市场避险情绪未见明显增强

Report Summary 1. Investment Rating The report does not mention the investment rating of the industry. 2. Core Views - The market's risk - aversion sentiment has not significantly increased. The new issuance of Chinese offshore bonds was sluggish last week due to the holiday, with basically no new issuance. The yields of US Treasury bonds showed differentiation, with the 10 - year and 2 - year US Treasury bond yields rising by 6 and falling by 1 basis point respectively last week to 4.19% and 3.47% [1][2]. - The minutes of the December FOMC meeting showed that most participants supported the December rate cut. Most participants believed that if inflation declines gradually as expected, further rate cuts might be appropriate. Although inflation is still above the Fed's policy target, in the absence of a further upward trend, most Fed officials tend to cut rates to support the job market [2]. - The situation in Venezuela over the weekend did not significantly boost the market's risk - aversion sentiment. The oil price remained generally stable, and the US Treasury bond yields in the Asian session on Monday did not change much. The Bloomberg Barclays China US - dollar bond total return index remained flat last week [1][3]. - After the New Year's Day holiday, funds flowed back to the banking system, and inter - bank funding rates dropped significantly. The yields of 3 - year and 10 - year Chinese government bonds remained unchanged and fell by 1 basis point respectively to 1.38% and 1.85%. The long - term Chinese interest rates have basically entered a volatile market since the end of August 2025, and their subsequent trends may depend on the implementation of further loose monetary policies [1][4]. 3. Summary by Related Catalogs Offshore Market - New Issuance: Affected by the holiday, the new issuance of Chinese offshore bonds was sluggish last week, with basically no new issuance [1][2]. - US Treasury Bond Yields: The 10 - year and 2 - year US Treasury bond yields showed differentiation, rising by 6 and falling by 1 basis point respectively last week to 4.19% and 3.47% [1][2]. - Market Sentiment and Bond Index: The situation in Venezuela over the weekend did not significantly push up the market's risk - aversion sentiment. The oil price was generally stable. The US Treasury bond yields in the Asian session on Monday did not change much. The Bloomberg Barclays China US - dollar bond total return index remained flat, with the high - rating index falling slightly by 0.1% and the high - yield index rising slightly by 0.1% [1][3]. Onshore Market - Funding Rates: After the New Year's Day holiday, funds flowed back to the banking system, and inter - bank funding rates dropped significantly. The 7 - day deposit - type institutional pledged - repo weighted - average rate and the 7 - day inter - bank pledged - repo weighted - average rate dropped by 17 and 48 basis points respectively to 1.43% and 1.45% [4]. - Government Bond Yields: The yields of 3 - year and 10 - year Chinese government bonds remained unchanged and fell by 1 basis point respectively to 1.38% and 1.85%. The long - term Chinese interest rates have basically entered a volatile market since the end of August 2025, and their subsequent trends may depend on the implementation of further loose monetary policies [1][4]. Appendix: List of Chinese US - dollar Bonds The appendix lists a large number of Chinese US - dollar bonds, including information such as the issuer, guarantor, coupon rate, issuance amount, maturity date, and ratings from Moody's, S&P, and Fitch [19][20][21].