银行行业：银行资负跟踪-资金面继续缓和，预期波动加大

Investment Rating - The report rates the banking industry as "Buy" [1]. Core Viewpoints - The central bank shows a strong willingness to maintain market liquidity, with significant net liquidity injections and a focus on reverse repos [21][22]. - The funding rates have generally decreased, indicating a more accommodative monetary policy environment [22]. - The issuance of negotiable certificates of deposit (NCD) has seen a decline in net financing, reflecting weaker demand in the market [23]. - Government bond yields have fluctuated, influenced by fiscal policy expectations, with a downward trend in long-term rates [24]. Summary by Sections 1. Funding Conditions - The central bank conducted a total of 1,400 billion yuan in 7-day reverse repos at a rate of 1.50%, with a net withdrawal of 851.4 billion yuan overall [21]. - The upcoming period is expected to see a continued decrease in the balance of open market operations (OMO) [21]. 2. Central Bank Dynamics and Market Rates - The central bank's operations included a first-time buyout reverse repo of 500 billion yuan for a 6-month term, alongside a net purchase of government bonds amounting to 200 billion yuan [21][22]. - The funding rates for various instruments, including DR001 and DR007, have decreased by 17.0bp and 18.5bp respectively [22]. 3. Bank Financing Tracking - The total issuance of NCDs was 516.2 billion yuan, with a net financing scale of -50.8 billion yuan, indicating a negative trend in net financing [23]. - The average issuance rate for NCDs remained stable at 1.95%, while the demand for certificates has weakened [23]. - The total scale of commercial bank bonds issued was 24.3 billion yuan, with a total outstanding scale of 3.20 trillion yuan [25][26]. 4. Bond Yield Trends - The yields for government bonds across various maturities have shown slight decreases, with the 1Y yield at 1.41% and the 10Y yield at 2.14% [24]. - The market is currently in a phase of policy and fundamental vacuum, leading to fluctuations in bond yields based on fiscal policy expectations [24].