月末资金平稳，存单继续大幅净偿还

Group 1: Market Overview - Overall funding remains stable with slight price fluctuations. This week, R001 closed at 1.43% (previous value 1.39%), DR001 at 1.30% (previous value 1.32%), R007 at 1.52% (previous value 1.50%), and DR007 at 1.47% (previous value 1.44%) [1] - The central bank conducted a net reverse repo of -1642 billion yuan this week, with a total reverse repo injection of 15118 billion yuan and maturity of 16760 billion yuan. Additionally, a 10000 billion yuan MLF operation was conducted on November 25, with an excess of 1000 billion yuan [1] - The bond market sentiment is weak, with long-end yields rising significantly. The 1-year government bond yield increased by 0.09 basis points to 1.40%, the 10-year yield rose by 2.46 basis points to 1.84%, and the 30-year yield increased by 2.75 basis points to 2.19% [1] Group 2: Certificate of Deposit (CD) Trends - CD yields have slightly increased, with the 3-month yield rising by 0.15 basis points to 1.58%, the 6-month yield up by 0.50 basis points to 1.62%, and the 1-year yield also up by 0.50 basis points to 1.64%. The spread between the 1-year CD and R007 narrowed by 2.20 basis points to 11.78 basis points [2] - There was a net repayment of CDs this week, with a net financing of -2425 billion yuan compared to -3732 billion yuan previously. The issuance rates for 1-year CDs were 1.65% for joint-stock banks, 1.75% for city commercial banks, and 1.83% for rural commercial banks [2] - The average issuance term of CDs slightly decreased to 6.9 months from 8.2 months previously, with 3-month CDs issued at 1075.6 billion yuan, 6-month CDs at 1445.1 billion yuan, and 1-year CDs at 1046.3 billion yuan [2] Group 3: Government Bond Issuance - This week, the net issuance of government bonds was 391 billion yuan, with local bonds net issuance at 3262 billion yuan, totaling a net issuance of 3653 billion yuan. The total net payment was 3391 billion yuan [2] - Next week, the expected net issuance of government bonds is -1338 billion yuan, with local bonds expected to net issue 605 billion yuan, resulting in a total net financing of -733 billion yuan and a total net payment of -1092 billion yuan [2] Group 4: Interbank Market Activity - The interbank leverage ratio slightly increased, with an average daily volume of pledged repo transactions at 7.09 trillion yuan (previous value 7.29 trillion yuan) and an average daily leverage ratio of 107.21% (previous value 107.10%) [2]