随着春节假期临近，低风险基正在金批量发布"限购令"。 2月12日，多只货币基金、同业存单基金及中短债基金集中调低大额申购上限，部分产品单日申购额度降至1万 元甚至1000元，并明确将于2月24日前后恢复常态。相关安排显示，在长假窗口期临近之际，基金公司已提前 进入规模与流动性管控节奏。 业内人士指出，节前资金往往呈现阶段性"双向流动"特征，一方面部分资金出于现金安排集中赎回，另一方面 亦有资金短期涌入低波动产品以获取稳健收益。限购措施可以被视为对短期规模波动的前瞻性管理，有助于稳 定组合运作与持有人收益表现。 低风险基金批量发布"限购令" 券商中国记者注意到，随着春节假期临近，多类低风险产品已陆续披露节前限购安排。2月12日，多只低风险 基金集中发布"限购令"，通过调低大额申购上限等方式加强流动性管理。 事实上，春节前基金密集"关门谢客"并非偶发行为，而是节假日前的常规操作。每逢长假临近，资金面往往出 现阶段性扰动。 具体来看，一方面，部分机构与个人投资者出于资金安排需要，短期内集中赎回或调配资金；另一方面，也有 资金选择在节前转入货币类、同业存单等低波动产品，以获取相对稳健收益。这种"双向流动"容易在短时间 ...

Report Industry Investment Rating No information provided. Core View of the Report In Q4 2025, the share of domestic public - offering funds (excluding money funds) was 1.7 trillion shares, a 3.40% increase from the end of the previous quarter. The growth came from both the share growth of existing funds and the issuance of new funds [4][6]. Summary by Related Catalogs 2025 Q4 Domestic Public - Offering Fund Share Review - The share of domestic public - offering funds (excluding money funds) in Q4 2025 was 1.7 trillion shares, up 3.40% from the previous quarter. New funds issued 311.863 billion shares with an average share of 6.52 billion shares, and the share of existing funds increased by 246.971 billion shares [4][6]. Index Funds Equity - New funds: In Q4 2025, 196 index stock - type products were newly issued, with a total new share of 84.712 billion shares. Products tracking the science - innovation index, artificial intelligence index, and dividend low - volatility index had high issuance popularity. - Existing funds: The total share of stock index - type products in Q4 was 353 billion shares, an increase of 18.8918 billion shares compared to Q3 [4][7]. Fixed - Income - New funds: In Q4 2025, 4 bond index - type products were newly issued, tracking credit bond and policy - financial bond indices, with a total new share of 12.549 billion yuan. - Existing funds: The share of index bond - type funds decreased by 22.851 billion shares in Q4 [4][8]. Active Equity - Hybrid Funds - New funds: Affected by the previous upward trend of the equity market, the issuance popularity of active equity - hybrid funds in Q4 significantly recovered. 313 funds were newly issued, with a total new share of 143.156 billion shares, accounting for 45.90% of the total new fund shares. - Existing funds: The share of active equity - hybrid funds declined. The total share of existing funds was 283 billion shares, a reduction of 13.5586 billion shares compared to Q3. Some investors redeemed funds for profit - taking due to the large net - value fluctuations of technology - themed funds [4][9]. Active Bond Funds - New funds: Affected by the overall decline of the bond market, the issuance popularity of bond funds remained low. 93 active bond funds were established, with a total new share of 82.091 billion shares, accounting for 26.32% of the total new fund shares. - Existing funds: The share of active bond funds slightly expanded in Q4, mainly due to the growth of partial - bond fund shares. The total share of existing active bond funds was 824 billion shares, an increase of 2.6545 billion shares compared to Q3 [4][10]. Other Funds - Inter - bank certificate of deposit funds: The share increased by 4.4649 billion shares in Q4, with 4 new funds issued and a total new share of 1.2463 billion shares. - QDII funds: The share increased by 13.5817 billion shares in Q4, with some Hang Seng Technology - themed products having obvious share expansion [4][12]. Fund Share Change Table | Fund Type | Q4 2025 Share (billion shares) | Q3 2025 Share (billion shares) | Share Change (billion shares) | Share Change Rate | | --- | --- | --- | --- | --- | | Stock | 396.028 | 369.3527 | 26.6754 | 7.22% | | Hybrid | 255.096 | 261.4112 | - 6.3152 | - 2.42% | | Bond | 914.6488 | 904.8124 | 9.8364 | 1.09% | | Commodity | 9.4389 | 7.0547 | 2.3842 | 33.80% | | Domestic Other | 19.7786 | 15.0969 | 4.6817 | 31.01% | | QDII Equity - Hybrid | 76.2795 | 63.4886 | 12.7909 | 20.15% | | QDII Bond | 5.9473 | 5.1731 | 0.7742 | 14.97% | | QDII Other | 0.0555 | 0.0389 | 0.0166 | 42.55% | | FOF | 22.3698 | 17.3224 | 5.0473 | 29.14% | | MOM | 0.1465 | 0.1546 | - 0.0081 | - 5.26% | | Total (excluding money funds) | 1699.789 | 1643.9056 | 55.8833 | 3.40% | [14]

Core Viewpoint - The article discusses the revised regulations on public fund sales fees in China, which will take effect on January 1, 2026, and outlines specific changes regarding the collection of subscription fees and service fees by fund managers and sales institutions [1]. Group 1: Sales Fee Regulations - Fund managers are prohibited from charging subscription fees and sales service fees starting January 1, 2027 [2]. - Sales institutions cannot continue to charge sales service fees for non-monetary market fund shares held for over one year, with a "pay first, refund later" approach for fees collected after January 1, 2027 [3]. - Fund sales subsidiaries selling funds managed by their parent companies must also adhere to the prohibition on charging subscription and sales service fees [2]. Group 2: Fee Structure Adjustments - The notification specifies that fund managers must adjust the fee structure for existing funds to comply with the new regulations within 12 months of implementation [4]. - Fund managers can modify fund contracts and legal documents without convening a fund holder meeting, provided they reach an agreement with the fund custodian [4]. - The notification emphasizes that existing funds, including those established before December 31, 2025, must comply with the new fee structure [4]. Group 3: Interest Payments and Fee Transparency - Fund managers must pay all interest generated from fund sales settlement funds to investors, minus reasonable fees, starting January 1, 2027 [4]. - Fund sales institutions are required to display fee information clearly at sales locations, including online platforms [4]. - The regulations prohibit fund managers from using various indirect methods to pay or collect sales fees, ensuring fair treatment of all investors [4].

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to reduce investor costs, standardize the public fund sales market, protect the rights of fund shareholders, and promote high-quality development in the public fund industry [1][2]. Group 1: Key Regulations - From January 1, 2027, fund managers are prohibited from charging subscription fees and sales service fees for the funds they manage [2]. - Fund managers must return any sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [2]. - The "first collect, then return" model for sales service fees is now the only approved method [2]. Group 2: Fee Standards for Specific Fund Types - The fee standards for Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds have been clarified, with different standards based on the type of underlying assets [3]. - For non-monetary market fund shares held for over one year, sales service fees cannot be charged from January 1, 2027, and must follow the "first collect, then return" model [3]. Group 3: Rectification of Differential Fee Rates - Fund managers must rectify any differential fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [5]. - The previous practice of setting different share classes with varying fee rates, such as "Class D" and "Class E," must be addressed through share mergers [5]. Group 4: Sales Channels and Fee Payment - The definition of "sales venues" now includes online sales platforms of fund sales institutions [6]. - Fund managers and sales institutions are prohibited from indirectly paying or collecting sales fees through various means such as conference fees or advertising fees [6]. Group 5: Modification of Fund Documents - Fund managers can modify fund contracts and prospectuses in agreement with fund custodians without needing to convene a fund holder meeting [7]. - Fund sales settlement funds must be credited with interest at no less than the current bank deposit rate from January 1, 2027, unless there are difficulties, in which case it may be included in fund assets [7].

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to lower investor costs, standardize the public fund sales market, protect the legal rights of fund holders, and promote high-quality development in the public fund industry [2][12]. Group 1: Key Regulations - Fund managers will not be allowed to charge subscription fees or sales service fees for the funds they manage starting from January 1, 2027, with a "pay first, refund later" model for sales service fees [3][13]. - The notification clarifies the starting point for the refund of sales service fees for existing funds [1][3]. - Fund managers must not unfairly treat different investors by setting differentiated fee rates through exclusive shares at specific sales institutions, and must complete the consolidation of shares and adjustment to the same fee rate by January 1, 2027 [1][7]. Group 2: Fee Standards for Specific Fund Types - The notification specifies fee standards for various fund types, including Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds, which will be based on their respective product characteristics [4][14]. - For FOFs, different subscription and sales service fee standards will be set according to their asset allocation limits compared to actively managed equity funds, mixed funds, and bond funds [4][15]. - From January 1, 2027, sales institutions will not be allowed to charge sales service fees for non-monetary market fund shares held for more than one year, with fees collected under the "pay first, refund later" model [5][15]. Group 3: Compliance and Operational Guidelines - The notification states that the fees for Hong Kong mutual recognition funds will continue to follow the regulations set by the Hong Kong Securities and Futures Commission [6][16]. - Fund managers must rectify any differentiated fee structures for the same fund by consolidating shares and adjusting to the same fee rate by January 1, 2027 [7][17]. - The definition of "sales venues" now includes online sales platforms of fund sales institutions, and fund managers and sales institutions are prohibited from disguising sales fees through various means [8][18]. Group 4: Administrative Procedures - Fund managers can modify and announce changes to the fund sales fee structure and rate levels in collaboration with fund custodians without needing to convene a fund holder meeting [9][19]. - Fund managers are required to pay all interest generated from fund sales settlement funds to investors or include it in the fund property, with sales institutions required to prioritize interest payments at rates not lower than the current bank deposit rates starting January 1, 2027 [9][19].

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to reduce investor costs, standardize the public fund sales market, protect the rights of fund shareholders, and promote the high-quality development of the public fund industry [3]. Group 1: Key Regulations - From January 1, 2027, fund managers will not be allowed to charge subscription fees or sales service fees for the funds they manage [4][5]. - Fund managers must return all sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [5]. - The "first collect, then return" model for sales service fees has been established as the only acceptable method for fund managers [6]. Group 2: Fee Standards for Specific Fund Types - The notification clarifies fee standards for various fund types, including Fund of Funds (FOF), commodity funds, and index-enhanced funds [8][10]. - FOFs will have different subscription and sales service fee standards based on their asset allocation limits compared to actively managed equity funds, mixed funds, and bond funds [10]. - For non-money market funds held for over one year, sales service fees will not be charged from January 1, 2027, and will also follow the "first collect, then return" model [10]. Group 3: Differentiated Fee Rates and Compliance - Fund managers must rectify any differentiated fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [13][15]. - The notification specifies that sales venues include online sales platforms of fund sales institutions [17]. Group 4: Operational Adjustments - Fund managers can adjust the sales fee structure and rate levels without convening a shareholder meeting, provided they reach an agreement with the fund custodian [20]. - Fund sales institutions must prioritize paying interest on sales settlement funds to investors at rates not lower than the current commercial bank's demand deposit rate starting January 1, 2027 [20].

Group 1 - The core viewpoint of the news is that the newly released regulations on the management of sales fees for publicly offered securities investment funds have relaxed the redemption fee constraints for bond funds, which is expected to enhance the role of bond ETFs in liquidity management and trading for financial institutions [1][2] - The adjustment in redemption fees allows fund managers to set different standards for institutional investors who hold bond fund shares for more than thirty days, which is a significant change from the previous draft [2] - The fine-tuning of subscription fees, particularly the significant reduction in fees for index equity funds, is anticipated to increase the allocation of financial resources to equity funds [3] Group 2 - Financial institutions are expected to increase their allocation to equity funds, particularly broad-based index funds and low-volatility "fixed income plus" products, as a response to the new fee structures [1][3] - The collaboration between public funds and financial institutions is deepening, with public funds optimizing their product lines to better meet the changing allocation needs of financial resources [4][5] - The introduction of refined fixed-income product lines, such as credit bond products categorized by duration, aims to provide financial institutions with effective asset allocation tools [4][5]

Core Viewpoint - The new regulations on public fund sales are expected to enhance the focus of bank wealth management on equity funds, leading to a structural shift in asset allocation and potentially increasing the investment horizon for these funds [2][6]. Group 1: Impact of New Regulations - The new regulations aim to reduce costs for investors by lowering subscription fees and sales service fees for public funds, which is expected to enhance the profitability of wealth management products [2][4]. - The flexibility in redemption fees and the extension of the transition period to 12 months will significantly reduce liquidity constraints and improve operational flexibility for wealth management funds [4][5]. - The overall reduction in costs, particularly for passive index funds, is anticipated to improve net asset value performance and encourage long-term holding behaviors among investors [5][6]. Group 2: Changes in Asset Allocation - There is a projected shift in the asset allocation structure of bank wealth management, with a continued emphasis on bond funds while also increasing the focus on equity funds due to the advantages of lower fees [7][8]. - The demand for mixed funds and equity assets is expected to rise as investors seek to enhance returns in a low-interest-rate environment, leading to a longer investment horizon [7][11]. - The new regulations are likely to facilitate a more efficient and standardized participation of wealth management funds in the public market, promoting a synergistic development between wealth management and public funds [5][8]. Group 3: Future Outlook for Wealth Management Assets - The scale of wealth management assets is projected to grow steadily, with an estimated increase of around 3 trillion yuan, reaching between 36 trillion and 37 trillion yuan by the end of 2026 [10][11]. - Factors contributing to this growth include the maturation of high-interest fixed deposits and a shift in investor preferences towards wealth management products that offer stable returns [11]. - The demand for low-volatility, stable products and "fixed income plus" products is expected to remain strong, as these align with the risk-averse nature of investors in a low-interest-rate environment [11].

Core Viewpoint - The new regulations on public fund sales fees aim to lower fee rates, simplify redemption fee arrangements, and encourage long-term holding and the development of equity funds while strengthening the regulation of fund sales fees [5][11]. Summary by Sections New Regulations Overview - The new regulations, effective from January 1, 2026, include a reduction in subscription and sales service fee rates, a simplification of redemption fee arrangements, and a clear stipulation that redemption fees will be fully included in fund assets [11][12]. Impact on Bond Funds - The new rules set upper limits on subscription and sales service fees for bond funds, with specific rates established for different fund types, significantly reducing costs for investors [12][13]. - The redemption fee structure has been revised, allowing for lower fees for personal investors holding funds for more than 7 days and institutional investors for more than 30 days, which is a significant change from previous proposals [15][17]. Investor Behavior Changes - For individual investors, the new rules are expected to enhance the attractiveness of bond funds due to lower fees and the potential for improved post-fee returns [7][20]. - Institutional investors may reduce short-term investment demand but are unlikely to make large-scale redemptions due to limited alternative options and increased long-term investment appeal [25][26]. Market Dynamics - The new regulations are anticipated to lead to structural changes in the fund market, with some funds potentially shifting towards ETFs, money market funds, or other alternatives due to the new redemption fee structure [6][8]. - The overall impact on the bond market is expected to be limited, with a stable demand for credit bonds and a potential reduction in volatility due to the encouragement of long-term holding [9][10]. Fund Adjustment Requirements - Funds that do not comply with the new redemption fee arrangements must adjust within 12 months, with a significant portion of funds being minimally affected due to existing structures [17][18]. - The majority of bond funds currently have redemption fee structures that align with the new regulations, minimizing the need for adjustments [19][20].

1. Report Industry Investment Rating - Not provided in the report 2. Report Core Viewpoints - The probability of going long in the bond market is high, and the bond market performance in 2026 may exceed expectations. The bond market trend has often deviated from the fundamentals since the second half of 2025, being mainly influenced by institutional behavior. It is expected that the policy interest rate will be cut by about 20BP in 2026, with a possible 10BP cut in Q1. The new rules for public fund sales fees have been implemented, and bond fund institutional investors are exempt from punitive redemption fees for one - month holding, while retail investors are exempt for 7 - day holding. This has little impact on bond funds, and the scale of bond funds is expected to stabilize or even increase slightly. Currently, the trading positions in ultra - long bonds have significantly decreased, so the bond market may rebound in January [2][4][94][96] - The new regulations on public fund sales fees implemented on January 1, 2026, have relaxed the redemption system for bond funds compared to the draft for comments. As of H1 2025, institutional investors accounted for 82.76% of bond - type funds. The official regulations may ease the redemption pressure and liquidity concerns of institutions such as bank self - operations and wealth management. The ability of individual investors to negotiate redemption fees after 7 - day holding may increase the attractiveness of short - term bond funds. In the future, bank wealth management may be more inclined to allocate bond ETFs, inter - bank certificate of deposit funds, and money market funds [2][14][94] 3. Summary by Directory 3.1 Macro News - During the 3 - day New Year's Day holiday in 2026, there were 142 million domestic tourist trips, with a total domestic tourism consumption of 84.789 billion yuan. Compared with the New Year's Day holiday in 2024, the number of tourist trips, total spending, and per - capita spending increased by 5.19%, 6.35%, and 1.10% respectively [2][14][94] - The "Regulations on the Administration of Sales Fees for Publicly Offered Securities Investment Funds" came into effect on January 1, 2026. Compared with the draft for comments, it has relaxed the redemption system for bond funds. As of H1 2025, institutional investors accounted for 82.76% of bond - type funds, and the new regulations may ease institutional redemption pressure and increase the attractiveness of short - term bond funds [2][14][94] - The manufacturing PMI rebounded beyond the seasonal level, returning above the boom - bust line for the first time since April 2025, and the non - manufacturing PMI returned to the expansion range after a one - month hiatus. In December, the manufacturing PMI increased to 50.1%, the non - manufacturing business activity index was 50.2%, and the composite PMI output index was 50.7%, indicating an overall expansion of business production and operation activities [22] - The central bank released the "China Financial Stability Report (2025)", emphasizing "maintaining necessary fiscal deficits, total debt, and total expenditure" in fiscal policy and "promoting economic growth and a reasonable recovery of prices" in monetary policy. The report also pointed out that medium - and long - term funds such as public funds, insurance funds, and various pension funds are the cornerstones of the healthy and stable development of the capital market, and future institutional policies may be improved to increase their investment in A - shares [28] 3.2 Medium - term High - frequency Data 3.2.1 Consumption - As of December 28, the daily average retail sales volume of passenger car manufacturers was 90,000 units, a year - on - year decrease of 12.1%, and the daily average wholesale volume was 119,000 units, a year - on - year decrease of 13.2% [29] - As of January 2, the total box - office revenue of national movies in the past 7 days was 1.162742 billion yuan, a year - on - year decrease of 12.2% [29] - As of December 19, the total retail sales volume of three major household appliances was 776,000 units, a year - on - year decrease of 35.7%, and the total retail sales amount was 1.57 billion yuan, a year - on - year decrease of 49.7% [32] 3.2.2 Transportation - As of January 3, the average migration scale index in the past 7 days was 564.8, a year - on - year increase of 31.4% [33] - As of December 28, the number of civil aviation flights guaranteed in the week was 1.19 million, a year - on - year increase of 1.7% [33] - As of January 2, the average daily passenger volume of subways in first - tier cities in the past 7 days was 3.8972 million person - times, a year - on - year increase of 1.5% [33] - As of December 28, the weekly postal express pick - up volume was 4.05 billion pieces, a year - on - year decrease of 0.5%, the delivery volume was 4.07 billion pieces, a year - on - year decrease of 0.6%, the railway freight volume was 7.3561 million tons, a year - on - year decrease of 4.4%, and the highway truck traffic volume was 5.5164 million vehicles, a year - on - year decrease of 1.3% [41] 3.2.3 Industry - As of January 2, the weekly iron ore inventory was 16.7218 million tons, a year - on - year increase of 7.1%, the rebar inventory was 282,700 tons, a year - on - year decrease of 1.5%, and the float glass enterprise inventory was 5.6866 million tons, a year - on - year increase of 28.7% [44] - As of January 2, the weekly apparent consumption of steel was 841,000 tons, a year - on - year increase of 2.2%, the apparent consumption of rebar was 200,400 tons, a year - on - year increase of 1.6%, and the apparent consumption of wire rods was 80,000 tons, a year - on - year decrease of 7.6% [49] - As of December 31, the national blast furnace operating rate of major steel enterprises was 74.4%, a year - on - year decrease of 1.4 percentage points. As of December 25, the average operating rate of asphalt was 21.0%, a year - on - year decrease of 1.0 percentage points, the soda ash operating rate was 81.5%, a year - on - year increase of 2.3 percentage points, and the PVC operating rate was 77.4%, a year - on - year decrease of 1.8 percentage points [53] 3.2.4 Real Estate - As of January 3, the total commercial housing transaction area in 30 large and medium - sized cities in the past 7 days was 3.032 million square meters, a year - on - year decrease of 18.8% [57] - As of December 26, the transaction area of second - hand houses in 9 sample cities was 153,600 square meters, a year - on - year decrease of 35.9% [60] - As of December 28, the transaction land area of 100 large and medium - sized cities was 24.951 million square meters, a year - on - year decrease of 42.4%, and the total transaction land price was 64.28 billion yuan, a year - on - year decrease of 53.3% [62] 3.2.5 Price - As of January 4, the average wholesale price of vegetables in the week was 5.7 yuan/kg, a year - on - year increase of 10.3% and a 3.2% decrease compared to 4 weeks ago. The average wholesale price of 6 key fruits was 7.9 yuan/kg, a year - on - year increase of 9.7% and an 8.0% increase compared to 4 weeks ago [67] - As of December 31, the average price of thermal coal at northern ports in the week was 691.0 yuan/ton, a year - on - year decrease of 9.9% and a 15.5% decrease compared to 4 weeks ago [67] - As of January 2, the average spot price of WTI crude oil in the week was 57.7 US dollars/barrel, a year - on - year decrease of 19.2% and a 2.2% decrease compared to 4 weeks ago [67] - As of December 31, the average spot price of rebar in the week was 3230.1 yuan/ton, a year - on - year decrease of 3.5% and a 0.7% increase compared to 4 weeks ago. The average spot price of iron ore was 815.1 yuan/ton, a year - on - year increase of 2.9% and a 0.5% increase compared to 4 weeks ago. The average spot price of glass was 12.8 yuan/square meter, a year - on - year decrease of 21.5% and a 6.5% decrease compared to 4 weeks ago [73] 3.3 Bond and Foreign Exchange Markets - On January 4, the overnight Shibor was 1.26%, unchanged from December 26. On December 31, R001 was 1.46%, up 10.09BP from December 25; R007 was 2.16%, up 63.14BP from December 25. DR001 was 1.33%, up 7.36BP from December 25; DR007 was 1.98%, up 49.79BP from December 25. IBO001 was 1.39%, up 7.38BP from December 25; IBO007 was 1.93%, up 50.92BP from December 25 [80] - On December 31, the yields of 1 - year/5 - year/10 - year/30 - year treasury bonds were 1.34%/1.63%/1.85%/2.27% respectively, unchanged, up 3.2BP, up 1.1BP, and up 4.5BP respectively compared to December 24. The yields of 1 - year/5 - year/10 - year/30 - year China Development Bank bonds were 1.55%/1.81%/2.00%/2.42% respectively, down 1.3BP, up 1.4BP, up 2.7BP, and up 3.1BP respectively compared to December 24 [84] - On December 31, the yields of 1 - year/5 - year/10 - year local government bonds were 1.49%/1.76%/2.06% respectively, down 0.8BP, down 0.1BP, and up 1.6BP respectively compared to December 24. The yields of AAA 1 - month/1 - year, AA+ 1 - month/1 - year inter - bank certificates of deposit were 1.53%/1.63%/1.55%/1.66% respectively, down 10.4BP, down 1.3BP, down 10.4BP, and down 1.3BP respectively compared to December 24 [86] - As of January 2, 2026, the yields of 10 - year treasury bonds in the United States, Japan, the United Kingdom, and Germany were 4.19%, 2.07%, 4.54%, and 2.96% respectively, up 7BP, 1BP, 5BP, and 2BP respectively compared to December 29 [91] - On December 31, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.03/6.99 respectively, down 183/271 pips compared to December 24 [92] 3.4 Investment Recommendations - The bond market performance in 2026 may exceed expectations. It is expected that the policy interest rate will be cut by about 20BP in 2026, with a possible 10BP cut in Q1. The new rules for public fund sales fees have little impact on bond funds, and the scale of bond funds is expected to stabilize or increase slightly. Currently, the trading positions in ultra - long bonds have significantly decreased, so the bond market may rebound in January [4][96]