今日，飙涨！“最佳窗口期”仅剩2.5小时

Core Viewpoint - The article highlights a significant increase in the yield of government bond reverse repos on the Shanghai and Shenzhen exchanges, particularly as the National Day holiday approaches, presenting a favorable window for investors to engage in these transactions [1][2][3]. Summary by Sections Market Performance - The yield for the 1-day government bond reverse repo (GC001) on the Shanghai exchange surged by over 40%, reaching an annualized yield close to 2%, marking a two-month high [3]. - The Shenzhen exchange's 1-day government bond reverse repo also saw a rise exceeding 50%, with similar yield levels [3]. - Other maturities, including 2-day and 3-day reverse repos, experienced increases of over 30% in annualized yields [5]. Timing and Strategy - The article emphasizes that today (September 29, 2025) is an optimal time for executing government bond reverse repos due to favorable interest calculation days, with 1-day repos yielding 9 days of interest and 2 to 7-day repos yielding 10 days [8][10]. - In contrast, executing these transactions tomorrow (September 30, 2025) would result in only 1 day of interest, making it less advantageous [8][10]. - Historical data indicates that yields often rise significantly before key dates such as quarter-end and holidays, with past instances showing increases over 10% and even exceeding 50% [10]. Investment Considerations - The article notes that government bond reverse repos are considered low-risk investments, often referred to as "gold-edged bonds," making them an attractive option for investors with cash in stock accounts [10]. - Current average annualized yields for money market funds are around 1.3%, with some funds like Tianhong Yu'ebao dropping to new lows of just over 1% [11]. Operational Guidance - Investors are advised to choose between Shanghai and Shenzhen markets based on which offers higher annualized yields for the same maturity [12]. - The article outlines various maturities available for reverse repos, including 1-day to 182-day options, allowing investors to select based on their cash flow needs [13]. - It also provides practical instructions for placing orders and highlights that most brokerage platforms now feature user-friendly interfaces for executing these transactions [15][16].