Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The capital market remains loose, and the yields of interest - rate bonds have declined slightly overall. The risk - assets in the market continued to decline this week, but the mood improved on Friday. The Fed's new chairman nomination has raised doubts about the degree of easing, while the double - easing policy brought about by the high - vote victory of Japan's Komeito Party is expected to enhance global liquidity and support the subsequent rise of risk - assets. Before the holiday, it is expected that risk - assets may rise further, and the liquidity environment will improve. It is recommended to maintain the bond position for the upcoming nine - day holiday [1][4] 3. Summary by Related Catalogs 3.1 Capital and Interest - rate Bond Yield Situation - This week, DR007 ranged from 1.46% to 1.50%, and DR001 ranged from 1.28% to 1.36%. The central levels of DR001 and DR007 both declined compared with the previous week [1] - The yields of interest - rate bonds declined slightly this week. For treasury bonds, the 1 - year yield rose 2bp, the 3 - year and 5 - year yields declined 2bp each, the 7 - year yield declined 1bp, and the 10 - year yield remained flat. For CDB bonds, the 1 - year yield declined 1bp, the 3 - year yield declined 2bp, the 5 - year yield declined 4bp, the 7 - year yield declined 3bp, and the 10 - year yield declined 3bp [1][2] 3.2 Yield Changes of Treasury Bonds and CDB Bonds | Variety | 1 - year | 3 - year | 5 - year | 7 - year | 10 - year | | --- | --- | --- | --- | --- | --- | | Treasury Bond (Weekly Change, BP) | +2 | -2 | -2 | -1 | 0 | | Treasury Bond (Monthly Change, BP) | +1 | -2 | -2 | -2 | -1 | | Treasury Bond (Annual Change, BP) | -1 | 0 | -6 | -6 | -3 | | CDB Bond (Weekly Change, BP) | -1 | -2 | -4 | -3 | -3 | | CDB Bond (Monthly Change, BP) | -2 | -2 | -3 | -3 | -2 | | CDB Bond (Annual Change, BP) | +2 | -2 | -5 | -6 | -3 | [2][3] 3.3 Term Spread Situation - On February 6, the 10 - 1Y term spread of treasury bonds was 48.95bp, and that of CDB bonds was 39.44bp, narrowing 2.18bp and 0.88bp respectively compared with January 30 [3] 3.4 Market and Operation Suggestions - This week, the risk - assets in the market continued to decline, but the mood improved on Friday. The Shanghai Composite Index was in the red for most of the day and then closed down at the end of the session. The bond yields were strongly consolidated above 1.80%. Overnight, US stocks, cryptocurrencies, and precious metals rebounded significantly [4] - The Fed's new chairman nomination has raised doubts about the degree of easing, while Japan's double - easing policy is expected to enhance global liquidity and support the subsequent rise of risk - assets. Before the holiday, it is expected that risk - assets may rise further, and the liquidity environment will improve [4] - For the upcoming nine - day holiday, it is recommended that both trading and investment accounts in the bond market maintain their positions and do not need to reduce holdings. The upcoming price data is of limited reference due to the Spring Festival date misalignment, and potential emergencies during the holiday should be noted if geopolitical negotiations such as the US - Iran negotiations do not go well [4]

Group 1 - The core viewpoint of the article indicates that the yields of major interbank interest rate bonds have mostly turned downward as of January 7, with specific declines noted in various government bonds [1] Group 2 - The yield of the 10-year policy bank bond "25国开15" decreased by 0.25 basis points to 1.9760% [1] - The yield of the 10-year treasury bond "25附息国债16" decreased by 0.3 basis points to 1.88% [1] - The yield of the 30-year treasury bond "25超长特别国债06" decreased by 0.15 basis points to 2.3085% [1]

Core Viewpoint - The interbank major bond yields have generally declined, indicating a potential shift in the interest rate environment and market sentiment towards government bonds [1] Group 1: Bond Yield Changes - The yield on the 10-year policy bank bond "25国开15" decreased by 0.8 basis points to 1.85% [1] - The yield on the 10-year government bond "25附息国债16" fell by 0.2 basis points to 1.7880% [1] - The yield on the 30-year government bond "25超长特别国债06" decreased by 0.6 basis points to 2.13% [1]

Core Insights - The yields of major interbank bonds continued to decline, with the 30-year government bond "25 Super Long Special Government Bond 06" yield dropping by 0.75 basis points to 2.1475%, marking a new low since September 5 [1] - The 10-year government bond "25 Coupon Government Bond 11" yield decreased by 0.5 basis points to 1.73%, reaching a new low since August 13 [1] Summary by Category - **Interest Rates** - The 30-year government bond yield fell to 2.1475%, a decrease of 0.75 basis points [1] - The 10-year government bond yield decreased to 1.73%, down by 0.5 basis points [1]