Sou Hu Cai Jing·2026-02-10 05:32Group 1: Bond Market Outlook - The current funding and fundamental conditions are favorable for bond assets, presenting a relatively good investment opportunity [1] - Year-to-date, the 10-year government bond yield has decreased from approximately 1.9% to around 1.8%, while the 30-year yield has fallen from 2.3% to about 2.25% [1] - The investment value of bond assets is marginally recovering in the first quarter, marking a rare window of opportunity for the year [1] Group 2: Economic Indicators - The funding environment remains loose, with government bond issuance expected to rise, and financial support for fiscal bond issuance keeping funding rates low [1] - The overnight rate DR001 has dropped below 1.3%, and DR007 has decreased to around 1.45%, indicating a significant narrowing of the policy interest rate spread [1] - Short-term fundamentals are likely to remain weak, with last year's fixed asset investment growth showing negative growth for the first time, and significant declines in real estate and manufacturing investment [1] Group 3: Industry Operating Rates - The asphalt sample enterprise operating rate was 24.5%, down 1.0 percentage points week-on-week, with a year-on-year growth of 10.9% [3] - The national electric furnace operating rate was 52.56%, down 8.98 percentage points week-on-week, with a year-on-year growth of 86.3% [5] - The operating rate of major steel enterprises' blast furnaces was 73.7%, down 0.1 percentage points week-on-week, with a year-on-year decline of 2.4% [8] Group 4: Production and Capacity Utilization - The steel mill capacity utilization rate was 86.33%, up 0.42 percentage points week-on-week, with a year-on-year decline of 0.6% [30] - The average daily crude steel production of key enterprises was 1.935 million tons in late January, down 44,000 tons from mid-January, with a year-on-year decline of 8.3% [54] - The average daily cement production was 8.118 million tons, down 654,000 tons week-on-week, but up 36.5% year-on-year [71] Group 5: Real Estate Market - The transaction area of commercial housing in 30 cities was 1.395 million square meters, down 42,300 square meters week-on-week, but up 242.2% year-on-year [131] - The land transaction area was 12.0525 million square meters, up 4.4562 million square meters week-on-week [134] - The land transaction premium rate was 3.12%, down 0.45 percentage points week-on-week [135] Group 6: Logistics and Transportation - The subway passenger volume was 419.951 million trips, up 5.1195 million trips week-on-week, with a year-on-year increase of 44.8% [142] - The domestic civil aviation flight execution was 100,919 flights, up 6.7% week-on-week, but down 1.5% year-on-year [146] - The port cargo throughput was 281.597 million tons, up 9.27% week-on-week [151]