债市早报：资金面维持稳中有松；债市震荡偏强

Group 1: Domestic News - President Xi Jinping met with UK Prime Minister Starmer, emphasizing the need for a long-term stable comprehensive strategic partnership between China and the UK, focusing on mutual trust and win-win economic cooperation in various sectors including education, healthcare, finance, and technology [2] - The Ministry of Civil Affairs plans to explore the establishment of a civil affairs technology innovation fund through investment and financing channels to support the development and application of suitable technology products, aiming for significant advancements by 2030 [3] - The State Council issued a work plan to accelerate the cultivation of new growth points in service consumption, encouraging financial institutions to increase credit support for relevant business entities, which is expected to play a crucial role in driving high-quality economic development during the 14th Five-Year Plan period [4] Group 2: Commodity Market - The World Gold Council reported that China's gold investment and consumption demand is expected to reach a historical high in 2025, with total demand projected at 1,003 tons, a 6% year-on-year increase, and a monetary value of 796 billion yuan (approximately 111 billion USD), marking a 53% surge [5] Group 3: Bond Market - On January 29, the bond market showed a mixed performance, with the 10-year government bond yield slightly decreasing by 0.05 basis points to 1.8155%, while the 10-year policy bank bond yield increased by 0.65 basis points to 1.9575% [11] - The central bank conducted a reverse repurchase operation of 354 billion yuan with a fixed rate of 1.40%, resulting in a net cash injection of 143.8 billion yuan for the day [8] - The convertible bond market experienced a collective decline, with major indices dropping by 0.70% to 0.96%, and a total trading volume of 87 billion yuan, reflecting a significant increase from the previous trading day [15]