Core Viewpoint - The recent changes in public bond fund registration rules aim to enhance the quality of public fund development and encourage increased investment in equity funds, thereby injecting fresh capital into the market [2][5]. Group 1: New Registration Rules - New requirements specify that secondary bond funds with a minimum stock holding ratio must complete registration within 15 working days from acceptance [5][6]. - Each fund company is limited to submitting a maximum of two products for pure bond funds, secondary bond funds without minimum stock holding requirements, and retail bond funds combined [5][6]. Group 2: Impact on Fund Companies - Fund companies are expected to adjust their product offerings to comply with the new rules, including converting previously submitted secondary bond funds without stock holdings into those with minimum stock holdings [6][8]. - The new rules are anticipated to accelerate the approval process for funds such as science and technology bonds and green bonds, which are aligned with the high-quality development goals [6][8]. Group 3: Market Dynamics - The changes are likely to promote the development of "fixed income plus" products, which are becoming increasingly attractive in the current low-interest-rate environment [8]. - Data shows that 42 secondary bond funds have been established this year, raising over 54.48 billion yuan, indicating a growing market demand for these products [8].

Core Viewpoint - The new tax regulation on interest from newly issued government, local, and financial bonds, effective from August 8, is expected to impact public bond funds and bank wealth management products, indicating a challenging period ahead for bond investments [1][9]. Group 1: Tax Regulation Impact - From August 8, interest on newly issued bonds will be subject to value-added tax (VAT), with financial institutions paying a 6% rate and asset management products like funds and wealth management products paying a 3% rate [2][4]. - The estimated annual VAT revenue from interest on government and financial bonds is projected to be around 14 billion, with future revenues potentially reaching around 100 billion [6]. Group 2: Market Reaction and Future Outlook - The immediate impact on bond yields is minimal, with a calculated effect of approximately 0.06%, which is relatively insignificant in the context of a long-term bear market for bonds [10]. - The current environment of asset scarcity in low-risk fixed income products means that the market is unlikely to react strongly to the new tax, as older bonds remain exempt from taxation [9][10]. - The focus should shift from seeking high returns to ensuring stable returns, especially during a deflationary period where risk-free yields are expected to decline [12][13].