8月22日，央行宣布将于25日开展6000亿元MLF（中期借贷便利）操作。本月有3000亿元MLF到期，这 意味着8月央行MLF净投放达到3000亿元，为连续6个月加量续作。 截至当日，央行还开展了3000亿元买断式逆回购净投放，这意味着8月中期流动性净投放总额达6000亿 元，相当于7月的2倍，也是2025年2月以来最大规模净投放。 本月以来，央行通过多维度、大力度的公开市场操作，为市场注入中长期流动性，精准应对短期资金波 动，保障了政府债券发行与实体融资需求。从二季度货币政策执行报告的定调方向到月末流动性前瞻， 市场分析认为，一系列操作释放数量型货币政策工具持续加力的政策信号，接下来流动性宽松还将持 续，但后续货币政策将聚焦"政策落实"，降准降息时点或后移。 中期流动性净投放翻倍 8月央行在中期流动性管理上显著加力，通过MLF与买断式逆回购"双工具联动"，推动单月净投放规模 创下2025年2月以来新高。 具体来看，8月25日央行开展6000亿元MLF操作，对冲当月3000亿元到期量后，实现净投放3000亿元， 这已是MLF连续6个月加量续作。 买断式逆回购操作同步形成补充：8月8日，开展7000亿元3个月 ...

北京商报讯（记者 廖蒙）8月中国人民银行中期借贷便利（MLF）操作再度加量。根据人民银行官网，为保持银行体系流动性充裕，2025年8月25日人民银 行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 期。 除了通过MLF投放中期流动性外，人民银行在8月8日、8月15日分别开展了7000亿元、5000亿元买断式逆回购操作。截至8月22日，当月买断式逆回购实现 北京商报记者进一步对比发现，在5月降准释放长期流动性约10000亿元之后，近三个月公开市场中期流动性持续处于净投放状态，且8月净投放规模显著扩 大。 另据Wind数据，在8月25日—29日的一周里，人民银行公开市场将有20770亿元逆回购到期、3000亿元MLF到期，以及5000亿元6个月期、4000亿元3个月期 买断式逆回购到期。按照对应数据计算，本月MLF操作实现净投放3000亿元。自2025年3月开始，人民银行连续第六个月加量续作MLF，整体符合市场预 东方金诚首席宏观分析师王青从三方面分析了原因。王青指出，现阶段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投放力 度。人民银行持续注入中期流动性 ...

◎记者 张欣然 央行下周将开展6000亿元中期借贷便利（MLF）操作，8月MLF净投放将达3000亿元，为连续6个月"加 量续作"。叠加3000亿元买断式逆回购，8月中期流动性净投放总规模已达6000亿元，为今年2月以来的 单月新高。 业内人士表示，此举释放出货币政策操作继续维持宽松、呵护信贷和市场预期的信号。展望后市，年内 降准空间有限，政策重心或转向"落实落细"，在保持流动性充裕的同时，更注重灵活落地与精准传导。 8月央行MLF净投放3000亿元 央行8月22日宣布，将于8月25日开展6000亿元MLF操作。由于本月MLF到期量为3000亿元，这意味着8 月将实现MLF净投放3000亿元。结合此前已开展的3000亿元买断式逆回购，8月中期流动性净投放总额 达6000亿元，是7月的两倍。 业内人士认为，MLF持续加量，反映出货币政策在稳定市场预期、支持信贷投放方面的积极取向。 东方金诚首席宏观分析师王青表示，自5月降准释放约1万亿元长期流动性后，近3个月中期流动性持续 保持净投放。其中，8月净投放规模显著扩大，主要有三方面原因： 一是现阶段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投 ...

东方金诚首席宏观分析师王青对《证券日报》记者表示，在5月份降准释放长期流动性约1万亿元之后， 近3个月中期流动性持续处于净投放状态，且8月份净投放规模显著扩大，主要有三方面原因：一是现阶 段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投放力度，央行持续注入 中期流动性，体现了货币政策与财政政策之间的协调配合，有助于推动宽信用进程，更好满足企业和居 民的融资需求；二是近期中长端市场利率普遍上行，银行体系流动性有所收紧，央行通过MLF等政策 工具加大资金投放，有助于稳定市场预期，保持市场流动性充裕；三是央行持续实施中期流动性净投 放，也在释放数量型货币政策工具持续加力的政策信号，这表明货币政策仍在延续支持性立场。 8月22日，中国人民银行（以下简称"央行"）发布的2025年8月中期借贷便利招标公告显示，为保持银行 体系流动性充裕，2025年8月25日（周一），央行将以固定数量、利率招标、多重价位中标方式开展 6000亿元MLF操作，期限为1年期。 鉴于本月MLF到期量为3000亿元，故本月MLF净投放3000亿元，这也是央行连续第六个月加量续做 MLF。值得一提的是，央行在8月8日和8月15 ...

Market Overview - The market showed strong performance this week, with the Shanghai Composite Index breaking through 3700 and 3800 points, marking a ten-year high. The market's profitability effect is excellent, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, the ChiNext Index by 5.85%, the STAR 50 Index by 13.31%, and the North Exchange 50 Index by 8.40% [1][3][5] Economic Policy Insights - The management emphasized consolidating and expanding the economic recovery momentum, enhancing the effectiveness of policies. The LPR rate remained unchanged in August, aligning with expectations, indicating potential for future rate cuts [2][10] - The State Council's recent meeting reiterated the need for targeted and effective macro policies, focusing on boosting service consumption and stabilizing the real estate market. This opens up possibilities for future policy adjustments [9][10] Market Liquidity and Trading Activity - A-shares have seen a continuous increase in trading volume, with the turnover exceeding 2 trillion yuan for eight consecutive trading days, indicating a robust trading environment. The margin financing balance has also remained above 2 trillion yuan for several days [11][12] - The overall liquidity environment in the market is considered ample, with active trading sentiment expected to continue [11][12] Sector Recommendations - It is recommended to focus on sectors such as finance, public utilities, construction decoration, non-ferrous metals, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [14]

钛媒体App 8月21日消息，中国民生银行首席经济学家兼研究院院长温彬指出，结合近期数据看，7月以 来多项指标显示实体经济修复出现一定波折，社零增速有所回落，地产投资仍在承压，信贷需求有待增 加，外需面临的不确定性风险尚未完全出清，一定程度上意味着宏观政策保持加码的必要性仍在。下半 年为稳信用、促内需、强协同，保持政策连续、稳定，货币政策仍将保持支持性立场。温彬还称，考虑 到个人消费贷款和服务业经营主体贷款贴息政策有效降低实体融资成本，结构性政策更能精准发力、避 免资金空转，以及存款加速活化、物价温和回升的趋势，年内再度降准降息的时点可能后移，LPR报价 下调时点也会相应延后。（广角观察） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇8月21日｜首席经济学家兼研究院院长温彬指出，结合近期数据看，7月以来多项指标显示实体经 济修复出现一定波折，社零增速有所回落，地产投资仍在承压，信贷需求有待增加，外需面临的不确定 性风险尚未完全出清，一定程度上意味着宏观政策保持加码的必要性仍在。下半年为稳信用、促内需、 强协同，保持政策连续、稳定，货币政策仍将保持支持性立场。温彬还称，考虑到个人消费贷款和服务 业经营主体贷款贴息政策有效降低实体融资成本，结构性政策更能精准发力、避免资金空转，以及存款 加速活化、物价温和回升的趋势，年内再度降准降息的时点可能后移，LPR报价下调时点也会相应延 后。 ...

Hot News - In July, CPI showed positive changes, with the month-on-month change turning from decline to increase, and the year-on-year increase of core CPI expanding continuously [1] - In July, the added value of industrial enterprises above designated size increased by 5.7% year-on-year, the national service production index increased by 5.8% year-on-year, and the total retail sales of consumer goods increased by 3.7% year-on-year, indicating a stable and progressive development of the national economy [1] - In August, the central bank will continue to inject medium-term liquidity through MLF and outright reverse repurchase, and may implement another RRR cut and interest rate cut around the beginning of the fourth quarter [1] - The central bank will implement a moderately loose monetary policy, maintain adequate liquidity, and ensure that the growth of social financing scale and money supply matches the economic growth and price level targets [2] - Trump plans to determine the tariffs on steel and chips in the next one or two weeks, with a possible tax rate of 200% or 300% [2] Key Focus - The sectors to focus on are coking coal, palm oil, methanol, soda ash, and glass [3] Night Session Performance - The night session performance shows that the non-metallic building materials sector rose 2.89%, the precious metals sector rose 26.74%, the oilseeds sector rose 12.96%, the non-ferrous metals sector rose 21.30%, the soft commodities sector rose 2.47%, the coal, coke, and steel ore sector rose 14.70%, the energy sector rose 3.35%, the chemical sector rose 11.55%, the grain sector rose 1.17%, and the agricultural and sideline products sector rose 2.87% [3] Sector Positions - The data shows the changes in the positions of various commodity futures sectors in the past five days [4] Performance of Major Asset Classes - In the equity market, the Shanghai Composite Index rose 0.83% daily, 3.46% monthly, and 10.29% annually; the S&P 500 fell 0.29% daily, rose 1.74% monthly, and rose 9.66% annually; the Hang Seng Index fell 0.98% daily, rose 2.01% monthly, and rose 25.97% annually [5] - In the fixed-income market, the 10-year Treasury bond futures fell 0.05% daily, 0.18% monthly, and 0.58% annually; the 5-year Treasury bond futures fell 0.02% daily, 0.06% monthly, and 0.83% annually [5] - In the commodity market, WTI crude oil fell 1.24% daily, 8.74% monthly, and 12.17% annually; London spot gold rose 0.01% daily, 1.39% monthly, and 27.10% annually [5] - Other assets include the US dollar index, which fell 0.36% daily, 2.20% monthly, and 9.80% annually; the CBOE Volatility Index rose 1.75% daily, fell 9.75% monthly, and fell 13.03% annually [5]

Summary of Key Points from Conference Call Industry Overview - The discussion primarily revolves around the bond market and its current dynamics, with a focus on the impact of economic conditions and monetary policy on bond yields and investment strategies [1][3][20]. Core Insights and Arguments - **Market Sentiment Shift**: There has been a recent shift in sentiment among buyers in the bond market, moving from bullish to bearish due to concerns over rising prices, stock market volatility, and bank redemptions of bond funds. However, some institutions have reduced duration to one year, potentially signaling the start of a new market trend [1][3]. - **Net Selling of Long-Duration Bonds**: From July 21 to August 15, broker proprietary trading and bond funds net sold 250 billion and 260 billion respectively in interest rate bonds, with over 100 billion in bonds with a maturity of over 20 years, indicating a significant reduction in duration by market participants [1][4]. - **Increased Demand from Specific Institutions**: While brokers and funds sold long-duration bonds, rural commercial banks and insurance companies, particularly large life insurance firms, emerged as major buyers, indicating a perceived value in long-duration bonds [1][5]. - **Stock Market Dynamics**: The stock market's recent rise is characterized as a "chip game," with little correlation to the economic fundamentals. The CSI 2000 index is significantly overvalued compared to 30-year government bonds, suggesting that the stock market's rise is primarily driven by retail investor activity rather than corporate performance [1][6]. - **Economic Downturn Risks**: There are increasing concerns about economic pressures in the second half of the year, with July data showing a decline in consumption and investment, alongside export challenges. This may lead to potential monetary easing measures such as rate cuts [1][7][10]. - **Future Economic Outlook**: The economic outlook remains pessimistic, with expectations of a decline in the 10-year government bond yield to 1.5% due to reduced consumer subsidies, declining exports, and a weak real estate market [1][7][20]. - **Impact of Monetary Policy**: The bond market is expected to benefit from a continuation of loose monetary policy, with a potential resumption of government bond purchases by the central bank, a decline in bank funding costs, and a peak in government bond issuance already passed [1][11][20]. - **Growth in Wealth Management Products**: The scale of bank wealth management products has seen significant growth, with an increase of over 2 trillion in July, creating substantial demand for credit bonds and potentially driving a new wave in the bond market [2][13]. Other Important Considerations - **Bank Funding Costs and Bond Yields**: Bank funding costs are projected to decrease to around 1.6% by the fourth quarter, enhancing the attractiveness of 10-year government bonds, which currently yield approximately 1.7% [1][12]. - **Credit Market Dynamics**: The growth in wealth management products is expected to lead to increased demand for credit bonds, despite some concerns about net asset value fluctuations [1][13]. - **International Trade Factors**: Ongoing trade tensions and international negotiations, particularly between the U.S. and Russia, introduce uncertainties that could impact China's economic and financial landscape [1][17][18]. This summary encapsulates the key points discussed in the conference call, highlighting the current state of the bond market, economic outlook, and the implications of monetary policy and market dynamics.

降准降息时点可能后移 对于下一阶段货币政策的主要思路，《报告》首先定调，落实落细适度宽松的货币政策。根据国内外经济金融形势和金融市场运 行情况，把握好政策实施力度和节奏，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相 匹配，持续营造适宜的金融环境。 相比于一季度货币政策执行报告的"实施好适度宽松的货币政策"，《报告》强调"落实落细"，但并未提及"适时降准降息"，这与7 月底中央政治局会议精神保持一致。 中国民生银行首席经济学家温彬指出，从总基调上看，《报告》保留"适度宽松"表述，意味着下半年为稳信用、促内需、强协 同，货币政策仍将保持支持性立场；但更强调"落实落细存量政策"，以推动现有政策落地显效为主。短期加码宽松的必要性不 高，降准降息时点可能后移。 延缓降准降息也受多方面因素影响。一是近期两项财政贴息落地，相当于"定向降息"，降低了总量工具的必要性。8月12日，《个 人消费贷款财政贴息政策实施方案》和《服务业经营主体贷款贴息政策实施方案》两项政策落地，年贴息比例均为1个百分点，将 有效降低实体融资成本，增强财政和金融的联动。 对于下半年货币政策实施，人民银行最新部署。近日， ...