利率整体呈现短降长升格局

Core Viewpoint - The domestic funding market interest rates are showing a pattern of short-term decline and long-term rise ahead of the National Day holiday, with short-term rates weakening due to the release of short-term funding demand, while medium to long-term rates are stabilizing and rising due to overall financing demand recovery [1] Group 1: Interest Rate Trends - As of September 30, the Shanghai Interbank Offered Rate (Shibor) for overnight and 1-week rates were reported at 1.379% and 1.405%, respectively, down by 3.4 and 5.7 basis points from September 23 [1] - The 2-week, 1-month, 3-month, 6-month, 9-month, and 1-year rates were reported at 1.702%, 1.57%, 1.58%, 1.64%, 1.67%, and 1.68%, respectively, with increases of 13.5, 1.9, 1.8, 1, 0.7, and 0.8 basis points from September 23 [1] Group 2: Central Bank Operations - During the National Day holiday, the central bank has a total of 20,633 billion yuan in reverse repos maturing, with 6,000 billion yuan in 14-day reverse repos maturing on October 9 [1] - The central bank is expected to implement significant reverse repo operations to absorb funds during the holiday period [1] Group 3: Future Expectations - It is anticipated that after the holiday, funding rates will continue the trend of short-term decline and long-term rise, as the peak of short-term funding demand has ended, potentially leading to further declines in short-term rates [1] - Increased investment enthusiasm and a recovery in medium to long-term funding demand are expected to result in stable increases in medium to long-term rates [1]