债市早报：资金面平稳偏松；债市有所修复

Market Overview - The funding environment is stable and slightly loose, with the DR001 rising by 0.21 basis points to 1.270% and DR007 increasing by 1.15 basis points to 1.474% [7] - The bond market has shown signs of recovery, with major indices in the convertible bond market collectively rising, and most individual convertible bonds also increasing in value [4][14] Domestic News - The Central Political Bureau of the Communist Party of China held a meeting on January 8, emphasizing the importance of maintaining and improving the party's leadership system to ensure governance across various sectors [2] - The Ministry of Commerce reiterated China's commitment to deepening economic and trade relations with Venezuela, regardless of changes in the Venezuelan political landscape, emphasizing mutual respect and non-interference [3] International News - In the U.S., initial jobless claims rose slightly to 208,000, remaining at historically low levels, indicating that large-scale layoffs have not occurred despite some fluctuations in the data [4] - The international oil futures market saw WTI crude oil prices rise by approximately 3.2% to $57.76 per barrel, while natural gas prices fell by 4.48% to $3.406 per million British thermal units [5] Bond Market - On January 8, the People's Bank of China conducted a 7-day reverse repurchase operation of 99 billion yuan at a fixed rate of 1.40%, resulting in a net injection of funds of 99 billion yuan for the day [6] - The yield on the 10-year government bond decreased by 1.05 basis points to 1.8880%, while the 10-year policy bank bond yield fell by 1.90 basis points to 1.9750% [9] Credit Bonds - In the secondary market, two industrial bonds experienced significant price deviations, with "20 Baolong MTN001" dropping over 28% and "24 Chanrong 02" declining over 7% [10] - Several companies, including Country Garden and R&F Properties, reported overdue debt amounts, with Country Garden announcing the resumption of trading for certain bonds after completing cash repayments [11][13] Convertible Bonds - The convertible bond market maintained an upward trend, with major indices rising by approximately 0.39% on January 8, and trading volume increasing by 51.61 billion yuan compared to the previous trading day [14] - Notable individual convertible bonds included Jingzhuang Convertible Bond, which rose over 18%, and Aori Convertible Bond, which increased over 12% [15] Overseas Bond Market - U.S. Treasury yields rose across all maturities, with the 2-year yield increasing by 2 basis points to 3.49% and the 10-year yield rising by 4 basis points to 4.19% [18] - In the European bond market, the 10-year government bond yields showed mixed movements, with Germany's yield rising by 2 basis points to 2.83% while the UK's yield fell by 2 basis points [21]