每日债市速递 | 央行连续净回笼，资金面依旧宽松

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 26, with a fixed rate and quantity tendering, amounting to 213.3 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 310.5 billion yuan of reverse repos matured, resulting in a net withdrawal of 97.2 billion yuan [1] Group 2: Funding Conditions - Despite the central bank's continuous net withdrawal in the open market, the interbank market remains loose, with overnight repurchase rates for deposit institutions slightly decreasing to around 1.31% [3] - The overnight rates in the anonymous X-repo system dropped to a low of 1.28%, with a supply of nearly 200 billion yuan [3] - Non-bank institutions are borrowing overnight funds secured by credit bonds at rates around 1.4% [3] - The latest overnight financing rate in the U.S. is reported at 3.96% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, remaining stable compared to the previous day [7] Group 4: Government Bond Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.86%, 10-year down 0.36%, 5-year down 0.22%, and 2-year down 0.05% [12] Group 5: Policy and Economic Developments - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, focusing on key industries such as smart connected vehicles and green building materials [13] - The National Development and Reform Commission announced the approval of the "Credit Repair Management Measures," effective from April 1, 2026, categorizing dishonest information into three levels based on severity [13] - The Guangdong Provincial Financial Management Bureau and other departments released a plan to support enterprises in green transformation through the issuance of green bonds and other financial products [13] Group 6: Global Economic Updates - Japan's Prime Minister emphasized the importance of economic stimulus for fiscal sustainability, with the current year's government bond issuance expected to be lower than last year [15] - The South Korean government plans to establish a strategic investment company to manage a special fund for a $350 billion investment in the U.S. [15] - New Zealand's central bank lowered the benchmark interest rate by 25 basis points to 2.25%, aligning with market expectations [16] Group 7: Bond Market Events - The Shanghai Clearing House has begun offering central counterparty clearing services directly to overseas institutions [18] - After 12 years of listing, Joy City Property will delist from the Hong Kong Stock Exchange on November 27 [18] - Japan plans to issue over 11 trillion yen in foreign bonds for the fiscal year 2025 [18] - SoftBank Group is set to issue 500 billion yen in unsecured bonds with a coupon rate of 3.98% [18]