资金面有所收敛，配置盘进场加力，债市走强

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On January 12, the liquidity tightened, with major repo rates rising; the entry of allocation funds intensified, leading to a stronger bond market; the main indices of the convertible bond market rose collectively, with most individual convertible bonds increasing; the yields of U.S. Treasury bonds across different tenors showed divergent trends, and the 10-year government bond yields of major European economies generally declined [1]. 3. Summary by Related Catalogs 3.1 Bond Market News 3.1.1 Domestic News - Four departments formulated the "Working Measures for Strengthening the Layout Planning and Investment Guidance of Government Investment Funds (Trial)" and the "Administrative Measures for the Evaluation of Government Investment Fund Investment Directions (Trial)" to guide government investment funds to support the construction of a modern industrial system [3]. - The Shanghai Head Office of the People's Bank of China emphasized six key tasks in 2026, including promoting financial reform and opening up, and advancing the internationalization of the RMB [3]. 3.1.2 International News - U.S. President Trump announced a 25% tariff on countries doing business with Iran, causing international oil prices to rise briefly [4]. 3.1.3 Commodities - On January 12, international crude oil futures prices continued to rise, and international natural gas prices turned up. WTI February crude oil futures rose 0.64%, Brent March crude oil futures rose 0.84%, and NYMEX natural gas prices rose 6.78% [5]. 3.2 Liquidity 3.2.1 Open Market Operations - On January 12, the central bank conducted 86.1 billion yuan of 7-day reverse repurchase operations, with a net injection of 36.1 billion yuan after 50 billion yuan of reverse repurchases matured [7]. 3.2.2 Funding Rates - On January 12, the liquidity tightened, and major repo rates rose. DR001 rose 5.43bp to 1.327%, and DR007 rose 1.75bp to 1.490% [8]. 3.3 Bond Market Dynamics 3.3.1 Interest Rate Bonds - Spot Bond Yield Trends: As the 10-year Treasury bond yield reached around 1.90% on January 12, allocation funds entered the market, driving the bond market stronger. By 20:00, the yield of the 10-year Treasury bond active bond 250016 fell 1.50bp to 1.8710%, and the yield of the 10-year CDB bond active bond 250215 fell 0.60bp to 1.9640% [10]. - Bond Tendering Situation: Information on the tendering of multiple bonds such as 26Nongfa01 (Increment 2) and 25Nongfa23 (Increment 17) was provided, including issuance scale, winning yield, and other data [11]. 3.3.2 Credit Bonds - Secondary Market Transaction Anomalies: On January 12, the transaction prices of 4 industrial bonds deviated by over 10%. "H1 Bidi 01" fell over 98%, "H1 Bidi 03" fell over 90%, "H1 Bidi 04" fell over 47%, and "H1 Bidi 02" rose over 360% [12]. - Credit Bond Events: Multiple companies announced events such as loan repayment extensions, bank loan defaults, and equity freezes [15]. 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On January 12, the three major A-share indices rose collectively, and the main convertible bond market indices also rose. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 1.37%, 1.37%, and 1.27% respectively. The trading volume of the convertible bond market was 108.474 billion yuan [14]. - Convertible Bond Tracking: Jin 05 Convertible Bond will be listed on January 14. Taifu Convertible Bond announced no early redemption, and Sailong Convertible Bond is expected to trigger the early redemption clause [21]. 3.3.4 Overseas Bond Markets - U.S. Bond Market: On January 12, the yields of U.S. Treasury bonds across different tenors showed divergent trends. The 2-year U.S. Treasury bond yield remained unchanged at 3.54%, and the 10-year U.S. Treasury bond yield rose 1bp to 4.19%. The 2/10-year U.S. Treasury bond yield spread widened by 1bp to 65bp [18][19]. - European Bond Market: On January 12, the 10-year government bond yields of major European economies generally declined. The 10-year German government bond yield fell 3bp to 2.80% [22]. - Daily Price Changes of Chinese Dollar Bonds: The daily price changes of Chinese dollar bonds as of the close on January 12 were provided, including information on bonds of companies such as New Lake (BVI) 2018 Holdings and Huazhu Group [24].