银行业资负跟踪：流动性进入宽松期，短端下行预计加速

Investment Rating - The report rates the banking industry as "Buy" [2]. Core Insights - The liquidity is entering a period of easing, with expectations for a faster decline in short-term rates [2][37]. - The central bank has conducted significant operations to inject liquidity, resulting in a net injection of 518 billion yuan [37]. - Government bond financing is expected to remain manageable, with net repayments projected at approximately 7,013.15 billion yuan for the next period [37]. Summary by Sections 1. Liquidity Easing and Short-Term Rate Decline - The central bank's recent operations included 14,862 billion yuan in 7-day reverse repos at a rate of 1.50%, with 18,682 billion yuan maturing [37]. - The overall liquidity environment is expected to remain balanced and slightly loose, with a focus on potential reserve requirement ratio (RRR) cuts by year-end [37]. 2. Central Bank Dynamics and Market Rates - The central bank's MLF (Medium-term Lending Facility) renewal amounted to 9,000 billion yuan, contributing to a net liquidity injection [37]. - Key money market rates such as DR001, DR007, DR014, and DR021 have seen declines of 14.2bp, 0.3bp, 14.1bp, and 16.3bp respectively [38]. 3. Banking Financing Tracking - The issuance of negotiable certificates of deposit (NCD) remained stable, with a weighted average issuance rate of 1.89% [39]. - The net financing from interbank certificates turned positive, with state-owned banks, joint-stock banks, and city commercial banks reporting net financing of 806 billion yuan, 515 billion yuan, and 497 billion yuan respectively [39]. - The total issuance of interbank certificates reached 6,120 billion yuan, with a completion rate of 92.9% [42]. 4. Government Bond Rates - The yields for government bonds of various maturities showed mixed movements, with the 1-year yield increasing by 1.9bp while longer maturities generally declined [40]. - The 10-year government bond yield fell to a historical low of 2.03% [40]. 5. Future Focus - Upcoming attention will be on the Caixin PMI and reserve requirement payment dates, with significant data releases scheduled for early December [45].