资金面整体平稳向宽，债市偏强震荡

Report Summary 1. Market Conditions on January 21 - The overall liquidity situation was stable and loose; the bond market showed a moderately strong oscillation; the main convertible bond market indices rose collectively, with most individual convertible bonds posting gains; yields of U.S. Treasuries across various maturities generally declined, while yields of 10-year government bonds in major European economies generally increased [1][2] 2. Core Viewpoints - The bond market was influenced by better-than-expected liquidity during the tax payment period, showing a moderately strong oscillation. The convertible bond market followed the equity market's upward trend [16][22] 3. Summary by Directory 3.1 Bond Market News - Domestic News: - The central bank aims to accelerate the construction of the RMB cross - border payment system and promote high - quality development of the modern payment system [4] - In 2025, the industrial and information technology sectors contributed over 40% to economic growth, with various industries showing positive growth trends [5] - The tax policies for innovative enterprise CDRs during the pilot phase are extended to December 31, 2027 [7] - The Ministry of Housing and Urban - Rural Development plans to stabilize the real estate market this year and implement relevant systems [7] - International News: - Trump announced an agreement framework on Greenland with NATO, suspending planned tariffs on Europe [8] - Commodities: - International crude oil futures prices rose, and the international natural gas price increased by nearly 30% [9][10] 3.2 Liquidity - Open Market Operations: - On January 21, the central bank conducted 363.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 122.7 billion yuan [12] - Funding Rates: - The overall liquidity was stable and loose. DR001 decreased by 5.00bp to 1.321%, and DR007 increased by 0.04bp to 1.495% [13] 3.3 Bond Market Dynamics - Interest - Rate Bonds: - Yield Trends: - Due to better - than - expected liquidity during the tax payment period, the bond market was moderately strong. As of 20:00, the yield of the 10 - year Treasury active bond 250016 decreased by 0.05bp to 1.8335%, and that of the 10 - year CDB active bond 250215 decreased by 0.45bp to 1.9455% [16] - Bond Tendering: - Multiple bonds were issued on January 21, with details such as issue scale, winning yield, and multiples provided [17] - Credit Bonds: - Secondary - Market Transaction Anomalies: - Four industrial bonds had a price deviation of over 10%, including significant drops and a sharp increase [18][19] - Credit Bond Events: - Various companies had bond - related events such as bond extensions, cancellations of bond issuance, and performance announcements [21] - Convertible Bonds: - Equity and Convertible Bond Indices: - The A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 0.08%, 0.70%, and 0.54% respectively. The convertible bond market also rebounded, with the CSI Convertible Bond, Shenzhen Convertible Bond, and Shanghai Convertible Bond indices rising by 0.90%, 0.89%, and 0.90% respectively [21][22] - Convertible Bond Tracking: - Some convertible bonds announced online subscriptions, potential downward revisions of conversion prices, and early redemptions [24] - Overseas Bond Markets: - U.S. Bond Market: - Yields of U.S. Treasuries across various maturities generally declined, with the 10 - year yield decreasing by 4bp to 4.26%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year Treasuries narrowed [25] - European Bond Market: - Yields of 10 - year government bonds in major European economies generally increased, except for the UK where it remained unchanged [27] - Price Changes of Chinese - Issued Dollar Bonds: - Details of daily price changes of Chinese - issued dollar bonds as of the close on January 21 were provided [29]