9月初公开市场到期规模大增，资金面仍有望平稳运行

Core Viewpoint - The liquidity pressure in the market is increasing due to a significant rise in the maturity of public market funds, with a record high in reverse repos for the year, alongside other factors such as tax season and accelerated credit issuance [1] Group 1: Market Liquidity - From September 1 to 5, over 3.2 trillion yuan of public market funds are set to mature, including 2.27 trillion yuan in reverse repos and 1 trillion yuan in 3-month reverse repos [1] - In September, an additional 300 billion yuan in 6-month reverse repos and 300 billion yuan in 1-year Medium-term Lending Facility (MLF) will also mature [1] Group 2: Liquidity Management - According to Guohai Securities' chief fixed income analyst, the overall liquidity situation in September is expected to remain manageable [1] - Government bond issuance and fiscal fund allocation are projected to inject nearly 190 billion yuan into the banking system, while regular fiscal revenues are expected to provide over 1.1 trillion yuan in support [1] - Factors such as credit issuance, cash demand, and foreign exchange holdings are estimated to consume approximately 225.8 billion yuan, 213.4 billion yuan, and 72.2 billion yuan of liquidity, respectively [1] - Overall, a net liquidity injection of about 780 billion yuan is anticipated for September [1]