债市早报：资金面维持宽松格局；债市继续承压走弱

Core Viewpoint - The financial market remains in a loose state, with the bond market under pressure, while the convertible bond market follows the equity market with significant increases in trading volume and prices [1][2][3]. Group 1: Domestic News - The People's Bank of China emphasizes the need for a moderately loose monetary policy to support high-quality economic development and financial market stability during the 2026 work conference [2]. - The State Administration of Foreign Exchange aims to enhance the foreign exchange management system to better balance development and security, ensuring a stable environment for the economy [3]. - The Ministry of Commerce announces a ban on the export of dual-use items to Japan for military purposes, indicating a tightening of trade relations [3]. Group 2: International News - Richmond Fed President Barkin highlights the need for careful adjustments in monetary policy, while Fed Governor Milan suggests that data trends may support further interest rate cuts exceeding 100 basis points this year [4]. - The U.S. bond market sees a general increase in yields, with the 2-year and 10-year Treasury yields rising to 3.47% and 4.18%, respectively [17]. - Major European economies experience a decline in 10-year government bond yields, with Germany's yield falling to 2.85% [20]. Group 3: Market Dynamics - The bond market continues to weaken, with the 10-year government bond yield rising to 1.8830%, reflecting market pressures [10]. - The convertible bond market sees a significant increase in trading volume, with major indices rising by 1.35% to 1.45%, and a total trading volume of 959.68 billion yuan [15]. - The equity market shows strong performance, with the Shanghai Composite Index reaching a ten-year high, contributing to the positive sentiment in the convertible bond market [15]. Group 4: Credit Events - Times Holdings announces three new overdue debts totaling approximately 1.287 billion yuan, indicating financial distress [13]. - Sunac China resumes trading of certain bonds after completing debt-to-equity swap arrangements, reflecting ongoing restructuring efforts [13]. - Jinan Zhangqiao Holdings faces an investigation by the Securities Regulatory Commission for alleged information disclosure violations, highlighting regulatory scrutiny in the sector [13].