流动性和机构行为跟踪：央行回笼资金宽松，自律升级短债下行

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - This week, the central bank's open - market operations led to a net withdrawal of funds. The central bank will conduct a 6 - month outright reverse repurchase operation of 50 billion yuan next week, with a net withdrawal of 10 billion yuan this month. Overnight and seven - day fund prices showed different trends, and the 6M national - share bank draft transfer discount rate was at 1.23% [1]. - Due to the upgrade of the inter - bank deposit self - regulatory mechanism, the short - end yields declined slightly. Influenced by factors such as unexpected price and import - export data and the Middle East situation, the 10 - year and 30 - year bonds adjusted. The yields of government bonds of different maturities changed, and the yields of certificates of deposit generally declined. This week, certificates of deposit turned to net repayment [2]. - Next week, the supply of government bonds will increase. The inter - bank leverage ratio declined this week [3]. 3. Summary by Directory 3.1 Funds - The central bank's open - market operations had a net withdrawal of funds this week. The reverse repurchase net investment was - 10.11 billion yuan. Next week, a 6 - month outright reverse repurchase operation of 50 billion yuan will be carried out, with a net withdrawal of 10 billion yuan this month [1]. - Overnight fund prices were flat, while seven - day fund prices rose. R001 remained at 1.39%, DR001 at 1.32%, R007 rose to 1.50% (previous value 1.49%), and DR007 rose to 1.46% (previous value 1.41%). The spread between DR007 and the 7 - day OMO was 6.16bp. The 6M national - share bank draft transfer discount rate was 1.23% [1]. 3.2 Inter - bank Certificates of Deposit - The yields of certificates of deposit generally declined. The 3M yield dropped 0.5bp to 1.50%, the 6M yield dropped 1.0bp to 1.51%, and the 1Y yield dropped 1.75bp to 1.53%. The spread between the 1 - year certificate of deposit and R007 narrowed by 2.88bp to 2.92bp [2]. - This week, certificates of deposit turned to net repayment, with a net financing of - 16.19 billion yuan (previous value 12.92 billion yuan). The weighted average issuance term was 8.3M (previous value 8.7M), with 11.721 billion yuan of 3M certificates of deposit issued, 15.517 billion yuan of 6M certificates of deposit issued, and 34.563 billion yuan of 1Y certificates of deposit issued [2]. 3.3 Institutional Behavior - Next week (March 16 - 22, 2026), the net issuance of government bonds is expected to be 67.02 billion yuan, and the net payment is expected to be 59.52 billion yuan. This week, the net issuance of government bonds was - 28.78 billion yuan, and the net payment was - 56.11 billion yuan [3]. - The inter - bank leverage ratio declined. The average daily trading volume of pledged repurchase was 8.57 trillion yuan (previous value 8.64 trillion yuan), and the average daily inter - bank market leverage ratio was 106.98% (previous value 109.94%) [3].