央行打出结构性货币政策工具的“组合拳”，资金面明显改善，债市偏强震荡

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On January 15, the liquidity situation improved significantly; the bond market showed a generally strong and volatile trend; the main indices of the convertible bond market rose collectively, and most convertible bond issues increased in price; the yields of U.S. Treasury bonds across various maturities generally increased, and the yields of 10 - year government bonds in major European economies showed divergent trends [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - The article "Speech at the Central Urban Work Conference" by General Secretary Xi Jinping was published in the second issue of Qiushi Journal on January 16, putting forward the overall requirements for urban work [3] - The central bank launched a "combination punch" of structural monetary policy tools at the beginning of 2026. On January 15, it announced a 0.25 - percentage - point cut in the interest rates of various structural monetary policy tools starting from January 19, and also signaled further easing of aggregate tools such as reserve requirement ratio cuts and interest rate cuts [4] - In 2025, RMB loans increased by 16.27 trillion yuan, and the balance of broad - money (M2) at the end of December 2025 increased by 8.5% year - on - year [4] - The China Financial Regulatory Administration arranged five key tasks for 2026 at its regulatory work meeting on January 15, with the resolution of risks in small and medium - sized financial institutions being the top priority [5] - The Ministry of Finance and the State Taxation Administration announced that from January 1, 2026, to December 31, 2027, the bond interest income of overseas institutions investing in the domestic bond market will be temporarily exempt from enterprise income tax and value - added tax [6] 3.1.2 International News - On January 15, the latest data from the U.S. Department of Labor showed that the number of initial jobless claims in the U.S. for the week ending January 10 fell to 198,000, indicating a resilient labor market [7] 3.1.3 Commodities - On January 15, WTI February crude oil futures fell 4.56% to $59.19 per barrel; Brent March crude oil futures fell 4.15% to $63.76 per barrel; COMEX February gold futures fell 0.26% to $4,623.7 per ounce; NYMEX natural gas prices rose 0.99% to $3.144 per ounce [9] 3.2 Liquidity Situation 3.2.1 Open - Market Operations - On January 15, the central bank conducted 179.3 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with a net injection of 169.4 billion yuan after 9.9 billion yuan of reverse repurchase expired [11] 3.2.2 Funding Rates - On January 15, due to continuous net injections by the central bank and increased roll - over of repurchase agreements, the liquidity situation improved significantly. DR001 dropped 2.48bp to 1.367%, and DR007 dropped 6.44bp to 1.502% [12] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Spot Bond Yield Trends: On January 15, the bond market continued to recover in the morning due to the weak stock market, and after the central bank announced a 25bp structural interest rate cut in the afternoon, the bond market first rose and then fell. Overall, the bond market showed a generally strong and volatile trend. By 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.20bp to 1.8550%, and the yield of the 10 - year China Development Bank bond active issue 250215 rose 0.10bp to 1.9680% [15] - Bond Tendering Situation: Multiple bonds were tendered on January 15, with different issue scales, winning yields, and multiples [16] 3.3.2 Credit Bonds - Secondary - Market Transaction Anomalies: On January 15, the transaction prices of 7 industrial bonds deviated by more than 10%, including some "Vanke" bonds with significant price increases and decreases [17] - Credit Bond Events: Companies such as Vanke, Wuxi Transportation Industry Group, Jinan Zhangqiu Holdings, Zhangzidao, Muyuan Co., Ltd., and Chongqing Iron and Steel announced relevant events, including bond展期, cancellation of bond issuance, overdue loans, and profit and loss forecasts [21] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On January 15, the three major A - share indices showed mixed performance, and the main indices of the convertible bond market rose collectively. The trading volume of the convertible bond market was 95.371 billion yuan, a decrease of 16.058 billion yuan from the previous trading day. Most convertible bond issues rose [20] - Convertible Bond Tracking: On January 16, Aohong Convertible Bond and Shuangle Convertible Bond were listed; Naipu Convertible Bond 02 and Shangtai Convertible Bond started online subscriptions. On January 15, Hongchuan Convertible Bond announced that it was about to trigger the clause for downward revision of the conversion price; Jingce Convertible Bond 2 announced that it would not redeem early, and Zoubang Convertible Bond was expected to trigger the early - redemption clause [26] 3.3.4 Overseas Bond Markets - U.S. Bond Market: On January 15, the yields of U.S. Treasury bonds across various maturities generally increased. The 2 - year U.S. Treasury bond yield rose 5bp to 3.56%, and the 10 - year U.S. Treasury bond yield rose 2bp to 4.17%. The yield spread between 2 - year and 10 - year U.S. Treasury bonds narrowed by 3bp to 61bp; the yield spread between 5 - year and 30 - year U.S. Treasury bonds narrowed by 5bp to 102bp [24][25] - European Bond Market: On January 15, the yields of 10 - year government bonds in major European economies showed divergent trends. The yield of the 10 - year German government bond rose 3bp to 2.81%, while the yields of 10 - year French and Italian government bonds remained unchanged, the yield of the 10 - year Spanish government bond dropped 1bp, and the yield of the 10 - year British government bond rose 5bp [28] - Price Changes of Chinese - Issued U.S. Dollar Bonds: As of the close on January 15, the prices of Chinese - issued U.S. dollar bonds showed different daily changes, with some bonds rising and some falling [30]