流动性与机构行为跟踪：券商抛券，大行增存单

1. Report Industry Investment Rating - No information provided in the report about the industry investment rating 2. Core Viewpoints - This week (March 9 - March 13), most funding rates increased, large banks' average daily lending increased slightly, funds slightly de - leveraged; CD maturities increased, and most CD yields decreased; in the cash bond market, small and medium - sized banks were the main buyers, increasing holdings of 7 - 10Y and 20 - 30Y interest - rate bonds, large banks increased CD holdings, funds net - sold 7 - 10Y interest - rate bonds and net - bought credit bonds within 3Y, securities firms sold bonds, and insurance companies increased holdings of 20 - 30Y interest - rate bonds [4] 3. Summary by Directory 3.1 Monetary and Liquidity Conditions - This week, there were 277.6 billion yuan of reverse repurchase maturities, with a cumulative reverse repurchase injection of 176.5 billion yuan, resulting in a net liquidity withdrawal of 101.1 billion yuan. Next Monday, there will be 500 billion yuan of outright reverse repurchases injected and 600 billion yuan of outright reverse repurchases maturing [8][11] - As of March 13, R001, R007, DR001, and DR007 were 1.39%, 1.5%, 1.32%, and 1.46% respectively, with changes of 0.34BP, 1.13BP, 0.22BP, and 4.67BP compared to March 6 [8][13] - From March 9 - March 13, large banks' total lending scale was 29.68 trillion yuan, with a daily maximum of 6.2 trillion yuan and an average daily lending of 5.9 trillion yuan, a 0.01 - trillion - yuan increase from the previous week's average [8][18] - The average daily trading volume of pledged repurchase was 8.57 trillion yuan, with a daily maximum of 8.75 trillion yuan, a 0.79% decrease from the previous week's average. The average daily overnight repurchase trading volume accounted for 91.1%, with a daily maximum of 92.4%, a 0.05 - percentage - point decrease from the previous week's average [8][19] 3.2 Inter - bank Certificates of Deposit and Bills - This week, the issuance scale of inter - bank CDs increased, with a negative net financing amount. The total issuance was 845.89 billion yuan, an increase of 129.49 billion yuan from last week; the total maturity was 1008.2 billion yuan, an increase of 420.21 billion yuan from the previous week. The net financing was - 162.3 billion yuan, a decrease of 290.72 billion yuan from last week [8][24] - By bank type, joint - stock banks had the highest CD issuance scale. By maturity type, 1Y CDs had the highest issuance scale [24] - As of March 13, most CD issuance rates of various banks decreased, and CD issuance rates of different maturities showed differentiation [31] - As of March 13, most Shibor rates decreased [33] - As of March 13, most yields of AAA - rated inter - bank CDs at maturity decreased [37] - As of March 13, most bill rates increased [39] 3.3 Institutional Behavior Tracking - As of March 13, the inter - bank bond market leverage ratio decreased by 0.13 percentage points to 105.28% compared to March 6, at the 23.20% historical quantile level since 2021 [42] - As of March 13, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.6%, 210.7%, 130.5%, and 104% respectively, with changes of 0.08BP, - 20.93BP, 0.75BP, and - 0.23BP compared to March 6, at the 32%, 35%, 78%, and 1% historical quantile levels respectively [8][44] - As of March 13, the weighted average net - buying duration of funds slightly increased, and insurance companies continued to increase duration [8][46] - As of March 13, the duration of medium - and long - term pure - bond funds increased by 0.27 years to 3.02 years compared to March 6, at the 10% historical quantile level since 2025; the duration of short - term pure - bond funds increased by 0.21 years to 1.31 years, at the 16% historical quantile level since 2025 [50]