【笔记20250923— 股债双杀】

Core Viewpoint - The article emphasizes the importance of adopting a probabilistic mindset in investing, suggesting that every investment should be viewed as an opportunity for trial and error, rather than a guaranteed success [1]. Group 1: Market Overview - The financial market is currently experiencing a balanced and slightly loose liquidity environment, with the central bank conducting a 7-day reverse repurchase operation of 276.1 billion yuan, while 287 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 10.9 billion yuan [3]. - The interbank funding rates have shown slight declines, with DR001 around 1.41% and DR007 at approximately 1.48% [3]. Group 2: Bond Market Dynamics - Concerns have been raised regarding public fund sales expenses, which have impacted market sentiment, leading to cautious trading in the bond market. The 10-year government bond yield opened at 1.7925% and rose to around 1.7975% [5]. - The bond market saw fluctuations, with the yield on 10-year government bonds reaching a low of 1.793% before rebounding to approximately 1.798% in the afternoon session [5]. Group 3: Interest Rate Trends - The weighted rates for various repurchase agreements indicate a slight increase, with R001 at 1.46% and R007 at 1.52%, reflecting a minor upward trend in interest rates [4]. - The yield on long-term government bonds has also shown an upward trajectory, with the 10-year bond yield at 1.7980%, marking an increase of 9.93 basis points [7].