央行货币政策委员会召开2025年第四季度例会，资金面结构有所分化，债市震荡盘整

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - On December 24, 2025, the demand for cross - year funds increased, leading to a structural differentiation in the capital market. The bond market fluctuated and consolidated, while the convertible bond market's major indices rose collectively, with most individual convertible bonds posting gains. Yields of U.S. Treasuries across various tenors generally declined, and the 10 - year government bond yields of major European economies showed divergent trends [1]. 3. Summary by Directory 3.1 Bond Market News - Domestic News - The 4th quarter (111th in total) regular meeting of the Central Bank's Monetary Policy Committee in 2025 was held on December 18. It proposed to leverage the integrated effect of incremental and existing policies, maintain ample liquidity, and keep the RMB exchange rate basically stable at a reasonable and balanced level [3]. - On December 24, the central bank announced a 400 - billion - yuan MLF operation on December 25, with a net injection of 100 billion yuan after considering the maturity of 300 billion yuan of MLF this month [4]. - Multiple departments jointly issued the "Opinions on Financial Support for Accelerating the Construction of the New Western Land - Sea Corridor", proposing 21 key measures to support its high - quality development [4]. - The National Development and Reform Commission and the Ministry of Commerce released the "Catalogue of Industries Encouraged for Foreign Investment (2025 Edition)", with a total of 1679 items, a net increase of 205 items compared to the 2022 edition [5]. - Beijing optimized and adjusted housing purchase restriction policies on December 24, reducing the social security or tax payment requirements and allowing multi - child families to buy an additional property within the 5th Ring Road [6]. - International News - On December 24, the U.S. Department of Labor reported that the number of initial jobless claims for the week ending December 20 fell to 214,000, while the number of continuing jobless claims for the week ending December 13 was 1.923 million. Consumer confidence has declined for five consecutive months [7]. - Commodities - On December 24, international crude oil and natural gas futures prices declined. WTI February crude futures fell 0.05% to $58.35 per barrel, Brent February crude futures fell 0.22% to $62.24 per barrel, COMEX gold futures fell 0.01% to $4,505.40 per ounce, and NYMEX natural gas prices fell 3.69% to $4.249 per ounce [8][9]. 3.2 Capital Market - Open Market Operations - On December 24, the central bank conducted a 26 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 20.8 billion yuan due to the maturity of 46.8 billion yuan of reverse repurchases [11]. - Funding Rates - On December 24, due to the increasing cross - year demand from institutions, the capital market showed a structural differentiation. DR001 dropped 0.69bp to 1.262%, and DR007 dropped 3.05bp to 1.380% [12]. 3.3 Bond Market Dynamics - Interest - Bearing Bonds - Spot Bond Yield Trends - On December 24, affected by multiple rumors such as the central bank's reserve requirement ratio cut and bond purchases, the bond market fluctuated and consolidated. As of 20:00, the yield of the 10 - year Treasury bond active bond 250016 remained unchanged at 1.8350%, and the yield of the 10 - year CDB bond active bond 250215 dropped 0.05bp to 1.8975% [14]. - Bond Tendering - Information on the tendering of 25 Discount Treasury Bond 82, 25 Discount Treasury Bond 81, and 25 Coupon Treasury Bond 25 is provided, including their terms, issuance scales, winning yields, and other data [15]. - Credit Bonds - Secondary Market Transaction Anomalies - On December 24, the trading price of one industrial bond, "22 Vanke 04", deviated by more than 10%, rising more than 18% [15]. - Credit Bond Events - Various companies announced events such as debt defaults, debt restructurings, asset sales, and equity transfers. For example, Sunac China completed its comprehensive overseas debt restructuring, and Wanda's credit ratings were downgraded [17]. - Convertible Bonds - Equity and Convertible Bond Indices - On December 24, the three major A - share stock indices rose collectively, and the convertible bond market also increased. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 0.71%, 0.75%, and 0.62% respectively [17]. - Convertible Bond Tracking - On December 25, Jin 05 Convertible Bond started its online subscription, and on December 24, Tianneng Convertible Bond announced that it was about to trigger the condition for a downward revision of the conversion price [23]. - Overseas Bond Markets - U.S. Bond Market - On December 24, yields of U.S. Treasuries across various tenors generally declined. The 2 - year U.S. Treasury yield dropped 1bp to 3.47%, and the 10 - year U.S. Treasury yield dropped 3bp to 4.15%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year U.S. Treasuries both narrowed by 2bp [20][21]. - European Bond Market - On December 24, the 10 - year government bond yields of major European economies showed divergent trends. France's 10 - year government bond yield rose 1bp, Spain's dropped 1bp, and the UK's remained unchanged [24]. - Daily Price Changes of Chinese - Issued U.S. Dollar Bonds - As of the close on December 24, price change information of various Chinese - issued U.S. dollar bonds is provided, including the daily and monthly changes in yields and prices of bonds issued by companies such as Longfor Group and Wanda [26].