流动性跟踪：下周资金有望延续舒适状态

Group 1 - The report indicates that liquidity is expected to remain comfortable in the upcoming week, with a stable transition across the quarter despite some fluctuations observed from September 23 to September 25, where the central bank's operations were relatively cautious [1][12] - On September 26, the central bank injected 600 billion yuan through a 14-day reverse repurchase agreement, which revitalized market sentiment and helped overnight funds recover to below 1.35%, supported by increased fiscal spending at the quarter's end [1][12] - Historical trends suggest that in October, funding rates typically operate around a central level, with early month conditions being relatively loose due to the easing of regulatory assessments and the influx of fiscal spending [18] Group 2 - The upcoming week will see nearly 1.7 trillion yuan in public market maturities, including 1.021 trillion yuan in 7-day reverse repos, 500 billion yuan in buyout repos, and 150 billion yuan in treasury cash deposits [3][24] - Government bonds are set to issue over 200 billion yuan, with planned issuances of 221 billion yuan in national bonds and 213 billion yuan in local bonds, while maturing national bonds total 2.594 trillion yuan and local bonds 946 billion yuan [4][35] - The willingness of major banks to lend has shown signs of recovery, with funding rates declining; for instance, DR001 decreased by 6.81 basis points to 1.32% as of October 10 [5][18]