1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In 2026, the Fed's policy adjustment will be more neutral due to sticky inflation and cooling employment. The US labor market is expected to cool further, and structural labor shortages and service - sector resilience may slow down the rapid decline of inflation [2] - In 2026, the US dollar faces a certain mild callback pressure, and its interest rate spread with major non - US currencies narrows marginally. The US dollar's unilateral strength is difficult to reappear, and exchange - rate volatility may increase. The weakening of the US dollar helps relieve the external constraints on the RMB, but the RMB is more likely to show a mildly stronger pattern [3] - In 2026, the issuance of Chinese overseas bonds is expected to pick up. The issuance environment of overseas bonds is expected to improve marginally, but the repair path will be more driven by refinancing and industry differentiation will intensify [4] - The convertible bonds, ESG - themed bonds, and digital bonds are all booming. Convertible bonds are important financing tools for technology and growth - oriented enterprises; ESG - themed bonds are expected to maintain their prosperity; digital bonds are in the institutionalization stage and are expected to become an important supplementary tool for the offshore market in the medium - to - long - term [5] - In 2026, the Chinese US - dollar bond market will be affected by the Fed's interest - rate cut rhythm and amplitude, domestic fiscal and monetary policies, and changes in the global liquidity environment [7] 3. Summary by Related Catalogs Fed Policy and Economic Situation - In 2025, the US CPI formed a sticky range above 2%. High - income groups supported consumption, and service - type inflation showed stickiness. In 2026, the US labor market is expected to cool further, and enterprises are more inclined to slow down recruitment rather than conduct large - scale layoffs [2] Exchange - Rate Situation - In 2026, the US dollar faces mild callback pressure, and its interest - rate spread with major non - US currencies narrows marginally. The US dollar's unilateral strength is difficult to reappear, and exchange - rate volatility may increase. The RMB is more likely to show a mildly stronger pattern [3] Chinese Overseas Bond Issuance - In 2025, the primary - market issuance of Chinese overseas bonds declined, and net financing was negative. In 2026, the issuance of Chinese overseas bonds is expected to pick up. The repair path will be more driven by refinancing, and industry differentiation will intensify. The issuance of real - estate overseas bonds has picked up from a low level, the issuance of urban - investment overseas bonds has shrunk significantly, and the overseas financing demand of financial institutions has declined temporarily [4] Bond - Issuance Tools - Convertible bonds, ESG - themed bonds, and digital bonds are all booming. Convertible bonds are important financing tools for technology and growth - oriented enterprises; ESG - themed bonds are expected to maintain their prosperity; digital bonds are in the institutionalization stage and are expected to become an important supplementary tool for the offshore market in the medium - to - long - term [5] Chinese US - dollar Bond Market - In 2025, the Markit iBoxx Chinese US - dollar bond return index showed an oscillating upward trend, and the returns of the real - estate sector narrowed. In 2026, the Chinese US - dollar bond market will be affected by the Fed's interest - rate cut rhythm and amplitude, domestic fiscal and monetary policies, and changes in the global liquidity environment [7]