流动性和机构行为周度观察：MLF 净投放 1000 亿元，资金面平稳跨月-20251203

Report Industry Investment Rating - Not provided in the report Core Viewpoint - From November 24 - 28, 2025, the central bank had a net 7 - day reverse repurchase fund withdrawal, a treasury cash fixed - deposit injection of 12 billion yuan, and an MLF operation of 100 billion yuan. From November 24 - 30, 2025, the net government bond payment scale decreased compared to the previous week, most inter - bank certificate of deposit (NCD) maturity yields rose slightly, and the average leverage ratio of the inter - bank bond market increased. On November 28, 2025, the median durations of medium - long - term and short - term interest - style pure bond funds decreased week - on - week by 0.55 years and 0.08 years respectively [2]. Summary by Directory 1. Funds - In November 2025, the net MLF injection was 10 billion yuan. From November 24 - 28, the central bank's 7 - day reverse repurchase had a net withdrawal of 16.42 billion yuan, treasury cash fixed - deposit injection was 12 billion yuan, and MLF had a net injection of 10 billion yuan. From December 1 - 5, 2025, 151.18 billion yuan of 7 - day reverse repurchases will mature. In total, the net injection of outright reverse repurchases in November was 50 billion yuan, and the net MLF injection was 10 billion yuan, with the combined net injection scale remaining stable month - on - month. In December, the maturity scales of 3M and 6M outright reverse repurchases are 100 billion yuan and 40 billion yuan respectively, and 30 billion yuan of MLF will mature [6]. - The overall funds situation was loose. From November 24 - 28, 2025, the average values of DR001 and R001 were 1.31% and 1.39% respectively, down 11.7 and 10.1 basis points compared to November 17 - 21; the average values of DR007 and R007 were 1.46% and 1.53% respectively, down 3.5 basis points and up 1.0 basis point compared to November 17 - 21. On the 28th, the weighted average rate of DR001 was closer to 1.30% and broke through 1.30% intraday [7]. - The net government bond financing scale decreased. From November 24 - 30, 2025, the net government bond payment scale was about 32.89 billion yuan, about 8.17 billion yuan less than November 17 - 23, including about 3.91 billion yuan of net treasury bond financing and about 28.98 billion yuan of net local government bond financing. From December 1 - 7, 2025, the expected net government bond payment scale is 8.66 billion yuan, including about - 5 billion yuan of net treasury bond financing and about 13.66 billion yuan of net local government bond financing [7]. 2. Inter - bank Certificates of Deposit (NCDs) - Most NCD maturity yields rose slightly. As of November 28, 2025, the 1M and 3M NCD maturity yields were 1.4450% and 1.5750% respectively, down 4.5 basis points and up 0.2 basis points compared to November 21; the 1Y NCD maturity yield was 1.6400%, up 0.5 basis points compared to November 21 [8]. - The net NCD financing amount remained negative. From November 24 - 30, 2025, the net NCD financing amount was about - 24.25 billion yuan, compared to about - 37.4 billion yuan from November 17 - 23. From December 1 - 7, 2025, the expected NCD maturity repayment amount is 44.88 billion yuan, with a significantly reduced roll - over pressure compared to the previous week. The NCD maturity scale in December is about 3.7 trillion yuan, which is relatively high [8]. 3. Institutional Behavior - The average leverage ratio of the inter - bank bond market increased. From November 24 - 28, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.32%, compared to 107.15% from November 17 - 21. On November 28 and 21, the calculated leverage ratios were about 107.02% and 107.31% respectively [9]. - Based on the calculation results, the durations of medium - long - term and short - term interest - style pure bond funds decreased marginally. On November 28, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 3.68 years, down 0.55 years week - on - week, at the 60.3% quantile since early 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.56 years, down 0.08 years week - on - week, at the 23.2% quantile since early 2022 [9].