Huaxi Securities(SZ:002926) HUAXI Securities·2025-12-27 15:21Liquidity Overview - The average daily net lending by banks reached a historical high of 5.45 trillion yuan from December 22-26, up from 4.90 trillion yuan the previous week[2] - The overnight interest rate R001 remained stable around 1.35%, while DR001 fell to 1.26%[1] - The 7-day funding rate DR007 increased to 1.52%, reflecting a rise of 14 basis points compared to previous years[1] Market Trends - The significant increase in bank lending at year-end is attributed to seasonal patterns, with lending typically exceeding 5 trillion yuan before the year-end[2] - The net financing from government bonds for December 29-31 is expected to be 138 billion yuan, significantly lower than the previous week's 3,667 billion yuan[6] - The issuance of 1-month bills dropped to a near-zero interest rate of 0.01%, while 3-month and 6-month rates rose to 0.65% and 1.05%, respectively[5] Future Outlook - The liquidity cost during the year-end period is expected to remain manageable, with potential peaks around 1.90% for 7-day funds[3] - The upcoming week (December 29-31) will see a net withdrawal of 1,526 billion yuan from reverse repos, indicating low pressure on liquidity[4] - The total maturity of interbank certificates of deposit is projected to decrease to 2,791 billion yuan, down from 8,686 billion yuan the previous week[7]