银行资负跟踪：关注财政政策加力进程

Investment Rating - The industry investment rating is "Buy" [5] Core Insights - The report highlights that the central bank's monetary policy has exceeded expectations, with significant net liquidity absorption observed in the market [3][28] - A series of fiscal counter-cyclical policies have been announced, including increasing debt limits and issuing special government bonds to support major state-owned banks [3][28] - The liquidity in the banking sector is expected to remain stable, with a focus on the upcoming financial data for September [3][28] Summary by Sections 1. Focus on Strengthening Fiscal Policies - The central bank conducted 3,701 billion yuan in 7-day reverse repos at a rate of 1.50%, resulting in a net absorption of 13,250 billion yuan [3][28] - Government bond net payments were 3,462.34 billion yuan, with expectations for an increase in the pace of government bond financing due to new fiscal policies [3][28] 2. Central Bank Dynamics and Market Rates - The end-of-period rates for DR001, DR007, and DR014 were 1.32%, 1.45%, and 1.81%, showing decreases of -19.7bp, -10.0bp, and -18.0bp respectively [4][28] - The liquidity in the interbank market has improved, leading to a decline in funding rates [4][28] 3. Bank Financing Tracking - The issuance of negotiable certificates of deposit (NCD) was 896 billion yuan, with a net financing of -2,482 billion yuan [4][29] - The weighted average issuance rate for NCDs was 1.92%, remaining stable compared to the previous period [29][30] - The total outstanding amount of interbank certificates of deposit reached 17.55 trillion yuan, with an average remaining maturity of 160 days [30]