Huaxi Securities(SZ:002926) HUAXI Securities·2025-07-12 15:07Liquidity Overview - The average daily lending level of banks decreased from 5.0 trillion yuan to 4.3 trillion yuan, with a low of 3.7 trillion yuan on Friday[2] - The central bank conducted a net withdrawal of 2,250 billion yuan on July 7, marking the end of the cross-season liquidity support[1] - The overnight and 7-day funding rates rose by 1-2 basis points compared to the previous week due to continued net withdrawal pressure[1] Market Trends - As of July 11, the R001 rate increased by 4.3 basis points to 1.40%, while the R007 rate rose by 2.1 basis points to 1.51%[1] - The issuance rate for 1-year certificates of deposit from state-owned banks increased from 1.59% to 1.62% during the week[2] - The weighted issuance rate for interbank certificates of deposit was 1.61%, down 1 basis point from the previous week[7] Future Outlook - The upcoming tax period (July 14-18) is expected to cause fluctuations in funding prices, with overnight rates potentially ranging between OMO and OMO+5 basis points[3] - The central bank's attitude remains supportive, as indicated by the resumption of reverse repos on July 10-11[3] - The stability of funding rates during the tax period will depend on the central bank's medium- and long-term fund injections[3] Government Bonds - Net payments for government bonds increased to 398.5 billion yuan for the period of July 14-18, with both national and local bonds seeing an increase in net payments[6] - The planned issuance of government bonds for the same period is 4,642 billion yuan, slightly down from the previous week[6] Interbank Certificates of Deposit - The pressure from maturing certificates of deposit is increasing, with 7,822 billion yuan maturing from July 14-18, up from 5,213 billion yuan the previous week[7] - The average weighted maturity of interbank certificates of deposit decreased to 8.9 months from 9.7 months[7]