流动性和机构行为跟踪：存单大幅净偿还

Report Industry Investment Rating No relevant content provided. Core View of the Report - The overall funds are stable with slight price fluctuations. Due to the continuous support from the central bank, the funds prices decreased slightly this week. The bond market lacks a trading main line, and bond yields fluctuated within a narrow range. Certificate of deposit (CD) yields were stable, with significant net repayment and a slight increase in the average issuance term. Next week, the net payment of government bonds is expected to decline, and the inter - bank leverage ratio decreased slightly this week [1][2][3] Summary by Directory 1. Funds - The overall funds were stable, with slight price fluctuations. R001 closed at 1.39% (previous value: 1.43%), DR001 at 1.32% (previous value: 1.37%), R007 at 1.50% (previous value: 1.49%), and DR007 at 1.44% (previous value: 1.47%). The spread between DR007 and 7 - day OMO was 4.08bp. The 6M national and state - owned bank draft transfer discount rate closed at 0.77% (previous value: 0.63%) [1] - OMO net injection was stable, and the treasury cash fixed - term deposit will be renewed with an increased amount. This week, the central bank conducted 1676 billion yuan of reverse repurchase operations, with 1122 billion yuan of reverse repurchases maturing, resulting in a net reverse repurchase injection of 554 billion yuan, similar to last week's net injection of 626.2 billion yuan. On November 19th, the central bank announced that on November 24th, it will conduct 120 billion yuan of 1 - month and 80 billion yuan of 21 - day treasury cash fixed - term deposits, renewing 80 billion yuan with an increased amount [1] 2. Inter - bank Certificates of Deposit - CD yields were stable. The 3M yield decreased by 0.15bp to 1.57%, the 6M yield remained flat at 1.61%, and the 1Y yield remained flat at 1.64%. The spread between the 1 - year CD and R007 narrowed by 0.07bp to 13.98bp [2] - There was significant net repayment of CDs, and the average issuance term increased slightly. This week, the net financing of CDs was - 373.2 billion yuan (previous value: - 41.6 billion yuan). The issuance rates of 1 - year CDs for state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 1.65%, 1.64%, 1.76%, and 1.81% respectively. In terms of the issuance structure, the weighted average issuance term this week was 8.2 months (previous value: 7.7 months), with 17.05 billion yuan of 3M CDs issued, 176.83 billion yuan of 6M CDs issued, and 207.77 billion yuan of 1Y CDs issued [2] 3. Institutional Behavior - Next week, the net payment of government bonds is expected to decline. This week, the net issuance of treasury bonds was 101.6 billion yuan, and the net issuance of local bonds was 126.3 billion yuan, with a total net issuance of government bonds of 228 billion yuan and a total net payment of 400.7 billion yuan. Next week, the expected net issuance of treasury bonds is - 56.1 billion yuan, the net issuance of local bonds is 326.3 billion yuan, the net financing of government bonds is 270.2 billion yuan, and the total net payment is 244 billion yuan [3] - The inter - bank leverage ratio decreased slightly this week. The average daily volume of pledged repurchase transactions was 7.29 trillion yuan (previous value: 7.44 trillion yuan), and the average daily inter - bank market leverage ratio was 106.56% (previous value: 107.32%) [3]