流动性和机构行为跟踪：资金平稳，存单利率依然较高

Report Industry Investment Rating - Not provided in the content Core View - The funds are stable with minor fluctuations. The central bank conducts open - market operations, and the net issuance of government bonds, the yield of certificates of deposit, and the inter - bank leverage ratio all show certain trends [1][2][3] Summary by Directory 1. Funds - Fund prices: R001 closed at 1.38% (previous value 1.36%), DR001 at 1.32% (previous value 1.32%), R007 at 1.46% (previous value 1.47%), DR007 at 1.41% (previous value 1.41%), and the spread between DR007 and 7 - day OMO was 1.10bp. The 6M national and stock bill transfer discount rate was 0.66% (previous value 0.71%) [1] - Central bank operations: The central bank's reverse repurchase injection was 8672 billion yuan, with 7891 billion yuan maturing, resulting in a net injection of 781 billion yuan. Additionally, 1200 billion yuan of treasury cash fixed - term deposits were issued this week [1] - Government bond issuance: This week, the net issuance of national bonds was 236 billion yuan, local bonds 1658 billion yuan, with a total net issuance of 1893 billion yuan and a total net payment of - 978 billion yuan. Next week, it is expected that the net issuance of national bonds will be 0 billion yuan, local bonds 1757 billion yuan, with a net financing of 1757 billion yuan and a total net payment of 4409 billion yuan [3] - Inter - bank leverage ratio: The average daily volume of pledged repurchase transactions was 7.83 trillion yuan (previous value 8.04 trillion yuan), and the average daily inter - bank market leverage ratio was 109.19% (previous value 114.70%) [3] 2. Certificates of Deposit - Yield: The 3M yield decreased by 0.44bp to 1.59%, the 6M yield increased by 0.03bp to 1.64%, and the 1Y yield increased by 0.87bp to 1.68%. The spread between the 1 - year certificate of deposit and R007 widened by 1.23bp to 21.01bp [2] - Net financing and issuance structure: The net financing of certificates of deposit this week was 345.4 billion yuan (previous value 224.7 billion yuan). The issuance interest rates of 1 - year certificates of deposit for joint - stock banks, city commercial banks, and rural commercial banks were 1.68%, 1.79%, and 1.75% respectively. The weighted average issuance term was 7.1M (previous value 6.1M), with 161.54 billion yuan issued for the 3M term, 347.18 billion yuan for the 6M term, and 265 billion yuan for the 1Y term [2] 3. Institutional Behavior - Not further elaborated in the content other than the inter - bank leverage ratio mentioned above