人民银行高质量建设债市“科技板”，打击虚拟货币交易炒作 | 第一财经研究院中国金融条件指数周报

Financial Condition Index Overview - The average daily financial condition index in China for the week of November 24 to November 28, 2025, was -2.29, an increase of 0.06 from the previous week. Year-to-date, the index has decreased by 0.9 [1][3] - All sub-indices for the week indicated tightening conditions, with monetary, bond, and stock market indicators reflecting this trend [3] Monetary Market - The interbank market experienced a slight tightening, with the average pledged repo transaction volume dropping to 7.09 trillion yuan, a decrease of 202.3 billion yuan from the previous week. On the last trading day of November, the volume fell sharply from 7.2 trillion yuan to 5.8 trillion yuan [6] - Major money market rates showed a downward trend, with overnight repo rates R001 and DR001 averaging 1.39% and 1.31%, down by 10.05 basis points and 11.69 basis points respectively [6] Central Bank Monetary Policy - The central bank conducted a net withdrawal of 164.2 billion yuan during the week, with 1.51 trillion yuan injected through 7-day reverse repos and 1.68 trillion yuan maturing [11] - A meeting was held on November 27 to discuss the integration of technology and finance, emphasizing the importance of high-quality development in the bond market and the promotion of private equity and venture capital [11] Bond Market - The total issuance in the bond market for the week was 2.03 trillion yuan, an increase of 231.73 billion yuan from the previous week, with net financing reaching 651.3 billion yuan, up by 415.61 billion yuan [15] - Government bonds saw a net financing of 2.9 trillion yuan, while financial and non-financial sectors also reported positive net financing figures [15] Bond Yield Trends - Government bond yields generally increased, with 3-month, 6-month, and 1-year yields rising by 1.05 basis points, 2.03 basis points, and 0.15 basis points respectively [20] - Credit bond yields also rose, with AAA-rated bonds experiencing increases in yields across various maturities [22] Stock Market - In the primary market, A-share financing totaled 15.862 billion yuan, an increase of 7.723 billion yuan from the previous week, with total financing for the year exceeding 1.02 trillion yuan [24] - In the secondary market, major A-share indices saw gains, with the Shanghai Composite Index rising by 1.4% and the ChiNext Index by 4.48% during the week [26]