流动性和机构行为跟踪：跨季资金平稳，存单低位震荡

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The central bank maintained liquidity during the quarter - end, with increased net open - market injections. Interest rates in the bond market were generally in a warm - fluctuating pattern, and the 30 - year treasury bond recovered significantly. The CD yield fluctuated, and the net financing of CDs turned positive. Government bond supply declined, and the inter - bank leverage ratio decreased slightly [1][2]. Summary by Related Catalogs 1. Funding Situation - Central Bank Operations: The central bank injected 4742 billion yuan through reverse repurchase and 5000 billion yuan through 1 - year MLF this week. Reverse repurchase maturities were 2423 billion yuan, and MLF maturities were 4500 billion yuan, resulting in a net reverse - repurchase injection of 2319 billion yuan and an excess MLF roll - over of 500 billion yuan [1]. - Funding Prices: R001 closed at 1.39% (previous value 1.40%), DR001 remained flat at 1.32% (previous value 1.32%), R007 closed at 1.51% (previous value 1.48%), and DR007 closed at 1.44% (previous value 1.42%). The spread between DR007 and the 7 - day OMO was 3.98bp. The 6M national - share bank draft transfer discount rate was 1.06% [1]. - Bond Yields: The 1 - year treasury bond yield dropped 0.5bp to 1.25%, the 10 - year treasury bond yield dropped 1.27bp to 1.82%, and the 30 - year treasury bond yield dropped 3.84bp to 2.35% [1]. 2. Inter - bank Certificates of Deposit (CDs) - Yield Changes: The 3M CD yield dropped 1.0bp to 1.46%, the 6M CD yield rose 0.75bp to 1.48%, and the 1Y CD yield rose 1.0bp to 1.53%. The spread between the 1 - year CD and R007 narrowed 2.00bp to 1.81bp [2]. - Net Financing: The net financing of CDs this week was 738 billion yuan, compared with - 4031 billion yuan previously. In terms of the issuance structure, the weighted - average issuance term this week was 7.9M (previous value 8.0M), with 877.0 billion yuan of 3M CDs issued, 1324.3 billion yuan of 6M CDs issued, and 2286.5 billion yuan of 1Y CDs issued [2]. 3. Institutional Behavior - Government Bond Supply: This week, the net issuance of treasury bonds was 948 billion yuan, and the net issuance of local bonds was 1300 billion yuan, with a total net issuance of government bonds of 2249 billion yuan (previous value 7402 billion yuan), and a total net payment of 5930 billion yuan (previous value 6652 billion yuan). Next week, the expected net issuance of local bonds is 406 billion yuan, and the net payment of local bonds is 686 billion yuan [2]. - Inter - bank Leverage Ratio: The average daily volume of pledged repurchase transactions this week was 7.94 trillion yuan (previous value 8.37 trillion yuan), and the average daily inter - bank market leverage ratio was 107.12% (previous value 107.26%) [2].