Group 1: Core Insights - The Jiangsu provincial government has introduced 20 measures to optimize financial services for the private economy, focusing on addressing challenges and urgent needs in financing [1] - By 2025, Jiangsu aims to have 29 new A-share listings, all from private enterprises, highlighting the vitality and willingness of the private economy to leverage capital markets for growth [1] Group 2: Financing Access - A one-stop online financing platform for small and medium-sized private enterprises has been established, with over 2.03 million users and a target of helping 89,000 enterprises secure credit of 613.6 billion yuan by 2025 [1] - Jiangsu plans to enhance the platform's capabilities through AI and public data initiatives, aiming to improve credit loan offerings and reduce the need for physical visits [1] Group 3: Financing Product Innovation - The measures promote a collaborative approach to financing, integrating equity, debt, and guarantees, while encouraging innovation in financial products and services [2] - Jiangsu will deepen cooperation with major stock exchanges to support the growth of private enterprises and enhance the effectiveness of strategic emerging industry funds [2] - New credit products tailored for private enterprises will be developed, including "private credit loans" and various types of collateral financing [2] Group 4: Support for Troubled Enterprises - The measures emphasize collaboration among financial, judicial, and industry management sectors to assist struggling private enterprises, including support for credit repair for those undergoing bankruptcy or restructuring [3] - There is a focus on restoring confidence in affected enterprises through shared credit repair results between market regulators and financial management departments [3] Group 5: Financial Service Motivation - The measures aim to address the reluctance of financial institutions to lend to small and micro enterprises by establishing a long-term mechanism to encourage lending [3] - Financial institutions will be evaluated on their service to the real economy, with increased emphasis on financing indicators for private enterprises [3] Group 6: Financial Market Environment - A multi-faceted mediation system for financial disputes will be established, utilizing various consumer protection mechanisms to safeguard financial consumers and investors [4] - Jiangsu will maintain a strict stance against financial misconduct, including illegal fundraising and fraud, while initiating a financial ecological county evaluation [4] - The private economy in Jiangsu has contributed significantly to technological innovation and economic growth, with a loan balance of approximately 8 trillion yuan expected by the end of 2025 [4]

Core Viewpoint - Japan is entering a "gambling" era under Prime Minister Kishi, with significant changes in economic and defense policies anticipated, including a proposed suspension of the 8% food consumption tax to alleviate inflation pressures on households [2][3]. Economic Policy - Kishi's administration is expected to implement aggressive fiscal policies, potentially leading to increased national debt and a depreciation of the yen, raising concerns about Japan's economic strength [5][7]. - The International Monetary Fund indicates Japan has the highest debt levels globally, with projections showing the debt-to-GDP ratio nearing 230% by 2025, alongside a core CPI increase of 3.1% [7]. - Analysts express skepticism regarding Kishi's consumption tax cuts, citing significant doubts about funding sources and fiscal balance, which could exacerbate concerns over government bond issuance [7][8]. Market Reactions - The Japanese stock market has seen a surge, attributed to the influx of funds driven by Kishi's fiscal policies, but there are warnings that a disconnect between stock market performance and real economic growth could lead to a market correction [5][10]. - Concerns are raised about the potential for a "triple decline" in the yen, bond prices, and stock markets if Kishi's expansionary fiscal policies are not managed carefully [8]. Investor Sentiment - There is a notable lack of confidence among domestic investors regarding a significant return of capital from overseas, despite traditional expectations that rising interest rates would attract funds back to Japan [10]. - Foreign investors have become a crucial source of demand for Japanese bonds, particularly in the ultra-long segment, indicating a complex relationship between domestic fiscal policy and international investment dynamics [10].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The pre - holiday bond market continued to recover mainly because the pressure on the bank's asset - liability gap was lower than expected. Factors included government bond digestion pressure not being too high, most due deposits being renewed, and an increase in the speed of foreign exchange settlement under the expectation of RMB appreciation [6][9]. - Since 2025, the "quantity and price decline" of large - bank certificates of deposit (CDs) has often led to a downward repair of bond market interest rates. After the holiday, it is necessary to focus on whether CDs can continue the pre - holiday trend of "quantity and price decline" [6][9][11]. - The key to whether bond interest rates can continue to break through after reaching critical points depends on whether CD interest rates can "as expected" continue to decline after the holiday [6][11]. Summary by Relevant Catalogs 1. Bond Market Weekly Viewpoint: Pay Attention to Whether CDs Can Continue the "Quantity and Price Decline" after the Holiday - The pre - holiday bond market recovery was due to three factors: government bond high growth not causing much digestion pressure, bank deposit loss not being serious as most due deposits were renewed, and the positive impact of increased foreign exchange settlement on the bond market [6][9]. - The "quantity and price decline" of large - bank CDs since 2025 has been correlated with the downward repair of bond market interest rates, and this time is no exception [6][9]. - After the holiday, it is necessary to observe whether there are more factors to ease the bank's liability pressure and whether the central bank will reduce other ways of base money injection [11]. - Since the end of 2024, CD interest rates have often shown "anti - seasonal" fluctuations, and it is worth noting whether they will continue to decline after the holiday [6][11]. 2. This Week's Focus in the Fixed - Income Market: The Supply Scale of Interest - Bearing Bonds Remains at a High Level in the Same Period 2.1 This Week's Domestic Inflation and Financial Data Will Be Released - China will announce January CPI, PPI and other data, and the US will announce January unemployment rate and other data [15][16]. 2.2 This Week's Interest - Bearing Bond Issuance Is Expected to Be Around 712.1 Billion - The total issuance of interest - bearing bonds this week is expected to reach 712.1 billion. Among them, treasury bonds are expected to issue 210 billion, local bonds 322.1 billion, and policy - financial bonds about 180 billion [17][18]. 3. Review and Outlook of Interest - Bearing Bonds: Bond Market Interest Rates Mostly Decline 3.1 The 14 - day Reverse Repurchase Injection Started - After the month - end, the scale of open - market operation injections decreased. The 7 - day reverse repurchase scale decreased last week, and the 14 - day reverse repurchase injection started in the second half of the week, with a net withdrawal of 756 billion [22][23]. - The increase in cross - month capital interest rates was controllable. The repurchase trading volume increased, and the overnight proportion reached a high level. The overnight price and DR007 both declined [23]. - The issuance volume of CDs increased, and the price continued to decline. The net financing amount of CDs was positive, and the proportion of medium - term CDs decreased [29]. 3.2 The Bond Market Sentiment Remained Optimistic - Last week, there was little new information in the bond market. After the month - end, funds were loose, and the equity and commodity markets mostly declined. The bond market sentiment remained optimistic, and most interest rates declined [39]. - The 10Y treasury bond reached a critical point, and more catalysts may be needed for a downward breakthrough. Most yields of interest - bearing bonds with different maturities declined, with only the 1 - year treasury bond yield rising slightly [39]. 4. High - Frequency Data: Most Commodity Prices Were Hit - On the production side, the trends of operating rates were divergent. The blast furnace and PTA operating rates increased, while the semi - steel tire and asphalt operating rates decreased. The year - on - year decline in the daily average crude steel output in late January widened [45]. - On the demand side, the year - on - year growth rates of passenger car manufacturers' wholesale and retail sales were still negative. The land premium rate in 100 large - and medium - sized cities decreased, and the land transaction area increased. The sales area of commercial housing in 30 large - and medium - sized cities increased significantly compared with the same period of last Spring Festival. The export indices declined [45]. - On the price side, most commodity prices declined. Crude oil, copper, and aluminum prices decreased, and the price of coking coal futures also decreased. The comprehensive building materials price index and cement index decreased slightly, while the glass index increased. The price of downstream consumer products such as vegetables and pork mostly declined [46].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The overall market shows a complex situation with different trends and events across various sectors. The bond market is warming up, and the stock market has a significant upward movement. Commodity markets have their own characteristics, such as the growth of the futures trading volume and price changes in metals. Macroeconomic data reflects the current economic situation, and there are also various policy announcements and international events affecting different industries [27][31]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP growth rate in Q4 2025 was 4.5% year - on - year, lower than the previous quarter and the same period last year [1]. - Manufacturing PMI in January 2026 was 49.3%, slightly higher than the previous month [1]. - Non - manufacturing PMI: Business Activity in January 2026 was 49.4%, lower than the previous month [1]. - Social financing scale in December 2025 was 22075 billion yuan, lower than the previous month [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - In January 2026, the national futures trading volume was 912 million lots, and the turnover was 100.26 trillion yuan, with year - on - year increases of 65.09% and 105.14% respectively [2]. - Multiple exchanges adjusted trading margins and price limits for various futures contracts [2][3]. 3.2.2 Metals - On February 9, international and domestic precious metals prices generally rose, with COMEX gold up 2.10% and SHFE gold up 3.88% [5]. - Rare earth prices increased on February 9, with the average price of praseodymium - neodymium oxide rising by 41300 yuan/ton [5]. - Poland's central bank plans to buy 150 tons of gold in 2026 to strengthen foreign exchange reserve resilience [6]. 3.2.3 Coal, Coke, Steel and Minerals - The ecological environment department will pre - allocate carbon emission quotas to key emission units in relevant industries in 2026 [9]. - US coal prices showed different trends as of February 6 [9]. 3.2.4 Energy and Chemicals - The US Energy Secretary will visit Venezuela to discuss the future of the state - owned oil company [10]. - The global peak of oil demand is expected to be later than previously predicted due to the slowdown of electric vehicle penetration [10][11]. 3.2.5 Agricultural Products - In 2025, Dalian Commodity Exchange's soybean meal options had the highest annual trading volume among global agricultural products, and corn options ranked eighth [12]. - As of last Thursday, the harvested area of Brazil's 2025/26 soybean crop reached 16% of the expected area [12]. 3.3 Financial News 3.3.1 Open Market - On February 9, the central bank conducted 113 billion yuan of 7 - day reverse repurchase operations, with a net injection of 38 billion yuan [13]. 3.3.2 Key News - The three major exchanges optimized refinancing measures, aiming to support high - quality and technology - innovative listed companies [15]. - Multiple departments took measures to support cross - border e - commerce, the automotive industry, and protect the rights of new - form workers [15][16]. 3.3.3 Bond Market Review - China's bond market continued to be positive, with bond yields generally falling and futures prices rising [20]. - Exchange - traded bonds showed mixed performances, with some rising and some falling [21]. 3.3.4 Foreign Exchange Market - On Monday, the on - shore RMB against the US dollar rose 117 points, and the US dollar index fell 0.78% [25]. 3.3.5 Research Report Highlights - Brokerages such as CITIC Securities and Huatai Securities gave different investment suggestions on the bond and convertible bond markets [27][28]. 3.4 Stock Market - On Monday, the A - share market rose significantly, with the Shanghai Composite Index up 1.41% and the Shenzhen Component Index up 2.17% [31]. - The Hong Kong stock market also rose, with the Hang Seng Index up 1.76% [31]. - As of the end of January 2026, the number of Chinese private fund managers with over 10 billion yuan in assets reached a record high [31].

Group 1 - The core viewpoint of the news is that by the end of 2025, Shaanxi Province's total loan balance is expected to exceed 6 trillion yuan, with significant growth in various sectors, including manufacturing, small and micro enterprises, and green loans [2][3][4] - By the end of 2025, the loan balance for the manufacturing sector is projected to grow by 9.79%, while loans for small and micro enterprises are expected to increase by 13.68% [3] - The total social financing scale in Shaanxi is estimated to increase by 536 billion yuan in 2025, with 203 non-financial corporate debt financing instruments issued, amounting to 179.32 billion yuan [3] Group 2 - Shaanxi Province has implemented a comprehensive financial strategy, including five major articles and multiple specialized policies to promote technological innovation and support various sectors such as consumption and carbon reduction [4] - The province has seen a 30.96% year-on-year increase in loans to technology-based small and medium-sized enterprises and a 21.35% increase in loans to the elderly care industry by the end of 2025 [4] - The cross-border payment scale in Shaanxi reached 57.843 billion USD in 2025, with a year-on-year growth of 5.49%, and a net inflow of 2.969 billion USD [6]

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has triggered significant market reactions, reversing the trends observed at the beginning of the year [2][8]. Market Reactions - Following the announcement, the US dollar index shifted from a downward trend to an increase of over 0.7% [2]. - Precious metals experienced sharp declines, with gold dropping over 7% in a single day and silver falling by as much as 16% [2][5]. - Major US stock indices closed lower, with the Dow Jones down 0.36%, Nasdaq down 0.94%, and S&P 500 down 0.43% [2]. Economic Perspectives - Analysts suggest that Warsh's hawkish stance on monetary policy raises concerns that the Fed may not pursue multiple rate cuts as previously expected, contributing to the dollar's strength [2][3]. - Warsh's previous criticism of the Fed's large balance sheet has led to fears of further balance sheet reduction alongside potential interest rate hikes, impacting bond yields and risk assets [2][5]. Asset Performance - The market showed a divergence post-February 2, with the dollar index continuing to rise for five consecutive trading days, while precious metals faced extreme volatility [12]. - Gold prices fluctuated significantly, reaching a low of $4,660 per ounce after previously exceeding $5,000 [12][9]. - Silver also saw dramatic price movements, with a peak of $92 per ounce followed by a drop to $64.38 [12]. Long-term Implications - Warsh's leadership may signify a shift in the Fed's role from a supportive entity to a more traditional, rule-based institution [4]. - The potential for a tightening of monetary policy under Warsh could lead to increased volatility in risk assets, particularly those reliant on liquidity [16]. - The long-term outlook for precious metals may remain intact despite short-term fluctuations, as the underlying demand dynamics could still support prices [19][20].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The central bank's "structural" interest rate cut and the CSRC's work conference set a positive tone for the bond market. The central bank's move is conducive to maintaining a stable liquidity environment and alleviating credit risks, while the CSRC's policy aims to improve the quality, adjust the structure, and expand the scale of the credit - bond market, promoting its development in line with national strategies [3][12][16] - The bond market presents more structural opportunities. It is recommended to focus on medium - to high - grade, medium - to short - term bond varieties, and closely follow subsequent policies, credit risk changes, and the behavior of wealth - management funds [3] Summary by Directory Market Hotspots - The central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points on January 15, 2026, and increased the quota of relevant tools. This operation is a "precision - drip" measure, which is expected to improve liquidity marginally, lower capital costs, and support the real economy, especially small and medium - sized enterprises and private enterprises. It has a positive impact on the short - end of the interest - rate bond and helps maintain the stability of medium - to high - grade credit spreads [10][11][12] - The CSRC held a system - wide work conference on January 15, 2026, proposing to "improve the quality, adjust the structure, and expand the scale" of the bond market. It will optimize the supply structure of the credit - bond market, strengthen risk prevention, and promote the development of the commercial real estate REITs pilot, which is expected to enhance the bond market's service to the real economy and national strategies [14][15][16] Macroeconomic Data - In 2025, China's GDP reached 140.19 trillion yuan, a year - on - year increase of 5% at constant prices, achieving the annual target. The economic growth momentum showed a "high - in - the - front, low - in - the - back" trend. Consumption maintained growth with the retail sales of consumer goods reaching 50.12 trillion yuan, a 3.7% increase. The investment side was under pressure with a 3.8% year - on - year decline in fixed - asset investment, while the production side remained resilient with the added value of industrial enterprises above the designated size growing by 5.9% year - on - year [4][18] Money Market - Last week, the central bank net injected 111.28 billion yuan through open - market operations. However, due to approaching tax - payment periods, a strong start to credit, and the maturity of high - interest time deposits, most capital prices rose. Except for a 3bp decline in DR007, the pledged - repo rates for other tenors increased by 2bp - 11bp. The 3 - month and 1 - year Shibor remained stable, and the spread between them was basically the same as the previous week [5][21] Primary Market of Credit Bonds - Last week, credit - bond issuance cooled slightly. The issuance scale was 259.401 billion yuan, and the average daily issuance was 51.88 billion yuan. By bond type, the issuance scales of different bonds varied. By industry, the infrastructure investment and financing industry's issuance scale decreased by 47.663 billion yuan to 83.845 billion yuan, with a net outflow of 38.154 billion yuan; the industrial bond issuance scale increased by 25.302 billion yuan to 152.917 billion yuan, and most industries had net inflows. The issuance costs of most credit bonds decreased by 2bp - 36bp, except for the 3 - year AA+ bonds, whose issuance cost rose by 14bp [6][24][25] Secondary Market of Credit Bonds - Last week, the secondary - market cash - bond trading volume was 9.054899 trillion yuan, with the average daily trading volume increasing by 6.5887 billion yuan to 181.098 billion yuan, indicating active trading. Affected by the correction of the equity market, large - scale net injections in the open market, and expectations of reserve - requirement ratio cuts and interest - rate cuts, the bond - market sentiment improved. The yields of interest - rate bonds and credit bonds generally declined, with the 10 - year Treasury yield dropping 4bp to 1.84%. Most credit spreads widened, and most rating spreads narrowed [7][34][38] Appendix - There were multiple credit - risk events in the bond market in 2025, including principal and interest extensions and defaults of bonds issued by real - estate companies, financial institutions, etc. [47] - There were several regulatory and market innovation dynamics in 2025, such as tax - exemption policies for overseas institutional investors in the domestic bond market, the release of business guidelines by the Shanghai Stock Exchange, the launch of the ICBC - CCDC Panda Bond Index series, and the optimization of the M&A note mechanism by the NAFMII [48][50] - The monthly net financing amounts of major credit - bond types in 2024 - 2025 were provided, showing significant fluctuations [50]

Group 1 - The capital market is experiencing increased volatility, leading to a common concern among investors about where to allocate their funds [1][17] - The topic of "fixed income +" is gaining popularity on social media, with many investors recognizing its defensive strategy during market fluctuations [2][10] - Financial institutions are actively promoting "fixed income +" products, with significant growth in demand observed in early 2025 [3][12] Group 2 - "Fixed income +" is characterized as a combination of stable income from fixed assets and performance bonuses from equities and other assets, appealing to investors seeking both stability and growth [8][10] - The "fixed income +" strategy aligns with the trend of wealth management focusing on stability while still aiming for additional returns [11][13] - The market for "fixed income +" products has seen a substantial increase, with a reported growth of 16% year-on-year, reaching a total of 10.8 trillion yuan by the end of 2025 [12][18] Group 3 - The average annualized return for "fixed income +" products is approximately 4%, outperforming pure bond funds while maintaining lower volatility [20] - Financial institutions are expected to diversify their strategies to include more equity exposure through "fixed income +" and multi-asset approaches, potentially bringing in an additional 150 to 250 billion yuan in annual funds [21][22] - The rise of "fixed income +" reflects a shift in investor behavior towards more proactive and diversified asset allocation strategies [33]

Group 1 - The core point of the article discusses the strategic moves by Guangzhou Pharmaceutical Group to reshape its brand and operational strategy, including the establishment of a brand strategy committee and a new management framework [15] - The company plans to close 80% of its existing stores over the next five years and will only open new stores with a minimum area of 400 square meters, focusing on creating "super stores" centered around IP products [16] Group 2 - The article highlights recent personnel changes in the financial sector, including the appointment of Lin Chaohui as the new president of Guangfa Bank, with the bank's personal AUM exceeding 1 trillion yuan last year [18] - It also mentions the appointment of Bai Xiaodong as the chairman of Beijing Rural Commercial Bank and Tian Hui as the new president, pending regulatory approval [19] - Additionally, Xu Mingjie has been confirmed as the Chief Risk Officer of China Merchants Bank, with the bank's non-performing loan ratio decreasing last year [20]

Report Industry Investment Rating No information provided in the content. Core Views of the Report - This week (2026.2.2 - 2026.2.6), the yield of the 10 - year Treasury active bond 250016 dropped from 1.81% last Friday to 1.802% this Friday, a decrease of 0.8bp. The bond market oscillated within a very narrow range, with 1.8% becoming the invisible lower limit of the 10 - year Treasury yield. It is recommended to add duration cautiously to avoid the disturbances brought by the recovery of production demand after the Spring Festival and the goals of the Two Sessions in March [1][9][14]. - The significant fluctuations of overseas assets in the early stage have been repaired this week. The market's divergence is significantly increasing, and the previous structured market is undergoing "destructuring". It is expected that at least in the first half of 2026, the technology growth will maintain its momentum. The subsequent interest rate path is still dominated by fundamental data [15]. - The number of initial jobless claims in the US fluctuates in the short - term, and the number of continued claims declines. The unemployment rate steadily rises, and the labor participation rate fluctuates weakly, indicating the structural pressure in the employment market. The year - on - year increases of the US CPI and core CPI continue to narrow, and the inflation pressure is further alleviated. The Fed has pressed the "pause button" on interest rate cuts, and the global monetary policy shows significant "diversification" characteristics [16][18][19]. Summary According to the Directory 1. One - Week Views - **Analysis of the Bond Market's Narrow - Range Oscillation**: This week, the yield of the 10 - year Treasury active bond 250016 decreased. The bond market oscillated in a narrow range. The central bank's net purchase of Treasury bonds in the open - market in January 2026 was 100 billion yuan, the highest since the resumption of Treasury bond trading last October, but more restrained compared with 2024. The reasons are that it can supplement the liquidity gap at the beginning of the year and reduce the bank's liability cost, and the central bank tends to maintain a reasonable and sufficient liquidity [1][9][14]. - **Analysis of the Future Trend of US Treasury Yields**: Overseas asset fluctuations have been repaired. The technology growth is expected to maintain its momentum in the first half of 2026. The Fed's policy signal has turned dovish this week, and the expectation of interest rate cuts has increased. The subsequent interest rate path depends on fundamental data [15]. - **Analysis of US Economic Data**: The US labor market has a "low - hiring, low - firing" pattern, and the employment market has structural pressure. The inflation pressure in the US is further alleviated, and the manufacturing shipment volume and inventory total expand synchronously. The Fed has paused interest rate cuts, and the global monetary policy shows "diversification" [16][18][19]. 2. Domestic and Overseas Data Summary 2.1 Liquidity Tracking - **Open - Market Operations**: From 2026/2/2 to 2026/2/6, the total net investment in the open - market was - 756 billion yuan, indicating a net withdrawal of funds [29]. - **Interest Rate Comparison**: The money - market interest rates, including R, DR, and SHIBOR, showed different degrees of decline this week compared with last week [34]. 2.2 Domestic and Overseas Macroeconomic Data Tracking - **Commodity Price Changes**: Steel prices and LME non - ferrous metal futures official prices have all declined. The prices of coking coal and thermal coal, vegetable price indices, RJ/CRB commodity price indices, and South China industrial product price indices have shown different trends [52]. - **Stock and Bond Market Performance**: The VIX panic index led the increase, while the Shanghai Composite Index and the Shanghai Stock Index led the decline. The short - end and long - end of the US Treasury yield curve have both risen [62][68][71]. 3. One - Week Review of Local Government Bonds 3.1 Primary Market Issuance Overview - **Issuance Scale**: This week, 90 local government bonds were issued in the primary market, with a total issuance amount of 579.673 billion yuan, a repayment amount of 300 million yuan, and a net financing amount of 579.373 billion yuan, mainly invested in the comprehensive field [81]. - **Regional Issuance**: 15 provinces and cities issued local government bonds, and the top five in terms of total issuance amount were Jiangxi, Guangdong, Henan, Jiangsu, and the Guangxi Zhuang Autonomous Region. 11 provinces and cities issued local special refinancing special bonds for replacing hidden debts, and the top five in terms of total issuance amount were Jiangsu, Henan, Jiangxi, the Guangxi Zhuang Autonomous Region, and Chongqing [85][89]. - **Early Redemption of Urban Investment Bonds**: The total early redemption scale of urban investment bonds this week was 3.6 billion yuan, all from Anhui Province. Since November 15, 2024, the total early redemption scale of national urban investment bonds has been 121.007 billion yuan, with Chongqing having the highest redemption scale [91][95]. 3.2 Secondary Market Overview - **Trading Volume and Turnover Rate**: The stock of local government bonds this week was 55.89 trillion yuan, the trading volume was 437.52 billion yuan, and the turnover rate was 0.78%. The top three provinces with active local government bond trading were Guangdong, Zhejiang, and Shandong. The top three trading - active terms were 30Y, 10Y, and 20Y [99]. - **Yield Changes**: The maturity yields of local government bonds showed a differentiated trend this week [102]. 3.3 Local Government Bond Issuance Plan for This Month The issuance plans of local government bonds in some provinces and cities such as Zhejiang, Yunnan, Shaanxi, Shanxi, Hunan, Hebei, Guangdong, and Beijing from February 9 to February 11, 2026, are presented [106]. 4. One - Week Review of the Credit Bond Market 4.1 Primary Market Issuance Overview - **Overall Issuance**: This week, 440 credit bonds were issued in the primary market, with a total issuance amount of 358.206 billion yuan, a total repayment amount of 102.182 billion yuan, and a net financing amount of 256.024 billion yuan, an increase of 100.335 billion yuan compared with last week [107]. - **By Bond Type**: Urban investment bonds had a net financing amount of 57.856 billion yuan, and industrial bonds had a net financing amount of 198.167 billion yuan. By bond type, short - term financing bonds had a net financing amount of 35.325 billion yuan, medium - term notes had a net financing amount of 88.497 billion yuan, enterprise bonds had a net financing amount of - 2.186 billion yuan, corporate bonds had a net financing amount of 124.115 billion yuan, and private placement notes had a net financing amount of 10.273 billion yuan [108][114]. 4.2 Issuance Interest Rates The issuance interest rates of short - term financing bonds increased by 6.61bp, medium - term notes decreased by 14.33bp, and corporate bonds increased by 3.54bp [124]. 4.3 Secondary Market Trading Overview The total trading volume of credit bonds this week was 561.09 billion yuan, with different trading volumes for each bond type [125]. 4.4 Maturity Yields The maturity yields of national development bonds declined across the board this week. The yields of short - term financing bonds and medium - term notes showed a differentiated trend, the yields of enterprise bonds generally declined, and the yields of urban investment bonds showed a differentiated trend [124][126][127][128]. 4.5 Credit Spreads The credit spreads of short - term financing bonds and medium - term notes increased across the board, the credit spreads of enterprise bonds generally increased, and the credit spreads of urban investment bonds generally increased [130][132][134]. 4.6 Grade Spreads The grade spreads of short - term financing bonds, medium - term notes, enterprise bonds, and urban investment bonds showed a differentiated trend [137][141][145]. 4.7 Trading Activity The top five most actively traded bonds in each bond type are listed, and the industrial sector had the largest weekly trading volume of bonds, followed by public utilities, finance, materials, optional consumption, and daily consumption [149][151]. 4.8 Changes in Subject Ratings There were no bonds with upgraded ratings or outlooks this week [152].