债市早报：12月CPI与PPI“双升”；资金面均衡平稳，债市整体偏强运行

Group 1: Domestic Market News - The CPI rose by 0.8% year-on-year in December 2025, the highest increase since March 2023, while the PPI decreased by 1.9% year-on-year [2] - The China Securities Regulatory Commission (CSRC) announced an increase in the whistleblower reward for reporting securities violations, with the maximum reward raised to 1 million yuan for significant cases [2] Group 2: Economic Policy and Initiatives - The National Business Work Conference outlined eight key tasks for 2026, focusing on boosting consumption, enhancing market systems, and promoting foreign investment [3] - The CSRC emphasized the need to improve the long-term investment environment to support high-quality development in the capital market [3] Group 3: International Market News - The U.S. non-farm payrolls increased by 50,000 in December, below the expected 65,000, marking the weakest annual growth since the COVID-19 pandemic [5] - The U.S. consumer confidence index for January reached a four-month high at 54, indicating improved consumer outlook on the economy [6] Group 4: Commodity Market - International crude oil prices continued to rise, with WTI crude up 2.35% to $59.12 per barrel, while natural gas prices fell by 7.78% to $3.141 per ounce [8] Group 5: Bond Market - The People's Bank of China conducted a 340 billion yuan reverse repurchase operation, maintaining a stable funding environment [9] - The bond market showed a strong performance, with the 10-year government bond yield decreasing by 1.20 basis points to 1.8680% [10] Group 6: Credit Market Developments - Several companies faced significant credit events, including Huaxia Happiness, which was ordered to pay 6.4 billion yuan in performance compensation [13] - Guizhou Hongcai Group and Jingchu Cultural Investment were both listed as defendants in execution cases due to contract disputes [14][15] Group 7: Convertible Bonds - The convertible bond market saw major indices rise, with the total trading volume reaching 1018.79 billion yuan, the highest in three months [22] - Notable individual convertible bonds experienced significant price movements, with some increasing by over 20% [22]