Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with a focus on structural monetary policy support for high-quality economic development [15][19] - The central bank has implemented a reduction of 0.25 percentage points in various structural monetary policy tool rates, signaling a supportive monetary policy stance [15][19] - The report emphasizes the importance of timing for future policy implementations, particularly in relation to government bond issuance peaks and the maturity schedule of high-interest bank deposits [15] Summary by Sections 1. Monetary Policy Adjustments - The report notes a reduction of 0.25 percentage points in structural monetary policy tool rates, with a focus on supporting key areas through increased re-lending [15] - Future attention is directed towards December economic data and January LPR [22] 2. Central Bank Dynamics and Market Rates - The central bank conducted a total of 9,515 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 9,741 billion yuan [16] - The report highlights that the funding rates remained stable, with expectations of slight increases due to tax payments and government bond net repayments [16] 3. Bank Financing Tracking - The report indicates that the total outstanding amount of interbank certificates of deposit (CDs) is 19.09 trillion yuan, with an average issuance rate of 1.65% [20] - The report also notes that there were no commercial bank bond issuances during the period, with a total outstanding commercial bank bond size of 3.38 trillion yuan [20]

Core Viewpoint - The bond market is experiencing slight fluctuations, with the 30-year government bond ETF showing a minor decline, while the overall monetary policy remains supportive of the bond market due to recent structural monetary policy tools and potential for further rate cuts [1][2]. Group 1: Market Performance - As of 10:00 AM, the 30-year government bond ETF (511090) decreased by 0.08%, and the 30-year government bond futures contract (TL2603) was priced at 111.00 yuan, down 0.17% with a trading volume of 26,316 contracts [1]. - The yields on major government bonds showed mixed movements, with the 10-year government bond yield decreasing by 0.1 basis points to 1.856%, while the 30-year government bond yield increased by 0.25 basis points to 2.305% [1]. Group 2: Monetary Policy and Market Environment - The central bank conducted a 7-day reverse repurchase operation of 158.3 billion yuan at a stable interest rate of 1.40%, indicating a consistent monetary policy stance [1]. - The bond market is supported by several favorable factors, including a reduction in government bond supply, significant net injections in the open market, and the central bank's reaffirmation of the potential for rate cuts and reserve requirement ratio reductions within the year [1]. Group 3: Structural Monetary Policy Tools - According to Shenwan Hongyuan Securities, the recent rate cuts on structural monetary policy tools are seen as a supplementary measure within the current rate-cutting cycle, suggesting that the space for structural policy rate cuts is greater than for total policy rate reductions [2]. - Structural monetary policy tools face fewer constraints compared to total policy rate adjustments, allowing for a balance between protecting bank net interest margins and supporting real financing [2]. Group 4: ETF Strategy - The 30-year government bond ETF employs a "sampling replication" strategy, which allows for a more efficient and flexible approach to tracking the index without the need to purchase all underlying bonds [13][14]. - This strategy enhances liquidity by focusing on actively traded bonds, thus reducing the investment threshold and operational complexity for investors [14][18].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The central bank has launched a "combination punch" to support high - quality economic development. This includes measures such as lowering the rediscount and relending rates by 0.25 percentage points, increasing the relending quota for agriculture and small businesses by 50 billion yuan, setting up a 1 - trillion - yuan relending quota for private enterprises, expanding the support scope of carbon emission reduction tools, and reducing the minimum down - payment ratio for commercial housing loans to 30%. The central bank also indicates that there is still room for reserve requirement ratio cuts and interest rate cuts this year [1][4][10]. - Last week's industrial data was average. Due to the restoration of steel mill profits, the output of the five major steel products increased slightly month - on - month, and the apparent demand rebounded. However, due to the off - season suppression, the weak pattern before the Spring Festival remains unchanged. Attention should be paid to the inventory accumulation rhythm of steel products. With the recent national cooling, demand has further declined, and steel prices are expected to fluctuate weakly [1][5]. 3. Summary by Relevant Catalog 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3163 | 19 | 0.60 | 5178836 | 2320984 | Yuan/ton | | SHFE Hot - Rolled Coil | 3315 | 21 | 0.64 | 2077198 | 1448345 | Yuan/ton | | DCE Iron Ore | 812.0 | - 2.5 | - 0.31 | 1331049 | 652402 | Yuan/ton | | DCE Coking Coal | 1171.0 | - 24.5 | - 2.05 | 6677833 | 625637 | Yuan/ton | | DCE Coke | 1717.0 | - 31.0 | - 1.77 | 116309 | 38799 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures fluctuated and rose, with limited intra - week drivers and disorderly price fluctuations. In the spot market, the price of Tangshan steel billets was 2970 (- 10) yuan/ton, Shanghai rebar was quoted at 3300 (+ 10) yuan/ton, and Shanghai hot - rolled coils were at 3300 (+ 30) yuan/ton [4]. - In terms of the macro - aspect, the central bank launched a "combination punch" for economic support, and the Ministry of Finance and two other departments announced a personal income tax refund policy for homebuyers from January 1, 2026, to December 31, 2027 [4]. - In the industrial aspect, last week, rebar production was 1.9 million tons, a month - on - month decrease of 10,000 tons; apparent demand was 1.9 million tons, an increase of 150,000 tons. Hot - rolled coil production was 3.08 million tons, an increase of 30,000 tons. The total inventory situation and other data are as described in the report [5]. 3.3 Industry News - The State Council executive meeting deployed a package of policies for fiscal and financial coordination to boost domestic demand, including optimizing loan discount policies [6][7]. - The National Commerce Work Conference pointed out that in 2026, the national commerce system should focus on eight aspects of work, including optimizing the implementation of the consumer goods trade - in policy [10]. - The Ministry of Finance and two other departments announced a personal income tax refund policy for homebuyers from January 1, 2026, to December 31, 2027 [10]. - The central bank launched a "combination punch" for economic support [10]. - The Central Meteorological Observatory continued to issue a yellow cold wave warning, indicating significant temperature drops in certain regions from January 19 to 21 [10]. 3.4 Related Charts - The report includes various charts such as the trend of rebar futures and spreads, hot - rolled coil futures and spreads, rebar basis, hot - rolled coil basis, rebar and hot - rolled coil spot price differentials, steel mill profit trends, blast furnace operating rates, steel production, inventory, and apparent consumption [8][11][13] etc.

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The downstream demand is slowing down, and the double - coking market is expected to fluctuate weakly. The fundamentals have limited support. Due to continuous profit contraction, coke enterprises have slowed down their production, and coke output has declined. The output of upstream coal mines has rebounded, putting pressure on the supply side. In the off - season of downstream finished products, the inventory pressure is high, steel mill operations have declined, blast furnace maintenance has increased, and hot metal production has decreased month - on - month. With significant supply - demand pressure, the futures price is expected to fluctuate weakly [1][5][6]. 3. Summary by Directory 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3163 | 19 | 0.60 | 5178836 | 2320984 | Yuan/ton | | SHFE Hot - Rolled Coil | 3315 | 21 | 0.64 | 2077198 | 1448345 | Yuan/ton | | DCE Iron Ore | 812.0 | - 2.5 | - 0.31 | 1331049 | 652402 | Yuan/ton | | DCE Coking Coal | 1171.0 | - 24.5 | - 2.05 | 6677833 | 625637 | Yuan/ton | | DCE Coke | 1717.0 | - 31.0 | - 1.77 | 116309 | 38799 | Yuan/ton | [3] 3.2 Market Review - **Downstream**: Steel mill operations declined, blast furnace maintenance increased, and hot metal production decreased month - on - month. Due to the off - season of terminal demand, hot metal production was weak. Steel mills maintained coke production, with a slight decrease in daily coke output and a significant increase in inventory. Last week, the profitability rate of steel mills was 39.83%, a month - on - month increase of 2.17 percentage points and a year - on - year decrease of 10.39 percentage points. The daily hot metal output was 228.01 tons, a month - on - month decrease of 1.49 tons and a year - on - year increase of 3.53 tons. The daily coke output was 46.72 (month - on - month - 0.16) tons, and the capacity utilization rate was 85.38% (- 0.29). The coke inventory was 650.33 (+ 4.6) tons, and the available days of coke were 11.97 (- 0.05) days [5]. - **Mid - stream**: Coking profits contracted significantly, coke enterprises slowed down their operations, and coke output decreased. The average national profit per ton of coke was - 65 (month - on - month - 20) yuan/ton. Last week, the capacity utilization rate was 72.55% (- 0.14); the daily coke output was 63.45 (- 0.12) tons, and the coke inventory was 81.81 (- 4.26) tons [5]. - **Upstream**: The output of domestic coal mines rebounded, putting pressure on the supply side. Due to the addition of a sample, this period's data showed a large increase. The approved capacity utilization rate of 523 coking coal mine samples was 88.5%, a month - on - month increase of 3.1%. The daily output of raw coal was 197.8 tons, a month - on - month increase of 7.9 tons; the raw coal inventory was 549.9 tons, a month - on - month increase of 76.5 tons; the daily output of clean coal was 76.9 tons, a month - on - month increase of 3.4 tons; and the clean coal inventory was 272.4 tons, a month - on - month decrease of 22.6 tons [6]. 3.3 Industry News - The State Council executive meeting deployed a package of policies for fiscal and financial coordination to promote domestic demand, including optimizing the loan discount policies for service - sector business entities and personal consumption loans, implementing the loan discount policy for small and medium - sized enterprises, establishing a special guarantee plan for private investment, setting up a risk - sharing mechanism for private enterprise bonds, and optimizing the fiscal discount policy for equipment renewal loans [7][8]. - The National Commerce Work Conference was held in Beijing from January 10th to 11th. The meeting pointed out that in 2026, the national commerce system should focus on eight aspects of work, including optimizing the implementation of the policy of trading in old consumer goods for new ones and promoting the expansion and upgrading of commodity consumption [11]. - The central bank launched a "combination punch" to support high - quality economic development. This included lowering the rediscount and re - lending rates by 0.25 percentage points, combining the use of re - lending and rediscount quotas for supporting agriculture and small businesses, increasing the re - lending quota for supporting agriculture and small businesses by 500 billion yuan, setting aside a 1 - trillion - yuan re - lending quota for private enterprises in the total quota, expanding the support scope of the carbon emission reduction support tool, and lowering the minimum down - payment ratio for commercial housing purchase loans to 30%. The central bank said that there is still some room for reserve requirement ratio cuts and interest rate cuts this year [11]. - On January 16th, coking coal options were listed on the Dalian Commodity Exchange [11]. 3.4 Related Charts - The report provides 20 charts, including the spot price trends of coking coal and coke, daily production volumes, capacity utilization rates, inventory data, available days of coke for steel mills, and ton - coke profits in different regions [10][13][18] etc.

| | | 中德国债收益率曲线(到期)8 | | | --- | --- | --- | --- | | 标准期限(年) | 1月9日 | 1月16日 | 变动BP | | o | 1.117 | 1.09 | -2.7 | | 0.08 | 1.27 | 1. 2556 | -1.44 | | 0. 17 | 1.27 | 1.2833 | 1.33 | | 0. 25 | 1.2767 | 1.2874 | 1.07 | | 0.5 | 1.3199 | 1.2981 | -2.18 | | 0. 75 | 1. 2704 | 1.225 | -4.54 | | 1 | 1.2887 | 1.2424 | -4.63 | | 2 | 1.4362 | 1. 4043 | -3.19 | | 3 | 1.4606 | 1.4286 | -3.2 | | 5 | 1.6551 | 1.6099 | -4.52 | | 7 | 1.7593 | 1. 7158 | -4. 35 | | 10 | 1.8782 | 1. 8424 | -3.58 | | 1 5 | 2.1735 | 2. 1563 | -1.7 ...

Macro Strategy - The report indicates that structural "targeted interest rate cuts" have been implemented, and there is still room for "reserve requirement ratio (RRR) cuts and interest rate cuts" in 2026, especially if the RMB exchange rate and bank net interest margins remain stable [1][2][9] - It is expected that monetary policy in 2026 will be adjusted based on economic and financial conditions, with specific timing to be determined through comprehensive assessment [2][9] Fixed Income and Industry Analysis Industry Overview: Spandex - As of January 15, 2026, the price of spandex in China is 23,000 yuan/ton, with a price difference of 10,864 yuan/ton, indicating a high price percentile since 2018 [3][5] - The spandex industry is nearing the end of capacity expansion, and the elimination of outdated capacity is expected to improve industry conditions [3] - By the end of 2025, China's spandex capacity is projected to be 1.44 million tons/year, with an industry operating rate of 85% [3] - The industry concentration is high, with the top five companies holding 84% of the market share, indicating a significant head effect [3] - Demand for spandex is expected to grow rapidly, with a CAGR of 11% from 2017 to 2024, driven by its applications in textiles and hygiene products [5] Company Analysis: Huafeng Chemical - Huafeng Chemical is expected to maintain a spandex capacity of 400,000 tons/year by the end of 2025, with an additional 75,000 tons/year capacity expected to be gradually put into production by the end of 2026 [5] - The company is positioned to benefit from the anticipated improvement in industry conditions due to capacity elimination and increasing demand [5] Company Analysis: Xinxing Chemical Fiber - Xinxing Chemical Fiber is projected to have a spandex capacity of 220,000 tons/year by the end of 2025, with plans for an additional 100,000 tons/year capacity, with the first phase expected to start construction in Q1 2026 [5] - The company is also expected to benefit from the industry's recovery as outdated capacities are phased out [5] Company Analysis: Taihe New Materials - Taihe New Materials is expected to have a spandex capacity of 100,000 tons/year by the end of 2025, contributing to the overall industry capacity and benefiting from the anticipated demand growth [5]

Investment Rating - Industry investment rating: Stronger than the market (maintained) [2] Core Insights - The recent reduction in structural monetary policy tool rates by 0.25 percentage points is expected to help reduce storage costs and accelerate inventory clearance in commercial properties. The minimum down payment ratio for commercial property loans has been lowered to 30%, which is anticipated to further decrease the cost of home ownership for residents [3] - The focus on Hong Kong property companies is increasing, with expectations for the Hong Kong real estate market to continue its upward trend in 2026. Key companies such as Sun Hung Kai Properties, Henderson Land Development, and Sino Land have seen cumulative stock price increases of 18.9%, 12.4%, and 13.3% respectively [3] - The report emphasizes the potential for significant stock price and performance elasticity for major Hong Kong property companies during the market recovery phase, citing historical performance data from previous market cycles [3] Market Monitoring - New home transactions in 50 key cities decreased by 2.6% week-on-week, with a total of 12,000 units sold. The average daily transaction volume for new homes in January (up to the 16th) showed a year-on-year decline of 26.8% and a month-on-month decline of 46.4% [4] - The inventory of commercial properties in 16 cities decreased by 0.2%, with a current inventory of 90.74 million square meters and a clearance cycle of 21.1 months [12] - The real estate sector saw a decline of 3.52% this week, underperforming the CSI 300 index, which fell by 0.57%. The current price-to-earnings ratio (TTM) for the real estate sector is 60.05, placing it in the 93.83 percentile of the past five years [24] Investment Recommendations - The report suggests focusing on three main lines of investment: 1. Companies with light historical burdens and optimized inventory structures, such as China Resources Land and China Overseas Development, are expected to benefit from the "good housing" initiative [3] 2. Hong Kong property companies benefiting from market stabilization, including Sun Hung Kai Properties and Henderson Land Development [3] 3. Companies with stable cash flow and dividends, such as China Resources Mixc Lifestyle and Poly Property [3]

Economic Policies - The People's Bank of China announced eight policy measures to support economic growth, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase of 500 billion yuan in the re-lending quota for agriculture and small enterprises [1][2] - The minimum down payment ratio for commercial property loans has been adjusted to 30% to adapt to changes in the real estate market [2] Financial Market Regulations - The Shanghai, Shenzhen, and Beijing stock exchanges have raised the minimum margin requirement for margin trading from 80% to 100%, aimed at reducing leverage and protecting investors' rights [2] - The China Securities Regulatory Commission is enhancing market monitoring and regulation to prevent excessive speculation and market manipulation [6] Automotive Industry - The China Association of Automobile Manufacturers forecasts that new energy vehicle sales will reach 19 million units by 2026, a year-on-year increase of 15.2% [1][4] - In 2025, China's automotive production and sales are expected to exceed 34 million units, with new energy vehicles accounting for over 50% of domestic new car sales [4] International Trade - The Ministry of Commerce announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea for five years [4][5] - The Ministry of Commerce is providing general guidance on price commitments for Chinese exporters of pure electric vehicles to the EU, aiming to resolve trade concerns [5] Energy Sector - The China Aviation Engine Group has completed the evaluation of several gas turbine innovation projects, marking significant advancements in the gas turbine industry [8]

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - This week (2026.1.12 - 2026.1.16), the yield of the 10 - year active treasury bond decreased by 4.3bp from 1.886% last Friday to 1.843% this Friday. The bond market recovered due to the increase in the entry sentiment of allocation disks, the moderation of the stock - bond seesaw effect, and the central bank's support for liquidity. Structural interest rate cuts are beneficial for precise policy implementation, and there is still room for reserve requirement ratio cuts and interest rate cuts this year, with the former likely to occur earlier [1][11][16]. - Overseas, gold continued to rise this week. In the medium - and long - term, considering the global geopolitical situation and the unchanged structure of fiscal policy and monetary policy, the view of bullishness on gold remains. Attention should be paid to the crowding - out effect of the AI strong capital cycle on traditional sectors, and look for structural allocation opportunities by combining price and volume [2]. - For the US economic data, the initial jobless claims decreased in the short - term while the continued claims remained at a high level, the trade deficit narrowed, and the probability of the Fed cutting interest rates in January is 4.4%, indicating a low likelihood of a rate cut [4]. Summary According to Relevant Catalogs 1. One - Week Viewpoints - **Analysis of Yield Changes in the 10 - Year Active Treasury Bond**: The yield of the 10 - year active treasury bond decreased by 4.3bp this week. The daily fluctuations were affected by factors such as fiscal policies, central bank operations, stock market trends, and economic data releases [1][11][12]. - **Reasons for Bond Market Recovery**: The bond market recovered because the yield of the 10 - year active treasury bond reached 1.9%, leading to an increase in the entry sentiment of allocation disks; the over - heating of the stock market was regulated, making the stock - bond seesaw effect more moderate; the central bank's over - renewal of repurchase agreements and structural interest rate cuts indicated support for liquidity [15][16]. - **Understanding of Structural Interest Rate Cuts and "Room for Reserve Requirement Ratio Cuts and Interest Rate Cuts This Year"**: Structural interest rate cuts can precisely meet the financing needs of the real economy and avoid excessive liquidity. To stabilize the net interest margin of banks, measures such as waiting for the maturity of high - interest deposits, structural interest rate cuts, and reserve requirement ratio cuts can be taken. Reserve requirement ratio cuts are likely to come earlier than interest rate cuts [17]. - **Outlook for Next Week**: The release of the 2025 annual economic data is expected to provide limited incremental information. Next week, attention should be paid to the impact of the stock market on the bond market. Even if the expectation of reserve requirement ratio cuts and interest rate cuts in the first quarter intensifies, the downward pressure on interest rates may be limited [18]. - **Analysis of US Economic Data and Bond Yields**: Gold continued to rise overseas. In the short - term, the path of interest rate cuts is disordered, and in the medium - and long - term, due to the geopolitical situation, the view of bullishness on gold remains. For the US economic data, the initial jobless claims decreased while the continued claims remained high, the trade deficit narrowed, and the probability of the Fed cutting interest rates in January is low [2][23][26]. 2. Domestic and Overseas Data Summaries 2.1. Liquidity Tracking - **Open - Market Operations**: From 2026/1/12 to 2026/1/16, the total net investment through open - market operations was 8128 billion yuan, mainly through reverse repurchase operations [35]. - **Interest Rate Changes**: The money market interest rates showed certain changes, and the yields of treasury bonds, policy - bank bonds, and other bonds also changed to varying degrees [40][48]. 2.2. Domestic and Overseas Macroeconomic Data Tracking - **Commodity Prices**: The prices of steel products generally increased, while the official futures prices of LME non - ferrous metals showed mixed trends. The prices of coal, oil, and other commodities also fluctuated [61][71]. - **Stock Market and Other Market Indexes**: In the period from 2026/1/12 to 2026/1/16, copper led the rise, and the VIX panic index led the decline. The Shanghai Composite Index also showed an upward trend [74][77]. 3. One - Week Review of Local Government Bonds 3.1. Primary Market Issuance Overview - **Issuance Scale and Structure**: This week, 15 local government bonds were issued in the primary market, with a total issuance amount of 748.41 billion yuan, including 520.85 billion yuan of refinancing bonds and 227.56 billion yuan of new special bonds. The net financing amount was 655.70 billion yuan, mainly invested in comprehensive, strategic development, and shantytown renovation projects [89]. - **Issuing Regions**: Four provinces and municipalities issued local government bonds this week, namely Liaoning, Ningbo, Hubei, and Hunan. Three provinces and municipalities issued local special refinancing special bonds for replacing hidden debts, with a total issuance amount of 388.76 billion yuan [92][93]. - **Early Redemption of Urban Investment Bonds**: The total scale of early redemption of urban investment bonds this week was 13.00 billion yuan, involving Chongqing, Xinjiang, and Jiangxi [98]. 3.2. Secondary Market Overview - **Trading Volume and Turnover Rate**: The stock of local government bonds this week was 54.80 trillion yuan, with a trading volume of 3547.12 billion yuan and a turnover rate of 0.65%. The top three provinces with the most active trading were Shandong, Hubei, and Zhejiang, and the top three active trading terms were 10Y, 30Y, and 20Y [101]. - **Yield Changes**: The yields of local government bonds generally declined this week [107]. 3.3. This Month's Local Government Bond Issuance Plan The issuance plans of local government bonds for some provinces and municipalities in January 2026 are provided, including Zhejiang, Gansu, Fujian, Guizhou, and Sichuan [108]. 4. One - Week Review of the Credit Bond Market 4.1. Primary Market Issuance Overview - **Total Issuance and Net Financing**: This week, 334 credit bonds were issued in the primary market, with a total issuance amount of 2882.43 billion yuan, a total repayment amount of 2482.55 billion yuan, and a net financing amount of 399.88 billion yuan, which decreased by 911.61 billion yuan compared with last week [110]. - **Issuance by Bond Type**: Urban investment bonds had a net financing deficit of 353.99 billion yuan, while industrial bonds had a net financing surplus of 753.88 billion yuan. By bond type, short - term financing bonds had a net financing of 293.68 billion yuan, medium - term notes had a net financing of - 86.56 billion yuan, enterprise bonds had a net financing of - 69.92 billion yuan, corporate bonds had a net financing of 353.18 billion yuan, and private placement notes had a net financing of - 90.45 billion yuan [111][116]. 4.2. Issuance Interest Rates The actual issuance interest rates of various bond types this week showed different changes. The issuance interest rate of short - term financing bonds decreased by 4.25bp, that of medium - term notes decreased by 14.60bp, that of enterprise bonds decreased by 8.00bp, and that of corporate bonds increased by 6.10bp [125]. 4.3. Secondary Market Trading Overview - **Trading Volume by Bond Type**: The total trading volume of credit bonds in the secondary market this week was 6101.17 billion yuan. Among them, the trading volume of medium - term notes was the largest, followed by short - term financing bonds, corporate bonds, private placement notes, and enterprise bonds [127]. 4.4. Yield to Maturity The yields of various bonds generally showed a downward trend this week, including national development bonds, short - term financing bonds, medium - term notes, enterprise bonds, and urban investment bonds [128][129][131]. 4.5. Credit Spreads The credit spreads of short - term financing bonds, medium - term notes, enterprise bonds, and urban investment bonds showed a differentiated trend this week [134][138][142]. 4.6. Rating Spreads The rating spreads of short - term financing bonds, medium - term notes, enterprise bonds, and urban investment bonds also showed different trends, with the rating spreads of enterprise bonds generally narrowing and those of urban investment bonds generally widening [144][148][152]. 4.7. Trading Activity - **Top Five Active Bonds by Bond Type**: The report lists the top five most actively traded bonds for each type of credit bond this week [158]. - **Industry Trading Volume**: The industrial industry had the largest weekly trading volume of bonds, followed by public utilities, finance, materials, and optional consumption [158]. 4.8. Subject Rating Changes There were no bonds with upgraded ratings or outlooks this week [159].

【1月16日，中国央行推出八项结构性货币政策措施并透露降准降息有空间】1月16日，应金融形势需 要，中国央行打开政策"工具箱"，推出八项结构性货币政策措施，还透露今年降准降息"还有一定空 间"，后续政策走向受市场高度关注。首席学家温彬判断，为防股市等资产价格过热，短期内降息可能 性降低。且央行货币投放工具多，买断式逆回购操作效果好，短期降准概率也降低。东方金诚宏观研究 团队称，央行构建科学稳健货币政策体系，坚持不搞大水漫灌，避免高通胀、高债务隐患。当前重点是 用结构性工具精准发力，推动新旧动能转换，排除今年大幅降息及大规模数量型宽松可能。 For hexun.com 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 和而不同 迅达天下 扫码查看原文 ...