Report Overview - The report is a weekly update on public - offering funds from February 2, 2026, to February 6, 2026, analyzing the performance of the equity and fixed - income markets and various fund indices [1][3]. 1. Investment Rating - The report does not mention the industry investment rating. 2. Core Views - In the equity market, last week (2026.02.02 - 2026.02.06), major indices like the Shanghai Composite Index, CSI 300, and ChiNext Index declined. The A - share market's downward volatility increased due to global resource futures fluctuations and US tech giants' earnings announcements. The tech sector may face more pressure after the Two Sessions, while mid - stream industries with profitability repair and ROE improvement are worth attention [3][12]. - In the fixed - income market, the bond yield curve flattened last week. Short - term negative factors have been eliminated, so the bond market may not experience significant fluctuations. However, after the Spring Festival, the bond market's volatility may increase due to the active stock market and policy expectations [4][14]. 3. Summary by Directory 3.1 Weekly Market Observation 3.1.1 Equity Market - Last week, the Shanghai Composite Index fell 1.27%, the CSI 300 dropped 1.33%, and the ChiNext Index declined 3.28%. The A - share market's volatility increased, and the overall market sentiment cooled. The daily average trading volume of the whole A - shares was 24032 billion, a decrease from the previous week. Industry rotation was rapid, with resource - cycle sectors and power equipment being active. The tech - growth sector faced adjustment pressure [12]. - The value style strengthened due to low - level price rebounds and high - dividend defensive needs. The market is trading "event - driven prosperity improvement" and "assets with clear price signals." The tech sector may face more pressure after the Two Sessions, and mid - stream industries with profitability repair and ROE improvement should be focused on [13]. 3.1.2 Pan - Fixed - Income Market - Last week, the bond yield curve flattened. The 1 - year Treasury yield rose 1.80BP to 1.32%, the 10 - year yield fell 0.1BP to 1.81%, and the 30 - year yield dropped 3.8BP to 2.25%. The long - end yield continued to decline, and the term spread narrowed. The bond market was oscillating strongly. Some risk - averse funds may have flowed into the bond market due to stock market fluctuations, and the central bank actively provided liquidity. The local bond issuance was well - received, eliminating previous market concerns. However, after the Spring Festival, the bond market's volatility may increase [4][14]. - US Treasury yields declined last week. The 1 - year yield dropped 3BP to 3.45%, the 2 - year yield fell 2BP to 3.50%, and the 10 - year yield decreased 4BP to 4.22%. The employment market data showed a cooling trend, which led to the decline of the US Treasury yield curve. The CSI REITs Total Return Index fell 0.91% last week, and most sectors declined. Four new public - offering REITs made progress in the primary market [15]. 3.2 Fund Index Performance Tracking 3.2.1 Equity Fund Index Performance | Index Classification | Last Week | Last Month | Since the Beginning of this Year | Since Strategy Implementation | | --- | --- | --- | --- | --- | | Active Stock Fund Selection | - 2.20% | 3.82% | 7.86% | 55.05% | | Value Stock Fund Selection | - 0.24% | 3.64% | 6.91% | 29.34% | | Balanced Stock Fund Selection | - 1.81% | 2.25% | 6.04% | 37.83% | | Growth Stock Fund Selection | - 2.65% | 3.40% | 8.12% | 56.09% | | Pharmaceutical Stock Fund Selection | - 0.85% | - 5.45% | 3.27% | 15.22% | | Consumption Stock Fund Selection | - 0.57% | 1.17% | 4.13% | 9.11% | | Technology Stock Fund Selection | - 1.98% | 1.83% | 6.27% | 62.66% | | High - end Manufacturing Stock Fund Selection | - 3.30% | 1.58% | 7.39% | 42.12% | | Cyclical Stock Fund Selection | - 3.76% | 4.70% | 9.95% | 43.97% | [17] 3.2.2 Pan - Fixed - Income Fund Index Performance | Index Classification | Last Week | Last Month | Since the Beginning of this Year | Since Strategy Implementation | | --- | --- | --- | --- | --- | | Money - enhancing Index | 0.03% | 0.12% | 0.14% | 4.63% | | Short - term Bond Fund Selection | 0.04% | 0.15% | 0.17% | 4.79% | | Medium - and Long - term Bond Fund Selection | 0.09% | 0.45% | 0.42% | 7.25% | | Low - volatility Fixed - income + Fund Selection | - 0.04% | 0.51% | 0.95% | 5.56% | | Medium - volatility Fixed - income + Fund Selection | - 0.63% | 0.42% | 1.15% | 7.54% | | High - volatility Fixed - income + Fund Selection | - 0.23% | 0.69% | 1.65% | 9.98% | | Convertible Bond Fund Selection | - 0.20% | 3.63% | 6.68% | 32.56% | | QDII Bond Fund Selection | - 0.26% | - 0.13% | - 0.18% | 9.82% | | REITs Fund Selection | - 1.86% | 2.19% | 3.77% | 35.61% | [18] 3.3 Index Positioning and Benchmarks 3.3.1 Equity Strategy Theme Index - Active Stock Fund Selection Index: Selects 15 funds each period, with equal - weight allocation. The core position selects active equity funds based on performance competitiveness and style stability, and the style distribution is balanced according to the CSI Equity - oriented Fund Index. The benchmark is the CSI Equity - oriented Fund Index [19]. 3.3.2 Investment Style Index - Value Stock Fund Selection Index: Selects 10 funds with deep - value, quality - value, and balanced - value styles. The benchmark is the CSI 800 Value Index [19]. - Balanced Stock Fund Selection Index: Selects 10 funds with relatively balanced and value - growth styles. The benchmark is the CSI 800 [21]. - Growth Stock Fund Selection Index: Selects 10 funds with active - growth, quality - growth, and balanced - growth styles. The benchmark is the 800 Growth Index [25]. 3.3.3 Industry Theme Index - Pharmaceutical Stock Fund Selection Index: Selects 15 funds based on the intersection market value ratio of fund equity holdings and the representative index (CITIC Pharmaceutical). The benchmark is the pharmaceutical theme fund index [27]. - Consumption Stock Fund Selection Index: Selects 10 funds based on the intersection market value ratio of fund equity holdings and representative indices (CITIC Automobile, Home Appliances, etc.). The benchmark is the consumption theme fund index [31]. - Technology Stock Fund Selection Index: Selects 10 funds based on the intersection market value ratio of fund equity holdings and representative indices (CITIC Electronics, etc.). The benchmark is the technology theme fund index [34]. - High - end Manufacturing Stock Fund Selection Index: Selects 10 funds based on the intersection market value ratio of fund equity holdings and representative indices (CITIC Construction, etc.). The benchmark is the high - end manufacturing theme fund index [35]. - Cyclical Stock Fund Selection Index: Selects 5 funds based on the intersection market value ratio of fund equity holdings and representative indices (CITIC Petrochemical, etc.). The benchmark is the cyclical theme fund index [39]. 3.3.4 Money - enhancing Index - Money - enhancing Strategy Index: Aims for liquidity management, pursues a curve that exceeds money - market funds. It mainly allocates money - market funds and inter - bank certificate of deposit index funds. The benchmark is the CSI Money - market Fund Index [42]. 3.3.5 Pure - Bond Index - Short - term Bond Fund Selection Index: Aims for liquidity management, ensures drawdown control, and pursues a smooth - upward curve. It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The benchmark is 50% * Short - term Pure - Bond Fund Index+50% * Ordinary Money - market Fund Index [44]. - Medium - and Long - term Bond Fund Selection Index: Invests in medium - and long - term pure - bond funds, pursues stable returns while controlling drawdowns. It selects 5 funds each period, balancing coupon strategies and band - trading operations, and adjusts the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [47]. 3.3.6 Fixed - income + Index - Low - volatility Fixed - income + Fund Selection Index: The equity central position is 10%, selects 10 funds with an equity central position within 15% in the past three years and recently. The benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - price Index [51]. - Medium - volatility Fixed - income + Fund Selection Index: The equity central position is 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently. The benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - price Index [51]. - High - volatility Fixed - income + Fund Selection Index: The equity central position is 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently. The benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - price Index [55]. 3.3.7 Other Pan - Fixed - Income Index - Convertible Bond Fund Selection Index: Selects 5 funds from a sample space of bond - type funds with a convertible - bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters, based on an evaluation system [58]. - QDII Bond Fund Selection Index: Selects 6 funds with stable returns and good risk control based on credit and duration conditions [60]. - REITs Fund Selection Index: Selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [61].

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange (北交所) is gradually becoming clearer for 2025, with over 40% of companies having reported their earnings or forecasts, indicating a mixed performance landscape with some companies showing significant profit growth while others face losses [2][3]. Group 1: Earnings Reports and Forecasts - As of the end of January, 3 companies have released earnings reports for 2025, and 123 companies have provided earnings forecasts, accounting for over 40% of the total companies on the exchange [2]. - Among the companies reporting, 77 achieved profitability last year, with a profit margin exceeding 60% [2]. - Six companies are expected to report net profits exceeding 100 million yuan for 2025, with 蘅东光 (920045.BJ) leading with an estimated net profit of 270 million to 310 million yuan, representing an increase of over 80% [2][3]. - Other notable companies include 广信科技 (920037.BJ) and 吉林碳谷 (920077.BJ), both of which also reported significant profit increases [3]. Group 2: Profitability Trends - A total of 13 companies are expected to turn losses into profits, a significant increase from 5 companies in 2024, indicating strong recovery momentum in profitability [9]. - Companies like 拾比佰 (920768.BJ) are projected to achieve net profits of 50 million to 60 million yuan, marking a substantial year-on-year growth of 1460.54% to 1732.65% [5]. - However, some companies are still expected to report losses, with 8 companies, including 海泰新能 (920985.BJ), projected to incur losses exceeding 100 million yuan [5][7]. Group 3: Market Dynamics and Investment Opportunities - The overall market for 北交所 is showing signs of recovery, with a notable increase in trading volume and value, indicating growing investor interest [10]. - Analysts suggest that companies with strong fundamentals and clear growth trajectories are likely to attract more attention from investors [10]. - The number of qualified investor accounts on the 北交所 has surpassed 10 million, reflecting increased market attractiveness [10].

Group 1 - The Freedom Cash Flow ETF (159201) experienced a rebound, increasing approximately 0.4%, with constituent stocks such as Silver Nonferrous and Mengbaili hitting the daily limit, while Zhejiang Longsheng and Zhuhai Group saw gains exceeding 5% [1] - Over the past 10 trading days, the Freedom Cash Flow ETF (159201) recorded net inflows in 8 of those days, totaling over 548 million yuan, with the latest fund size reaching 10.03 billion yuan and shares at 7.843 billion, both hitting record highs since inception [1] - According to the chief strategist at Kaiyuan Securities, the market's driving force is expected to shift from "asset revaluation" to "profit recovery" around 2026, suggesting a transition to a "slow upward trend" rather than a "rapid rise and fall" [1] Group 2 - The Freedom Cash Flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the National Index of Free Cash Flow, selecting stocks with positive and high cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance, suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [2]

Core Viewpoint - Mona Lisa expects a significant decline in net profit for 2025, projecting a year-on-year decrease of 47.18% to between 45 million and 66 million yuan, following a previous profit drop in 2024 [1][3][4]. Group 1: Financial Performance - The anticipated net profit for 2025 is between 45 million and 66 million yuan, a sharp decline from 125 million yuan in the previous year [3][4]. - The expected non-recurring net profit is projected to be between 30 million and 44.5 million yuan, reflecting a year-on-year decrease of 56.74% to 70.84% [3][4]. - Basic earnings per share are expected to drop to 0.11 yuan from 0.31 yuan in the previous year [4]. Group 2: Reasons for Performance Decline - The company cites intense competition in the ceramic tile market and a decline in average selling prices as key factors leading to lower overall sales revenue [5][6]. - The real estate sector, which is closely linked to the company's strategic engineering business, is entering a phase of inventory management, resulting in reduced order volumes [5][6]. - The company has also made provisions for asset impairment in accordance with accounting standards, contributing to the anticipated decline in performance [5]. Group 3: Management Response - In response to the challenging business environment, the company plans to reduce the salaries of some directors and senior management by no less than 20%, aligning with the decline in operating revenue [1][5]. - The company is focusing on strengthening its distribution business, expanding market reach, and implementing lean management practices to control production costs and improve operational efficiency [1][5]. Group 4: Industry Context - The building materials and home improvement industry is undergoing a transformation, moving from a growth phase to a period of inventory competition, with expectations for a more favorable supply-demand balance by 2026 [6][7]. - Despite current challenges, there is optimism regarding future demand driven by urbanization, renovation of existing homes, and public building decoration [6][7]. - The company believes that there are still significant opportunities in the ceramic tile market, despite recent downturns, and is exploring financial investments within a controlled risk framework [7].

Core Viewpoint - The Free Cash Flow ETF (159201) has shown stability in trading, with significant inflows indicating investor confidence in the sector's future performance [1] Group 1: ETF Performance - As of January 16, at 13:40, the Free Cash Flow ETF (159201) remained flat, with constituent stocks like Yaxiang Integration hitting the daily limit up, while Weichai Power, Pinggao Electric, and Anfu Technology also saw gains [1] - Over the past 10 trading days, the largest Free Cash Flow ETF (159201) has recorded net inflows in 8 of those days, totaling over 782 million yuan [1] Group 2: Market Outlook - According to Wei Jixing, Chief Analyst at Kaiyuan Securities, the market's driving force is expected to shift from "asset revaluation" to "profit recovery" by 2026 [1] - Following the "asset revaluation" phase, a "flat top transitioning to slow upward movement" pattern is anticipated around 2026, rather than a "rapid surge followed by a drop" [1] - The "profit recovery" phase is expected to lead to a stable upward trend in the market [1]

Group 1 - The core viewpoint of the article highlights the performance of the Petrochemical ETF (159731), which has seen a decline of 0.52% as of January 16, with notable gains from stocks like Bluestar Technology, Tongcheng New Materials, and Jinfat Technology [1] - The Petrochemical ETF has experienced net inflows for 8 out of the last 10 trading days, totaling 176 million yuan, with its latest share count reaching 449 million and a total scale of 431 million yuan, both marking new highs since its inception [1] - According to Industrial Securities, the "anti-involution" trend is optimizing supply order, and certain sub-industries are expected to recover, particularly in organic silicon, PTA, polyester filament, caprolactam, spandex, soda ash, PVC, glyphosate, and urea [1] Group 2 - Several sub-industries within the chemical sector, such as organic silicon, PTA, and caprolactam, are gradually initiating industry self-discipline to seek profit recovery, with expectations for improved performance following price control and production reduction measures [1] - Other sub-industries experiencing price and margin fluctuations at the bottom are also anticipated to see profit improvements driven by potential industry self-discipline and supply-demand recovery [1] - The Petrochemical ETF and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 59.23% and the oil and petrochemical industry for 32.60%, indicating a potential upward trend in industry prosperity due to the "anti-involution" catalyst [1]

Core Viewpoint - The 2026 investment strategy reports from multiple public fund companies indicate a consensus that A-shares will experience a key transition from "valuation expansion" to "profit recovery," suggesting that market trends are likely to continue amid profit restoration [1][8]. Investment Logic: Profit as the Core Driver - "Profit recovery" is identified as the central theme in the public funds' 2026 investment strategy reports, with expectations that the driving logic for the equity market will shift from valuation expansion in 2025 to profit improvement in 2026 [2][8]. - Various institutions, including Ping An Fund and China Merchants Fund, anticipate that corporate profits will continue to recover, transitioning A-shares from a rapid valuation increase to a more gradual profit-supported market [2][8]. - Historical data suggests that A-shares have not experienced three consecutive years of valuation expansion, indicating that corporate profit performance will likely dictate index direction in 2026 [2][3]. - The macroeconomic environment and liquidity conditions are expected to support profit recovery, with a favorable policy environment anticipated both domestically and internationally [2][3]. Investment Themes: Focus on Technology and Cycles - Technology and cyclical sectors are recognized as the primary investment themes, with AI technology and cyclical recovery being highlighted as key areas of interest [4][5]. - Ping An Fund emphasizes the importance of technological innovation and cyclical supply-demand rebalancing as the two main investment lines for 2026, focusing on AI-driven hardware innovation and the domestic semiconductor industry [4][5]. - China Merchants Fund also aligns its strategy around AI technology and cyclical real estate, noting that the global AI industry is still in a "big infrastructure era" with long-term opportunities [4][5]. - Other sectors such as consumption and pharmaceuticals are mentioned for their potential valuation recovery, driven by macroeconomic improvements and rising consumer demand [5][8]. Investment Philosophy: Increased Emphasis on Asset Allocation - The 2026 investment strategy reports show a notable increase in content related to asset allocation, with "fixed income plus" products gaining significant attention [6][8]. - Various funds, including Changcheng Fund and Dachen Fund, predict that "fixed income plus" products will benefit from a favorable environment, leading to a third round of scale expansion [6][7]. - The reports suggest that the domestic passive investment tools will continue to grow rapidly in a low-interest-rate environment, with a focus on innovative "fixed income plus" products and diversified asset allocation strategies [6][7]. - International asset allocation is also gaining traction, with optimism regarding the Hong Kong stock market and a focus on sectors such as technology and consumption [7][8].

Core Viewpoint - Multiple public fund companies have released their investment strategy reports for 2026, indicating a consensus that the A-share market is expected to transition from "valuation expansion" to "profit recovery," with market trends likely to continue amid profit restoration [1][6] Investment Logic: Profit as Core Driver - "Profit recovery" is identified as the central theme in the 2026 investment strategy reports, with institutions suggesting that the driving logic for the equity market will shift from valuation expansion in 2025 to profit improvement in 2026 [1][2] - The market is anticipated to transition from a "rapid and urgent" valuation-driven rally to a "slow and steady" profit-supported rally, as companies' earnings are expected to recover [1][2] - Historical data indicates that A-shares have not experienced three consecutive years of valuation expansion, suggesting that corporate earnings will directly influence index direction in 2026 [1] Investment Themes: Focus on Technology and Cycles - Technology and cyclical sectors are highlighted as the two main investment themes, with AI being a focal point in the technology sector and chemicals and precious metals being favored in the cyclical sector [2][3] - The technology sector is expected to benefit from rapid growth in global AI capital expenditure, while the cyclical sector is anticipated to see improvements due to favorable supply-demand dynamics [2][3] Additional Investment Opportunities - Some institutions also mention potential valuation recovery in the consumer and pharmaceutical sectors, driven by macroeconomic recovery and rising consumer income [4] - The pharmaceutical sector is expected to benefit from improved policy environments and breakthroughs in innovative drug development [4] Investment Philosophy: Increased Focus on Asset Allocation - The 2026 investment strategy reports show a notable increase in discussions around asset allocation, with "fixed income plus" products gaining attention [4][5] - The "fixed income plus" products are expected to thrive in a favorable environment, driven by demand for alternatives following the exit of guaranteed wealth management products and the low-interest-rate environment [5] - Institutions are optimistic about the growth of "fixed income plus" products, which can dynamically adjust asset allocation to capture market opportunities while controlling drawdowns [5] Global Investment Perspectives - There is a growing interest in overseas asset allocation, with optimism regarding the Hong Kong stock market and its potential for profit growth, particularly in the internet, consumer, and technology sectors [5][6] - The "barbell strategy" is suggested for overseas investments, focusing on U.S. tech stocks and dividend-paying assets in Hong Kong as a stabilizing investment [6]

Core Viewpoint - The U.S. healthcare industry is transitioning from a phase of systemic pressure to structural recovery, with a focus on profit restoration rather than a return to high growth. Market pricing logic is shifting from "comprehensive defense" to "selective allocation" [4][5][8]. Industry Overview - The healthcare sector has faced valuation pressure not due to demand collapse but because of profit model squeezes. Factors include structural changes in service utilization post-pandemic, rising costs from complex treatments, and delayed pricing adjustments in government healthcare programs [7][10]. - By the second half of 2025, adverse factors are expected to be absorbed by the market, with conservative profit expectations and stable balance sheets across most sub-sectors [7][11]. Managed Care - Managed care has been the most pressured sub-sector, reflecting tensions in the U.S. healthcare system regarding costs, pricing, and risk allocation. It includes senior Medicare plans, Medicaid for low-income populations, and individual insurance exchanges [9][10]. - The profitability outlook for managed care has been significantly downgraded, but the current information suggests that the profit clearing process is sufficiently advanced, with a focus on improving unit economics in senior Medicare [11][13]. Healthcare Services and Drug Distribution - This sector has shown stronger stability compared to managed care, with visible cash flow and underlying demand remaining intact due to aging populations and chronic disease management [14][16]. - The shift towards high-complexity treatments has increased service prices and long-term demand stickiness, benefiting larger service platforms. The capital structure remains stable, providing downside protection for valuations [16][17]. Pharmaceuticals and Medical Devices - The outlook for pharmaceuticals and medical devices is cautious, with pressure stemming from policy expectations and valuation compression rather than significant fundamental deterioration. The market has largely priced in uncertainties related to drug pricing negotiations and reimbursement rules [17][19]. - The pharmaceutical sector remains undervalued relative to the market, while the medical device sector is experiencing notable differentiation, with market pricing increasingly reliant on individual company execution and product cycles [19]. Mergers, Capital Structure, and Investment Insights - The current M&A and capital allocation logic in the healthcare industry is shifting from scale expansion to efficiency enhancement, focusing on strengthening existing product lines and service capabilities [20][22]. - Companies that actively manage their capital structures and cash flows are more likely to gain market recognition, with a focus on stable cash flow and efficiency improvements becoming critical for investment decisions [22]. Conclusion - The 44th J.P. Morgan Global Healthcare Conference will serve as a calibration point for the market, emphasizing cost control, pricing discipline, and capital allocation over growth targets. The results will become the primary pricing basis in this evolving landscape [22].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The stock market shows a positive trend with both price and trading volume increasing, while the bond market sentiment is weak [1]. - For stock index futures, the Shanghai Composite Index reached a new high with heavy trading volume, and it is recommended to allocate long positions in IC contracts before the Two Sessions [1]. - In the stock index options market, the trading volume increased significantly, and there was an obvious phenomenon of rising price and volatility. It is recommended to hold long call options or bull spreads [2]. - Regarding treasury bond futures, the market is expected to be volatile in the short - term, and investors should pay attention to whether the 10 - year treasury bond yield can hold the 1.9% mark [3]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - The Shanghai Composite Index continued its upward trend on Tuesday, rising 1.5% with heavy volume. Non - ferrous metals and non - bank finance led the gains, and the CSI 500 performed better among broad - based indices. The rally was driven by positive external sentiment, early entry of institutional funds, and the resonance between the commodity and stock markets. It is recommended to hold long positions in IC contracts [1][7]. - The basis of IF, IH, IC, and IM current - month contracts was 4.71 points, 0.04 points, 21.86 points, and 10.10 points respectively, with a month - on - month change of 8.45 points, 2.38 points, 8.26 points, and 4.78 points. The spread between current - month and next - month contracts and the total positions also changed [7]. 3.1.2 Stock Index Options - The underlying market continued to rise significantly, and the trading volume of the options market reached 139.52 billion yuan, a 42.38% increase from the previous day. The game and chasing intensity at the options end increased significantly, with an obvious rise in the call trading volume ratio and an average increase of 2.05% in the implied volatility index. It is recommended to hold long call options or bull spreads and turn to a wait - and - see attitude for short - selling strategies [2]. 3.1.3 Treasury Bond Futures - Treasury bond futures declined across the board. The T main contract showed a volatile trend throughout the day. The inter - bank market liquidity was loose, and the DR001 rate slightly rose to around 1.26%. The A - share market's continuous improvement affected the bond market sentiment. The central bank's bond - buying scale in December was 50 billion yuan, falling short of expectations. Investors need to pay attention to whether the 10 - year treasury bond yield can hold the 1.9% mark. The bond market is expected to be volatile, and institutional investors can play for rebounds but should wait for a reversal [3][8][10]. - The trading volume, open interest, spread, and basis of T, TF, TS, and TL contracts changed. The central bank conducted 16.2 billion yuan of 7 - day reverse repurchase operations, with 312.5 billion yuan of reverse repurchases maturing [8]. - Operational suggestions include a volatile trend strategy, paying attention to short - hedging at low basis levels, appropriately focusing on basis widening, and expecting the yield curve to remain steep [10]. 3.2 Economic Calendar - The report provides an economic calendar for the current week, including indicators such as China's December SPGI Services PMI, China's December foreign exchange reserves, the US December ADP employment change, the Eurozone November unemployment rate, etc., along with their previous values, forecast values, and some yet - to - be - announced values [11]. 3.3 Important Information and News Tracking - The 2026 work meeting of the People's Bank of China emphasized continuing to implement a moderately loose monetary policy, enhancing the integrated effect of incremental and existing policies, and providing financial support for the "15th Five - Year Plan" [12]. - A Fed governor said that subsequent economic data would support the view that interest rate cuts are appropriate, and the Fed should cut interest rates by more than 100 basis points this year [12]. 3.4 Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented [13][17][29].