中信证券：流动性收紧的风险有限 资金面大概率维持平稳

Group 1 - The core viewpoint indicates that the liquidity gap in October may be weaker than seasonal trends, with the central bank's monetary policy remaining accommodative, suggesting limited risks of liquidity tightening and a likely stable funding environment [1] - Government debt supply pressure is easing, with an estimated overall net financing of approximately 600 billion yuan in October based on local government bond issuance plans and national bond issuance patterns [1] - Excluding factors such as the maturity of Medium-term Lending Facility (MLF) and reverse repos, the liquidity gap for October is projected to be around 500 billion yuan, although fiscal spending timing may cause some disturbances mid-month [1]