今日，飙涨！“最佳窗口期”仅剩2.5小时

Core Viewpoint - The yield rates for government bond reverse repos on the Shanghai and Shenzhen exchanges have significantly increased ahead of the National Day holiday in 2025, creating a favorable window for investors to engage in these transactions [1][2][5]. Summary by Sections Yield Increase - The yield rates for the 1-day government bond reverse repo (GC001) on the Shanghai exchange surged by over 40%, reaching nearly 2%, marking a two-month high. Similarly, the Shenzhen exchange's 1-day reverse repo saw a rise exceeding 50% [2]. - Other maturities, including 2-day and 3-day reverse repos, also experienced substantial increases, with yields rising over 30% across various products [5][6]. Timing and Strategy - September 29, 2025, is identified as the optimal day for executing reverse repos due to favorable interest calculation days, with 1-day repos yielding 9 days of interest and 2 to 7-day repos yielding 10 days [7][8]. - If transactions are delayed until September 30, 2025, the interest calculation days drop to just 1 day, making it less advantageous [7]. Historical Context - Historically, significant yield increases of over 10% have been observed near quarter-end, year-end, and major holidays, although overall yields have trended lower in recent years [8][9]. Investment Considerations - Government bond reverse repos are considered low-risk investments, particularly suitable for investors with cash in stock accounts, especially given the low average yields of money market funds [9]. - The average annualized yield of over 900 money market funds is approximately 1.3%, with some funds, like Tianhong Yu'ebao, recently hitting record lows [9]. Operational Guidelines - Investors can choose between Shanghai and Shenzhen markets based on which offers higher yields for the same maturity [10]. - Various maturities are available, including 1-day to 182-day options, allowing investors to select based on their cash flow needs [11]. - The process for executing reverse repos involves selling rather than buying, with many brokerage platforms providing user-friendly interfaces for transactions [12][13].