宏观金融数据日报-20251121
Guo Mao Qi Huo·2025-11-21 06:14

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The central bank carried out 300 billion yuan of 7 - day reverse repurchase operations, with a net investment of 110 billion yuan on the day. The 11 - month LPR quote remained unchanged, and the central bank will implement a moderately loose monetary policy [3][4]. - The market sentiment was cautious, with the stock index oscillating and closing down. The macro - level is a mix of positives and negatives. The market lacks a core driving force, and there are differences in market expectations. The stock index is expected to continue the oscillating pattern with support at the bottom and pressure upwards [6]. 3. Key Points by Category Monetary Policy and Interest Rates - The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.40%, with a net investment of 110 billion yuan after 190 billion yuan of reverse repurchases matured [3]. - The 11 - month LPR remained unchanged, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5%. The central bank will implement a moderately loose monetary policy [4]. - Interest rates of various varieties changed, such as DRO01 at 1.37% (- 5.67bp), DR007 at 1.49% (- 2.74bp), etc. [3] Stock Index and Market Conditions - The stock indexes fell, with the Shanghai - Shenzhen 300 down 0.51% to 4564.9, the Shanghai 50 down 0.4% to 3008.3, the CSI 500 down 0.85% to 7061.9, and the CSI 1000 down 0.63% to 7340.4. The trading volume of the two markets was 1.7082 trillion yuan, a decrease of 17.7 billion yuan [6]. - The market sentiment was cautious, and the stock index oscillated and closed down. The market lacks a core driving force, and there are differences in market expectations. The stock index is expected to continue the oscillating pattern [6]. Futures Market - Futures prices of different varieties changed, such as IF down 0.6%, IH down 0.3%, IC down 0.7%, and IM down 0.6%. Trading volumes and open interests also had different changes [5]. - The premium and discount rates of different futures contracts varied, for example, IF's premium rate for the current - month contract was 55.56%, and IH's discount rate for the current - month contract was - 3.76% [7].