银行资负跟踪20250601：票据利率回落，关注存单大额到期

Investment Rating - The report maintains a "Recommendation" rating for the banking industry [1] Core Insights - The report highlights a decline in bill rates and emphasizes the importance of large maturing certificates of deposit [5][11] - It notes that the net buying volume of bills by state-owned banks has increased compared to the same period last year, while city commercial banks have seen a significant rebound in net selling [5][11] - The report anticipates a challenging funding environment in June due to substantial maturities of certificates of deposit and reverse repos [5][12] Industry Scale - The banking industry comprises 41 listed companies, with a total market capitalization of 991.12 billion and a circulating market capitalization of 981.93 billion [1] Bill Market Analysis - As of May 30, 2025, the 1-month, 3-month, and 6-month bill rates were 1.1%, 1.16%, and 1.06%, reflecting changes of -8 basis points, +7 basis points, and -3 basis points respectively [11][19] - The cumulative net buying scale of bills for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks was 15,370.18 billion, 814.94 billion, 3,881.66 billion, and 7,057.95 billion respectively [11][19] Monetary Policy - The central bank conducted a total of 16,026 billion in 7-day reverse repos, achieving a net injection of 6,566 billion [12][33] - The report indicates that the central bank's reverse repo balance has significantly increased compared to historical levels [12][36] Funding Rates - The report states that the funding rates for DR001, DR007, and DR014 were 1.48%, 1.66%, and 1.72% respectively, with slight fluctuations noted [13][38] - It is expected that funding rates may decline in the upcoming period, although various factors could complicate the funding landscape in June [13][18] Government Debt Financing - The report mentions that the government debt net financing for the week was 5,141.04 billion, with expectations for a slight decrease in net payments in the following period [14][38] Certificates of Deposit - The report highlights that June will see a record maturity of over 40,784 billion in certificates of deposit, the largest single-month maturity in history [16][18] - The large maturities are attributed to various factors, including tighter funding conditions in Q1 2025 and regulatory influences [16][18]