Core Points - The Shanghai Composite Index opened lower but rose throughout the day, with the Shanghai 17-30 Year Government Bond Index reported at 302.45 points [1] - The Shanghai 17-30 Year Government Bond Index has decreased by 0.90% over the past month and 0.94% over the past three months, while it has increased by 1.27% year-to-date [1] - The index reflects the market performance of corresponding maturity government bonds listed on the Shanghai Stock Exchange, with a base date of December 31, 2007, set at 100.0 points [1] Bond Rating Distribution - The Shanghai 17-30 Year Government Bond Index consists of 100.00% unrated bonds [2] - The sample of the index is adjusted monthly, with the effective date for adjustments being the first trading day of each month [2] - In the case of temporary adjustments, newly issued bonds that meet the criteria will enter the index starting from the day after their listing [2]

Core Viewpoint - The China Bond Composite Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the bond market [2]. Group 1: Index Performance - The China Bond Composite Index reported a decrease of 0.10% over the past month, an increase of 0.44% over the last three months, and a year-to-date increase of 1.02% [2]. - The index is composed of government bonds, financial bonds, corporate bonds, central bank bills, and corporate short-term financing bonds with a maturity of over one month [2]. Group 2: Index Composition - As of the latest data, 76.37% of the index consists of unrated bonds, while 20.40% are rated "AAA" [2]. - The remaining ratings include 0.01% "A" rated, 0.01% "A+" rated, 0.81% "AA" rated, 2.35% "AA+" rated, and 0.04% "AA-" rated, with no bonds rated "BB" or "BBB" [2]. Group 3: Index Adjustment Mechanism - The China Bond Composite Index undergoes monthly adjustments, with the effective date being the first trading day of each month [2]. - In cases of temporary adjustments due to events like suspension or delisting of sample bonds, the index will remove those bonds as necessary [2].

Group 1 - The core index of the China Government Bond Index (H11017) reported at 207.99 points, indicating a low opening followed by a rise in the Shanghai Composite Index [1] - The China Government Bond Index has decreased by 0.14% over the past month, increased by 0.20% over the past three months, and has risen by 0.47% year-to-date [2] - This index is the first component-based government bond index in China, selecting bonds with a remaining maturity of 4-7 years that are traded on both the exchange and interbank markets [2] Group 2 - The index consists of 100.00% unrated bonds, indicating a lack of credit ratings among its holdings [3] - The index undergoes quarterly adjustments, with effective dates on the first trading day of January, April, July, and October, and data extraction occurring the trading day before the effective date [3] - New bonds that meet the criteria will enter the index from the next trading day after their listing, while bonds that are suspended or delisted will be removed in the next scheduled adjustment [3]

Core Viewpoint - The recent tax policy change regarding the taxation of interest income from government bonds may impact investment returns, particularly for institutional investors, while individual investors are largely unaffected due to existing exemptions [1][9]. Tax Policy Impact - A new tax policy effective from August 8 reinstates value-added tax (VAT) on interest income from newly issued government bonds, local bonds, and financial bonds, which had previously been exempt [1][3]. - The VAT rates are set at 6% for self-operated bank investments and 3% for asset management institutions [3]. Individual Investor Considerations - Individual investors are exempt from VAT on bond interest income as long as their monthly interest does not exceed 100,000 yuan, which is unlikely for most households given the current bond interest rates [5]. - Government bonds enjoy a unique advantage in personal income tax, as their interest income is exempt from personal income tax, unlike other investment vehicles such as stocks and corporate bonds [7]. Investment Appeal - In the context of declining bank interest rates and increased market volatility, government bonds remain an attractive option for individual investors due to their safety, liquidity, and tax benefits [10]. - The dual tax exemption on government bond interest enhances their competitiveness in personal financial planning, making them a stable choice for risk-averse investors [9][10].

新华财经北京8月4日电（王菁）债市周一（8月4日）走势反复，上周修复行情并未得到平稳延续，市场 对国债税率调整的预期仍在"摇摆"，长债午后率先调整，国债期货主力合约下探后回升至平盘附近，银 行间现券收益率上行1BP左右；公开市场单日净投放490亿元，资金利率月初普遍回落。 机构认为，虽然基本面和资产荒的大格局决定债市总体向好，调整空间有限。但也需要看到，随着票息 不断下行，市场行为的演变导致市场脆弱性在上升。如果其他市场涨势温和，并且需求继续放缓，货币 宽松预期将提升，利率有望再创新低。 【行情跟踪】 欧元区市场方面，当地时间8月1日，欧债收益率收盘涨跌不一，10年期英债收益率涨1.3BP报4.577%， 10年期法债收益率跌0.2BP报3.346%，10年期德债收益率涨2BPs报2.710%，10年期意债收益率涨0.6BP 报3.542%，10年期西债收益率涨4.7BPs报3.272%。 国债期货收盘多数上涨，30年期主力合约涨0.08%报119.190，10年期主力合约涨0.02%报108.470，5年 期主力合约跌0.01%报105.715，2年期主力合约持平于102.352。 银行间主要利率债收益率午 ...

来源：金融界 2025年8月4日，上海清算所网站披露公告，为保证中交投资有限公司2023年度第二期中期票据（品种 一）（债券简称：23中交投MTN002A，债券代码：102300435.IB）兑付工作顺利进行，现将有关事宜 公告。本期发行金额8亿元人民币，起息日为2023年8月9日 ，发行期限2（2+N）年期，债项余额8亿元 人民币 ，主体评级AAA，债项评级AAA，本期应偿付本息金额8.236亿元人民币。托管在银行间市场清 算所股份有限公司的债券，其兑付资金由发行人在规定时间之前划付至指定收款账户后，由该清算所于 兑付日划付至债券持有人指定银行账户。 ...

来源：金融界 2025年8月4日，上海清算所网站披露公告，为保证成都市郫都区国有资产投资经营公司2020年度第一期 中期票据（债券简称：20郫国投MTN001，债券代码：102001334）付息兑付工作的顺利进行，现将有 关事宜公告。本期债券发行金额5亿元人民币，债项余额4.4亿元人民币，本计息期债项利率4.8%，本息 兑付日为2025年08月10日（如遇节假日，顺延至下一工作日），本期应偿付本息金额46112万元。托管 在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定时间之前划付至银行间市场清算 所股份有限公司指定的收款账户后，由银行间市场清算所股份有限公司在兑付日划付至债券持有人指定 的银行账户。 ...

Group 1 - The report indicates that August marks the second phase of the "three-step" strategy for the bond market, with a focus on timely adjustments and profit-taking opportunities [6][5][4] - The fundamental outlook for August suggests a verification period for policy effects, with new policy financial tools expected to boost credit and investment recovery [15][16][17] - The "anti-involution" narrative is expected to influence pricing and production, although short-term trends remain uncertain [21][22][25] Group 2 - Liquidity conditions are expected to remain supportive, with the central bank's actions likely to mitigate potential funding disruptions during the high payment month of August [31][32][38] - Historical data shows that August typically experiences significant government bond issuance, which may lead to increased net financing [40][41] - The supply-demand structure in the bond market is under pressure due to increased supply and limited demand from institutions [2][3][4] Group 3 - The report highlights the importance of monitoring external factors, such as trade negotiations and tariff policies, which may impact market sentiment and bond performance [25][26][27] - The anticipated issuance of new policy financial tools is expected to accelerate investment demand, particularly in infrastructure projects [16][17][19] - The report emphasizes the need for flexible trading strategies, particularly in response to key events and market sentiment shifts [6][5][4]

Core Viewpoint - The yield on Japan's 30-year government bonds has increased by 1 basis point to 3.11% [1] Group 1 - The rise in yield indicates a potential shift in investor sentiment towards long-term government debt in Japan [1]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2023, while maintaining VAT exemption for bonds issued before this date until maturity [1]. Group 1: Tax Policy Changes - From August 8, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to VAT [3]. - Existing bonds issued before August 8, including those issued after this date, will continue to be exempt from VAT until maturity [4]. Group 2: Impact on Retail Investors - Retail investors purchasing new government bonds, local government bonds, and financial bonds will be exempt from VAT on interest income if their monthly sales do not exceed 100,000 yuan until December 31, 2027 [4]. Group 3: Market Implications - The scarcity of existing bonds will likely increase, leading to a potential widening of the yield spread between new and old bonds [6]. - Institutions may prefer to hold older bonds due to their tax-exempt status, which could lower the yield on these bonds as demand increases [7]. - The adjustment in tax policy may lead to a shift in investment strategies, with banks and insurance companies potentially increasing their allocation to the stock market, particularly high-dividend assets [7].