Group 1 - The report indicates that the bond market experienced a recovery in January, with yields initially rising before declining throughout the month, driven by a lack of negative trading factors and improved market sentiment [5][10] - The focus for February is on medium-term credit bonds, particularly those with maturities of 2-3 years, as demand is expected to increase following the stabilization of fund liabilities [11][12] - The report highlights that the issuance of corporate perpetual bonds decreased significantly in January, with a total of 68 bonds issued, raising 55.6 billion yuan, a drop of approximately 68% from the previous month [18][19] Group 2 - In the secondary market, the yield spread for perpetual bonds narrowed slightly, with city investment bonds performing better than industrial bonds [29][31] - The report notes that the average yield of various grades of perpetual bonds decreased by about 4 basis points in January, with city investment bonds showing a more significant decline [30][34] - The analysis indicates that the issuance of Asset-Backed Securities (ABS) halved in January, with financing costs declining across the board, suggesting a stable outlook for future issuance [14][40]