【笔记20260113— 你大妈动了】

Core Viewpoint - The market cannot remain in a state of euphoria indefinitely; even in a bull market, there needs to be a period of rest and adaptation to new market heights, suggesting that the market may be experiencing fatigue with the previous bullish logic and is waiting for the next narrative or story [1] Group 1: Market Conditions - The Shanghai Composite Index (沪指) has halted its 17-day consecutive rise, indicating a potential adjustment phase [5] - The marginal contraction of the funding environment is noted, with the People's Bank of China conducting a 7-day reverse repurchase operation of 358.6 billion yuan, resulting in a net withdrawal of 257.6 billion yuan [3] - The interbank funding rates are stable, with DR001 slightly rising to approximately 1.33% and DR007 around 1.49% [3] Group 2: Bond Market - The bond market is experiencing fluctuations, with the 10-year government bond yield starting at 1.8525% and fluctuating throughout the day [5] - The sentiment in the bond market remains stable, with the 30-year government bond yield showing cautious movements [6] - The bond market strategy includes a "barbell strategy" where investors are buying both bonds and technology stocks, betting on future market movements [6]