财通证券：节前流动性无忧

Group 1 - The core viewpoint of the article indicates that the funding pressure in the upcoming week is expected to be manageable, with a focus on the central bank's operations, particularly the 6-month buyout reverse repos [1][3][21] - The central bank has shown a clear intention to support the funding environment around the New Year and specific time points, which is beneficial for the stability of the funding market [2][12][13] - Recent trends show that large banks have continued to increase net financing, suggesting that while credit may weaken, the pressure from deposit outflows is not significant [2][15][18] Group 2 - The upcoming week will see a decrease in the maturity of reverse repos, with a total of 4,055 billion yuan in 7-day reverse repos and 5,000 billion yuan in 6-month buyout reverse repos maturing, indicating reduced funding disturbances [5][26][32] - Government bond net payment pressure is slightly decreasing, which may further reduce funding disturbances, while the recent positive net financing of certificates of deposit (CDs) is noteworthy [5][27][35] - The market is expected to see a total of 9,473.5 billion yuan in CDs maturing, with a significant concentration in the 12-month and 6-month maturities [5][61][58] Group 3 - The article highlights that the yield on one-year AAA CDs has decreased to 1.585%, with demand primarily coming from small and medium-sized banks, while non-bank buying power has diminished [4][23][80] - The overall market liquidity remains stable, with the central bank's actions contributing to a neutral and slightly loose funding environment [6][56][44] - The article notes that the issuance of long-term government bonds may limit the buying enthusiasm from non-bank entities, but the continued loose funding environment suggests that there is no significant adjustment pressure on CDs [4][23][24]