Core Viewpoint - The domestic bond market has shown a clear differentiation after the New Year, with interest rate bonds experiencing upward pressure on yields while credit bonds have seen yields decline, creating a "weak interest rate, strong credit" scenario [1] Group 1: Credit Bonds Performance - Credit bonds have strengthened due to increased demand from institutional investors, with significant net purchases observed from various asset management institutions, including 49.3 billion yuan from wealth management, 36.8 billion yuan from insurance, and 206.6 billion yuan from money market funds between January 4 and 9 [3] - The demand for credit bonds is supported by favorable policy changes, such as the revised regulations on redemption fees for bond funds, which have alleviated redemption pressures that had been present since September 2025 [3] - The inherent advantages of credit bonds in a low-interest-rate environment have made them attractive as safe assets for investors [3] Group 2: Interest Rate Bonds Performance - Interest rate bonds have weakened due to supply pressures and a "stock-bond seesaw" effect, with a significant portion of government bonds scheduled for issuance in January being long-term, which has directly suppressed yields [4] - The strong performance of the equity market post-New Year has led to a diversion of funds away from the bond market, exacerbating the decline in interest rate bonds [4] - Marginal improvements in the economic fundamentals, such as a rebound in the manufacturing PMI to 50.1% in December 2025, have weakened the rationale for investing in bonds, as inflation expectations rise [5] Group 3: Market Outlook - The short-term differentiation in the bond market is expected to continue, with credit bonds likely to remain dominant in the near term [6] - Analysts predict that the market may mirror the early 2025 trends, with potential for a temporary recovery in interest rates, but long-term challenges remain due to rising inflation and debt management pressures [7] - Investment strategies should focus on high-yield, short to medium-term credit bonds, particularly those rated AA or above, while being cautious of low-rated long-duration bonds due to potential widening of credit spreads [8]

新华财经香港1月13日电（记者林迎楠）大华银行（香港）与香港贸易发展局13日联合发表的《香港助 力大湾区企业拓展东盟市场迎接环球贸易新挑战》研究报告指出，大湾区企业正加紧推进东盟扩展策 略，以促进业务增长并提升供应链韧性。 报告也指出，尽管发展势头强劲，大湾区企业在进入东盟巿场时仍面对不少挑战。最多企业面对的挑战 是寻找合适的当地合作伙伴（47%），较2024年激增24个百分点，并连续三年持续攀升。其次为文化和 语言差异（46%）及难以聘请具专业知识的人才（40%），分别上升23%和15%，反映出大湾区企业殷 切需要值得信赖的顾问服务，以及更深入的跨境支援。 此外，报告显示大湾区企业在可持续发展方面持续取得进展。在参与调查的企业中，83%的企业已开展 绿色计划，创下三年来新高。此外，96%的受访企业计划在未来两年增加或维持ESG资金投入，其中 66%有意增加ESG投资，较2024年的40%跃升26个百分点，同创三年新高。 大华银行（香港）行政总裁郑濬表示，对大湾区企业而言，东盟不仅是下一个据点，更是增长的引擎所 在。香港能让这股势头变得更加强劲，而大华银行则担当企业进军东盟的桥梁。"我们致力协助香港企 业加快 ...

2025年12月，美国未季调CPI年率2.7%，预期2.7%，前值2.7%；季调后CPI月率0.3%，预期0.3%。美国 未季调核心CPI年率2.6%，预期2.7%，前值2.6%；季调后核心CPI月率0.2%，预期0.3%。 尽管交易员们仍认为，6月降息是最可能的结果，但利率期货市场定价显示，美联储4月降息的概率约为 42%，高于通胀数据发布前的38%。 纽约联储总裁约翰·威廉姆斯称，尽管当前通胀受关税等因素影响有所上行，但潜在趋势有利，并未出 现广泛的物价压力。他预计，通胀率可能在2026年上半年达到峰值，随后逐渐放缓，并有望在2027年回 落至2%的目标水平。关税对通胀的影响预计将在2026年开始减弱。抛开这一暂时性因素，通胀趋势总 体向好。 威廉姆斯还表示，当前美国劳动力市场并未出现快速恶化迹象，预计今年将趋于稳定并逐步走强。他同 时指出，随着通胀风险减弱，就业市场面临的下行风险正在上升。他强调，美联储必须在控制通胀的同 时，避免对就业造成过度冲击。 新华财经北京1月13日电美国劳工部周二公布的数据显示，2025年12月通胀总体温和。核心通胀略低于 预期，交易员们加大了美联储降息押注，美元指数短线下跌。 ...

Core Viewpoint - The Consumer Price Index (CPI) for December 2025 in the United States shows a year-on-year increase of 2.7%, matching both the forecast and the previous value of 2.7% [1] - The seasonally adjusted month-on-month CPI for December increased by 0.3%, consistent with expectations [1] Group 1 - The year-on-year CPI for December 2025 is reported at 2.7% [1] - The forecast for the year-on-year CPI was also 2.7%, indicating stability in inflation expectations [1] - The previous value for the year-on-year CPI was 2.7%, showing no change [1] Group 2 - The month-on-month CPI for December is reported at 0.3% [1] - The expected month-on-month CPI was 0.3%, reflecting accurate market predictions [1]

（文章来源：新华财经） 美国2025年12月未季调核心CPI年率2.6%，预期2.7%，前值2.6%；美国12月季调后核心CPI月率0.2%， 预期0.3%。 ...

（文章来源：新华财经） 花旗集团策略师团队将黄金未来3个月的目标价上调至每盎司5000美元，白银目标价上调至每盎司100美 元。 ...

Group 1 - The core point of the article is that the silver futures price in New York has surpassed $86 per ounce, with an intraday increase of over 1% [1] Group 2 - The article is sourced from Xinhua Finance, indicating a reliable financial news outlet [2]

ADP周度就业报告显示，截至2025年12月20日的四周里，私人部门雇主平均每周增加11750个就业岗 位。 （文章来源：新华财经） ...

Group 1 - The CEO of Bank of New York Mellon stated that the pressure from the Trump administration on the Federal Reserve is counterproductive, potentially leading to an increase in interest rates [1]

立讯精密公告，截至公告披露日，根据公司之全资子公司立讯通讯（上海）有限公司与闻泰科技签署的 《股权及资产转让协议》、《股权及资产转让协议之补充协议》约定，公司将购买印度闻泰所持有的业 务资产包。自上述协议签署以来，公司一直积极推进各项交割前准备工作，并已按约定支付部分交易对 价。 有关印度闻泰业务资产包交易的终止，不会对公司正常生产经营活动和财务状况产生不利影响。公司将 持续关注后续进展，并按照相关法律法规的要求及时履行信息披露义务。 （文章来源：新华财经） 由于印度闻泰相关资产存在包括资产查封、冻结等在内的交割受限情形，导致无法办理权属变更手续， 相关资产交易尚未完成权属交割。基于前述因交易对方原因导致的实质性交割障碍，本次印度资产转让 协议的合同目的已无法实现。为维护公司及全体股东利益，公司之全资子公司Luxshare Lanto向印度闻 泰发出终止协议通知，并要求印度闻泰退还公司已支付的交易对价及其他费用共计印度卢比19.77亿元 （约人民币1.53亿元）。由于印度闻泰未按要求退还前述款项，目前Luxshare Lanto已向新加坡国际仲 裁中心提起仲裁申请并提交了仲裁通知，请求裁决终止印度资产转让协议 ...