienced fluctuations with yields initially rising and then falling, leading to a flattening of the yield curve. As of August 1, the yields for 30Y, 10Y, and 1Y government bonds changed by -1.87BP, -0.87BP, and +1BP, respectively, closing at 1.95%, 1.71%, and 1.37% [1][7] - The yield spread between 30Y-10Y and 10Y-1Y changed by 0.3BP and -1.64BP, reaching 24BP and 33BP, respectively [1][7] - Key factors influencing the bond market included the stock-bond relationship, the outcome of US-China tariff negotiations, limited incremental statements from the Political Bureau meeting, and fluctuations in the funding environment [1][7] Group 2 - The bond issuance scale decreased during the week of July 28 to August 3, with government bonds issued totaling 180.26 billion yuan, local government bonds at 337.135 billion yuan, and interbank certificates of deposit at 386.73 billion yuan, a total decrease of 393.33 billion yuan from the previous week [2][55] - The issuance progress of local government bonds reached 64.7%, with new special bonds and general bonds at 64% and 68.2%, respectively, indicating a steady issuance pace compared to historical averages [2][55] Group 3 - The central bank maintained liquidity by net injecting 6.9 billion yuan through 7-day reverse repos during the week of July 28 to August 1, with funding rates showing a marginal tightening before the month-end and gradually returning to a more relaxed state afterward [3][57] - The DR001 and DR007 rates changed by -20BP and -21BP, settling at 1.31% and 1.49%, respectively [3][57] Group 4 - The bond market strategy suggests a gradual balance between stocks and bonds, with attention to the short-term impact of tax adjustments on bond yields. The market is expected to experience wide fluctuations as it re-prices previous negative factors while observing new positive elements [4][67] - The government bond supply is anticipated to remain high in August, potentially reaching around 1.4 trillion yuan, marking a peak for the second half of the year [4][67] - The announcement of the resumption of VAT on newly issued government bonds starting August 8 is expected to create short-term volatility in the bond market, with older bonds potentially benefiting from tax advantages [4][67]

智通财经APP讯，招金矿业(01818)公布，招金矿业股份有限公司 2023 年面向专业机构投资者公开发行 公司债券(第一期)将于 2025 年 8 月 10 日(如遇非交易日，则顺延至其后的第 1 个交易日)开始支付自 2024 年 8 月 10 日至 2025 年 8 月 9 日期间的利息。 债券简称"23 招金 01"，发行总额10亿元，票面利率为 2.99%，每手本期债券面值为 1000 元，派发利息 为 29.90 元(含税)。 ...

Group 1: Economic Fundamentals - In August, the focus will be on the verification of policy effects, with new policy financial tools expected to boost credit and investment recovery[1] - The "anti-involution" narrative is expected to lead to moderate price recovery, although short-term trends remain uncertain[1] - External factors indicate a potential 90-day extension of the exemption period, with reduced uncertainty in tariff policies, but the downward trend in exports is expected to continue[1] Group 2: Liquidity and Market Dynamics - Historical data shows that August is a month with potential liquidity fluctuations, but risks are limited under current monetary policy targets[2] - The liquidity gap in August is projected to be around 1.8 trillion, with a central tendency likely to remain around 1.5%[2] - The supply of government bonds is expected to accelerate, with net financing projected between 1.5 to 1.6 trillion[3] Group 3: Institutional Behavior - Demand for bonds may weaken due to increased supply and limited institutional buying power, with a supply-demand index for August expected to be at 59%, significantly lower than the second quarter average[3] - The market is likely to experience structural pressure due to the imbalance between supply and demand[3] Group 4: Market Strategy - The bond market is entering the second phase of a "three-step" strategy, with the 10-year government bond expected to fluctuate between 1.65% and 1.75%[3] - Investors are advised to be flexible and consider timely profit-taking in response to key market events and policy announcements[3]

Group 1: Market Overview - The fixed income market is experiencing a decline in investment returns, prompting investors to seek "fixed income plus" products to enhance yields while managing withdrawal risks[14]. - The recent policy to restore value-added tax (VAT) on bond interest income is expected to reduce returns by 5-10 basis points (bp) for bond investors[14][15]. - The bond market is currently seeing a recovery in sentiment, with significant fluctuations in interest rates and a high issuance volume of government bonds[40][44]. Group 2: Investment Strategies - The North Exchange's online IPOs offer low-cost, high-yield opportunities, making them suitable for "fixed income plus" strategies[16]. - Historical data shows that the average first-day return for new stocks listed on the North Exchange in 2024 was 245%, with no instances of price drops below the issue price[16]. - A strategy involving the maximum subscription amount (5% of the initial issuance) yields an average return of 0.17%, while optimizing for minimum investment can lower returns to 0.12%[21][27]. Group 3: Recommendations - Investors are advised to focus on "fixed income plus" opportunities due to the low withdrawal risk associated with the North Exchange's IPO strategy[35]. - The optimal investment strategy involves adjusting the investment amount to achieve a balance between success probability and return efficiency, with a target return of 0.20% when investing 2.5 times the minimum subscription amount[30][31].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, credit bonds may be mostly volatile, with more opportunities than risks, and credit buying is relatively active. The "anti - involution" policy has returned to rationality, and the stock market may consolidate in August, which is conducive to the restoration of bond market sentiment. However, there are still volatile factors in the bond market in the future. The buying demand is expected to be relatively strong due to the upcoming reduction of insurance product preset interest rates and the new VAT regulations [27]. - After the previous adjustment, the spreads of general - purpose credit bonds still have room to narrow, and it is recommended to focus on general - purpose credit bonds with high - grade and good liquidity, as well as credit bond ETF component bonds. Second - tier and perpetual bonds should focus on the VAT exemption opportunities of old bonds [28][29]. 3. Summary by Directory Credit Hotspots: Review and Outlook of the Current Round of Credit Bond Adjustment - **Adjustment and Repair Process**: From July 18 - 29, credit bonds had an overall correction, with second - tier and perpetual bonds having the largest correction, followed by 3Y, 5Y, and 10Y general - purpose credit bonds. From July 29 - August 1, short - and medium - term second - tier and perpetual bonds repaired first, followed by high - grade 5Y and 10Y general - purpose credit bonds [1][13]. - **Institutional Behavior**: From July 21 - 29, funds sold a large amount of credit bonds, while wealth management and insurance increased their positions. Since the repair, institutional buying has been active, and the short - term redemption wave has basically subsided. Before the reduction of insurance product preset interest rates on August 31, the buying may continue [17]. - **Credit Bond ETF**: From July 18 - 29, the prices of credit bond ETFs declined, and the scale of benchmark - making credit bond ETFs decreased, while most of the science - innovation bond ETFs increased. During the repair period, credit bond ETFs recovered. The component bonds of credit bond ETFs had a larger decline during the adjustment and a smaller recovery than non - component bonds, but the difference was not significant [18]. Market Review: Cooling of "Anti - Involution" Trading, Comprehensive Repair of Credit Bonds - From July 25 to August 1, after the Politburo meeting, the "anti - involution" trading sentiment cooled, the impact of the equity market on the bond market weakened, and the bond market recovered. The yields of most credit bonds declined, with short - and medium - term yields down about 3BP, and medium - and long - term spreads up about 2BP passively. The yields of second - tier and perpetual bonds generally declined significantly, with 3 - 5Y varieties down more than 5BP, and spreads down about 2BP. Buying recovered, with wealth management net buying 199.1 billion yuan and funds net buying 94.62 billion yuan. The scale of credit bond ETFs was 3337 billion yuan, up 1.26% from the previous week. Industry spreads of most AAA - rated public bonds and provincial urban investment bonds declined, with Guizhou's spreads down more than 6BP [3]. Primary Issuance: Net Financing of Corporate Credit Bonds Soars, Average Issuance Interest Rates Fluctuate - From July 28 to August 1, corporate credit bonds issued a total of 217.4 billion yuan, a 33% decrease from the previous period; financial credit bonds issued a total of 31.4 billion yuan, an 86% decrease. Corporate credit bonds had a net financing of 51.6 billion yuan, a 84% increase, with urban investment bonds having a net repayment of 6.6 billion yuan and industrial bonds having a net financing of 48.2 billion yuan. Financial credit bonds had a net financing of 6.9 billion yuan. The average issuance interest rates of medium - and short - term notes fluctuated, and the average issuance interest rates of corporate bonds showed a downward trend except for AA - rated bonds [4][62]. Secondary Trading: Active Trading in Short - and Medium - Duration Bonds, Decline in Long - Duration Trading - Active trading entities are mainly high - grade, short - and medium - term, and central and state - owned enterprises. Urban investment bonds are mainly from strong economic provinces' high - grade platforms and high - spread areas in large economic provinces. Real - estate bonds and private - enterprise bonds are mainly AAA - rated, with short - and medium - term trading durations. There was no trading of urban investment bonds with a maturity of more than 5 years, a decline from the previous week [5][72].

从债项评级分布来看，上证0-3年国债及政策性金融债指数持仓100.00%为无评级债券。 资料显示，该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，定期调整数据提取日为 生效日前一交易日。遇临时调整时，满足条件的新发债券自上市次日起进入指数。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。 金融界8月4日消息，上证指数低开高走，上证0-3年国债及政策性金融债指数 (沪0-3国债及政金债， 950231)报165.95点。 数据统计显示，上证0-3年国债及政策性金融债指数近一个月上涨0.09%，近三个月上涨0.44%，年至今 上涨0.53%。 据了解，上证国债及政策性金融债指数系列从上海证券交易所上市的国债和政策性金融债中，选取剩余 期限符合条件的债券作为指数样本，以反映沪市相应期限国债及政策性金融债的整体表现。该指数以 2007年12月31日为基日，以100.0点为基点。 来源：金融界 ...

从债项评级分布来看，上证AAA国企信用债指数持仓100.00%为"AAA"级债券。 资料显示，上证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 金融界8月4日消息，上证指数低开高走，上证AAA国企信用债指数 (上证AAA国企债，950249)报145.17 点。 数据统计显示，上证AAA国企信用债指数近一个月下跌0.07%，近三个月上涨0.84%，年至今上涨 1.29%。 据了解，上证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，以反映相应国企信用债的整体表现。该指数以2016年12月30日为基日， 以100.0点为基点。 ...

金融界8月4日消息，上证指数低开高走，上证0-3年AAA国企信用债指数 (上证0-3 AAA国企债， 950251)报136.63点。 数据统计显示，上证0-3年AAA国企信用债指数近一个月上涨0.16%，近三个月上涨0.63%，年至今上涨 1.12%。 资料显示，上证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。 据了解，上证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，以反映相应国企信用债的整体表现。该指数以2016年12月30日为基日， 以100.0点为基点。 来源：金融界 从债项评级分布来看，上证0-3年AAA国企信用债指数持仓100.00%为"AAA"级债券。 ...

金融界8月4日消息，上证指数低开高走，上证短期AAA地方国企信用债指数 (沪短期AAA地企债， 950269)报131.73点。 数据统计显示，上证短期AAA地方国企信用债指数近一个月上涨0.16%，近三个月上涨0.52%，年至今 上涨1.11%。 来源：金融界 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2016年12月 30日为基日，以100.0点为基点。 从债项评级分布来看，上证短期AAA地方国企信用债指数持仓100.00%为"AAA"级债券。 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。 ...