Group 1 - The report highlights that the current net financing by major banks has reached an unprecedented level of 5.3 trillion yuan, which is historically high and linked to the central bank's liquidity support [2][12][16] - It notes that the trend of easing liquidity can be linearly extrapolated, and any disruption to this trend would require additional variables [3][13] - The report suggests that if the liquidity remains loose in July, the long-term interest rates may decline further, with the current 10Y-1Y yield spread at 30 basis points, the highest since mid-February [3][12][13] Group 2 - The report indicates that the leverage ratio in the bond market has risen to 107.85%, reflecting an increase in borrowing activity [23] - It mentions that the average daily transaction volume of pledged repos was approximately 7.6 trillion yuan, with overnight repos accounting for 89.71% of the total [27][31] - The report states that the median duration of medium- to long-term bond funds remains at 2.87 years, indicating stability in fund management strategies [49]
债市机构行为周报(7月第1周):大行资金融出为何高达5.3万亿?-20250706
Huaan Securities·2025-07-06 12:09