Huatai Fixed Income: It is expected that the subsequent fiscal measures can achieve a smooth continuation, and the probability of supplementing fiscal funds through additional borrowing or other forms within the year is low.

Huatai fixed income research report pointed out that on August 19, 2025, the Ministry of Finance released the financial data for July. Overall, the financial data for July continues to show a trend of recovery, especially with improvements in tax revenue driving an acceleration in narrow fiscal spending, while broad fiscal spending continues to show resilience supported by bank capital injections into special government bonds and ultra-long-term special government bonds. According to current progress, it is estimated that the subsequent fiscal measures can achieve a smooth continuation, with a low probability of supplementing fiscal funds through additional bond issuance and other forms throughout the year.