债市早报：央行重启14天期逆回购操作；债市短端继续回暖，长债表现疲软

Group 1: Domestic News - Hainan Free Trade Port officially launched full island closure, marking the beginning of a new chapter in its construction with 8 open ports and 10 "second-line ports" now operational [2] - The People's Bank of China will issue 400 billion yuan of 6-month central bank bills on December 22, 2025, with a fixed interest rate [2] Group 2: International News - The U.S. November core CPI rose by 2.6% year-on-year, the lowest since 2021, indicating easing inflation pressure [4] - The overall CPI for November increased by 2.7%, below the expected 3.1% [4] Group 3: Market Dynamics - The bond market remains loose, with short-term bonds recovering while long-term bonds show weakness [6][7] - The central bank conducted 883 billion yuan of 7-day reverse repos at an interest rate of 1.40% and 1,000 billion yuan of 14-day reverse repos [6] - The yield on the 10-year government bond rose by 0.60 basis points to 1.8420% [9] Group 4: Commodity Market - WTI crude oil futures rose by 0.38% to $56.15 per barrel, while natural gas prices fell by 3.85% to $3.945 per million BTU [5] Group 5: Credit Market - Vanke announced that "22 Vanke MTN005" will be redeemed on December 28, and a meeting of bondholders is being prepared [12] - China South City announced a debt restructuring timeline, with a plan to release the restructuring scheme in Q1 2026 [12] Group 6: Convertible Bonds - The convertible bond market continued to rise, with major indices showing increases and a total trading volume of 657.13 billion yuan [13] - The top gainers included Jia Mei Convertible Bond, which rose by 20%, while the top loser was Da Zhong Convertible Bond, which fell by over 6% [14]