债市 迎来小幅修复行情

Group 1 - The core viewpoint of the news is that the central bank's recent monetary policy adjustments aim to support key sectors and enhance financial stability while managing inflation expectations [1][2][3] - In January, the bond market experienced fluctuations, initially declining due to stronger-than-expected economic indicators, including a manufacturing PMI above 50% and CPI rising to its highest level since March 2023 [1] - The central bank implemented a structural interest rate cut of 0.25 percentage points on January 15, optimizing various monetary policy tools to support strategic sectors and small private enterprises [1][2] Group 2 - The overall economic resilience and the acceleration of high-quality transformation are emphasized, with the central bank's policies focusing on targeted support rather than broad measures [2] - The central bank conducted a 900 billion yuan six-month reverse repurchase operation on January 15, indicating a continued injection of medium-term liquidity into the market [2] - The bond market is expected to remain supported by a reasonable liquidity environment, with short-term bonds stabilizing while long-term bonds face more negative factors due to rising inflation signals [3]