宏观金融数据日报-20251219

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The central bank restarted the 14 - day reverse repurchase operation after nearly three months, with a 5bp reduction in the 14 - day reverse repurchase rate. The central bank will continue to implement a moderately loose monetary policy, aiming to promote stable economic growth and a reasonable recovery of prices [4][5] - In the short term, domestic stock indices are expected to continue a weak operation due to factors such as the decline in market risk appetite at the end of the year, poor economic data in November, and limited policy signals from recent meetings. However, the market adjustment since mid - November has opened up space for the upward movement of stock indices next year, providing a layout window [7] 3. Summary by Relevant Catalogs Interest Rate Market - Yield Changes: DROO1 closed at 1.27 with a - 0.14bp change, DR007 at 1.44 with a - 0.31bp change, GC001 at 1.22 with a - 39.50bp change, GC007 at 1.51 with a - 4.00bp change, SHBOR 3M at 1.60 with a 0.20bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury bond at 1.37 with a - 0.73bp change, 5 - year treasury bond at 1.61 with a - 0.66bp change, 10 - year treasury bond at 1.83 with a - 0.29bp change, and 10 - year US treasury bond at 4.16 with a 1.00bp change [4] - Central Bank Operations: The central bank conducted 88.3 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.40% and 100 billion yuan of 14 - day reverse repurchase operations. With 118.6 billion yuan of reverse repurchases maturing, the net investment on the day was 69.7 billion yuan. This week, 668.5 billion yuan of reverse repurchases will mature in the central bank's open market, and on Monday, 400 billion yuan of 182 - day repurchase - style reverse repurchases and 80 billion yuan of treasury cash fixed - term deposits will mature [4][5] Stock Index Market - Index Changes: The CSI 300 closed at 4553, down 0.59%; the SSE 50 closed at 2999, up 0.23%; the CSI 500 closed at 7101, down 0.52%; the CSI 1000 closed at 7272, down 0.22%. The trading volume of the Shanghai and Shenzhen stock markets was 1.6555 trillion yuan, a decrease of 155.7 billion yuan from the previous day. Industry sectors showed more gains than losses, with sectors such as pharmaceutical business, aerospace, chemical fiber, department stores, banks, household appliances, and medical services leading the gains, while sectors such as batteries, power equipment, electronic chemicals, energy metals, and glass fiber showing the largest losses [6] - Futures Contracts: In terms of futures contracts, IF当月 closed at 4550, down 0.6%; IH当月 closed at 2995, up 0.3%; IC当月 closed at 7101, down 0.6%; IM当月 closed at 7275, down 0.3%. The trading volume and positions of various futures contracts generally decreased [6] - Premium and Discount Situation: The IF, IH, IC, and IM contracts showed different premium and discount rates in different contract periods [8]