流动性和机构行为跟踪：季末临近资金仍平稳，自律加强存单再下行

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the central bank's open - market operations had a net withdrawal of funds. Overnight funds prices slightly increased, while 7 - day funds prices declined. Short - end interest rates dropped due to loose funds and regulatory expectations, while the 10 - year and 30 - year bonds weakened. CD yields generally declined, and there was a net CD recovery. Government bond supply increased this week, and the inter - bank leverage ratio rose [1][2][3] Summary by Directory 1. Fundamentals - The central bank's open - market operations had a net withdrawal of funds. Reverse repurchase had a net injection of 658 billion yuan, and outright reverse repurchase had a net injection of - 1000 billion yuan. Overnight funds prices slightly increased (R001 rose to 1.40% from 1.39%, DR001 remained basically unchanged at 1.32%), and 7 - day funds prices declined (R007 fell to 1.48% from 1.50%, DR007 fell to 1.42% from 1.46%). The spread between DR007 and 7 - day OMO was 2.09bp, and the 6M national - share bank acceptance bill transfer and discount rate was 1.17% [1] - The average daily trading volume of pledged repurchase in the inter - bank market was 8.37 trillion yuan (previous value: 8.57 trillion yuan), and the average daily inter - bank market leverage ratio was 107.26% (previous value: 106.98%) [3] 2. Interbank Certificates of Deposit (CDs) - CD yields generally declined. The 3M yield dropped 3.5bp to 1.47%, the 6M yield dropped 4.0bp to 1.47%, and the 1Y yield dropped 1.75bp to 1.52%. The spread between 1 - year CDs and R007 widened 0.89bp to 3.81bp [2] - There was a net CD recovery this week. The net CD financing was - 403.1 billion yuan (previous value: - 161.9 billion yuan). The weighted - average issuance term was 8.0M (previous value: 8.3M), with 3M CDs issued 86.99 billion yuan, 6M CDs issued 202.57 billion yuan, and 1Y CDs issued 263.36 billion yuan [3] 3. Institutional Behavior - The inter - bank leverage ratio rose. The average daily trading volume of pledged repurchase in the inter - bank market was 8.37 trillion yuan (previous value: 8.57 trillion yuan), and the average daily inter - bank market leverage ratio was 107.26% (previous value: 106.98%) [3]