【笔记20260203— 暴跌31.5%，溢价89%】

Core Viewpoint - The article discusses the dynamics of the capital market, highlighting that most participants believe they are smarter than the average investor and can predict market movements, yet the reality is that many end up losing money [1]. Group 1: Market Dynamics - The central bank conducted a 1,055 billion yuan reverse repurchase operation, with 4,020 billion yuan maturing, resulting in a net withdrawal of 2,965 billion yuan [3]. - The central bank announced an 8,000 billion yuan buyout reverse repurchase operation with a term of three months, indicating a proactive monetary policy stance [3]. - The market saw a mixed performance in long-term bond yields, with the 10-year government bond rate fluctuating around 1.815% [6]. Group 2: Interest Rates and Trading Volumes - The interbank funding rates remained stable, with DR001 around 1.32% and DR007 at approximately 1.50% [4]. - The weighted rates for various funding codes showed slight changes, with R001 at 1.40% and R007 at 1.55%, reflecting a decrease of 1 basis point [5]. - The trading volume for R001 was 79,433.25 million yuan, indicating a significant increase of 5,639.96 million yuan [5]. Group 3: Market Reactions - The stock market and commodities experienced a rebound, attributed to expectations of the central bank's bond-buying scale, with a threshold of 500 billion yuan considered a positive surprise [6][7]. - A notable event was the sharp decline of a popular silver LOF fund, which dropped 31.5%, marking a record single-day decline for public funds, while trading at a nearly 100% premium [7].