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].

Group 1 - The core viewpoint of the article highlights the Chinese government's initiative to promote green consumption through a series of measures aimed at enhancing the supply of green products, improving green service consumption, and innovating green consumption models [1][4] - The Chinese government plans to allocate 300 billion RMB in special long-term bonds by 2025 to support the "trade-in" policy for consumer goods, which is expected to stimulate domestic demand [1] - The "trade-in" policy has reportedly driven sales of related goods exceeding 2.6 trillion RMB and benefited over 360 million people throughout the year [1] Group 2 - Since the full implementation of the "trade-in" policy in September 2024, over 480 million subsidies have been distributed directly to consumers [4] - For every two new household cars sold in 2025, one will benefit from the automobile trade-in subsidy, encouraging more consumers to experience in-store shopping [4] - The policy has led to a more than 30% increase in consumer spending in areas with concentrated physical stores for home appliance trade-ins within a 1-kilometer radius [4]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice on implementing green consumption promotion actions, outlining a systematic arrangement for green consumption during the 14th Five-Year Plan period, covering various aspects of daily life and the entire green consumption chain [1] Group 1: Green Product Supply - Increase the supply of green agricultural products by encouraging enterprises to expand procurement of quality items like organic food and establishing dedicated sales areas for green products [2] - Promote green home appliances and home decoration by encouraging the purchase of certified green products and advancing the certification system for green smart appliances [2] - Support green automotive consumption by promoting the purchase of new energy vehicles and exploring the potential of the second-hand car market and new consumption models like RV camping [2] Group 2: Green Service Consumption - Develop green dining by promoting the use of biodegradable and reusable packaging and encouraging smaller portion sizes [3] - Foster green accommodation by cultivating green hotels and promoting the use of biodegradable cleaning agents and refillable toiletries [3] - Advance green housekeeping by promoting eco-friendly cleaning products and encouraging the use of smart devices in home services [3] Group 3: New Green Consumption Models - Build green supply chains by promoting green procurement and encouraging enterprises to evaluate their supply chain carbon footprints [4] - Promote a green consumption points system to incentivize consumers and provide benefits for those engaging in green consumption [4] - Innovate in green sharing services, encouraging shared transportation, space, and goods [4] Group 4: Green Recycling and Circular Economy - Reduce the use of single-use plastic products by encouraging retailers to minimize plastic bag usage and support bamboo alternatives [5] - Promote the recycling and reuse of waste items, focusing on furniture, electronics, and textiles, and encouraging reverse logistics systems [5] - Develop second-hand goods circulation by exploring "Internet + second-hand goods" models and supporting community flea markets [5] Group 5: Green Consumption Environment - Promote energy-saving facilities by encouraging the use of efficient lighting and air conditioning systems [6] - Spread the concept of green consumption and low-carbon lifestyles, encouraging consumers to opt for eco-friendly choices [6] - Strengthen public awareness and advocacy for green consumption as part of national ecological and energy-saving campaigns [6] Group 6: Foundation for Green Consumption - Encourage green certification to cultivate green business entities and support leading enterprises in driving green development across the supply chain [7] - Participate in the formulation of global standards for green consumption to align domestic practices with international benchmarks [7]

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to promote green consumption through 20 specific measures across seven areas, aiming to enhance the supply of green products, improve green service consumption, and innovate green consumption models [1][2][3] Group 1: Green Product Supply - The notice encourages enterprises to expand the procurement of high-quality products such as green food, organic agricultural products, and certified green smart home appliances [1][2] - It supports the promotion of green consumption in the automotive sector, particularly for new energy vehicles, and aims to strengthen the automotive industry chain by exploring the potential of the second-hand car market and related services [1][2] Group 2: Innovative Green Consumption Models - The initiative aims to create a green supply chain and encourages enterprises to conduct carbon footprint evaluations based on relevant standards [1][2] - It promotes the use of green products and packaging, as well as the development of green leasing services and smart products that utilize advanced technology for resource optimization [1][2] Group 3: Recycling and Waste Reduction - The notice emphasizes the reduction of single-use plastic products and promotes the recycling and reuse of waste materials, supporting the development of second-hand goods markets and platforms [2][3] - It encourages innovative business models such as "Internet + second-hand goods" and second-hand product leasing and buy-back schemes [2] Group 4: Policy Support and Financial Incentives - The notice highlights the need for increased policy support, linking green consumption initiatives with modern commercial circulation systems and encouraging financial institutions to provide loans and insurance for green consumption [2][3] - It suggests establishing a project library for green consumption infrastructure to connect quality projects with financial institutions [2] Group 5: Economic and Environmental Impact - Experts believe that expanding the supply of green products will drive industrial upgrades and create new growth points in sectors like new energy vehicles and green appliances [3][4] - The initiative is expected to stimulate domestic demand, reduce carbon emissions, and create a virtuous cycle of consumption driving production and vice versa, contributing to high-quality economic development [3][4]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice on implementing green consumption promotion actions, outlining a systematic arrangement for green consumption during the 14th Five-Year Plan period, covering various aspects of daily life and the entire green consumption chain [1] Group 1: Green Product Supply - Increase the supply of green agricultural products by encouraging enterprises to expand procurement of quality goods like organic products and establishing dedicated sales areas for green agricultural products [2] - Promote green home appliances and home decoration by encouraging the purchase of certified green smart appliances and green building materials [2] - Support green automotive consumption by promoting the purchase of new energy vehicles and exploring the potential of the second-hand car market [2] Group 2: Green Service Consumption - Develop green dining by promoting the use of biodegradable packaging and small portion meals, and cultivating green restaurants [3] - Foster green accommodation by promoting eco-friendly hotels and biodegradable cleaning products [3] - Advance green housekeeping by encouraging the use of eco-friendly cleaning supplies and online booking for shared housekeeping services [3] Group 3: New Green Consumption Models - Build green supply chains by promoting green procurement and encouraging carbon footprint evaluations in supply chains [4] - Promote a green consumption points system to incentivize consumers and provide benefits for green consumption [4] - Innovate in green sharing services, encouraging shared transportation, space, and goods [4] Group 4: Green Recycling - Reduce the use of single-use plastic products by encouraging retailers to minimize plastic bag usage and support bamboo alternatives [5] - Promote the recycling and reuse of waste items, focusing on furniture, electronics, and textiles, and encouraging reverse logistics systems [5] - Develop second-hand goods circulation by exploring "Internet + second-hand goods" models and supporting community flea markets [5] Group 5: Consumption Environment - Promote energy-saving facilities by encouraging the use of efficient lighting and air conditioning systems [6] - Spread the concept of green consumption and low-carbon lifestyles through community activities and consumer education [6] - Strengthen public awareness campaigns by integrating green consumption into national environmental promotion efforts [6] Group 6: Consumption Foundation - Cultivate green circulation entities by supporting green certification and encouraging leading enterprises to drive upstream and downstream green development [7] - Participate in global rule-making by aligning national green consumption standards with international ones [7]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The industry is expected to experience low - level consolidation [3] Group 3: Summary Based on Core Content Policy and Industry Data - The Ministry of Commerce and eight other departments jointly issued a green consumption promotion action with 20 specific measures in 7 aspects including enriching green product supply and supporting new - energy vehicle purchases, and encouraging the purchase of certified green smart home appliances [2] - In December 2025, the average transaction price of newly built commercial residential buildings in 100 cities was 17,084 yuan per square meter, with a month - on - month increase of 0.28% and a year - on - year increase of 2.58%. The average price of second - hand residential buildings in 100 cities was 13,016 yuan per square meter, with a month - on - month decrease of 0.97% and a year - on - year decrease of 8.36% [2] Market Conditions of Finished Products - Yesterday, finished products fluctuated and declined. The weak downstream demand remained unchanged, and the decline of raw material coking coal also led to the decline of finished product prices. It showed characteristics of weak supply and demand, and the macro - market had limited impact on prices [2] Future Outlook - The finished products are expected to run in a low - level consolidation later [3] - Future attention should be paid to macro - policies and downstream demand [3]

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to promote green consumption, outlining 20 specific measures across seven areas to support the development of a green economy and society during the 14th Five-Year Plan period [1]. Group 1: Green Consumption Infrastructure - Establish a project library for green consumption infrastructure and regularly recommend quality projects to financial institutions [1]. - Support qualified projects to issue Real Estate Investment Trusts (REITs) in the infrastructure sector [1]. Group 2: Promotion of Green Products - Encourage the purchase of new energy vehicles and enhance the automotive industry chain, including the second-hand car market and car-sharing services [2]. - Promote green home appliances and home decoration by encouraging the purchase of certified green products and improving energy and water efficiency standards [2]. - Increase the supply of green agricultural products by encouraging enterprises to expand procurement of organic and high-quality agricultural products [2]. Group 3: Innovation in Green Consumption Models - Promote the integration of artificial intelligence with green consumption to innovate smart products and enhance resource utilization through advanced technology [2]. Group 4: Policy Support and Financial Incentives - Strengthen policy integration by linking green consumption initiatives with modern commerce and retail innovations [3]. - Encourage financial institutions to increase support for green consumption loans and provide convenient services for users with good records [3]. - Innovate financial products to offer insurance for green consumption and establish a project library for green consumption infrastructure [3].

Core Viewpoint - The Chinese government, through nine departments including the Ministry of Commerce, has launched a green consumption promotion initiative aimed at fostering a green, low-carbon lifestyle and production methods across various sectors [1]. Group 1: Food Sector - The initiative emphasizes increasing the supply of green agricultural products and promoting green dining practices [3][4]. - It encourages businesses to procure high-quality products such as organic and geographical indication agricultural products, while also advocating for reduced cooking oil emissions and the use of biodegradable packaging [4]. Group 2: Housing Sector - The initiative promotes the purchase of green-certified smart home appliances and eco-friendly building materials [5][6]. - It encourages the development of green hotels that utilize non-toxic, water-saving cleaning agents and provide refillable toiletries, while also innovating in health-oriented guest services [6]. Group 3: Transportation Sector - The initiative aims to strengthen the automotive industry by exploring the potential of the second-hand car market and promoting new consumption models such as RV camping and car-sharing [8]. - It highlights the importance of technology in supporting green consumption through smart products and resource optimization [8]. Group 4: Recycling and Second-hand Market - The initiative promotes green recycling practices and encourages retailers to offer reusable shopping options [9]. - It outlines the establishment of a three-tier recycling system and supports the development of second-hand shops to enhance the value of idle goods [9]. Group 5: Challenges and Future Outlook - The initiative acknowledges existing shortcomings in the green consumption market, such as the lack of unified standards and regulations in the second-hand market [10]. - It aims to align domestic green consumption standards with international ones, fostering deeper integration and cooperation in standardization [10].

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to promote green consumption, focusing on the encouragement of purchasing green home appliances and home decoration products [1] Group 1: Green Home Appliances - Promotion of green home appliances and home decoration is emphasized, encouraging the purchase of products certified as green, such as green smart appliances and fluorine-free air conditioners [1] - The establishment of a certification system for green smart home appliances is part of the initiative [1] Group 2: Standards and Quality - Improvement of energy efficiency and water efficiency standards for home appliances is highlighted [1] - Support for high-quality green home appliance and decoration brands that meet certain criteria to be included in the list of Chinese consumer products [1] Group 3: Sustainable Development - Continuous promotion of green high-quality development in bulk cement is mentioned as part of the broader initiative [1]