税期扰动下流动性短期承压，央行加码投放稳预期

Core Viewpoint - Recent tightening of liquidity in the interbank market is attributed to multiple factors, including tax payment periods and the maturity of interbank certificates of deposit, leading to a temporary rise in short-term interest rates [1] Group 1: Market Liquidity - As of November 17, the weighted average price of DR001 increased by 13.9 basis points to 1.5119%, surpassing the policy interest rate [1] - The weighted average price of DR007 rose by 5.63 basis points to 1.5236% [1] - Analysts suggest that the current liquidity tightness is more of a "timing-related tightness" [1] Group 2: Central Bank Actions - The central bank has accelerated the implementation of reverse repos and increased medium-term liquidity injections, showing signs of stabilizing the liquidity situation [1] - Structural opportunities within the market are beginning to emerge due to the decline in certificate of deposit rates and the narrowing of the interest rate corridor [1] Group 3: Market Trends - The market for interest rate bonds remains primarily volatile, but internal structural opportunities are becoming apparent [1]