债市早报：2026年“两新”政策出炉；跨年资金成本继续上升，债市情绪有所修复

Group 1: Domestic News - The Ministry of Finance and the State Taxation Administration announced a reduction in the value-added tax on the sale of personal housing purchased for less than two years to 3%, effective from January 1, 2026 [2] - The National Development and Reform Commission and the Ministry of Finance released a notice regarding the "Two New" policy for 2026, optimizing the support scope, subsidy standards, and implementation mechanisms for large-scale equipment updates and consumer goods replacement [2] Group 2: Fiscal Oversight - The Ministry of Finance emphasized the need for effective supervision of local government debt and fiscal revenue, focusing on key regulatory tasks such as special long-term bonds and financial discipline [3] Group 3: International News - The Federal Reserve's December meeting minutes indicated that most officials expect further interest rate cuts if inflation trends align with their expectations, although some advocate for a pause in rate cuts [4] - The minutes noted that inflation has risen since the beginning of the year and remains high, with economic activity expanding at a moderate pace [4] Group 4: Commodity Market - International crude oil futures prices declined slightly, with WTI February futures down 0.22% to $57.95 per barrel, while COMEX gold futures rebounded by 0.43% to $4362.20 per ounce [5] Group 5: Financial Market - On December 30, the central bank conducted a reverse repurchase operation of 312.5 billion yuan at a fixed rate, resulting in a net cash injection of 253.2 billion yuan for the day [6] - Despite the central bank's cash injection, the funding costs continued to rise, with DR007 increasing by 9.30 basis points to 1.687% [7] Group 6: Bond Market Dynamics - The sentiment in the bond market improved, with long-term bonds recovering, while medium and short-term bonds remained weak [9] - The yield on the 10-year government bond rose by 0.20 basis points to 1.8600% [9] Group 7: Credit Bonds - CIFI Holdings announced that its debt restructuring plan, which includes cash recovery and debt-to-equity swaps, has taken effect, reducing approximately 43 billion yuan of debt [11] - Country Garden confirmed the effective date of its offshore debt restructuring as December 30 [11] Group 8: Convertible Bonds - The convertible bond market saw major indices rise, with the China Securities Convertible Bond Index increasing by 0.14% [14] - The trading volume in the convertible bond market reached 83.05 billion yuan, an increase of 4.96 billion yuan from the previous trading day [14]