【笔记20250718— 防内卷，防三拍】

Core Viewpoint - The article emphasizes the importance of maintaining a balanced perspective in the market, suggesting that during times of market hesitation, one should be firm, and during times of market confidence, one should be cautious [1]. Group 1: Market Conditions - The central bank conducted a 1,875 billion yuan reverse repurchase operation, with 847 billion yuan maturing today, resulting in a net injection of 1,028 billion yuan [2]. - The funding environment is described as balanced and slightly loose, with funding rates showing a minor decline, specifically DR001 around 1.46% and DR007 around 1.51% [2]. - After the tax period, the funding situation continues to improve marginally, with the stock market showing a strong performance [3]. Group 2: Bond Market Dynamics - The sentiment in the bond market remained stable in the morning, with the 10-year government bond yield opening at 1.6625% and fluctuating throughout the day [4]. - The central bank's proposal to cancel the freeze on collateral for bond repurchase transactions is seen as a potential boost to bond liquidity, although the market remains cautious about the implications of restarting bond purchases [4]. - The 30-year government bond yield experienced a significant drop of 0.75 basis points, but later adjusted upwards by 0.55 basis points as market participants reassessed the situation [4]. Group 3: Economic Insights - Recent comments from leadership highlight the focus on industries such as artificial intelligence, computing power, and new energy vehicles, which are seen as contributing factors to overcapacity and market competition [4].