Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall inflation level in China remains moderate, with the 12 - month CPI and core CPI both rising 0.2% month - on - month, and the PPI rising 0.2% month - on - month. The 2026 People's Bank of China Work Conference emphasizes continuing to implement a moderately loose monetary policy. The main contract of Treasury bond futures showed a pattern of bottoming out and rebounding this week, and the short - term Treasury bond futures may fluctuate. Attention should be paid to the impact of the stock market. For trading - type investments, a band - operation strategy is recommended [27][28]. 3. Summary by Relevant Catalogs 3.1 Treasury Bond Futures Weekly Market Review - This week, the main contract of Treasury bond futures showed a pattern of bottoming out and rebounding. From Monday to Wednesday, it declined, rose on Thursday, and moved sideways on Friday. For the whole week, the 30 - year Treasury bond fell 0.46%, the 10 - year Treasury bond fell 0.06%, the 5 - year Treasury bond fell 0.15%, and the 2 - year Treasury bond fell 0.11% [5]. - As of January 9th, compared with December 31st, the maturity yield curve of Treasury bond cash bonds shifted upward in parallel. The 2 - year Treasury bond yield rose 8 basis points from 1.36% to 1.44%, the 5 - year Treasury bond yield rose 3 basis points from 1.63% to 1.66%, the 10 - year Treasury bond yield rose 3 basis points from 1.85% to 1.88%, and the 30 - year Treasury bond yield rose 3 basis points from 2.27% to 2.30% [8]. 3.2 CPI Data - In December, the national consumer price (CPI) rose 0.8% year - on - year, with a market expectation of 0.75% and a previous value of 0.7%. For the whole year of 2025, the national consumer price was flat compared with the previous year. Food prices were an important factor driving the larger year - on - year increase in CPI in December, rising 1.1% year - on - year, compared with a 0.2% increase in the previous month [11]. - In December, the CPI rose 0.2% month - on - month, compared with a 0.1% decline in the previous month. Food prices rose 0.3% month - on - month for five consecutive months, non - food prices rose 0.1% month - on - month, consumer goods prices rose 0.3% month - on - month, and service prices remained flat month - on - month. The core CPI rose 0.2% month - on - month, compared with a 0.1% decline in the previous month [13]. - According to the eight - category classification, in December, food and tobacco prices rose 0.2% month - on - month, affecting the CPI to rise about 0.05 percentage points. Housing prices fell 0.1% month - on - month, transportation and communication prices remained flat, medical care prices rose 0.1% month - on - month, education, culture and entertainment prices rose 0.1% month - on - month, clothing prices remained flat, daily necessities and services prices rose 0.4% month - on - month, and other supplies and services rose 2.8% month - on - month [16]. 3.3 PPI Data - In December, the national industrial producer price (PPI) fell 1.9% year - on - year, with a market expectation of a 2.0% decline and a previous value of a 2.2% decline. For the whole year of 2025, the industrial producer price fell 2.6%. Production materials prices fell 2.1% year - on - year, and living materials prices fell 1.3% year - on - year [18]. - In December, the PPI rose 0.2% month - on - month for three consecutive months, with production materials prices rising 0.3% month - on - month and living materials prices remaining flat month - on - month. Among them, mining industry prices rose 0.8% month - on - month for five consecutive months since August, raw material industry prices rose 0.6% month - on - month, and processing industry prices rose 0.2% month - on - month for three consecutive months [21]. 3.4 Capital Interest Rate - After the New Year, the capital interest rate remained low this week. The weighted average of DR001 from Monday to Friday was 1.267%, the weighted average of DR007 was 1.455%, and the average issuance interest rate of one - year AAA inter - bank certificates of deposit was 1.632%. The central bank conducted 1.1 trillion yuan of outright reverse repurchase operations on Thursday, with the same amount of reverse repurchases maturing on the same day, achieving a full offset [24]. 3.5 Market Logic - In December, China's Manufacturing Purchasing Managers' Index (PMI) was 50.1%, returning to the expansion range after eight consecutive months below the boom - bust line. The production index was 51.7%, and the new order index was 50.8%, indicating that both manufacturing production and demand entered the expansion range. The service business activity index was 49.7%, remaining below the boom - bust line [27]. - The rise in gold, silver, and non - ferrous metal prices in December contributed to the increase in inflation indicators [27].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Today, Treasury bond futures oscillated with a slight decline. The inflation data in December showed that CPI rose moderately and PPI's decline narrowed, indicating positive repair of price indices under the continuous promotion of consumption - boosting and anti - involution policies. Considering the strong resilience of the December manufacturing PMI data, the short - term possibility of interest rate cuts continued to decline, putting pressure on Treasury bond futures prices. However, as the prices of Treasury bond cash bonds fell, the implied interest rate cut expectations in the Treasury bond yields faded, and the anchoring effect of policy interest rates emerged, limiting the downside space of Treasury bond futures. In the medium - to - long term, the problem of insufficient effective domestic demand still requires a relatively loose monetary and credit environment on the policy side, so there is still support for Treasury bond futures. Overall, it is expected to be mainly in an oscillatory consolidation in the short term [3] 3. Summary According to Relevant Catalogs Industry News - On January 9, the People's Bank of China conducted 34 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered manner, with an operating rate of 1.4%. Since there were no 7 - day reverse repurchase maturities on this day, a net investment of 34 billion yuan was achieved. - On January 9, the National Bureau of Statistics released data showing that in December 2025, the national consumer price index (CPI) rose 0.8% year - on - year, with the increase expanding to a new high since March 2023; month - on - month, it turned from a decline to an increase, rising 0.2%. The national industrial producer price decreased 1.9% year - on - year, with the decline narrowing by 0.3 percentage points compared with the previous month; month - on - month, it rose 0.2%, with the increase expanding by 0.1 percentage points compared with the previous month [5] Related Charts - The report includes charts such as the trends of TL2603, T2603, TF2603, TS2603, the Treasury bond yield - to - maturity curve, and the central bank's open - market operations, with data sources from iFinD and the Baocheng Futures Research Institute [6][8][10]

Group 1: Precious Metals Investment Rating No specific investment rating provided in the report. Core View - Gold: After the pre - holiday capital quickly left the market and the price corrected, the future market may focus on the impact of US economic data such as non - farm payrolls on the Fed's policy and geopolitical disturbances. Hold gold long positions above $4300 and pay attention to the recovery of the gold - silver ratio [1]. - Silver: Long - position funds increased holdings through ETFs and physical delivery, driving the price to run strongly. The global inventory shortage may not be truly resolved, but high prices may suppress industrial demand. After the "irrational" upward trend ends, pay attention to the possible callback caused by the global commodity index rebalancing. It is recommended to maintain a light - position and low - buying strategy above $70 [1]. - Platinum and Palladium: Driven by funds, their values are being reshaped due to strong macro and supply - demand fundamentals and undervalued prices compared to gold. They are expected to continue to rise in the medium - to - long - term. In the short - term, as market speculative sentiment weakens, it is recommended to buy platinum and palladium on dips near the 20 - day moving average, and try to short the platinum - palladium ratio as palladium is relatively stronger [1]. Summary by Related Catalog - **Domestic Futures Closing Prices**: On January 8, 2026, the AU2602 contract closed at 997.94 yuan/gram, down 0.10% from the previous day; the AG2604 contract closed at 18,450 yuan/kg, down 4.35%; the PT2606 contract closed at 575.00 yuan/gram, down 3.93%; the PD2606 contract closed at 460.70 yuan/gram, down 3.20% [1]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at $4487.90 on January 8, up 0.47% from the previous day; the COMEX silver主力 contract closed at $76.69, down 1.65%; the NYMEX platinum主力 contract closed at $2282.60, down 0.34%; the NYMEX palladium主力 contract closed at $1833.50, up 0.91% [1]. - **Spot Prices**: London gold was at $4477.56 on January 8, up 0.48% from the previous day; London silver was at $76.97, down 1.66%; spot platinum was at $2267.45, down 1.33%; spot palladium was at $1780.26, up 1.40%. The Shanghai Gold Exchange's gold T + D was at 995.86 yuan/gram, down 0.33%; silver T + D was at 18,338 yuan/kg, down 5.30%; platinum 9995 was at 580 yuan/gram, down 4.26% [1]. - **Basis**: The gold TD - Shanghai gold主力 basis was - 2.08, down 2.38 from the previous day, with a 1 - year historical percentile of 69.00%; the silver TD - Shanghai silver主力 basis was - 112, down 187 from the previous day, with a 1 - year historical percentile of 0.00% [1]. - **Ratios**: The COMEX gold/silver ratio was 58.52, up 2.16% from the previous day; the Shanghai Futures Exchange gold/silver ratio was 54.09, up 4.45%; the NYMEX platinum/palladium ratio was 1.24, down 1.24%; the Guangzhou Futures Exchange platinum/palladium ratio was 1.25, down 0.75% [1]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.19%, up 1.0% from the previous day; the 2 - year US Treasury yield was 3.49%, up 0.6%; the 10 - year TIPS Treasury yield was 1.92%, up 2.1%. The US dollar index was 98.86, up 0.12%; the offshore RMB exchange rate was 6.9823, down 0.16% [1]. - **Inventory and Positions**: The Shanghai Futures Exchange's gold inventory was 97,653, unchanged from the previous day; silver inventory was 637,647 kg, up 15.22%. The COMEX gold inventory was 36,387,376, down 0.04%; silver inventory was 442,479,414, down 0.73%. The SPDR Gold ETF position was 1067, unchanged; the SLV Silver ETF position was 16,215, up 0.72% [1]. Group 2: Treasury Bond Futures Investment Rating No specific investment rating provided in the report. Core View No core view explicitly mentioned in the provided content. Summary by Related Catalog - **Basis**: On January 8, 2026, the TS basis was 1.3950, with a change of 0.0071 from the previous day; the TF basis was 1.4169, with a change of 0.0051; the T basis was 1.4579, with a change of 0.0267; the TL basis was 1.4116, with a change of 0.0279 [3]. - **Inter - delivery Spread**: For TS, the spread between the current - quarter and next - quarter contracts was - 0.0360, with a change of - 0.0060; for TF, the spread between the current - quarter and next - quarter contracts was 0.0000, with a change of - 0.0100; for T, the spread between the current - quarter and next - quarter contracts was 0.0950, with a change of 0.0400; for TL, the spread between the current - quarter and next - quarter contracts was - 0.1500, with a change of 0.0200 [3]. - **Inter - variety Spread**: The spread between TS and TF was - 0.0740; between TS and T was - 5.4320; between TF and T was - 2.1900; between TS and TL was - 8.6420; between TF and TL was - 5.4000; between T and TL was - 3.2100 [3]. Group 3: Container Shipping Industry Investment Rating No specific investment rating provided in the report. Core View No core view explicitly mentioned in the provided content. Summary by Related Catalog - **Shipping Indexes**: The SCFIS (European route) was 1312.71 points on October 27, up 15.11% from October 20; the SCFIS (US West route) was 1107.32 points, up 28.24%. The SCFI composite index was 1656.32 points on October 24, up 6.66% from October 17; the SCFI (European) was $1246/TEU, up 8.82%; the SCFI (US West) was $2153/FEU, up 11.21%; the SCFI (US East) was $3032, up 6.27% [6]. - **Futures Prices and Basis**: On January 8, 2026, the EC2602 (main contract) was 1706.0 points, down 4.11% from the previous day; the basis of the main contract was - 214.7, up 5.6 from the previous day, with a change of - 2.54% [6]. - **Fundamental Data**: The global container shipping capacity supply was 3369.52 million TEU on January 8, up 0.00% from the previous day. The port on - time rate in Shanghai in December was 40.00%, down 18.50% from November; the port call volume in Shanghai was 345.00, up 5.83%. The monthly export amount was $3303.51 billion, up 8.23%. The euro - zone composite PMI in December was 51.50, down 2.46% from November; the EU consumer confidence index was - 13.70, down 0.74%; the US manufacturing PMI was 47.90, down 0.62%. The G7 group's OECD composite leading indicator was 100.57 in December, up 0.06% from November [6]. Group 4: Stock Index Futures Investment Rating No specific investment rating provided in the report. Core View No core view explicitly mentioned in the provided content. Summary by Related Catalog - **Spot - Futures Spread**: The IF spot - futures spread was - 19.25, up 4.41 from the previous day, with a 1 - year historical percentile of 51.20% and an all - time historical percentile of 24.70%; the IH spot - futures spread was 0.34, up 1.66, with a 1 - year historical percentile of 68.40% and an all - time historical percentile of 58.20%; the IC spot - futures spread was - 80.14, down 7.66, with a 1 - year historical percentile of 34.40% and an all - time historical percentile of 6.50%; the IM spot - futures spread was - 150.99, down 43.72, with a 1 - year historical percentile of 40.00% and an all - time historical percentile of 8.70% [9]. - **Inter - delivery Spread**: For IF, the spread between the next - month and current - month contracts was - 11.60, up 0.20; the spread between the quarterly - month and current - month contracts was - 19.40, up 0.40. For IH, the spread between the next - month and current - month contracts was - 0.80, up 1.40; the spread between the quarterly - month and current - month contracts was 0.80, up 1.40. For IC, the spread between the next - month and current - month contracts was - 40.20, down 2.00; the spread between the quarterly - month and current - month contracts was - 75.00, down 8.00. For IM, the spread between the next - month and current - month contracts was - 73.60, down 5.40; the spread between the quarterly - month and current - month contracts was - 133.40, down 9.20 [9]. - **Inter - variety Ratio**: The ratio of CSI 500/CSI 300 was 1.6663, up 0.0177, with a 1 - year historical percentile of 99.50% and an all - time historical percentile of 75.30%; the ratio of CSI 500/SSE 50 was 2.5286, up 0.0247, with a 1 - year historical percentile of 99.50% and an all - time historical percentile of 79.60%; the ratio of CSI 300/SSE 50 was 1.5175, down 0.0013, with a 1 - year historical percentile of 69.60% and an all - time historical percentile of 87.70%; the ratio of CSI 1000/CSI 300 was 1.6826, up 0.0274, with a 1 - year historical percentile of 96.70% and an all - time historical percentile of 61.60% [9].

Group 1 - The core point of the news is the performance of government bond futures on January 9, with mixed results across different maturities [1] Group 2 - The 30-year main contract increased by 0.03% [1] - The 10-year main contract rose by 0.01% [1] - The 5-year main contract decreased by 0.05% [1] - The 2-year main contract fell by 0.01% [1]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.150%, UK 4.415%, France 3.521%, Germany 2.849%, Italy 3.514%, Spain 3.251%, Switzerland 0.241%, Greece 3.379%, Japan 2.116%, Brazil 6.234%, China 1.892%, Australia 4.758%, New Zealand 4.492% [3] - The latest yields of 2 - year government bonds in major economies: US 3.472%, UK 3.673%, Germany 2.088%, Japan 1.162%, Italy 2.200%, China (1Y yield) 1.339%, Australia 4.078% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil (latest 5.389), Russia (-), South Africa zar 16.453, Korean won 1448.250, Thai baht 31.280, Malaysian ringgit 4.058 [3] - The latest exchange rates related to the RMB: on - shore RMB 6.992, off - shore RMB 6.994, RMB mid - price 7.019, RMB 12 - month NDF 6.871 [3] - The latest values of major economies' stock indices: S&P 500 6920.930, Dow Jones Industrial Average 48996.080, Nasdaq 23584.280, Mexican stock index 64871.700, UK stock index 10048.210, France CAC 8233.920, Germany DAX 25122.260, Spanish stock index 17596.400, Russian stock index (-), Nikkei 51961.980, Hang Seng Index 26458.950, Shanghai Composite Index 4085.772, Taiwan stock index 30435.470, Korean stock index 4551.060, Indian stock index 8944.813, Thai stock index 1280.820, Malaysian stock index 1676.830, Australian stock index 9017.996, emerging - economy stock index 1462.970 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3549.910, euro - zone investment - grade credit - bond index 266.569, emerging - economy investment - grade credit - bond index 290.690, US high - yield credit - bond index 2923.370, euro - zone high - yield credit - bond index 411.980, emerging - economy high - yield credit - bond index 1826.798 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - shares' closing price is 4085.77 with a 0.05% change; CSI 300's closing price is 4776.67 with a - 0.29% change; SSE 50's closing price is 3145.12 with a - 0.43% change; ChiNext's closing price is 3329.69 with a 0.31% change; CSI 500's closing price is 7875.08 with a 0.78% change [4] - Valuation: PE(TTM) of CSI 300 is 14.44 with a - 0.08 change; SSE 50 is 12.05 with a - 0.08 change; CSI 500 is 35.66 with a 0.28 change; S&P 500 is 27.64 with a - 0.10 change; Germany DAX is 19.49 with a 0.18 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.53 with a 0.04 change; Germany DAX is 2.28 with a - 0.06 change [4] - Fund flow: The latest value of A - shares' fund flow is - 1026.33, the main board is - 902.23, the ChiNext is - 175.31, and the CSI 300 is - 368.61. The 5 - day average of A - shares is - 99.55, the main board is - 174.28, the ChiNext is 38.66, and the CSI 300 is 60.80 [4] Group 3: Other Trading Data - Transaction amount: The latest value of the Shanghai and Shenzhen stock markets is 28541.41 with a 476.34 change; CSI 300 is 6648.98 with a - 605.17 change; SSE 50 is 1693.07 with a - 107.41 change; small - and - medium - sized board is 6082.81 with a 347.24 change; ChiNext is 7569.99 with a 4.70 change [5] - Main contract basis and spread: IF's basis is - 23.67 with a - 0.50% spread; IH's basis is - 1.32 with a - 0.04% spread; IC's basis is - 72.48 with a - 0.92% spread [5] - Treasury futures: T2303's closing price is 107.61 with a - 0.08% change; TF2303 is 105.50 with a - 0.07% change; T2306 is 107.56 with a - 0.09% change; TF2306 is 105.49 with a - 0.08% change [5] - Fund interest rates: R001 is 1.3365% with a - 15.00 BP change; R007 is 1.5323% with a 4.00 BP change; SHIBOR - 3M is 1.5970% with a 0.00 BP change [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The bond market is currently facing multiple shocks, with a significant increase in adjustment pressure. The better-than-expected recovery of the manufacturing PMI in December may lead to a marginal improvement in the economic data of that month, weakening the fundamental support and reducing the short - term necessity of loose monetary policy. - After the holiday, the strong performance of the equity market has intensified the liquidity pressure on the bond market. - In January, the issuance scale of government bonds has increased compared with the same period last year, but the market allocation power remains weak, and the ultra - long bonds have continued to rise under the supply pressure. - In the short term, interest rates are expected to fluctuate weakly. [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: On January 7, 2026, the closing prices of T, TF, TS, and TL futures all declined, with decreases of 0.08%, 0.06%, 0.03%, and 0.44% respectively. The trading volumes of T, TF, TS, and TL were 86,507, 69,708, 50,979, and 122,870 respectively, with increases of 3,627, 640, 7,144, and 15,230 respectively compared to the previous period. - **Futures Spreads**: Some spreads such as TL2603 - 2606 and TS2603 - 2606 decreased, while others like T03 - TL03, T2603 - 2606, etc. increased. - **Futures Positions**: The positions of T, TF, and TS decreased by 1,119, 1,320, and 2,839 respectively, while the position of TL increased by 4,241. The net short positions of T and TS increased, while that of TF decreased. [2] 3.2 Bond Market - **CTD Bonds**: The net prices of several CTD bonds such as 250018.IB, 220025.IB, etc. all declined. - **Active Treasury Bonds**: The yields of 1 - 10 - year active treasury bonds mostly increased, with the 1 - year yield remaining unchanged, and the 3 - year, 5 - year, 7 - year, and 10 - year yields increasing by 3.25bp, 2.75bp, 2.35bp, and 2.15bp respectively. [2] 3.3 Interest Rates - **Short - term Interest Rates**: The overnight silver - pledged repo rate decreased by 14.39bp, while the Shibor overnight rate increased by 0.30bp. The 7 - day silver - pledged repo rate decreased by 3.00bp, while the Shibor 7 - day rate increased by 2.80bp. The 14 - day silver - pledged repo rate increased by 4.00bp, while the Shibor 14 - day rate decreased by 1.20bp. - **LPR Rates**: Both the 1 - year and 5 - year LPR rates remained unchanged. [2] 3.4 Open Market Operations - On January 7, 2026, the issuance scale of reverse repurchase operations was 286 billion yuan, the maturity scale was 5,288 billion yuan, with a net回笼 of 5,002 billion yuan, and the interest rate was 1.4% for 7 - day operations. [2] 3.5 Industry News - **Monetary Policy**: The 2026 China People's Bank of China Work Conference was held from January 5th to 6th. The central bank will continue to implement a moderately loose monetary policy, use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts flexibly and efficiently to maintain sufficient liquidity, and strengthen financial support for key areas. - **Foreign Exchange Management**: The 2026 National Foreign Exchange Management Work Conference was held in Beijing, aiming to create a more convenient, open, safe, and intelligent foreign exchange policy environment. - **Trade Policy**: The Ministry of Commerce announced a ban on the export of all dual - use items to Japanese military users, military purposes, and other end - user purposes that contribute to enhancing Japan's military strength. [2] 3.6 Overseas Situation - The US raided Venezuela and arrested Maduro, causing geopolitical shocks. - The US ISM manufacturing PMI index in December 2025 unexpectedly dropped to 47.9, the lowest since 2024, indicating continuous manufacturing contraction. - The minutes of the Fed's December meeting showed differences among officials, but most participants believed that if inflation declined as expected, future monetary policy would be further relaxed. [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 6, 2026, most yields of treasury bond cash bonds weakened, and treasury bond futures declined across the board. The central bank continued to conduct net withdrawals, and the weighted average rate of DR007 rebounded to around 1.43%. In December, the central bank's net investment through treasury bond trading was 500 million yuan, lower than market expectations. Domestically, the official manufacturing and non - manufacturing PMIs in December both rebounded and returned above the boom - bust line. Overseas, the US raid on Venezuela and the arrest of Maduro caused geopolitical shocks. The Fed's December meeting minutes indicated a divergence among officials, with most expecting looser monetary policy in the future if inflation declines as expected. Overall, the rebound in December's manufacturing PMI suggests a possible marginal improvement in economic indicators. The new regulations on fund redemptions have relaxed requirements for bond funds, alleviating market concerns and reducing redemption pressure. Interest rates may enter a phased repair window but are still subject to the suppression of a strong equity market and the supply pressure of government bonds in the first quarter. It is expected that interest rates will continue to fluctuate in the short term [5]. 3. Summary by Relevant Content 3.1 Futures Market - **Futures Prices**: On January 6, 2026, the closing prices of T, TF, TS, and TL main - contracts decreased by 0.13%, 0.11%, 0.05%, and 0.31% respectively [2]. - **Futures Trading Volume**: The trading volumes of T, TS, and TL main - contracts increased by 1165, 4332, and 14958 respectively, while the trading volume of TF main - contract decreased by 327 [2]. - **Futures Price Spreads**: Most price spreads showed an upward trend [2]. - **Futures Positions**: The positions of T, TF, and TL main - contracts increased by 3499, 3110, and 3705 respectively, while the position of TS main - contract decreased by 1428. The net short positions of T, TF, and TS decreased by 3807, 701, and 2250 respectively, while the net short position of TL increased by 639 [2]. 3.2 Cash Bond Market - **CTD Bonds**: The net prices of most CTD bonds declined [2]. - **Active Treasury Bonds**: The yields of 1 - 10 - year active treasury bonds all increased, with increases ranging from 0.25bp to 1.38bp [2]. 3.3 Interest Rates - **Short - Term Interest Rates**: The silver - pledged overnight, 7 - day, and 14 - day interest rates were 1.2435%, 1.4057%, and 1.4300% respectively. Shibor overnight, 7 - day, and 14 - day interest rates were 1.2630%, 1.4220%, and 1.4650% respectively. The silver - pledged overnight, 7 - day, and 14 - day interest rates decreased by 0.65bp, 3.43bp, and 1.00bp respectively, Shibor overnight and 7 - day interest rates decreased by 0.10bp, and Shibor 14 - day interest rate increased by 0.80bp [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.4 Open Market Operations - On January 6, 2026, the issuance scale of open - market operations was 16.2 billion yuan, the maturity scale was 312.5 billion yuan, and the net withdrawal was 296.3 billion yuan. The interest rate was 1.4% for 7 - day operations [2]. 3.5 Industry News - In December 2025, the central bank had a net investment of 500 million yuan through open - market treasury bond trading, 1000 million yuan through MLF, and a net investment of 71 million yuan through SLF [2]. - The National Development and Reform Commission plans to allocate over 100 billion yuan in funds to support Yangtze River protection projects and will establish a unified cross - regional ecological compensation mechanism in the Yangtze River mainstream [2]. - On January 5, local time, Venezuelan President Maduro was arrested by the US and pleaded "not guilty" in court. The UN Security Council held an emergency meeting, and China called on the US to ensure Maduro's safety and resolve the issue through dialogue [3]. 3.6 Key Events to Watch - January 7, 18:00, Eurozone CPI preliminary value for December 2025 - January 9, 21:30, US seasonally - adjusted non - farm payrolls for December 2025 [5]

每经AI快讯，1月6日，国债期货拉升，30年期国债期货主力合约逼近翻红，此前一度跌0.5%左右。 （文章来源：每日经济新闻） ...

021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 行业 国债日报 日期 2026 年 1 月 6 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货1月5日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 111.380 | 111.650 | 111.320 | 111.270 | -0.060 | -0.05 | ...

Market Performance - The 30-year treasury futures contract closed down 0.05%, while the 10-year contract rose 0.03%. The 5-year and 2-year contracts fell by 0.02% and 0.03% respectively. The yields on major interbank bonds mostly increased, with the 10-year government bond yield rising by 2.1 basis points to 1.8615%, and the ultra-long government bond yield increasing by 3.05 basis points to 2.282% [1] Funding Conditions - The central bank announced a 135 billion yuan 7-day reverse repurchase operation at a bid rate of 1.4%, unchanged from the previous rate. On the same day, 482.3 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 468.8 billion yuan. In the interbank market, the weighted rate of DR001 rose by 2.05 basis points to 1.2624%, while DR007 increased by 0.26 basis points to 1.4312%. In the exchange repo market, the weighted average rate of GC001 fell by 47.61 basis points to 1.5044%, and GC007 decreased by 21.11 basis points to 1.5329%. The overnight SHIBOR was reported at 1.264%, up by 0.6 basis points, while the 1-week SHIBOR fell by 0.5 basis points to 1.423% [2] Operational Recommendations - The new redemption fee regulations for bond funds that took effect on December 31 had a weaker-than-expected negative impact on the bond market. Coupled with market expectations of a relaxation in banks' EVE indicators, this is expected to benefit long-term bond demand. However, concerns over the supply of government bonds at the beginning of the year have led to a weak market sentiment, affecting futures trading. The central bank's announcement of a bond purchase of only 50 billion yuan was below expectations, although the funding conditions remain stable and ample, which is relatively favorable for short-term bonds. The market is expected to experience increased volatility due to consistent behavior among participants, and stabilization or recovery of long-term bonds may require clearer government bond supply structures [3]