通胀数据向好修复，国债期货震荡整理

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Today, Treasury bond futures oscillated with a slight decline. The inflation data in December showed that CPI rose moderately and PPI's decline narrowed, indicating positive repair of price indices under the continuous promotion of consumption - boosting and anti - involution policies. Considering the strong resilience of the December manufacturing PMI data, the short - term possibility of interest rate cuts continued to decline, putting pressure on Treasury bond futures prices. However, as the prices of Treasury bond cash bonds fell, the implied interest rate cut expectations in the Treasury bond yields faded, and the anchoring effect of policy interest rates emerged, limiting the downside space of Treasury bond futures. In the medium - to - long term, the problem of insufficient effective domestic demand still requires a relatively loose monetary and credit environment on the policy side, so there is still support for Treasury bond futures. Overall, it is expected to be mainly in an oscillatory consolidation in the short term [3] 3. Summary According to Relevant Catalogs Industry News - On January 9, the People's Bank of China conducted 34 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered manner, with an operating rate of 1.4%. Since there were no 7 - day reverse repurchase maturities on this day, a net investment of 34 billion yuan was achieved. - On January 9, the National Bureau of Statistics released data showing that in December 2025, the national consumer price index (CPI) rose 0.8% year - on - year, with the increase expanding to a new high since March 2023; month - on - month, it turned from a decline to an increase, rising 0.2%. The national industrial producer price decreased 1.9% year - on - year, with the decline narrowing by 0.3 percentage points compared with the previous month; month - on - month, it rose 0.2%, with the increase expanding by 0.1 percentage points compared with the previous month [5] Related Charts - The report includes charts such as the trends of TL2603, T2603, TF2603, TS2603, the Treasury bond yield - to - maturity curve, and the central bank's open - market operations, with data sources from iFinD and the Baocheng Futures Research Institute [6][8][10]