Wu Qiong (吴琼), CFA (852) 3988 6926 qiong.wu@bocigroup.com 利率、汇率、信用 中国固定收益研究 Rates, Currencies & Credits China Fixed Income Research 2025 Review of Chinese USD Bond Market 中银国际固定收益研究 Fixed Income Research 中银国际固定收益研究 BOCI Fixed Income Research 2026. 01. 08 Chinese USD corporate bonds delivered high-single-digit returns (6.87%) in 2025, demonstrating an overall resilient performance. However, the market slightly underperformed the broader Asia ex-Japan USD corporate bond universe (7.47%), largely due to market ...

Group 1 - The core viewpoint of the news highlights the significant rise in gold prices driven by geopolitical tensions, with spot gold nearing $4550 per ounce, marking a historical high and a weekly increase of 4.49% [1] - The market is closely monitoring the Federal Reserve's monetary policy direction as 2026 approaches, with an 82.3% probability that the Fed will maintain interest rates in January 2026, while expectations for a potential rate cut have increased significantly [2] - The decline in U.S. Treasury yields, which have fallen from 4.2% to around 4.1%, is reducing the attractiveness of dollar-denominated fixed-income assets, potentially driving investors towards gold as a safer asset [2][3] Group 2 - Gold has shown remarkable performance in 2025, with over a 100% increase since breaking long-term lows in 2024, and a year-to-date rise exceeding 65%, outperforming most asset classes [4] - Technical indicators suggest that while gold prices are currently in a strong upward trend, there is a risk of a significant profit-taking sell-off in early 2026 due to overbought conditions [4] - The current price action indicates that gold is likely to continue its upward trajectory, with key resistance at $4550 and support around $4500, suggesting a potential for further price movements within these ranges [4]

12月23日，随着国际国内金价创下历史新高，多家黄金珠宝品牌公布的首饰金报价也水涨船高，突破1400元/克关口。其中，周大福、周生生首饰金报价均 达到1403元/克，老庙黄金报价达到1402元/克，六福珠宝、金至尊报价达到1401元/克。 | 居美 ( 饰品、工艺品类 ) | 1403元/ | | --- | --- | | 工艺金章金条类 | 1230元/ | 图片来源：周大福官方微信公众号 品牌铂金价格也同步走高。12月23日，950铂金饰品价格达到861元/克。 中国证券报·中证金牛座记者当日走访北京地区多家品牌金店发现，多数门店内并无顾客，仅有销售人员。部分品牌推出圣诞、新年主题活动，但优惠力度 有限；也有门店打出 "进店就有好礼相送" 的广告，试图吸引客流。有导购对记者表示，受金价持续飙升影响，近几日门店的购金者很少。 本报记者 董添/摄 对于金价飙升的原因，业内普遍认为，市场对美联储2026年降息的预期持续升温，全球实物黄金ETF持续净流入，均为金价上行提供支撑。 广发证券研报显示，美国实际利率和美元指数预期持续走弱，推动金价上涨。随着金价快速上行且高位运行，2026年黄金企业业绩有望全面释放。 ...

基本面： 周一（11月24日）现货白银小幅走低，关注支撑位多单布局。白银现货价格49.90附近。美联储的政策基调一向是黄金白银市场的"风向标"，而本周的转变 尤为引人注目。上周五，纽约联储主席约翰·威廉姆斯在公开讲话中罕见释放鸽派信号，他表示美联储"仍可能在不危及通胀目标的情况下，在短期内降低利 率"。这一表态如同一剂强心针，迅速点燃了市场对12月降息的热情。原本在过去两周，受几位美联储官员对通胀高于2%目标的担忧影响，交易员们曾大幅 下调降息预期——从更高的概率回落至仅40%左右。但威廉姆斯的发言一出，局面瞬间逆转。联邦基金期货交易员将12月降息概率上调至70%-74%，创下近 期新高。这不仅仅是数字的跳动，更是市场情绪的集体转向。黄金的避险属性历来与地缘风险高度绑定，而本周的国际动态呈现出明显的两极分化。一方 面，俄乌冲突的和平前景初露端倪，略微打压了金价的避险需求；另一方面，中东地区的紧张升级，又为黄金注入新的不确定性。这种"双刃剑"效应，让金 价在全球金市中维持了微妙的企稳状态。 这种押注的激增，直接为金价提供了强劲支撑。周五早盘，金价一度承压下跌逾1%，探至4023美元/盎司附近，眼看就要跌破心理防 ...

Core Viewpoint - The U.S. Treasury market is experiencing a classic flight-to-safety trend due to credit concerns and trade tensions, with the 10-year Treasury yield falling below 4% for the first time since April, and the 2-year yield reaching its lowest level since 2022 [1][3]. Group 1: Market Reactions - The regional bank credit risks have led to significant market volatility, prompting investors to flock to Treasuries for safety, resulting in the regional bank stock index experiencing its largest drop since April [1]. - The 2-year Treasury yield fell below 3.4%, while the 10-year yield touched a low of 3.93%, marking a significant decline in yields [1][3]. - The current market has fully priced in a 25 basis point rate cut by the Federal Reserve on October 29, with investors viewing the 10-year yield of 4% as a safe allocation amidst high valuations in the stock and credit markets [1][4]. Group 2: Future Expectations - The future trajectory of Treasury yields largely depends on traders' expectations regarding the Federal Reserve's rate cuts over the next 12 months, with a consensus anticipating further cuts in December and potentially two more by mid-2026 [4][6]. - The upcoming release of the September CPI report is expected to temporarily halt further declines in Treasury yields, with economists predicting a year-over-year CPI of 3.1%, significantly above the Fed's 2% inflation target [6]. - Analysts suggest that the 10-year Treasury yield may have room to fall below 4%, but this would require a significant worsening of current conditions [4][5][6].

Group 1 - The market is increasing bets on the Federal Reserve cutting interest rates three times this year [1] - The U.S. Treasury will continue to advance the new local government debt limit for 2026 [1] - Jefferies states that there is limited room for a decline in U.S. Treasury yields [1] Group 2 - Federal Reserve researchers indicate that hedge fund holdings of U.S. Treasuries in the Cayman Islands exceed U.S. official data by $1.4 trillion [1] - Institutions suggest that the beginning of a decline in U.S. Treasury yields may signal a significant shift in market sentiment [1] - The Shanghai Stock Exchange has cumulatively issued over 950 billion yuan in green bonds and low-carbon transition bonds [1] Group 3 - The Guangdong provincial government plans to issue bonds with a ceiling of 7.5 billion yuan [1] - Fitch Ratings warns that developed economies face increasing risks of shocks in the bond market [1] - Credit Agricole faces rating risks that may trigger passive selling by institutions [1] Group 4 - Vanke A reports that its production, operations, and debt repayment are progressing smoothly, with all due public bonds being repaid on time [1] - China International Capital Corporation has received approval from the China Securities Regulatory Commission to publicly issue up to 10 billion yuan in technology innovation corporate bonds [1] - Kewen Technology has terminated its application to issue convertible bonds to unspecified objects and has withdrawn its application documents [1] - Guosen Securities has received registration approval from the China Securities Regulatory Commission for the public issuance of short-term corporate bonds to professional investors [1]

Group 1: Gold Market Analysis - The current spot gold price closed at $3678.73 per ounce, with a rise of approximately 1%, reaching a record high of $3685.47 during the session [2] - Multiple factors contributing to the gold price surge include a weak US dollar, declining US Treasury yields, and investor anticipation of the Federal Reserve's policy meeting [2][4] - The market expects the Federal Reserve to announce its first interest rate cut since December, which is driving the bullish sentiment in gold [2] Group 2: Technical Analysis of Gold - The gold market remains in a strong bullish trend, with key support at the historical high of $3674 and a critical support level at $3660 [4] - If gold breaks below $3660, it may continue to adjust, with further attention on the 3640-3635 region [4] - Short-term trading strategy suggests focusing on buying on dips and selling on rebounds, with resistance levels at 3715-3725 and support at 3680-3670 [4] Group 3: Oil Market Analysis - International oil prices are experiencing high volatility, with Brent crude at $67.48 per barrel and WTI at $63.32 per barrel [5] - Concerns over Russian oil supply due to increased attacks on its refineries are driving market sentiment [5] - The oil market is influenced by three main factors: supply concerns from Russia, expectations of a rate cut from the Federal Reserve, and mixed signals from Middle Eastern geopolitical tensions [5] Group 4: Technical Analysis of Oil - The oil market is currently in a weak consolidation phase, with prices fluctuating within a narrow range [6] - Short-term trading strategy suggests focusing on selling on rebounds and buying on dips, with resistance levels at 64.5-65.5 and support at 62.0-61.0 [6]

Core Viewpoint - UBS strategists indicate that the 10-year U.S. Treasury yield remains at the high end of its range since 2008, suggesting further downward potential [1] Group 1: Market Sentiment - Recent declines in U.S. Treasury yields are attributed to increasing market confidence that the Federal Reserve will begin to cut interest rates [1] - If U.S. economic growth disappoints and data weakens, high-quality bonds are expected to experience an upward trend, potentially leading to significant capital gains [1]

Core Viewpoint - Global asset prices are undergoing significant adjustments, with a notable decline in the 10-year US Treasury yield and the US dollar index. The Federal Reserve's policy shift is identified as the central logic for global asset pricing in the second half of the year [4][5]. Group 1: Macroeconomic Insights - The 10-year US Treasury yield has dropped over 50 basis points from its peak this year, while the US dollar index has fallen more than 10% from its high [4]. - Morgan Stanley's report indicates that the Federal Reserve's dovish signals at the Jackson Hole meeting suggest a potential decline in the federal funds rate, which could lead to new lows for both Treasury yields and the dollar index in the fall [4][5]. - The expected decline in the federal funds rate is supported by projections that it may fall to 2.625%, influenced by tighter immigration policies affecting labor market growth [5]. Group 2: Investment Strategies - Morgan Stanley recommends a long position in 5-year US Treasuries, which currently yield 3.75%, as they are expected to benefit from price increases during a yield decline cycle [15]. - The report suggests a steepening of the yield curve between 3-year and 30-year Treasuries, with the short end benefiting more from Fed rate cuts [15]. - For foreign exchange, Morgan Stanley advocates for shorting the US dollar while going long on the euro and yen, citing unfavorable interest rate differentials for the dollar [15][27]. Group 3: Economic Forecasts - The US Congressional Budget Office predicts a reduction in the federal deficit by $4 trillion from 2025 to 2035 due to tariff adjustments, which will lower the demand for government bonds and suppress long-term yields [10]. - The report highlights that if the federal funds rate dips below 2.69%, the 10-year Treasury yield could potentially fall below 4% [8]. Group 4: Regional Strategies - In the Eurozone, the focus is on yield curve flattening strategies and tactical opportunities in September, anticipating a rate cut by the European Central Bank [28]. - For the UK, the strategy involves going long on short-term rates as the Bank of England approaches the end of its rate hike cycle [30]. - In Japan, the recommendation is to buy 10-year Japanese government bonds while being cautious of yen volatility [31].

Core Viewpoint - The recent increase in expectations for a Federal Reserve interest rate cut has led to a notable rise in the early termination of dollar-denominated wealth management products in the domestic market, with six products terminating early in July compared to only two in the same month last year [1][2]. Group 1: Reasons for Early Termination of Dollar Wealth Management Products - The frequent early termination of dollar wealth management products can be attributed to two main factors: product design and market environment changes. Many of the terminated products are "target return" type, which include stop-profit clauses aimed at helping investors lock in gains [2]. - The market environment has shifted, particularly affecting products primarily invested in U.S. Treasury bonds. Recent influences such as policy expectations, tariff conflicts, and geopolitical factors have led to a decline in U.S. Treasury yields, accelerating the net asset value growth and causing annualized returns to exceed stop-profit thresholds [2]. Group 2: Considerations for Investors Holding Dollar Wealth Management Products - Investors holding dollar wealth management products should assess whether to redeem based on various factors. If holding a "target return" product close to the stop-profit threshold, it may be prudent to wait for natural termination to secure gains. However, if the product has not reached the stop-profit threshold and has a longer remaining term (e.g., over one year), investors should be cautious of potential yield declines due to anticipated Federal Reserve rate cuts [3]. - In the event of redemption, investors might consider allocating to short-term dollar assets to mitigate long-term currency risk while benefiting from higher interest spreads. Additionally, focusing on equity dollar assets through QDII funds that track major U.S. tech stocks, such as those in the Nasdaq 100 index, could be beneficial. Another strategy could involve converting 30%-50% of dollar assets into non-dollar currency assets or investing in emerging market stocks in countries like Vietnam and South Korea to diversify currency risk [3]. Group 3: General Investment Considerations for Dollar Assets - When investing in dollar assets, it is essential to consider personal circumstances, product characteristics, and market conditions. Investors should match their actual needs with the risk levels of the products they choose. It is also crucial to pay attention to product design and underlying assets to lock in gains and avoid market volatility [4]. - Continuous monitoring of market changes, such as the Federal Reserve's September meeting and the U.S.-China interest rate differential, is necessary for timely adjustments to asset allocations [4].