国债期货日报 2026/1/13 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.850 | 0.06% T主力成交量 | 54073 | -10308↓ | | | TF主力收盘价 | 105.625 | 0.04% TF主力成交量 | 44516 | -20415↓ | | | TS主力收盘价 | 102.330 | 0% TS主力成交量 | 31235 | -6059↓ | | | TL主力收盘价 | 111.350 | 0.28% TL主力成交量 | 89373 | -9823↓ | | 期货价差 | TL2603-2606价差 | -0.13 | -0.03↓ T03-TL03价差 | -3.50 | -0.14↓ | | | T2603-2606价差 | 0.07 | -0.02↓ TF03-T03价差 | -2.22 | -0.00↓ | | | TF2603-2606价差 | 0.02 | +0.02↑ TS03-T03价差 | -5.52 | ...

Core Viewpoint - The newly released "Work Method" by the National Development and Reform Commission, Ministry of Finance, Ministry of Science and Technology, and Ministry of Industry and Information Technology aims to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [1][2]. Group 1: Policy Measures - The "Work Method" proposes 14 policy measures focusing on three aspects: where to invest, how to invest, and who manages the funds [2]. - It emphasizes supporting major strategies, key areas, and weak links in resource allocation, promoting deep integration of technological and industrial innovation, and nurturing emerging pillar industries [2]. - The investment direction must align with national major plans and encouraged industries, avoiding restricted, eliminated, or prohibited sectors [2]. Group 2: Fund Management and Evaluation - The "Work Method" addresses issues such as mismatched fund operations with local resources and unclear fund positioning, providing clear requirements for national and local funds [3]. - National funds are to support the construction of a modern industrial system and tackle key core technology challenges, while local funds should focus on local industry strengths and support small and micro enterprises [3]. - A comprehensive investment direction evaluation system is established, combining quantitative and qualitative assessments to enhance policy guidance and regulatory management [3].

Group 1 - The management measures emphasize incentive constraints to optimize industrial layout and strengthen industrial regulation [1] - The government investment funds are guided to invest in or withdraw from industries encouraged or restricted by the state, preventing local governments from using these funds to subsidize overcapacity sectors [1] - An evaluation system will be established to assess fund direction policy alignment, covering the entire fund operation management process with both quantitative and qualitative indicators [1] Group 2 - A negative behavior list for investment direction is set, and funds exhibiting such behaviors will not undergo evaluation for that year [2] - Existing government investment funds that do not comply with the guidelines will be encouraged to exit in an orderly manner after their term, while ensuring the protection of legal rights of operating entities [2]