债市早报：资金面恢复宽松态势；债市窄幅震荡

Group 1: Domestic News - President Xi Jinping held a video meeting with Russian President Vladimir Putin, emphasizing the importance of expanding high-level foreign cooperation and marking significant anniversaries in Sino-Russian relations [2] - President Xi Jinping also had a phone call with U.S. President Donald Trump, expressing a commitment to maintaining good communication and cooperation between China and the U.S. in the new year [3] - The Central Agricultural Office provided insights into the Central No. 1 Document, focusing on agricultural modernization and rural revitalization, with four key tasks outlined for the year [4] Group 2: Financial Market Updates - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation, leading to a net withdrawal of 302.5 billion yuan due to maturing reverse repos [9] - On February 4, the central bank's operations resulted in a net increase of 100 billion yuan in funds, contributing to a more relaxed liquidity environment [10] - The bond market experienced slight fluctuations, with the yield on the 10-year government bond rising by 0.20 basis points to 1.8130% [11] Group 3: Employment and Economic Indicators - In January, the U.S. private sector added only 22,000 jobs, significantly below the expected 45,000, indicating a continued trend of low hiring and layoffs [6] - The ISM services PMI for January remained steady at 53.8, reflecting a stable service sector, although new orders showed signs of slowing down [7] Group 4: Commodity Market - International crude oil prices continued to rise, with WTI crude up by 3.05% to $65.14 per barrel, and Brent crude up by 3.16% to $69.46 per barrel [8] Group 5: Bond Market Dynamics - The convertible bond market showed mixed performance, with the China Securities Convertible Bond Index and Shenzhen Convertible Bond Index down by 0.04% and 0.15% respectively, while the Shanghai Convertible Bond Index rose by 0.05% [17] - The trading volume in the convertible bond market was 873.32 billion yuan, a decrease of 102.16 billion yuan from the previous trading day [17]