【笔记20260106— 买债两年，不如买股两日】

Core Viewpoint - The article discusses the current market dynamics, highlighting the contrast between the bond and stock markets, with a focus on the recent actions of the central bank and their implications for investors. Group 1: Central Bank Actions - The central bank's bond purchase in December was only 50 billion, which was below market expectations, leading to a cautious sentiment in the bond market [5][6]. - The central bank conducted a 162 billion 7-day reverse repurchase operation, with a net withdrawal of 296.3 billion due to 312.5 billion reverse repos maturing [3]. Group 2: Market Reactions - Following the central bank's announcement, the stock market continued its strong performance, reaching a 10-year high, while bond yields experienced fluctuations, with the 10-year government bond yield rising to 1.8875% before slightly retreating [5][6]. - The article notes that the stock market's resilience is contrasted with the bond market's struggles, suggesting that investing in stocks over a short period may yield better returns than holding bonds for an extended duration [6]. Group 3: Interest Rates and Market Trends - The article indicates that the liquidity in the market remains balanced and slightly loose, with the DR001 and DR007 rates around 1.26% and 1.43%, respectively [3]. - The overall sentiment in the global markets is positive, with significant gains observed in various stock markets, including a 17% increase in Venezuela's stock market [6].