近日，美、日国债特别是超长端国债承压。1月20日，美债10年期、30年期收益率分别上行约6个基点、 8.5个基点，美国股债汇"三杀"；日债30年期收益率上行约25个基点，至3.86%，创出历史新高。 2026年，与权益市场"春季行情"提前启动不同，债市波动相对较小，且股债"跷跷板"效应有所钝化。1 月8日以来，国债收益率小幅下行，且收益率曲线在快速陡峭后于本周小幅走平。截至1月21日下午， 10年期国债活跃券收益率处与1.8230%一线，30年期国债活跃券收益率处于2.66%一线。10年期、30年 期、5年期、2年期国债期货主力合约本周前3个交易日累计涨幅分别为0.12%、0.97%、0.07%、0.03%。 结构型货币政策落地，财政政策"只增不减" 1月15日，央行相关负责人在国务院新闻办新闻发布会上宣布，将下调各类结构性货币政策工具利率、 提高再贷款额度等。与2025年5月一揽子金融政策相比，本次总量型货币政策工具缺席，主要为结构性 工具发力。其一，结构性工具利率下调0.25个百分点。与上次相同，结合当前余额约5.26万亿元计算， 节约利息约135亿元。其二，新增支农支小再贷款额度。继续增加科技创新和技术 ...

Core Insights - The total scale of public funds in China has surpassed 36 trillion yuan, marking a historical high for the fifth time this year [1][2][3] - Active equity funds have been the main contributors to this growth, with stock fund net value increasing by 12.76% month-on-month, a rare occurrence historically [1][4] - The "seesaw" effect between stocks and bonds has been evident, with bond funds experiencing a slight decline in both share and net value [1][6] Fund Scale and Performance - As of the end of August, there are 164 public fund management institutions in China, managing a total net asset value of 36.25 trillion yuan, an increase of over 1.17 million shares from the previous month [2] - The total number of public funds reached 13,128, with a net value of 362,527.97 billion yuan, reflecting a month-on-month increase of 3.36% [3] Equity Fund Highlights - The Shanghai Composite Index rose by 7.97% in August, leading to a significant increase in active equity fund sizes, with stock fund shares increasing by 796.68 billion and net value rising by 6,280 billion yuan [4] - New fund issuance in August totaled 1,020 billion shares, with equity funds accounting for half of the total issuance [4] Bond Fund Trends - Bond funds saw a reduction of over 950 billion shares and a net value decrease of over 285 billion yuan in August [6] - The performance of bond funds varied, with convertible bond funds showing an average return of 6.29%, while passive index bond funds lagged behind [6][7] QDII Fund Developments - QDII funds benefited from significant gains in both Hong Kong and U.S. stock markets, with QDII fund shares increasing by 534 billion and net value rising by 672 billion yuan, reflecting a month-on-month increase of 9.21% [8]