债市早报：国际金价历史性突破5100美元关口；资金面延续紧平衡态势，债市震荡盘整

Group 1: Domestic Financial Market - The People's Bank of China (PBOC) emphasized the need to maintain stable financial markets and overall financial system stability during the 2026 macro-prudential work meeting, aiming to enhance macro-prudential management and expand the coverage of related policies [2] - The PBOC plans to increase the scale of RMB business funding arrangements in Hong Kong from 100 billion to 200 billion yuan to support the offshore RMB market [5] - The domestic bond market showed signs of turbulence, with the overall market experiencing fluctuations due to tight liquidity conditions, as evidenced by the mixed performance of government bonds and corporate bonds [10][12] Group 2: International Financial Market - U.S. durable goods orders increased by 5.3% in November, reversing a previous decline and exceeding market expectations, driven primarily by strong demand for commercial aircraft [6] - International gold prices reached a historic high, surpassing $5,100 per ounce, as investors sought safe-haven assets amid escalating geopolitical tensions [4] - Major European economies saw a decline in 10-year government bond yields, indicating a broader trend of decreasing yields in the international bond market [18] Group 3: Commodity Market - International crude oil prices experienced a slight decline, while natural gas prices surged over 20%, reflecting volatility in the energy sector [7] - The performance of gold and silver prices indicates a strong demand for precious metals as a hedge against market uncertainties [4] Group 4: Convertible Bonds - The convertible bond market saw a collective decline, with major indices falling in line with the equity market, and a significant number of individual bonds also experiencing price drops [15] - The trading volume in the convertible bond market decreased significantly, indicating reduced investor activity [15]