债市早报：资金面稳中有松；债市震荡回暖

Core Viewpoint - The financial market shows signs of stability with a mixed performance in various sectors, including the bond market, equity market, and international commodity prices. Group 1: Domestic Market News - The median market capitalization of listed companies in China increased by nearly 30% year-on-year, with 427 new companies having a market cap of over 100 million yuan as of the end of 2025 [2] - The National Taxation Work Conference emphasized the need to enhance and standardize tax incentive policies, with tax revenue exceeding 156 trillion yuan during the "14th Five-Year Plan" period, accounting for about 80% of total fiscal revenue [2] Group 2: International Market News - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, indicating a cautious approach to future monetary policy, with signs of economic improvement [5] - International crude oil prices continued to rise, with WTI crude up by 1.5% to $63.481 and Brent crude up by 1.38% to $67.58 [6] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 1.65 basis points to 1.8155% as of January 28 [8][9] - The central bank conducted a reverse repurchase operation of 377.5 billion yuan at an interest rate of 1.40%, resulting in a net liquidity injection of 14 billion yuan for the day [7] Group 4: Credit Bond Activity - In the secondary market, three industrial bonds saw price deviations exceeding 10%, with "21 Vanke 04" and "23 Vanke MTN001" both rising over 10% [10] - Companies like Yuhui Investment and Guizhou Jin Phoenix announced significant legal and financial developments, including asset freezes and expected losses [11][12][13] Group 5: Convertible Bonds - The convertible bond market outperformed the equity market, with major indices rising by approximately 0.85% on January 28, and a total trading volume of 836.81 billion yuan [15] - Notable individual convertible bonds, such as Jinji Convertible Bond, increased by over 10%, while others like Yitian Convertible Bond fell by over 12% [15]