1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 22 - 23, the Central Enterprise Leaders' Meeting was held in Beijing. Li Qiang pointed out that the "15th Five - Year Plan" period is crucial for laying the foundation and making all - out efforts to basically achieve socialist modernization. Central enterprises should align with the Party Central Committee's decisions and play important roles in infrastructure construction and ensuring the autonomy and controllability of the industrial chain [2] - On December 23, treasury bond futures strengthened collectively, with TS, TF, T, and TL main contracts rising by 0.07%, 0.17%, 0.26%, and 0.89% respectively. The weighted average rate of DR007 dropped to around 1.41%. The December LPR remained stable for seven consecutive months. The domestic economic fundamentals in November showed a marginal slowdown in industrial growth and social retail, continued negative growth in fixed - asset investment, and stable unemployment. Financial data was structurally differentiated, with the increase in social financing exceeding expectations under the boost of direct financing, but weak credit, mainly dragged down by household loans, and weak medium - and long - term investment demand from enterprises. Overseas, the US November core CPI growth was at its lowest since 2021, with mixed employment data. Overall, the domestic economic endogenous momentum still needs to be boosted. The December Central Economic Work Conference and Politburo Meeting sent positive signals, and the market expects interest rates to oscillate downward [4] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Quotes - T main contract closed at 108.220, up 0.26%; trading volume was 98,526, an increase of 13,433 [2] - TF main contract closed at 106.025, up 0.17%; trading volume was 78,932, an increase of 14,747 [2] - TS main contract closed at 102.526, up 0.07%; trading volume was 35,332, a decrease of 611 [2] - TL main contract closed at 112.830, up 0.89%; trading volume was 140,734, an increase of 27,611 [2] 3.1.2 Futures Spreads - TL2603 - 2606 spread was - 0.17, up 0.05; T03 - TL03 spread was - 4.61, down 0.61 [2] - T2603 - 2606 spread was 0.00, up 0.02; TF03 - T03 spread was - 2.19, down 0.07 [2] - TF2603 - 2606 spread was 0.00, up 0.00; TS03 - T03 spread was - 5.69, down 0.18 [2] - TS2603 - 2606 spread was - 0.04, up 0.00; TS03 - TF03 spread was - 3.50, down 0.10 [2] 3.1.3 Futures Positions - T main contract open interest was 241,505, an increase of 15,119. The top 20 long positions were 199,301, an increase of 10,195; the top 20 short positions were 215,566, an increase of 15,505; the net short position of the top 20 was 16,265, an increase of 5,310 [2] - TF main contract open interest was 152,762, an increase of 10,973. The top 20 long positions were 130,017, an increase of 8,449; the top 20 short positions were 148,704, an increase of 12,868; the net short position of the top 20 was 18,687, an increase of 4,419 [2] - TS main contract open interest was 78,913, an increase of 2,453. The top 20 long positions were 63,714, an increase of 1,589; the top 20 short positions were 73,422, an increase of 2,328; the net short position of the top 20 was 9,708, an increase of 739 [2] - TL main contract open interest was 145,354, an increase of 540. The top 20 long positions were 132,116, an increase of 1,311; the top 20 short positions were 142,694, an increase of 4,588; the net short position of the top 20 was 10,578, an increase of 3,277 [2] 3.2 Treasury Bond Market 3.2.1 CTD Bonds - The clean prices of several CTD bonds such as 250018.IB, 220025.IB, etc. all increased to varying degrees [2] 3.2.2 Active Treasury Bonds - Yields of 1 - year and 3 - year active treasury bonds remained unchanged, while yields of 5 - year, 7 - year, and 10 - year bonds increased by 0.50bp, 0.70bp, and 0.85bp respectively [2] 3.3 Interest Rates 3.3.1 Short - term Interest Rates - The overnight silver - pledged repo rate was 1.2547%, down 19.53bp; the overnight Shibor was 1.2720%, unchanged [2] - The 7 - day silver - pledged repo rate was 1.3800%, up 3.00bp; the 7 - day Shibor was 1.3990%, down 1.80bp [2] - The 14 - day silver - pledged repo rate was 1.6400%, up 1.00bp; the 14 - day Shibor was 1.5770%, down 3.90bp [2] 3.3.2 LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged [2][3][4] 3.4 Open Market Operations - The issuance scale of reverse repurchase was 59.3 billion yuan, the maturity scale was 135.3 billion yuan, and the interest rate was 1.4% for 7 days, with a net withdrawal of 76 billion yuan [2] 3.5 Key Events and Data to Watch - On December 23 at 21:30, the US Q3 core PCE price index and Q3 real GDP data will be released [4] - On December 25, Christmas, US, Hong Kong, European, and South Korean stocks will be closed, and Brent crude oil futures trading will be suspended [4]

Core Viewpoint - The People's Bank of China has implemented a one-time credit repair policy to support individuals with damaged credit who have actively repaid their debts, aiming to facilitate economic recovery post-COVID-19 [1] Group 1: Policy Implementation - The one-time credit repair policy is designed to help individuals who have experienced financial difficulties due to the pandemic and have since repaid their debts, allowing them to rebuild their credit more efficiently [1] - The policy is expected to have a positive impact on three levels: individuals, financial institutions, and the broader economy [2] Group 2: Individual Impact - The policy provides a corrective opportunity for previously untrustworthy individuals, helping them improve their credit status and stimulating economic activity [2] Group 3: Financial Institutions Impact - Financial institutions will benefit from the policy as it allows for more accurate identification of individual credit statuses, enhancing the quality of inclusive financial services [2] Group 4: Economic and Social Impact - The policy aims to strengthen individuals' commitment to fulfilling their financial obligations in future economic activities, reinforcing the foundational role of the credit system in promoting trust and accountability within society [2] Group 5: Technical Details - Under the new policy, overdue information for personal debts of up to 10,000 RMB incurred between January 1, 2020, and December 31, 2025, will not be displayed if the debt is fully repaid by March 31, 2026 [3] - The People's Bank of China will automatically process eligible overdue information without requiring individuals to apply or submit documentation, ensuring a seamless experience [3][4] Group 6: Accessibility - The policy is completely free and operates on an "automatic enjoyment" basis, meaning individuals do not need to apply or engage third parties, and any solicitation for payment related to this policy is considered fraudulent [4]

（一）个人于2025年11月30日（含）前足额偿还逾期债务的，金融信用信息基础数据库自2026年1月1日 起不予展示相关逾期信息； （二）个人于2025年12月1日至2026年3月31日之间足额偿还逾期债务的，金融信用信息基础数据库于次 月月底前不予展示相关逾期信息。 12月22日，中国人民银行发布通知，实施一次性信用修复政策，支持信用受损但积极还款的个人高效便 捷重塑信用。 对于2020年1月1日至2025年12月31日期间，单笔金额不超过10000元人民币的个人逾期信息，个人于 2026年3月31日（含）前足额偿还逾期债务的，金融信用信息基础数据库将不予展示。其中： ...

为支持信用受损但积极还款的个人高效便捷重塑信用，中国人民银行12月22日对外发布一次性信用修复 政策有关安排，符合相关条件的逾期信息将不会在个人信用报告中予以展示。 提供容错纠正机会，避免因一次失误而长期受限 根据政策安排，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元的个人逾期信息，个 人于2026年3月31日(含)前足额偿还逾期债务的，金融信用信息基础数据库(即央行征信系统)将不予展 示。其中： 个人于2025年11月30日(含)前足额偿还逾期债务的，央行征信系统自2026年1月1日起不予展示相关逾期 信息； 邹澜表示，政策出台后，将在3个层面发挥作用：个人层面，为曾经失信的个人提供容错纠正机会，有 助于社会公众有效改善信用状况，激发微观主体活力；金融机构层面，有助于更加精准地识别个人信用 状况，进一步提升普惠金融服务质效；经济社会层面，有利于强化个人在后续经济活动中的履约守信意 识，有效发挥征信系统"守信激励、失信惩戒"的基础性作用，构建崇信向善的诚信社会。 个人无需申请、操作、提交证明材料，央行征信系统自动识别 中国人民银行征信管理局局长任咏梅介绍，人民银行制定3项措施，让政 ...

有记者问：近期有媒体报道称，安世东莞厂的晶圆库存目前处于较低水平，开始导致包括在中国的中外 汽车制造商出现芯片短缺。请问您对此有何评论？此外，上周闻泰科技（37.620， 0.41， 1.10%）（维 权）与安世荷兰进行了协商，请问协商进展如何？ 答：我注意到你提到的媒体报道。中国政府本着对全球半导体产供链负责任的态度，已采取切实措施， 对合规的、用于民用用途的芯片出口予以豁免，为半导体供应链稳定畅通创造了必要条件，同时督促企 业尽快通过协商解决内部纠纷。 不区分贷款机构、贷款类型 央行面向个人推出信用修复政策 专题：短期扰动近尾声 逢低布局成长风格 【头条要闻】 中方最新发声：荷政府应立即撤销行政令 商务部新闻发言人就安世半导体问题答记者问 2026年1月1日起，中国人民银行将实施一次性信用修复政策。对于部分已还清欠款的违约者，征信记 录"一朝逾期、展示五年"的情况将有所改变。 12月22日，中国人民银行发布一次性信用修复政策，明确对满足一定条件的个人信贷逾期信息，在金融 信用信息基础数据库（即"中国人民银行征信系统"）中不再展示。本次政策适用时间覆盖2020年年初至 2025年年底，适用范围覆盖所有已经还 ...

央视网消息：22日，中国人民银行发布通知，实施一次性信用修复政策。支持信用受损但积极还款的个人高效便捷重塑信用。哪些逾期信 息可以适用一次性信用修复政策？又该如何修复呢？ 一次性信用修复需满足四方面条件 这次出台的一次性信用修复政策并非针对所有的逾期信贷，它主要有四个方面的适用条件： 适用对象限定于个人在央行征信系统中展示的信贷逾期信息。适用时间区间要求逾期信息产生于2020年1月1日至2025年12月31日期间， 2026年新产生的逾期信息不包括在内。适用金额为单笔逾期金额不超过1万元。适用前提是个人在2026年3月31日（含）前足额偿还逾期债务。 北京银行行长戴炜称："以每月10日偿还1000元等额本息贷款为例，若截止到2025年12月31日尚有2000元的逾期欠款，则借款人需要在 2026年1月10日前同时结清往期的欠款2000元以及当月应还款1000元，合计3000元。" 解决群众"信用困境" 绝非"债务豁免" 央行表示，此次政策核心是解决群众"信用困境"，绝非债务豁免，只有全额结清逾期债务，才能享受信用记录调整的政策红利，债务偿还 的核心责任并未免除；"守信激励、失信惩戒"始终是中国信用体系的重要原 ...

人民日报记者 吴秋余 为支持信用受损但积极还款的个人高效便捷重塑信用，中国人民银行12月22日对外发布一次性信用 修复政策有关安排，符合相关条件的逾期信息将不会在个人信用报告中予以展示。 提供容错纠正机会，避免因一次失误而长期受限 根据政策安排，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元的个人逾期信 息，个人于2026年3月31日（含）前足额偿还逾期债务的，金融信用信息基础数据库（即央行征信系 统）将不予展示。其中： 个人于2025年11月30日（含）前足额偿还逾期债务的，央行征信系统自2026年1月1日起不予展示相 关逾期信息； 个人于2025年12月1日至2026年3月31日期间足额偿还逾期债务的，央行征信系统于次月月底前不予 展示相关逾期信息。比如，个人在2026年1月还清欠款，相关逾期信息在2月底前即可展示为正常还款状 态。 "过去，一旦产生不良信用记录，个人可能会在贷款、求职、租房、出行等多方面受限，影响持续 数年。"招联首席研究员、上海金融与发展实验室副主任董希淼表示，信用修复政策为那些非恶意失信 且已积极改正的人提供"出路"，避免因一次失误而长期受限。 邹澜表示，政 ...

Group 1 - The core viewpoint of the article is the implementation of a one-time credit repair policy by the People's Bank of China, which will not display overdue information for eligible individuals in the credit reporting system [2] - The policy applies to overdue information generated between January 1, 2020, and December 31, 2025, for individual overdue amounts not exceeding 10,000 RMB, provided that the overdue debts are fully repaid by March 31, 2026 [3][6][7][8] - The policy is automatic, meaning individuals do not need to apply; the credit reporting system will identify and process eligible overdue information [9] Group 2 - There are two potential changes in the personal credit report based on the overdue situation: if all overdue information meets the policy conditions, it will not be displayed; if only some information qualifies, the number of overdue accounts or historical overdue months may decrease [10] - The article provides examples of credit report changes before and after the policy implementation, indicating that overdue accounts may be removed from the report [12][13] - Individuals can check their credit reports through various channels, including online via the China Construction Bank app or offline at any bank branch [14][15][16]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.464 | 102.504 | 105.860 | 105.860 | 107.980 | 108.005 | 111.98 | 112.2 | | | 前日收盘价 | 102.490 | 102.526 | 105.970 | 105.965 | 108.150 | 108.175 | 112.66 | 112.84 | | | 涨跌 | -0.026 | -0.022 | -0.110 | -0.105 | -0.170 | -0.170 | -0.680 | -0.640 | | | 涨跌幅 | -0. ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The market may have entered a small year - end rally. Overseas liquidity has improved with the Bank of Japan's dovish rate hike and the Fed's dovish stance. A - share liquidity has also been enhanced by large - scale ETF subscriptions and the trend of RMB appreciation. The operation strategy is to focus on the policy mainline, use dips for layout, take profits during rallies, and keep a flexible position [18]. 3. Summary by Relevant Catalogs 3.1 Chemical and Agricultural Product Price Changes - **Chemical Products**: On December 23, 2025, among chemical products, PVC had the largest increase with a rise of 2.679% to 4,714.00 yuan, while yellow soybean 2 had the largest decrease in the agricultural products sector, dropping 7.489% to 3,434.00 yuan [4]. 3.2 Macro - economic News - The central bank introduced a one - time credit repair policy for small - amount personal overdue information. Vanke's 20 - billion - yuan bond extension plan was rejected again, but it won a 30 - trading - day grace period. Precious metals soared on December 22, with gold breaking through $4,440 per ounce and silver exceeding $69 per ounce [6]. - The State Council held a meeting on the preparation of the "15th Five - Year Plan". China's December LPR remained unchanged for the 7th consecutive month. The National People's Congress heard a report on the rectification of audit problems in the 2024 central budget [7]. - The Central Economic Work Conference deployed multiple key reform tasks. The draft of the Childcare Service Law was submitted for its first review [8]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - **Sugar**: On December 22, the sugar price rose 0.75%. In the short term, it may show a volatile and slightly stronger pattern, with support near the cost line. One can consider going long on dips [11]. - **Corn**: The corn futures price was flat on December 22. It has entered a volatile pattern, and short - term interval trading can be considered [11]. - **Pigs**: The current hog futures market shows a contradiction between weak reality and strong expectations. There is a weak rebound opportunity, and one can focus on the reverse spread of monthly spreads [11]. - **Eggs**: The egg market is still bearish, and the reverse spread of monthly spreads can be held [11]. - **Cotton**: On December 22, the cotton price rose 0.39%. In the short term, positive factors dominate, and one can go long on dips with support at 14,000 yuan [13]. 3.3.2 Energy and Chemicals - **Urea**: The domestic urea market price is stable. The supply - demand pattern shows a double - reduction, and the UR2605 contract may run in the range of 1,650 - 1,750 yuan [12]. - **Caustic Soda**: The caustic soda market is in an oversupply situation, and the main contract continues to be weak [14]. - **Coking Coal and Coke**: The coking coal supply is relatively loose, and the coking coal and coke market tends to be volatile [13]. - **Logs**: The log market shows a pattern of weak supply and demand, and the price oscillates between 760 - 800 yuan [14]. - **Pulp**: The pulp price has broken through the previous range, but the supply exceeds demand. One should not chase the high price and can pay attention to the support near 5,550 - 5,580 yuan [14]. - **Offset Printing Paper**: The offset printing paper price has broken through the previous pressure level. One should not chase the high and can pay attention to the support at 4,000 yuan [14]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: The copper and aluminum market is strong, and they continue to run at high levels, but macro risks should be noted [14]. - **Alumina**: The alumina market is in an oversupply situation and continues to be weak [15]. - **Rebar and Hot - Rolled Coil**: The rebar and hot - rolled coil market maintains an interval oscillation pattern, with rebar in the range of 3,000 - 3,200 yuan and hot - rolled coil in the range of 3,200 - 3,300 yuan [15]. - **Ferroalloys**: The ferroalloy market follows the trend of the black series. One should not chase the high price at the current high level [15]. - **Lithium Carbonate**: The lithium carbonate futures price has broken through the previous range. The short - term upward trend is strong, but the risk of high - level fluctuations increases [15]. 3.3.4 Options and Finance - **Stock Index Futures and Options**: On December 22, the A - share market was strong. Trend investors can focus on the strength - weakness arbitrage opportunities among varieties, and volatility investors can short volatility through the short straddle strategy [16]. - **Stock Index**: The A - share market has shown signs of stabilization. The market may have entered a small year - end rally. One should focus on the policy mainline and keep a flexible position [18].