债市日报：1月15日

Core Viewpoint - The bond market showed slight strengthening with most interbank bond yields declining by around 1 basis point, while the central bank's net injection was 169.4 billion yuan, leading to a general decrease in funding rates. The market is expected to remain volatile in the short term, with a continued need for a loose monetary environment into 2026, and potential for flexible use of interest rate cuts and reserve requirement ratio reductions [1][6]. Market Performance - The closing prices for government bond futures showed an increase for most contracts, with the 10-year main contract rising by 0.11% to 108.035. The yields for various government bonds also decreased, with the 10-year government bond yield down by 0.95 basis points to 1.8475% [2]. - The China Convertible Bond Index rose by 0.20% to 516.90 points, with a trading volume of 90.616 billion yuan. Notable gainers included Jin 05 Convertible Bond and Guo Wei Convertible Bond, which increased by 20.00% and 15.15%, respectively [2]. International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield down by 4.33 basis points to 4.132%. Similar downward trends were observed in the Asian and Eurozone markets, with Japanese and European bond yields also declining [3][4]. Primary Market - The China Development Bank's 3-year and 7-year financial bonds had winning yields of 1.6675% and 1.9086%, respectively, with bid-to-cover ratios of 3.03 and 4.11. The Export-Import Bank's financial bonds had winning yields of 1.4387% and 1.7481%, with bid-to-cover ratios of 2.63 and 6.39 [5]. Funding Conditions - The central bank conducted a 179.3 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net injection of 169.4 billion yuan for the day. Additionally, a 900 billion yuan 6-month buyout reverse repurchase operation was carried out, marking the fifth consecutive month of increased operations [6]. - The Shibor rates for various tenors showed a collective decline, with the overnight rate down by 1.6 basis points to 1.374% [6]. Institutional Perspectives - Institutions highlighted the necessity of loose monetary policy to address the structural issues in the economy, emphasizing the need for counter-cyclical tools to facilitate asset balance sheet recovery. The central bank's actions are seen as supportive of government bond issuance and encouraging financial institutions to increase credit supply [8].