“流动性充裕”格局下，资金利率或仍有下行空间

Group 1: Monetary Policy and Market Conditions - The central bank has shifted its monetary policy stance to "moderately loose" for the first time since 2010, indicating a significant change in approach[21] - The M2 and social financing targets have not been significantly adjusted, but there are mentions of potential reserve requirement ratio (RRR) cuts and interest rate reductions[21] - The liquidity management strategy is expected to transition from "structural liquidity shortage" to "liquidity abundance," which may lead to a substantial decline in funding rates[22] Group 2: Market Data and Trends - The DR007 rate peaked above 1.8% earlier in the week but eased back to around 1.7% by the end of the week, indicating a tightening in the funding environment[15] - The average daily transaction volume of pledged repos decreased by 0.65 trillion to 7.51 trillion, while the overall scale remained higher than the previous week[17] - The net financing scale of government bonds is projected to decrease significantly to 922 billion next week, down from 7410 billion this week[26] Group 3: Institutional Behavior - Non-bank financing costs have not shown significant declines despite the easing liquidity conditions[15] - Major non-bank institutions have increased their lending scale, while the borrowing scale has risen at a slower pace[17] - The issuance success rate of interbank certificates of deposit has improved for joint-stock banks and rural commercial banks, while state-owned banks saw a slight decline[4]