转自：新华财经 新华财经北京11月25日电（刘润榕）人民银行25日开展3021亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有9000亿元1年期中期借贷便 利（MLF）和4075亿元7天期逆回购到期，公开市场实现净回笼10054亿元。 上海银行间同业拆放利率（Shibor）延续窄幅震荡。具体来看，隔夜Shibor与前日持平，报1.3160%；7天Shibor下跌1.40BP，报1.4330%；14天Shibor下跌 0.20BP，报1.5400%。 上海银行间同业拆放利率（11月25日） 银行间质押式回购市场方面，短期资金价格整体小幅回落，R007成交额占比高位徘徊。具体看，DR001、R001加权平均利率分别下行0.1BP、0.5BP，报 1.318%、1.3843%，成交额分别减少1529亿元、409亿元；DR007、R007加权平均利率分别下行1.6BP、3.3P，报1.4541%、1.5238%，成交额分别增加347 亿元、122亿元；DR014、R014加权平均利率分别下行1.1BP、1.2BP，报1.5317%、1.533%，成交额分别减少66亿元、64亿元。 货币市场利率（11月 ...

新华财经北京11月24日电（刘润榕）人民银行24日开展3387亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有2830亿元7天期逆回购到 期，公开市场实现净投放557亿元。 上海银行间同业拆放利率（Shibor）整体窄幅震荡。具体来看，隔夜Shibor下跌0.40BP，报1.3160%；7天Shibor上涨3.00BP，报1.4470%；14天Shibor上涨 2.00BP，报1.5420%。 银行间质押式回购市场方面，7D资金量价齐升，R007成交额占比升至12.5%。具体看，DR001、R001加权平均利率分别下行0.2BP、上行0.2BP，报 1.3187%、1.3894%，成交额分别减少1481亿元、2421亿元；DR007、R007加权平均利率分别上行2.9BP、6.1BP，报1.4703%、1.5566%，成交额分别增加 684亿元、4326亿元；DR014、R014加权平均利率分别上行1.3BP、0.3BP，报1.5428%、1.5448%，成交额分别减少55亿元、1337亿元。 货币市场利率（11月24日） 上海银行间同业拆放利率（11月24日） 来源：全国银行间同业拆借中心 ...

Core Points - The People's Bank of China conducted a 310.5 billion yuan 7-day reverse repo operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 115 billion yuan after 195.5 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed mixed movements, with the overnight rate dropping by 10.50 basis points to 1.4200%, while the 7-day rate decreased by 3.10 basis points to 1.4870%, and the 14-day rate increased by 1.8 basis points to 1.5680% [1][2] - In the interbank pledged repo market, most rates declined, particularly the overnight rates, with DR001 and R001 weighted average rates falling by 10.6 basis points and 8.6 basis points, respectively, while transaction volumes increased significantly [4] Market Conditions - The funding environment showed signs of tightening marginally on November 19, with overnight pledged rates for certificates of deposit ranging from 1.58% to 1.60% and 7-day rates around 1.50% to 1.53% [7] - By the afternoon, the funding conditions became more balanced, with overnight pledged rates dropping to 1.50% and the lowest rates reaching 1.42% by the end of the trading day [7] - On the interbank certificate of deposit front, 66 certificates were issued on November 19, with a total issuance volume of 87 billion yuan, indicating active trading in the secondary market [8] Strategic Developments - A strategic cooperation agreement was signed between the Central National Debt Registration and Settlement Co., Ltd. and Postal Savings Bank of China, aiming to deepen collaboration across various financial sectors [10] - According to a report by Caifutong Securities, the return of funds from the "Double 11" shopping festival and the implementation of reverse repos are expected to reduce friction in the interbank market, with short-term rates likely returning to around 1.31% [10]

新华财经北京11月17日电（王春霞）人民银行17日开展2830亿元7天期逆回购操作，中标利率为1.4%，此外，将开展8000亿元买断式逆回购操作。当日公开 市场有1199亿元逆回购到期，净投放9631亿元。本周人民银行公开市场将有11220亿元逆回购到期，其中周一至周五分别到期1199亿元、4038亿元、1955亿 元、1900亿元、2128亿元。 上海银行间同业拆放利率（Shibor）隔夜品种全部上涨。具体来看，隔夜Shibor上涨14.50BP，报1.5080%；7天Shibor上涨4.60BP，报1.5140%；14天Shibor上 涨4.10BP，报1.5500%。 上海银行间同业拆放利率（11月17日） | | 期限 | Shibor(%) | 涨跌(BP) | | --- | --- | --- | --- | | 1 | O/N | 1.5080 | 14.50 | | f | 1W | 1.5140 | 4.60 | | 企 | 2W | 1.5500 | 4.10 | | 1 | 1M | 1.5200 | 0.20 | | 中 | 3M | 1.5800 | 0.00 | | 中 | 6M ...

Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 212.8 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 71.1 billion yuan after 141.7 billion yuan matured on the same day [1] - For the week, the PBOC performed a total of 1,122 billion yuan in reverse repos, with 495.8 billion yuan maturing, leading to a total net injection of 626.2 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) rose by 4.80 basis points to 1.3630%, while the 7-day Shibor decreased by 0.60 basis points to 1.4680% [1][2] - The weighted average rates for overnight and 7-day repurchase agreements increased by 5.3 basis points and 4.1 basis points, respectively, while the rates for 7-day and 14-day agreements decreased slightly [4] Market Overview - The overall funding situation in the interbank market was balanced, with overnight transactions occurring in the range of 1.45% to 1.50% and 7-day transactions in the range of 1.48% to 1.50% [10] - On November 14, 68 interbank certificates of deposit were issued, totaling 98.76 billion yuan, with varying demand across different maturities [11] - The PBOC announced an upcoming fixed-quantity, interest-rate tender for 800 billion yuan in reverse repos on November 17, 2025, with a term of 6 months [13]

Monetary Policy and Market Operations - The People's Bank of China conducted a 190 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate; with 92.8 billion yuan of 7-day reverse repos maturing, the net injection into the open market was 97.2 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by 10 basis points to 1.3150%, while the 7-day and 14-day Shibor rates remained unchanged at 1.4740% and 1.5000%, respectively [1][2] Interbank Market Rates - In the interbank pledged repo market, overnight funding rates continued to decline, with DR001 and R001 weighted average rates falling by 9.9 basis points and 7.7 basis points to 1.3199% and 1.3887%, respectively; transaction volumes increased by 68.5 billion yuan and 370.7 billion yuan [5] - The weighted average rates for DR007 and R007 decreased by 1.2 basis points and 0.4 basis points to 1.4782% and 1.5005%, with transaction volumes rising by 2.7 billion yuan and 89.4 billion yuan [5] Financial Instruments and Issuance - On November 13, 72 interbank certificates of deposit were issued, with a total issuance amount of 114.48 billion yuan; demand for 9-month and 1-year AAA-rated rural commercial bank products was strong, while other maturities showed average sentiment [10] - The secondary market for certificates of deposit was active, with yields for various maturities showing slight fluctuations; the 1-month national bank large enterprise ended at approximately 1.49%, up about 1 basis point from the previous day [10] Monetary Supply and Financing - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year; the narrow money supply (M1) was 112 trillion yuan, up by 6.2% [12] - The total social financing scale for the first ten months of 2025 reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year, with a year-on-year growth of 8.5% [12]

Group 1 - The People's Bank of China conducted a 1,199 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 416 billion yuan after 783 billion yuan matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products rose across the board, with the overnight Shibor increasing by 15.20 basis points to 1.4790%, and the 7-day Shibor rising by 5.60 basis points to 1.4780% [1][2] - In the interbank pledged repo market, all varieties saw an increase, with the weighted average rates for DR001 and R001 rising by 15.2 basis points and 13.1 basis points, respectively, while transaction volumes decreased [5] Group 2 - The money market showed a tight stance in the morning, easing in the afternoon, with overnight rates for collateralized deposits trading between 1.50% and 1.53%, and 7-day rates around 1.50% [9] - A total of 87 interbank certificates of deposit were issued on November 10, with an actual issuance volume of 1,308.6 million yuan [9] - The primary market for certificates of deposit showed varied demand across different maturities, with the 6-month AAA-rated city commercial banks seeing better demand compared to others [10]

Report Industry Investment Rating No relevant content provided. Core View of the Report Affected by the central bank's restart of treasury bond trading and the continued expectation of the Fed's interest rate cut, most treasury bond futures closed lower the previous day. Overall, the increasing uncertainty in global trade adds to the uncertainty of foreign capital inflows. The bond market fluctuates between the expectations of stable growth and monetary easing. In the short term, attention should be paid to the policy signals at the end of the month [3]. Summary by Related Catalog I. Interest Rate Pricing Tracking Indicators - The monthly China CPI had a 0.10% month - on - month change and a - 0.30% year - on - year change; the monthly China PPI had a 0.00% month - on - month change and a - 2.30% year - on - year change [9]. - The social financing scale was 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan and a rate of +0.79%. M2 year - on - year was 8.40%, down 0.40% from the previous value with a rate of - 4.55%. The manufacturing PMI was 49.00%, down 0.80% from the previous value with a rate of - 1.61% [10]. - The dollar index was 99.70, down 0.46 with a rate of - 0.46%. The offshore dollar - to - RMB exchange rate was 7.1272, down 0.004 with a rate of - 0.05%. SHIBOR 7 - day was 1.42, with no change in value and a rate of - 0.14%. DR007 was 1.43, down 0.01 with a rate of - 0.86%. R007 was 1.53, up 0.02 with a rate of +1.49%. The 3 - month inter - bank certificate of deposit (AAA) was 1.57, up 0.00 with a rate of +0.18%. The AA - AAA credit spread (1Y) was 0.08, down 0.01 with a rate of +0.18% [11]. II. Overview of Treasury Bonds and Treasury Bond Futures Market The report presents multiple graphs including the closing price trend of the main continuous contract of treasury bond futures, the price change rates of various treasury bond futures varieties, the trend of the settled funds of various treasury bond futures varieties, the proportion of open interest of various treasury bond futures varieties, the net open interest proportion of the top 20 traders in various treasury bond futures varieties, the long - short open interest ratio of the top 20 traders in various treasury bond futures varieties, the spread between China Development Bank bonds and treasury bonds, and the issuance of treasury bonds [14][16][17][20]. III. Overview of the Money Market Funding Situation The report shows graphs about the Shibor interest rate trend, the yield - to - maturity trend of inter - bank certificates of deposit (AAA), the trading statistics of inter - bank pledged repurchase, the issuance of local government bonds, the inter - term spread trend of various treasury bond futures varieties, and the spread between the spot - bond term spread and the futures cross - variety spread (4*TS - T) [24][25][29]. IV. Spread Overview The report presents graphs of the spread between the spot - bond term spread and the futures cross - variety spread (2*TS - TF), (2*TF - T), (3*T - TL), and (2*TS - 3*TF + T) [33][34][38]. V. Two - Year Treasury Bond Futures The report shows graphs of the implied interest rate and the treasury bond yield - to - maturity of the main contract of two - year treasury bond futures, the IRR of the TS main contract and the funding rate, the three - year basis trend of the TS main contract, and the three - year net basis trend of the TS main contract [36][39][47]. VI. Five - Year Treasury Bond Futures The report includes graphs of the implied interest rate and the treasury bond yield - to - maturity of the main contract of five - year treasury bond futures, the IRR of the TF main contract and the funding rate, the three - year basis trend of the TF main contract, and the three - year net basis trend of the TF main contract [49][53]. VII. Ten - Year Treasury Bond Futures The report shows graphs of the implied yield and the treasury bond yield - to - maturity of the main contract of ten - year treasury bond futures, the IRR of the T main contract and the funding rate, the three - year basis trend of the T main contract, and the three - year net basis trend of the T main contract [56][57]. VIII. Thirty - Year Treasury Bond Futures The report presents graphs of the implied yield and the treasury bond yield - to - maturity of the main contract of thirty - year treasury bond futures, the IRR of the TL main contract and the funding rate, the three - year basis trend of the TL main contract, and the three - year net basis trend of the TL main contract [63][65][69]. Strategy - For single - side trading, with the decline of the repurchase rate and the fluctuating price of treasury bond futures, the outlook for the 2512 contract is neutral [4]. - For arbitrage, attention should be paid to the decline of the basis of the 2512 contract [4]. - For hedging, as there is an adjustment pressure in the medium term, short - position traders can use far - month contracts for appropriate hedging [4].

Core Points - The People's Bank of China conducted a 1,175 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3,578 billion yuan due to 4,753 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3150%, while the 7-day and 14-day Shibor increased by 0.30 and 0.90 basis points, respectively, to 1.4150% and 1.4780% [1][2] Market Rates Summary - The weighted average rates for the interbank pledged repo market showed minor increases for DR001 and DR007, while other products experienced slight declines. Specifically, DR001 and R001 increased by 0.2 basis points to 1.3148% and 1.3621%, with transaction volumes rising by 155 billion yuan and 2,653 billion yuan, respectively [4] - The overall funding environment appeared relaxed, with significant liquidity in the market. The overnight repo rates fluctuated, with the lowest transaction rate reaching 1.30% by the end of the trading day [10] Upcoming Operations - To maintain liquidity in the banking system, the People's Bank of China plans to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, with a term of three months [13]

1. Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.111, UK 4.434, France 3.443, Germany 2.666, Italy 3.409, Spain 3.168, Switzerland 0.102, Greece 3.283, Japan 1.663, Brazil 6.085, China 1.791, South Korea 3.083, Australia 4.336, New Zealand 4.085 [1] - The latest yields of 2 - year government bonds in major economies: US 3.606, UK 3.790, Germany 2.004, Japan - (not provided), Italy 2.172, China (1Y yield) - (not provided), South Korea 2.661, Australia 3.591 [1] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.359, South Africa zar 17.319, South Korean won 1430.950, Thai baht 32.463, Malaysian ringgit 4.200 [1] - The latest values of on - shore RMB 7.121, off - shore RMB 7.127, RMB central parity rate 7.087, RMB 12 - month NDF 6.975 [1] - The latest values of major economies' stock indices: S&P 500 6851.970, Dow Jones Industrial Average 47336.680, NASDAQ 23834.720, Mexican stock index 62153.300, UK stock index 9701.370, French CAC 8109.790, German DAX 24132.410, Spanish stock index 16037.000, Japanese Nikkei 26158.360, Hang Seng Index 26158.360, Shanghai Composite Index 3976.521, Taiwan stock index 28334.590, South Korean stock index 4221.870, Indian stock index 8275.084, Thai stock index 1308.860, Malaysian stock index 1622.420, Australian stock index 9182.495, emerging - economy stock index 1410.430 [1] - The credit bond indices of major economies are not provided (all values are -) [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3976.52, up 0.55%; CSI 300 closing price 4653.40, up 0.27%; SSE 50 closing price 3016.35, up 0.16%; ChiNext closing price 3196.87, up 0.29%; CSI 500 closing price 7333.60, up 0.04% [2] - Valuation: PE (TTM) of CSI 300 is 14.20 (with a 0.09环比 change), SSE 50 is 11.84 (0.07环比 change), CSI 500 is 33.39 (- 0.01环比 change), S&P 500 is 28.50 (0.04环比 change), German DAX is 19.96 (0.14环比 change) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.60 (- 0.04环比 change), German DAX is 2.34 (- 0.07环比 change) [2] - Fund flow: The latest value of A - share fund flow is - 150.03, main board is - 63.81, ChiNext is - 32.07, CSI 300 is 0.06; the 5 - day average values are - 516.08, - 413.23, - 51.63, - 96.92 respectively [2] 3. Transaction Data of Stock Index Futures and Treasury Bond Futures - Transaction amount: The latest transaction amount of Shanghai and Shenzhen stock markets is 21071.31, with a - 2106.61环比 change; CSI 300 is 5576.03 (- 1231.09环比 change), SSE 50 is 1346.37 (- 346.49环比 change), small - and - medium - sized board is 4159.15 (- 433.18环比 change), ChiNext is 5358.02 (- 557.27环比 change) [3] - Main contract basis: IF basis is - 18.60 (- 0.40%), IH basis is 0.25 (0.01%), IC basis is - 94.00 (- 1.28%) [3] - Treasury bond futures: T2303 closing price is 108.68 (0.00% change), TF2303 is 106.05 (- 0.01% change), T2306 is 108.41 (- 0.01% change), TF2306 is 106.00 (- 0.01% change) [3] - Fund rates: R001 is 1.3646% (- 13.00 BP change), R007 is 1.4604% (- 3.00 BP change), SHIBOR - 3M is 1.5950% (0.00 BP change) [3]