上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 11月24日，央行发布消息称，为保持银行体系流动性充裕，2025年11月25日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。 招联首席研究员、上海金融与发展实验室副主任董希淼表示，11月、12月是全年工作收官的 关键时段。在岁末年初之际，央行已经恢复国债买卖来向银行体系注入长期流动性，并通过 多种货币政策工具，维持市场流动性充裕，进而引导金融机构加大信贷投放，是及时和必要 的。 董希淼认为，未来一段时间，适度宽松的货币政策虽还有一定实施空间，但边际效率已经明 显下降。因此，市场应降低对下一步大幅度降准降息的预期。下一阶段，货币政策预计将更 加注重精准、协同和均衡。 王青预计，后续央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流 动性。同时，在央行降准注入较大规模长期流动性的预期下，不排除年终前后中期流动性净 投放规模相应收敛的可能。 来源：中国基金报 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和 ...

据中国人民银行官网11月24日消息，为保持银行体系流动性充裕，2025年11月25日，中国人民银行将以 固定数量、利率招标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。 鉴于11月有9000亿元MLF到期，当月央行MLF净投放规模将达到1000亿元，为央行连续第九个月对 MLF加量续作。 本期编辑：孙琪 据证券时报，东方金诚首席宏观分析师王青指出，11月MLF加量续作是着眼于应对潜在的流动性收紧 态势。10月财政部安排5000亿元地方政府债务结存限额，意味着11月政府债券净融规模会有明显上升。 同时，10月5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高后，接下来还会带动配套 中长期贷款较快投放。此外，11月银行同业存单到期量也有明显增加。上述因素都会在一定程度上收紧 银行体系流动性，需要央行给予流动性支持。 来源：中国人民银行官网、证券时报 "总体上看，接下来央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动 性。"王青表示，近期宏观经济运行出现波动，央行加量续作MLF有助于稳增长、稳预期。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan Medium-term Lending Facility (MLF) operation on November 25, 2023, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][4] Group 1: MLF Operations - The PBOC will conduct a 1 trillion yuan MLF operation with a one-year term, using a fixed quantity and multi-price bidding method [1] - In November, 900 billion yuan of MLF is set to mature, resulting in a net MLF injection of 100 billion yuan for the month [1][3] - The continuous increase in MLF aligns with market expectations, as the central government has arranged for 500 billion yuan in local government debt to address existing debt and boost effective investment [3][4] Group 2: Liquidity Support Measures - The PBOC has also conducted reverse repurchase operations of 700 billion yuan for three months and 800 billion yuan for six months, leading to a net injection of 500 billion yuan from reverse repos in November [3] - The total net liquidity injection for November, combining MLF and reverse repos, amounts to 600 billion yuan, maintaining a high level consistent with October [3][4] Group 3: Market Implications - The PBOC's actions are aimed at countering potential liquidity tightening, supporting government bond issuance, and encouraging financial institutions to increase credit supply [4] - The current monetary policy stance is supportive, with expectations of continued liquidity injections to stabilize growth and market expectations [4][5] - The weighted average interest rates for overnight and seven-day repurchase agreements show slight fluctuations, indicating ongoing market adjustments [4] Group 4: Future Monetary Policy Outlook - The PBOC plans to utilize both reverse repos and MLF to inject medium-term liquidity, although the scale of future operations may decrease from the current high levels [5] - Anticipated new policies aimed at stabilizing growth, including fiscal and monetary easing, are expected to be introduced before the year-end [5] - The overall liquidity stance is expected to remain accommodative, with a likelihood of continued supportive operations from the PBOC [5]

【导读】央行将开展10000亿元MLF操作，期限为1年期 中国基金报记者 张玲 11月24日，央行发布消息称，为保持银行体系流动性充裕，2025年11月25日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。 东方金诚首席宏观分析师王青分析称，本月有9000亿元MLF到期，这意味着11月央行MLF净 投放为1000亿元，为连续第九个月加量续作，符合市场预期。 "考虑到本月央行还开展了5000亿元买断式逆回购净投放，11月中期流动性净投放总额达到 6000亿元，连续四个月处于6000亿元的年内较高水平。"王青表示，主要原因有以下三点： 一是10月安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，这意味 着年底前会加发5000亿元地方债，11月政府债券净 融资 规模会有明显上升；二是10月 5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高后，接下来还会带动配套 中长期贷款较快投放；三是11月银行同业存单到期量也有明显增加。以上都会在一定程度上 收紧银行体系流动性，需要央行给予流动性支持。 "着眼于应对潜在的流动性收紧态势，央行通过 ...

中国人民银行网站11月24日消息，11月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展10000亿元MLF（中期借贷便利）操作，期 限为1年期。 数据显示，11月将有9000亿元MLF到期。这意味着11月MLF净投放为1000亿元，连续第九个月加量续做，符合市场预期。 货币政策延续支持性立场 专家表示，着眼于应对潜在的流动性收紧态势，央行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状 态，同时，释放了数量型政策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 "总体看，接下来央行会综合运用买断式逆回购、MLF两项政策工具，持续向市场注入中期流动性。"王青说。 图片来源：中国人民银行 中期流动性净投放处于较高水平 "考虑到11月央行还净投放5000亿元买断式逆回购，这意味着11月中期流动性净投放总额达6000亿元，与上月相同，连续四个月处于年内较高水平。"东方 金诚首席宏观分析师王青说。 王青分析，11月中期流动性净投放仍处于较高水平有三方面原因：一是10月安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，意 味 ...

Core Viewpoint - The central bank is taking measures to maintain ample liquidity in the banking system through a series of reverse repos, indicating a commitment to a loose monetary policy environment [3][5]. Group 1: Central Bank Actions - On November 17, the central bank will conduct a 800 billion yuan reverse repo operation with a term of 6 months, marking a net increase of 500 billion yuan in the 6-month reverse repo for November [3]. - The central bank previously conducted a 700 billion yuan 3-month reverse repo on November 5, resulting in an equal rollover due to the same amount maturing [3]. - The total net increase in reverse repos for November is 500 billion yuan, which is 100 billion yuan higher than the previous month, indicating a continuous expansion for two consecutive months [3]. Group 2: Market Liquidity Analysis - The central bank's recent report emphasizes maintaining liquidity and creating a suitable monetary environment, reflecting a clear intention to support a loose liquidity stance [5]. - Market liquidity in November is relatively loose, with overnight and 7-day rates at their lowest levels for the year, while 1-year interbank certificate of deposit rates also remain low [5]. - Analysts expect the central bank to continue using reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, especially with 900 billion yuan of MLF maturing [5]. Group 3: Government Debt and Financing - The arrangement of 500 billion yuan for local government debt limits in October is aimed at resolving existing debt and expanding effective investment, suggesting an increase in government bond net financing in November [4]. - The completion of 500 billion yuan in new policy financial instruments in October is expected to boost medium-term loan issuance following an increase in entrusted loans [4].

Core Insights - The central bank has implemented an 800 billion yuan buyout reverse repurchase operation with a six-month term, aimed at injecting liquidity into the market and alleviating year-end funding pressure [1][3] Group 1: Monetary Policy Actions - This operation is not just ordinary liquidity injection but a precise measure to ensure mid-term liquidity in the banking system, marking the sixth consecutive month of increased operations [3] - The net injection in November is expected to reach 500 billion yuan, the highest monthly figure since February of this year [3] Group 2: Underlying Reasons - The operation addresses the peak of local government bond issuance, with 500 billion yuan of local government debt needing liquidity support by year-end [4] - It complements the introduction of 500 billion yuan in new policy financial tools, which is expected to boost credit demand [4] - The action aims to stabilize market expectations, fulfilling the central bank's commitment to maintain ample liquidity as stated in its third-quarter report [4] Group 3: Implications for Long-term Investors - The continuous liquidity support indicates that the easing policy will not shift, providing solid long-term support for the A-share market [5] - Investors should focus on sectors that benefit from policy support, such as new energy, semiconductors, and infrastructure [5] - While liquidity is abundant, market differentiation will persist, and investors should avoid chasing high-valuation themes, instead favoring undervalued leaders [5]

Core Viewpoint - The central bank of China announced an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a supportive monetary policy stance amid recent economic downturns [2][2][2] Group 1: Central Bank Actions - On November 17, the central bank will conduct a fixed-quantity, interest-rate tendering, multi-price bidding reverse repurchase operation amounting to 800 billion yuan with a term of 6 months (182 days) [2][2] - This operation follows the maturity of 300 billion yuan in 6-month reverse repos in November, resulting in a net increase of 500 billion yuan in reverse repos, aligning with market expectations [2][2] Group 2: Economic Implications - The larger scale of reverse repos signals the central bank's commitment to using quantitative policy tools to support economic stability and growth expectations [2][2] - Analysts suggest that the central bank will continue to utilize both reverse repos and Medium-term Lending Facility (MLF) to inject medium-term liquidity into the market [2][2]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a buyout reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system, marking the second such operation in November 2023 [2] Group 1: Reverse Repo Operations - On November 5, the PBOC conducted a buyout reverse repo operation of 700 billion yuan with a 3-month term, indicating a trend of increasing liquidity support [2] - The total amount of buyout reverse repos in November is 1.5 trillion yuan, which is an increase of 100 billion yuan compared to the previous month, reflecting a continuous expansion for six months [2][3] Group 2: Reasons for Increased Liquidity Support - The increase in liquidity support is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [3] - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [3] Group 3: Market Conditions and Future Expectations - The liquidity market in November is relatively loose, with overnight and 7-day rates at their lowest levels this year, and the PBOC's reverse repo operations are expected to result in a net injection of 500 billion yuan, the highest monthly net injection since February [4] - The PBOC is likely to continue using both buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, although the scale of liquidity injection may decrease compared to previous months [4]

Report Summary Core View - The central bank will use repurchase agreements and MLF to inject medium - term liquidity into the market, and the scale of medium - term liquidity increase may decline due to the expected RRR cut in the fourth quarter. The resumption of treasury bond trading in October releases a signal of stabilizing growth and does not affect the RRR cut expectation [3][4] Key Points 1. Open Market Operations - On November 5, 2025, the central bank will conduct 700 billion yuan of 3 - month (91 - day) outright repurchase operations, equivalent to a 300 - billion - yuan roll - over of 3 - month outright repurchase in November. It is expected to conduct a 6 - month outright repurchase operation with a likely increase in volume, resulting in a continuous 6 - month injection of medium - term liquidity [1] - There will be 900 billion yuan of MLF maturing in November, and the central bank may conduct an equivalent or slightly increased roll - over [3] 2. Reasons for Liquidity Injection - The issuance of 500 billion yuan of local government bonds by the end of the year, the growth of supporting loans after the 500 - billion - yuan policy - based financial instruments are put into use, and the increase in the maturity volume of inter - bank certificates of deposit in November will lead to a tightening of the capital market. The central bank injects medium - term liquidity to maintain a stable and abundant capital supply [2] 3. Treasury Bond Trading - In October, the central bank resumed treasury bond trading, injecting 20 billion yuan of long - term liquidity into the banking system. The resumption is due to the rise of the 10 - year treasury bond yield to around 1.8% and the widening of the term spread, and it also helps to stabilize the macro - economy [4] 4. Policy Outlook - A new round of growth - stabilizing policies may be introduced in the fourth quarter, with fiscal stimulus, monetary easing, and efforts to stabilize the real estate market. The central bank will use various price - based and quantity - based policy tools to boost growth, and there is ample room for monetary policy due to low inflation [3][4]