Costco Wholesale Corporation (COST) 加自选

周一，随着市场消化了中国人民银行的新政策信号，中国10年期政府债券收益率小幅下跌至1.70%左右，标志着连续第三个交易日下跌。周五，央行宣布成立一个新的金融稳定委员会，并重申其对“适度宽松”政策立场的承诺，旨在保持充足的流动性，引导下半年合理的信贷增长。它还承诺解决重点地区的风险，支持地方政府融资平台。虽然收益率下降，但债券情绪仍受到股市流入增加的压力，缓和了下行压力，并加剧了自疫情以来最严重的股市-债券分歧之一。展望未来，市场关注的是10月的政治全会，预计领导人将在会上解决通货紧缩、产能过剩和长期房地产低迷问题。市场也转向贸易和通胀数据，因为对美中关税休战的担忧仍在等待最终批准。

China’s 10-year government bond yield inched lower to around 1.70% on Monday, marking its third-session losing streak, as markets digested fresh policy signals from the People’s Bank of China. On Friday, the central bank announced a new financial stability committee and reaffirmed its commitment to an “appropriately loose” policy stance, aiming to maintain ample liquidity and guide reasonable credit growth in the second half. It also pledged to resolve risks in key regions and support local government financing platforms. While yields declined, bond sentiment remains pressured by rising equity inflows, tempering the downside and reinforcing one of the strongest equity–bond divergences since the pandemic. Looking ahead, markets are focused on October’s political plenum, where leaders are expected to address deflation, overcapacity, and the prolonged property downturn. Markets also turn to trade and inflation data, amid concerns over a US-China tariff truce still awaiting final approval.