流动性与机构行为跟踪：理财配存单，农商接长

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (from May 12th to May 16th), the funds rate increased, the large - scale banks' lending increased, and the funds leverage decreased. The net financing of certificates of deposit decreased, and the yields to maturity of certificates of deposit at all tenors increased. In the cash bond trading, the main buyers were rural commercial banks, mainly increasing their holdings of 7 - 10Y interest - rate bonds. The scale of funds' increased holdings decreased, insurance companies increased their holdings of 15 - 30Y ultra - long interest - rate bonds, and wealth management products increased their allocation of certificates of deposit [3]. 3. Summary by Relevant Catalogs 3.1 Monetary Fundamentals - This week, there were 961.1 billion yuan of reverse repurchases and 125 billion yuan of 1 - year MLF maturing. From Monday to Friday, the central bank respectively injected 43, 180, 92, 64.5, and 106.5 billion yuan of reverse repurchases, with a total injection of 486 billion yuan during the period. The net liquidity injection for the whole week was - 475.1 billion yuan [3][8]. - The funds price increased. As of May 16th, R001, R007, DR001, and DR007 were 1.65%, 1.63%, 1.63%, and 1.64% respectively, with changes of 12.92BP, 4.46BP, 14.05BP, and 9.65BP compared to May 9th, and were at the 26%, 10%, 26%, and 7% historical quantiles respectively [3][13]. - The net borrowing scale of the main funds lenders increased. The main lending institutions (large - scale commercial/policy banks and joint - stock banks) had a net borrowing of - 1.76 billion yuan for the whole week, with an increase of 446.3 billion yuan in the net borrowing scale compared to the previous week. The trading volume of pledged repurchase increased, with an average daily trading volume of 7.14 trillion yuan and a single - day maximum of 7.51 trillion yuan, an increase of 4.85% compared to the previous week's average daily value. The proportion of overnight repurchase transactions increased, with an average daily proportion of 88.4% and a single - day maximum of 89.6%, an increase of 2.57 percentage points compared to the previous week's average daily value [3]. - The leverage ratio of broad - based funds decreased slightly. As of May 16th, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.1%, 196.0%, 125.8%, and 105.4% respectively, with changes of 0.71BP, - 11.18BP, - 2.19BP, and - 0.29BP compared to May 9th, and were at the 12%, 11%, 52%, and 35% historical quantiles respectively [3][28]. 3.2 Certificates of Deposit and Bills - This week, the issuance scale of certificates of deposit decreased, and the net financing decreased month - on - month. The total issuance was 513.24 billion yuan, a decrease of 344.49 billion yuan compared to the previous week; the total maturity was 576.2 billion yuan, an increase of 68.87 billion yuan compared to the previous week. The net financing was - 62.96 billion yuan, a decrease of 413.36 billion yuan compared to the previous week [3][32]. - By bank type, large - scale commercial banks had the highest issuance scale. This week, the issuance scales of certificates of deposit by state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 197.63 billion yuan, 67.47 billion yuan, 161.99 billion yuan, and 73.49 billion yuan respectively, with changes of - 71.06 billion yuan, - 220.22 billion yuan, - 46.49 billion yuan, and 15.48 billion yuan compared to the previous week [32]. - By tenor type, the 3M issuance scale was the highest. The issuance scales of 1M, 3M, 6M, 9M, and 1Y certificates of deposit were 21.83 billion yuan, 290.03 billion yuan, 80.39 billion yuan, 2.85 billion yuan, and 118.44 billion yuan respectively, with changes of - 7 billion yuan, 74.02 billion yuan, - 102.04 billion yuan, - 107.36 billion yuan, and - 202.11 billion yuan compared to the previous week [33]. - This week, the bill rates increased. As of May 16th, the 3M direct discount rate and transfer discount rate of state - owned shares, and the 6M direct discount rate and transfer discount rate of state - owned shares were 1.19%, 1.19%, 1.13%, and 1.18% respectively, with changes of 4BP, 5BP, 1BP, and 5BP compared to May 9th [48]. 3.3 Institutional Behavior Tracking - This week, the main buyers in the cash bond market were rural commercial banks, with a net purchase of 154 billion yuan, an increase compared to the previous week; the main sellers were securities companies, with a net sale of 250.5 billion yuan, an increase compared to the previous week [3][50]. - This week, funds had a net purchase of 63.9 billion yuan in cash bonds, including a reduction of 67.9 billion yuan in interest - rate bonds, an increase of 62.4 billion yuan in credit bonds, an increase of 50.4 billion yuan in other (including Tier 2 capital bonds and perpetual bonds), and an increase of 18.8 billion yuan in certificates of deposit. By tenor, interest - rate bonds were mainly reduced in the 7 - 10 - year range, and credit bonds were mainly increased in the less - than - 1 - year range [50]. - This week, wealth management products had a net purchase of 111.1 billion yuan in cash bonds, including an increase of 16.5 billion yuan in interest - rate bonds, an increase of 13.3 billion yuan in credit bonds, a reduction of 1.3 billion yuan in other (including Tier 2 capital bonds and perpetual bonds), and an increase of 82.4 billion yuan in certificates of deposit. By tenor, interest - rate bonds were mainly increased in the 20 - 30 - year range, and credit bonds were mainly increased in the less - than - 1 - year range [50].