Group 1 - The Ministry of Finance has announced the issuance schedule for various types of government bonds for the first quarter of 2026, including long-term, short-term, and savings bonds [1] - The issuance of ultra-long-term general bonds will commence on January 14, 2026 [1] - The first quarter will see multiple bond types being issued, including 1-year, 3-year, 5-year, 7-year, and 10-year bonds, with specific auction dates outlined [2][5][6] Group 2 - Short-term bonds will be issued with various maturities, including 28-day, 63-day, 91-day, and 182-day bonds, starting from January 6, 2026 [5] - The issuance of savings bonds will include a 3-year certificate type starting on March 10, 2026 [8] - The ultra-long-term general bonds will have a 30-year maturity, with auctions scheduled for January 14, February 6, and March 6, 2026, and a 50-year bond auction on March 11, 2026 [6]

Group 1 - Japan's Prime Minister Fumio Kishida announced the initial budget for the fiscal year 2026, totaling 122.3 trillion yen, a 6.3% increase year-on-year, setting a new historical record [1][4] - To cover the fiscal gap, the government plans to issue approximately 29.6 trillion yen in government bonds [1][4] - The Bank of Japan's Governor Kazuo Ueda indicated that there is still room for interest rate hikes as confidence in achieving sustainable inflation targets grows [1][4] Group 2 - The Japanese government raised its GDP growth forecast for fiscal year 2025 from 0.7% to 1.1% and expects further growth to 1.3% in fiscal year 2026, reflecting optimism about economic recovery [1][4] - The Bank of Korea stated in its 2026 monetary policy statement that it does not rule out further interest rate cuts while emphasizing the need to monitor potential threats to financial stability from the depreciation of the Korean won and rising housing prices [1][4] - The Central Bank of Egypt significantly cut its benchmark interest rate by 100 basis points, adjusting overnight loan and deposit rates to 21% and 20% respectively, in response to the easing of high inflation pressures [1][4]

日本财务相片山皋月日前已与各内阁成员进行过协调，2026年度预算案最早将于12月26日在 内阁会议上敲定。日本政府各省厅提出的概算要求总额为122.4万亿日元。 2026年度税收预计为83.7万亿日元左右，创下历史新高。在物价上涨的背景下，税收增长， 将超过在2025年度补充预算中估算的该年度税收规模（80.7万亿日元）。 尽管如此，为了弥补缺口部分，预计将新发行29.6万亿日元的国债。金额高于2025年度的 28.6万亿日元。预计赤字国债将达到22.9万亿日元左右。 由于应对物价上涨，财政支出出现膨胀 年度支出方面，医疗、养老金、护理等加在一起，社会保障相关费用将达到39.1万亿日元左 右。在2026年度诊疗报酬修订案中，用于医疗从业人员人工费用等的主体部分的上调幅度为 3.09％，达到30年来的最高水平。将为医疗机构应对物价上涨和加薪提供资金来源。 2026年度预算案的一般会计总额将达122.3万亿日元。社会保障相关费用创历史新高…… 用于偿还国债本金和支付利息的国债费用为31.3万亿日元左右，超过创下历史最高纪录的 2025年度最初预算案中的28.2万亿日元，将首次突破30万亿日元大关。 日本政府已针对 ...

人民财讯12月19日电，财政部拟发行2025年记账式附息(二十五期)国债。本期国债为7年期固定利率附 息债。本期国债竞争性招标面值总额880亿元，进行甲类成员追加投标。本期国债票面利率通过竞争性 招标确定。招标时间为2025年12月24日上午10:35至11:35。 ...

财政部拟发行2025年记账式附息（二十四期）国债。本期国债为2年期固定利率附息债。本期国债竞争 性招标面值总额1045亿元，进行甲类成员追加投标。本期国债票面利率通过竞争性招标确定。本期国债 自2025年12月15日开始计息，每年支付利息，付息日为每年12月15日（节假日顺延），2027年12月15日 偿还本金并支付最后一次利息。招标时间为2025年12月12日上午10:35至11:35。 ...

人民财讯12月3日电，财政部拟发行2025年记账式贴现(七十六期)国债。本期国债为期限91天的贴现 债。本期国债竞争性招标面值总额600亿元，进行甲类成员追加投标。本期国债发行价格通过竞争性招 标确定，以低于票面金额的价格贴现发行。本期国债自2025年12月4日开始计息，于2026年3月5日(节假 日顺延)按面值偿还。招标时间为2025年12月3日上午10:35至11:35。 ...

财政部拟发行2025年记账式贴现（七十五期）国债。现就本次发行工作有关事宜通知如下：一、债券要 素（一）品种。本期国债为期限63天的贴现债。（二）发行数量。本期国债竞争性招标面值总额400亿 元，进行甲类成员追加投标。（三）发行价格。本期国债发行价格通过竞争性招标确定，以低于票面金 额的价格贴现发行。（四）本息兑付日期。本期国债自2025年12月4日开始计息，于2026年2月5日（节 假日顺延）按面值偿还。二、竞争性招标安排（一）招标时间。2025年12月3日上午10:35至11:35。 （二）招标方式。本次发行竞争性招标采用修正的多重价格招标方式，标的为价格。（三）发行系统。 通过财政部政府债券发行系统进行招标发行。（四）标位限定。投标标位变动幅度0.001元，投标剔 除、中标剔除和每一承销团成员投标标位差分别为90个、75个和75个标位。三、发行款缴纳中标承销团 成员于2025年12月4日前（含12月4日），将发行款缴入财政部指定账户。缴款日期以财政部指定账户收 到款项日期为准。收款人名称：中华人民共和国财政部开户 银行：国家金库总库账号：270-25275-1汇 入行行号：011100099992四、分 ...

Group 1 - The ruling coalition led by Prime Minister Sanna Takashi has increased its seats in the House of Representatives from 230 to 233, ensuring a slim majority ahead of two key budget votes [1][2] - The coalition, formed by the Liberal Democratic Party (LDP) and the Japan Innovation Party, now holds a total of 233 out of 465 seats in the House of Representatives, which is crucial for legislative stability [1][2] - This development is expected to facilitate the passage of the supplementary budget announced on Friday and the annual budget scheduled for December [2] Group 2 - The Japanese government has finalized a comprehensive economic strategy with a total scale of approximately 21.3 trillion yen (about 965.6 billion yuan), primarily funded by the supplementary budget for fiscal year 2025 [2] - The supplementary budget is projected to have general account expenditures of about 18.3 trillion yen, with over 11 trillion yen in new government bonds issued to raise funds [2] - Despite efforts to control borrowing, the new debt issuance is significantly higher than the 6.7 trillion yen required under the previous administration's economic plan, marking a 75% increase [2] Group 3 - Concerns about Japan's long-term fiscal situation under Prime Minister Takashi continue to unsettle investors, with long-term government bond yields reaching over 20-year highs and the yen remaining weak [3] - As of the latest report, the USD/JPY exchange rate is at 156.362, with the 20-year government bond yield at 2.83% and the 30-year yield at 3.347% [3] - To stabilize market sentiment, Prime Minister Takashi indicated that the total amount of government bonds issued this fiscal year will be lower than the previous year, with a total issuance of 40.3 trillion yen projected for fiscal year 2025, a reduction of about 4.3% from the previous year [3]

Core Points - The Japanese government plans to increase the issuance scale of 2-year and 5-year government bonds in the revised debt issuance plan for the fiscal year 2025 to fund economic stimulus measures [1] - The total planned government bond issuance for the current fiscal year, ending in March, will increase by approximately 7 trillion yen (about 44.7 billion USD) from the original 171.8 trillion yen [1] - The issuance amounts for 10-year, 20-year, 30-year, and 40-year government bonds will remain unchanged [1] - The government is expected to increase the issuance scale of discount treasury bills by about 6 trillion yen and may raise the monthly issuance of 2-year and 5-year bonds by 100 billion yen each starting in January [1] - The revised issuance plan will be submitted for discussion at the government bond market underwriting meeting and then presented for cabinet review [1]

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term price of iron ore is expected to fluctuate strongly, gold may oscillate at a high level in the medium - term, and the price of rebar is expected to oscillate widely at a low level [1][3]. - Coking coal is expected to oscillate, while the LH2601 contract of live pigs is under downward pressure and will adjust weakly [4]. - Palm oil is running weakly after breaking through the support level, and the price of soybean meal's 01 contract will decline and oscillate weakly in the short - term [5]. - The bond market will oscillate slightly more in the medium - term, and silver is bearish in the short - term but bullish in the medium - term [7]. - The 01 contract of methanol is expected to oscillate weakly in the short - term, and the 01 contract of soda ash will run weakly [8][9]. - The L2601 contract of plastic will run weakly in the short - term, and the price of crude oil is weakly running in stages [10][11]. - The asphalt market is weak, and the price of synthetic rubber will oscillate weakly [11][12]. Summary by Variety Iron Ore - Mysteel statistics show that the total inventory of imported iron ore at 45 ports is 15,054.65 tons, a week - on - week decrease of 75.06 tons; the daily average port clearance volume is 3.2992 million tons, an increase of 29,700 tons; the number of ships at ports is 120, an increase of 4. Shipping is increasing, and the arrival volume is fluctuating. The molten iron output is expected to decline seasonally, but there is short - term support, and the restocking demand has not been released. The short - term price will oscillate strongly [1]. Gold - Multiple Fed officials signaled interest rate cuts, but due to the lack of employment data, the decision to cut rates is still highly uncertain. Gold is under pressure and may oscillate at a high level in the medium - term [1]. Rebar - As of the week of November 20, rebar production was 2.0796 million tons, a week - on - week increase of 79,600 tons or 3.98%; factory inventory was 1.5332 million tons, a week - on - week decrease of 71,000 tons or 4.43%; social inventory was 4.0002 million tons, a week - on - week decrease of 157,300 tons or 3.78%; apparent demand was 2.3079 million tons, a week - on - week increase of 144,200 tons or 6.66%. The demand has recovered, the fundamentals have improved, but the inventory is still relatively high year - on - year. The price is expected to oscillate widely at a low level [3]. Coking Coal - The utilization rate of the approved production capacity of 523 coking coal mine samples is 86.9%, a week - on - week increase of 0.7%. The daily average output of raw coal is 1.934 million tons, a week - on - week increase of 15,000 tons; the daily average output of clean coal is 758,000 tons, a week - on - week increase of 1,000 tons. The supply is tight, the demand is weakening, and the price is expected to oscillate [4]. Live Pigs - As of November 21, the average slaughter weight of live pigs is 123.6 kg, an increase of 0.07 kg; the weekly slaughter start - up rate is 34.06%, an increase of 0.11%; the profit of purchasing piglets for breeding is - 164.92 yuan per head, a decrease of 43.13 yuan per head; the profit of self - breeding and self - raising is - 81.351 yuan per head, a decrease of 17.42 yuan per head; the price of piglets is 210 yuan per head, an increase of 0.95 yuan per head. The market supply is large, and the LH2601 contract is under downward pressure [4]. Palm Oil - From November 1 - 20, 2025, the yield per unit of Malaysian palm oil increased by 7.96% month - on - month, the oil extraction rate increased by 0.45% month - on - month, and the output increased by 10.32% month - on - month. The demand for biodiesel is expected to weaken significantly, and palm oil is running weakly [5]. Soybean Meal - As of November 21, the physical inventory days of soybean meal in feed enterprises is 7.98 days, a decrease of 0.25 days from the previous period and the same as the same period last year. The supply of imported soybeans is sufficient, the demand is stable, and the price of the 01 contract will decline and oscillate weakly [5]. Long - term Treasury Bonds - The intensive issuance of treasury bonds is an important manifestation of the continuous implementation of proactive fiscal policies, which may lead to the early implementation of fiscal easing policies next year. The bond market is expected to oscillate slightly more in the medium - term [7]. Silver - The US economic data shows certain resilience, which boosts risk appetite. There are differences in the market's expectation of an interest rate cut in December, but the expectation still exists. Silver is bearish in the short - term and bullish in the medium - term [7]. Methanol - The market price of methanol in Jiangsu Taicang is 2,000 yuan/ton, and the price is stable. The weekly utilization rate of domestic methanol production capacity is 88.75%, an increase of 1.8%. The downstream utilization rate is 74.77%, a weekly increase of 0.42%. The port inventory has decreased. The 01 contract is expected to oscillate weakly in the short - term [8]. Soda Ash - The mainstream price of heavy soda ash nationwide is 1,260 yuan/ton, and the price is relatively stable. The weekly output is 739,200 tons, a week - on - week decrease of 1.02%. The total inventory of manufacturers is 1.7073 million tons, a weekly increase of - 0.4%. The 01 contract is expected to run weakly [9]. Plastic - The mainstream price of LLDPE in North China is 6,939 yuan/ton, a decrease of 17 yuan/ton from the previous day. The weekly output is 304,600 tons, a week - on - week decrease of 1.19%. The production enterprise inventory is 197,700 tons, a weekly decrease of 4.4%. The L2601 contract is expected to run weakly in the short - term [10]. Crude Oil - OPEC+ maintains its stance of increasing production, the global economy and demand are poor, and the new peace talks between Russia and Ukraine have attracted market attention. The price of crude oil is weakly running in stages [11]. Asphalt - The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises is 24.8%, a week - on - week decrease of 4.2%. The sample shipment volume of 54 domestic asphalt enterprises is 370,000 tons, a week - on - week increase of 2.2%. The market is weak, and it is advisable to sell short at high prices [11]. Synthetic Rubber - The output of butadiene in October is 457,300 tons, a year - on - year increase of 14.49%, and the output from January to October is 4.472 million tons, a year - on - year increase of 15.46%. The import in October is 35,000 tons, a year - on - year decrease of 35.00%. The supply pressure on the raw material side is increasing, and the demand lacks substantial benefits. The price is expected to oscillate weakly [12].