流动性和机构行为跟踪：央行呵护，资金宽松

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Tax payment period led to an increase in capital prices, and the central bank conducted net open - market operations to support the capital market during the tax payment period [1]. - Certificate of deposit (CD) yields showed a differentiated trend, and the treasury bond yield curve steepened. CD net financing decreased, the issuance rate increased, and the average issuance term lengthened [2]. - Next week, the net issuance of government bonds is expected to increase while the net payment is expected to decrease. This week, the inter - bank leverage ratio declined slightly [3]. Summary by Directory 1. Capital Market - Tax payment period caused an increase in capital prices. This week, R001 closed at 1.44% (previous value: 1.34%), DR001 at 1.40% (previous value: 1.31%), R007 at 1.49% (previous value: 1.45%), and DR007 at 1.48% (previous value: 1.43%). The spread between DR007 and 7 - day OMO was 7.98bp. The 6M national - share bank acceptance bill transfer and discount rate closed at 0.63% (previous value: 0.70%) [1]. - The central bank conducted net open - market operations to support the capital market during the tax payment period. In the four trading days this week, the central bank conducted continuous net withdrawals, with a cumulative net withdrawal of 530.9 billion yuan. On Friday (the tax payment deadline), the central bank conducted a net reverse - repurchase injection of 11.6 billion yuan and a 50 - billion - yuan outright reverse - repurchase operation. In total, the central bank's reverse - repurchase injection was 71.18 billion yuan, reverse - repurchase maturity was 112.67 billion yuan, and outright reverse - repurchase injection was 50 billion yuan, resulting in a net injection of 8.51 billion yuan [1]. 2. Inter - bank Certificates of Deposit - CD yields showed a differentiated trend. This week, the 3M CD yield decreased by 0.50bp to 1.53%, the 6M yield increased by 1.26bp to 1.60%, and the 1Y yield increased by 2.25bp to 1.64%. The 1Y - 3M term spread widened. The spread between the 1 - year CD and R007 narrowed by 0.95bp to 15.42bp. The 1 - year treasury bond yield increased by 1.59bp to 1.37%, the 10 - year treasury bond yield increased by 5.74bp to 1.75%, and the 30 - year treasury bond yield increased by 8.75bp to 2.05% [2]. - CD net financing decreased, the issuance rate increased, and the average issuance term lengthened. This week, CD net financing was - 13.11 billion yuan (previous value: 17.73 billion yuan). The 1 - year CD issuance rates of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 1.64%, 1.64%, 1.73%, and 1.73% respectively, with changes of + 1.08bp, + 0.67bp, + 0.32bp, and - 3.63bp compared to the previous values. In terms of the issuance structure, the weighted average issuance term this week was 8.1M (previous value: 6.4M), with 7.92 billion yuan of 3M CDs issued, 13.57 billion yuan of 6M CDs issued, and 29.41 billion yuan of 1Y CDs issued [2]. 3. Institutional Behavior - Next week, the net issuance of government bonds is expected to increase while the net payment is expected to decrease. This week, the net issuance of treasury bonds was 21.46 billion yuan, and the net issuance of local bonds was - 1.37 billion yuan, with a total net issuance of government bonds of 20.09 billion yuan and a total net payment of 42.84 billion yuan. Next week, the expected net issuance of treasury bonds is 32.19 billion yuan, and the expected net issuance of local bonds is 20.88 billion yuan, with a total of 53.07 billion yuan, and the total net payment is expected to be 27.16 billion yuan [3]. - This week, the inter - bank leverage ratio declined slightly. The average daily volume of pledged repurchase transactions in the inter - bank market was 8.15 trillion yuan (previous value: 8.11 trillion yuan). The daily volume of pledged repurchase transactions first increased to 8.36 trillion yuan and then decreased to 7.70 trillion yuan. The average daily inter - bank market leverage ratio was 109.01% (previous value: 109.51%) [3].