1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - The bond market is gradually digesting potential negative factors, and sentiment is easing. In Q1, the issuance scale of government bonds is expected to be roughly the same as in the same period of 2025, but the specific proportion of ultra - long bonds remains to be confirmed. The strong performance of the equity market at the beginning of the year has increased short - term profit - taking needs, and the market may enter a consolidation phase, which is expected to relieve liquidity pressure. However, the fundamental support may weaken, as the manufacturing PMI in December exceeded expectations and the economic data of that month may improve marginally, reducing the need for further loose monetary policies in the short term. With multiple factors at play, interest rates are expected to continue their weak and volatile trend in the short term [103]. 3. Summary by Directory 3.1. Market Review - **Weekly Data**: The 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures' main contracts (TS2603, TF2603, T2603, TL2603) fell by 0.12%, 0.18%, 0.09%, and 0.48% respectively. The trading volumes of the TS, TF, and TL main contracts increased, while that of the T main contract decreased. The open interests of the TF, T, and TS main contracts decreased, and that of the TL main contract increased [14][29]. 3.2. News Review and Analysis - **Key News**: On January 6, the People's Bank of China planned to use various monetary policy tools flexibly and efficiently in 2026, and strengthen financial market supervision. The same day, China banned the export of dual - use items to Japanese military users. On January 7, eight ministries including the Ministry of Industry and Information Technology issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'". On January 8, the central bank conducted a 1.1 - trillion - yuan repurchase operation. The US initial jobless claims last week rose to 208,000, and the US President Trump expected to "manage" Venezuela for many years and increase the military budget [35][36]. 3.3. Chart Analysis - **Spread Changes** - **Treasury Yield Spreads**: The spreads between 10 - year and 5 - year yields, and 10 - year and 1 - year yields widened. The spreads between 2 - year and 5 - year, and 5 - year and 10 - year main contract yields narrowed. The spreads between the current and next quarters of the 10 - year and 30 - year Treasury bond futures contracts widened, while those of the 2 - year and 5 - year contracts narrowed [44][50][56]. - **Treasury Bond Futures Main Position Changes**: The net short positions of the top 20 holders in the T Treasury bond futures main contract decreased significantly [67]. - **Interest Rate Changes** - Shibor rates for overnight and 1 - week terms increased, while those for 2 - week and 1 - month terms decreased. The weighted - average DR007 rate fell to around 1.47%. Most Treasury bond spot yields increased, with the 10 - year and 30 - year yields rising by about 3.75bp and 5.45bp to 1.88% and 2.31% respectively [71]. - The spreads between Chinese and US 10 - year and 30 - year Treasury bond yields fluctuated [76]. - **Central Bank's Open - Market Operations**: The central bank conducted 102.2 billion yuan of reverse repurchases in the open market, with 1.3236 trillion yuan due. The 1.1 - trillion - yuan repurchase was rolled over, and the treasury cash fixed - term deposit of 6 billion yuan matured, resulting in a net withdrawal of 1.2449 trillion yuan. The weighted - average DR007 rate fell to around 1.47% [81]. - **Bond Issuance and Maturity**: This week, bonds worth 976.86 billion yuan were issued, with a total repayment of 412.35 billion yuan, resulting in a net financing of 564.51 billion yuan [86]. - **Market Sentiment** - The central parity rate of the RMB against the US dollar was 7.0128, up 160 basis points this week. The spread between the offshore and onshore RMB narrowed. - The yield of the 10 - year US Treasury bond fluctuated, and the VIX index increased. - The yield of the 10 - year Chinese Treasury bond increased slightly, and the A - share risk premium decreased [91][94][99]. 3.4. Market Outlook and Strategy - **Domestic Fundamentals**: In December, macro - policies continued to take effect, inflation moderately rebounded, the CPI year - on - year increase continued to expand, and the PPI decline narrowed to 1.9%. For the whole year, the CPI was flat compared with the previous year, and the PPI was still in the negative range. In December, the official manufacturing and non - manufacturing PMIs both improved and returned above the boom - bust line. The central bank will continue to implement a moderately loose monetary policy in 2026 [102]. - **Overseas Situation**: The US job market continued to cool down. The ADP employment in December increased to 41,000 but was still lower than expected. The number of job openings in November dropped to a 14 - month low. The US ISM manufacturing PMI in December unexpectedly fell to 47.9, the lowest since 2024, while the non - manufacturing PMI rebounded, indicating the resilience of the service industry. The US raid on Venezuela caused geopolitical shocks [102].

国内新闻 四部门联合召开动力和储能电池行业座谈会，十余家头部企业参与 1月8日，据"工信微报"消息，工信部、国家发展改革委、市场监管总局、国家能源局于1月7日联合召开动力和储能电池行业座谈 会，研究部署进一步规范动力和储能电池产业竞争秩序工作。同日，据智通财经报道，其自知情人士处获悉，本次会议召集了16 家企业，包括13家动力电池与储能电池企业：宁德时代、比亚迪、中创新航、国轩高科、亿纬锂能、欣旺达、蜂巢能源、瑞浦兰 钧、鹏辉能源、海辰储能、正力新能、浙江吉曜通行能源科技、楚能新能源。另有3家系统集成商：中车株洲所、海博思创、天 合储能。 工信部就7项智能网联汽车强制性国标公开征求意见 国际新闻 现代汽车股价大涨，加速推进机器人与人工智能战略 1月7日，现代汽车股价继续大幅上涨，主要是因为这家韩国汽车巨头在2026年国际消费电子展（CES）上披露了加大机器人和人 工智能领域投入的计划，且现代汽车集团会长郑义宣在CES期间与英伟达首席执行官黄仁勋举行了闭门会议，这一消息引发市场 对双方深化合作的期待。 马斯克旗下xAI完成200亿美元融资，英伟达、思科等参投 近日，特斯拉CEO马斯克旗下的人工智能初创企业xAI ...

【中国石化与中国航油实施重组】1月8日，国务院国资委发布消息，经报国务院批准，中国石油化工集 团有限公司与中国航空油料集团有限公司实施重组。据了解，中国航油是亚洲最大的集航空油品采购、 运输、储存、检测、销售、加注于一体的航空运输服务保障企业，主营业务主要涉及航油、石油、物 流、国际和通航五大板块。中国石化是全球第一大炼油公司和我国第一大航油生产商。 【工信部牵头警示锂电池产业非理性竞争 十余家头部企业参与】1月8日，工信部官微发文称，工信 部、国家发展改革委、市场监管总局、国家能源局于1月7日联合召开动力和储能电池行业座谈会(下称 座谈会)，研究部署进一步规范动力和储能电池产业竞争秩序工作。据记者自知情人士处获悉，本次会 议召集了16家企业，包括13家动力电池与储能电池企业：宁德时代、比亚迪、中创新航、国轩高科、亿 纬锂能（维权）、欣旺达、蜂巢能源、瑞浦兰钧、鹏辉能源、海辰储能、正力新能、浙江吉曜通行能源 科技、楚能新能源。另有3家系统集成商：中车株洲所、海博思创、天合储能。此外，有行业媒体报道 称，中国汽车动力电池创新联盟、中国化学物理电源行业协会全程参与此次座谈会，对行业自律进行倡 导。 •周四（当地时 ...

【市场数据】 截至1月8日收盘，上证综指跌0.07%，报4082.98点；科创50指数涨0.82%，报1455.17点；深证成指跌 0.51%，报13959.48点；创业板指跌0.82%，报3302.31点。 纽约股市三大股指8日涨跌不一。截至当天收盘，道琼斯工业平均指数比前一交易日上涨270.03点，收 于49266.11点，涨幅为0.55%；标准普尔500种股票指数上涨0.53点，收于6921.46点，涨幅为0.01%；纳 斯达克综合指数下跌104.26点，收于23480.02点，跌幅为0.44%。 国际油价8日显著上涨。截至当天收盘，纽约商品交易所2月交货的轻质原油期货价格上涨1.77美元，收 于每桶57.76美元，涨幅为3.16%；3月交货的伦敦布伦特原油期货价格上涨2.03美元，收于每桶61.99美 元，涨幅为3.39%。 【财经要闻】 1、据新华社，商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人 工智能平台Manus的提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合 作。需要说明的是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须 ...

Industry News - The Ministry of Industry and Information Technology and other departments are working to further regulate the competition order in the power and energy storage battery industry, focusing on price enforcement checks and optimizing capacity management [2] - China National Petroleum Corporation and China Aviation Oil have undergone a merger, which is expected to enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry. By 2040, aviation fuel consumption in China is projected to increase from 39.28 million tons in 2024 to 75 million tons [2] - The National Energy Administration has released typical enforcement cases for electricity safety production supervision, highlighting administrative penalties against various power generation companies [3] - The Ministry of Industry and Information Technology has completed the drafting of mandatory national standards for electric bicycle charging piles, which will be open for public consultation [3] - The State Council's Work Safety Committee has published typical cases of illegal mining resource extraction to deter such activities and prevent accidents [3] - The State Administration for Market Regulation has approved 12 national standards for carbon capture, utilization, and storage, set to be implemented from July 1, 2026 [3] - Significant breakthroughs have been made in the exploration of chrome ore and unconventional oil and gas in China, with the discovery of 20 new ore bodies in the Salt Lake area [4] - Inner Mongolia's total installed capacity of renewable energy has exceeded 170 million kilowatts, with wind power capacity surpassing 100 million kilowatts, and a 40% year-on-year increase in green electricity exports [4] Corporate News - Dongfang Electric has signed a contract for Bosnia's first large-scale energy storage project, marking a significant step in the country's energy infrastructure development [7] - China General Nuclear Power Corporation announced that its nuclear power units are expected to generate approximately 247.013 billion kilowatt-hours in 2025, reflecting a 2% year-on-year increase [7]

会议指出，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素 影响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持 续发展能力，必须予以规范治理。要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监 督检查力度，打击涉知识产权违法行为。要优化产能管理，健全产能监测和分级预警机制，加强宏观调 控，防范产能过剩风险。要支持行业自律，发挥行业协会作用，引导企业科学布局产能，推动构建优质 优价、公平竞争的市场秩序。要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导， 严控重复建设，推动行业健康有序发展。 1月8日消息，工业和信息化部、国家发展改革委、市场监管总局、国家能源局近日联合召开动力和储能 电池行业座谈会，研究部署进一步规范动力和储能电池产业竞争秩序工作。 ...

（来源：经济参考报） 记者1月8日从工业和信息化部获悉，日前工业和信息化部、国家发展改革委、市场监管总局、国家能源 局联合召开动力和储能电池行业座谈会，研究部署进一步规范动力和储能电池产业竞争秩序工作，其中 提出强化市场监管、优化产能管理等。 会议指出，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素 影响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持 续发展能力，必须予以规范治理。 会议要求，要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监督检查力度，打击涉知 识产权违法行为。要优化产能管理，健全产能监测和分级预警机制，加强宏观调控，防范产能过剩风 险。要支持行业自律，发挥行业协会作用，引导企业科学布局产能，推动构建优质优价、公平竞争的市 场秩序。要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导，严控重复建设，推动 行业健康有序发展。 值得一提的是，这不是部委第一次强调规范动力和储能电池产业竞争秩序。此前的2025年11月28日，工 业和信息化部组织召开动力和储能电池行业制造业企业座谈会，围绕规范动力和储能电池 ...

1月8日消息，工业和信息化部、国家发展改革委、市场监管总局、国家能源局近日联合召开动力和储能 电池行业座谈会，研究部署进一步规范动力和储能电池产业竞争秩序工作。 ● 本报记者 杨洁 会议指出，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素 影响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持 续发展能力，必须予以规范治理。要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监 督检查力度，打击涉知识产权违法行为。要优化产能管理，健全产能监测和分级预警机制，加强宏观调 控，防范产能过剩风险。要支持行业自律，发挥行业协会作用，引导企业科学布局产能，推动构建优质 优价、公平竞争的市场秩序。要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导， 严控重复建设，推动行业健康有序发展。 ...

会议提出，要强化市场监管，加强价格执法检查，加大生产一致性和产品质量监督检查力度，打击涉知 识产权违法行为；要优化产能管理，健全产能监测和分级预警机制，加强宏观调控，防范产能过剩风 险；要支持行业自律，发挥行业协会作用，引导企业科学布局产能，推动构建优质优价、公平竞争的市 场秩序；要加强区域协同，强化央地协同联动、综合施策，加强对本地企业指导，严控重复建设，推动 行业健康有序发展。 新华社北京1月8日电 （记者 唐诗凝 周圆） 记者8日获悉，工业和信息化部等部门日前联合召开动力和 储能电池行业座谈会，部署进一步规范产业竞争秩序工作。提出加强价格执法检查，优化产能管理，健 全产能监测和分级预警机制。 据悉，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素影 响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持续 发展能力，必须予以规范治理。 ...

【重点关注】 ·商务部：中方持续深化中委经贸关系意愿不会改变 ·工信部等部门联合召开动力和储能电池行业座谈会部署规范产业竞争秩序工作 ·广州：加快建设先进制造业强市 2035年工业增加值翻一番 【国内要闻】 ·商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关委内瑞拉的提问时说，美方的霸权行径，严重违反国际法，侵犯委内瑞拉主权，威胁 拉美地区和平与安全，中方对此坚决反对。中委经贸合作是主权国家之间的合作，受到国际法和两国法律的保护，其他国家无权干涉。无论委政局如何变 化，中方持续深化两国经贸关系的意愿不会改变。 ·据证券时报，8日，一份网传会议纪要显示，1月6日，市场监管总局约谈了光伏协会、通威、协鑫、大全、新特、亚硅、东方希望等单位，会议主要内容涉 及通报有关垄断风险、提出明确整改意见并对企业做好整改工作提出要求等。业内相关人士并未否认网传纪要内容的真实性。同时，一位企业人士回应称， 企业将严格按监管部门和主管部门要求开展自律、落实好国家"反内卷"相关工作要求；如有需公告的情况将如实及时披露；一切以政府及企业依法依规披露 信息为准。 ·从国家铁路局召开的2026年全国铁路监督管理工作会议上获悉， ...