【笔记20251030— 股跌债涨，会晤“时间”不及预期】

Core Viewpoint - The article discusses the market reaction to the recent U.S.-China summit, highlighting that the outcomes did not exceed expectations, leading to a decline in the stock market and a slight decrease in interest rates [5]. Group 1: Market Reactions - The stock market experienced a decline following the U.S.-China summit, which lasted less than expected, leading to a "stocks down, bonds up" scenario [5]. - The Federal Reserve's decision to cut interest rates by 25 basis points was anticipated, with indications that it may be the last cut for the year [5]. - The 10-year government bond yield fluctuated between 1.806% and 1.8175% before settling lower after the summit results were announced [5]. Group 2: Financial Data - The central bank conducted a reverse repurchase operation of 342.6 billion yuan, with a net injection of 130.1 billion yuan after 212.5 billion yuan matured [3]. - The overnight money market rates showed a decline, with DR001 around 1.31% and DR007 at approximately 1.50% [3]. - The weighted average interest rate for newly issued housing loans in Q3 2025 was reported at 3.07%, translating to an effective yield of about 1.5% after accounting for taxes and risk capital [5]. Group 3: Interest Rate Trends - The weighted rates for various repurchase agreements showed slight changes, with R001 at 1.37% (up 6 basis points) and R007 at 1.56% (down 3 basis points) [4]. - The yield on 10-year government bonds was reported at 1.8025%, reflecting a decrease of 1.05 basis points [5]. - The interest rates for different maturities of government bonds showed a range of yields, with the 1-year bond at 1.38% and the 10-year bond at 1.8025% [8].