流动性和机构行为周度观察：4月资金：季初阶段预计资金环比趋松-20260330

Report Industry Investment Rating No information provided in the text. Core Viewpoints of the Report - In early April after the cross - quarter period, the money market is expected to loosen compared to the previous period, but in the middle and later stages, attention should be paid to the frictional impact of negative factors such as the "big tax period", the possible rapid implementation of new policy - based financial instruments, and the absorption of inter - bank deposits by banks [7]. Summary by Relevant Catalogs 1. Money Market - Central Bank Operations: From March 23 - 27, 2026, the central bank's 7 - day reverse repurchase had a net investment of 2319 billion yuan. In April 2026, the maturity scale of 3M and 6M repurchase - style reverse repurchase is 11000 billion yuan and 6000 billion yuan respectively, and the maturity scale of MLF is 6000 billion yuan [2][6]. - Funding Rates: From March 23 - 27, 2026, the average values of DR001 and R001 were 1.32% and 1.40% respectively, down 0.1 basis points and basically unchanged compared with March 16 - 20; the average values of DR007 and R007 were 1.43% and 1.50% respectively, down 0.1 basis points and up 1.1 basis points compared with March 16 - 20 [6]. - Government Bond Net Financing: From March 23 - 29, 2026, the government bond net financing was about 6064 billion yuan, an increase of about 3001 billion yuan compared with March 16 - 22. From March 30 - April 5, 2026, the government bond net financing is expected to be about 150 billion yuan [7]. 2. Inter - bank Certificates of Deposit - Yield to Maturity: As of March 27, 2026, the yields to maturity of 1M and 3M inter - bank certificates of deposit were 1.4150% and 1.4550% respectively, down 4.0 and 1.0 basis points compared with March 20; the yield to maturity of 1Y inter - bank certificates of deposit was 1.5250%, up 1.0 basis point compared with March 20 [8]. - Net Financing: From March 23 - 29, 2026, the net financing of inter - bank certificates of deposit was about 738 billion yuan. From March 30 - April 5, 2026, the maturity repayment amount of inter - bank certificates of deposit is expected to be 1513 billion yuan, and the pressure of maturity renewal has significantly decreased. The maturity scale of inter - bank certificates of deposit in April is about 2.94 trillion yuan, a year - on - year increase of 0.46 trillion yuan and a month - on - month decrease of 0.65 trillion yuan [8]. 3. Institutional Behavior - Leverage Ratio: From March 23 - 27, 2026, the average leverage ratio of the inter - bank bond market was 107.14%, down from 107.32% in March 16 - 20 [9]. - Duration of Bond Funds: On March 27, 2026, the median duration (MA5) of medium - and long - term interest - rate pure bond funds decreased by 0.04 years week - on - week to 4.26 years, and the median duration (MA5) of short - term interest - rate pure bond funds increased by 0.06 years week - on - week to 2.00 years [9].