Domestic News - The People's Bank of China reported that by the end of January 2026, the total social financing scale was 449.11 trillion yuan, a year-on-year increase of 8.2%. The increment in January was 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [1] - The broad money supply (M2) reached 347.19 trillion yuan at the end of January, growing by 9% year-on-year. The narrow money supply (M1) was 117.97 trillion yuan, up by 4.9% year-on-year, while the cash in circulation (M0) was 14.61 trillion yuan, increasing by 2.7% year-on-year. A net cash injection of 519.1 billion yuan occurred in January [1] - The National Bureau of Statistics indicated that in January 2026, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a narrowing decline month-on-month, with a year-on-year decrease [3] - In first-tier cities, new commercial residential property prices fell by 0.3% month-on-month, while second-hand residential prices decreased by 0.5%, with the latter's decline narrowing by 0.4 percentage points compared to the previous month [3] Regulatory Updates - The State Administration for Market Regulation and the Ministry of Commerce jointly issued a notice to strengthen the recall supervision of cross-border e-commerce retail imported food, clarifying the responsibilities of cross-border e-commerce enterprises in food safety [2] - The Shenzhen Municipal Local Financial Supervision Administration emphasized that enterprises must not engage in illegal gold trading activities, including pre-priced trading and leveraged trading [4] - The National Tobacco Administration released a notice to implement electronic cigarette industry policies, aiming to regulate investment behaviors and prevent capacity expansion in new projects [4] International News - The New York Federal Reserve Bank reported that approximately 90% of the additional costs from tariffs imposed by the U.S. government in 2025 will be borne by American consumers and businesses, contradicting previous claims that foreign exporters would absorb these costs [5] - The UK Office for National Statistics announced a 1.3% economic growth in 2025, driven by the service sector, indicating potential signs of economic recovery [5] - The Bank of Malaysia expects the economic outlook for 2026 to remain resilient, with overall inflation expected to stay moderate [6]

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Tianhong Credit Bond ETF (159398), which has seen a net inflow of over 570 million yuan in the last five trading days and has a trading volume exceeding 1.5 billion yuan [1] - The Tianhong Credit Bond ETF has a latest circulating scale of 5.672 billion yuan, meeting the criteria for inclusion in the general repurchase pledge library for bond transactions [1] - The implementation of the general pledge-style repurchase business for credit bond ETFs is expected to enhance liquidity and trading opportunities in the market [1] Group 2 - Citic Securities forecasts an influx of incremental funds into the domestic credit market due to the central bank's "double reduction" policy and the upcoming deposit rate cuts, which may lead to a further narrowing of credit spreads [2] - The bond market is expected to remain volatile, with short-term funding rates stabilizing around 1.5%, and the focus will be on the central bank's liquidity injections at the end of the month [2] - It is recommended to seize opportunities in credit spread compression, particularly in high-grade credit bonds with maturities of over three years [2]