流动性跟踪：隔夜利率1.2%+，创年内新低

Group 1: Overnight Rates and Liquidity - The overnight rate DR001 has reached a new low of 1.27%, breaking the previous year's lower limit of 1.30%[1] - The average overnight rate R001 decreased from 1.37% to 1.35% during the week of December 8-12[1] - The liquidity in the market remains stable, with a net withdrawal of 0.8 trillion yuan in the open market for December[20] Group 2: Tax Period and Market Outlook - The upcoming tax period (December 15-17) is expected to cause some liquidity fluctuations, but the average tax payment over the past three years is around 1.32 trillion yuan, indicating manageable pressure[2] - The central bank plans to conduct a net injection of 200 billion yuan through a 6-month reverse repurchase agreement on December 15, which may alleviate some liquidity pressure[2] Group 3: Open Market Operations - From December 15-19, a total of 7.485 trillion yuan will mature in the open market, with 6.685 trillion yuan from reverse repos, which is relatively low compared to the median of 10.21 trillion yuan for 2025[3] - The government bond net payment is projected to be -839 billion yuan for the same period, primarily due to the deferral of 1.96 trillion yuan in bonds to the following week[5] Group 4: Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit rose to 1.65%, an increase of 1.3 basis points from the previous week[6] - The total issuance of interbank certificates of deposit was 940.9 billion yuan, resulting in a net financing of -120.5 billion yuan during December 8-12[6]