Core Viewpoint - The People's Bank of China (PBOC) announced a 600 billion MLF operation to maintain liquidity in the banking system, indicating a continued net injection of liquidity for the seventh consecutive month, aligning with market expectations [1][2]. Group 1: MLF Operations and Liquidity - The PBOC will conduct a 600 billion MLF operation on September 25, 2025, with a one-year term, using a fixed quantity and multi-price bidding method [1]. - In September, 300 billion MLF is maturing, resulting in a net injection of 300 billion MLF, maintaining a high level of net liquidity injection totaling 600 billion, consistent with the previous month [1][2]. - The continuous net injection of medium-term liquidity reflects the coordination between monetary and fiscal policies, supporting government bond issuance and meeting credit demand from enterprises and households [1][2]. Group 2: Market Conditions and Future Expectations - Recent market conditions, including rising mid-to-long-term interest rates and tightening liquidity, prompted the PBOC to increase fund injections through MLF to stabilize market expectations [2]. - The PBOC's ongoing net liquidity injection signals a supportive monetary policy stance, especially in light of declining macroeconomic indicators due to various factors [2]. - Looking ahead, there is an expectation for further monetary policy easing in the fourth quarter, including potential reserve requirement ratio cuts and the resumption of government bond trading, to ensure stable liquidity in the market [2].

每经AI快讯，9月24日，据央行网站，为保持银行体系流动性充裕，2025年9月25日（周四），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6000亿元MLF操作，期限为1年期。 每日经济新闻 【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 ...

为保持银行体系流动性充裕，2025年9月25日（周四），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6000亿元MLF操作，期限为1年期。 ...

Core Viewpoint - The central bank announced a plan to conduct a 600 billion MLF operation to maintain ample liquidity in the banking system, scheduled for August 25, 2025, with a one-year term [1] Group 1 - The central bank will implement a fixed amount, interest rate bidding, and multiple price level bidding method for the MLF operation [1] - The operation aims to ensure sufficient liquidity in the banking system [1]

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 600 billion MLF operation on August 25, 2025, with a one-year term using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] Group 1 - The operation will involve a total of 600 billion yuan [1] - The MLF (Medium-term Lending Facility) operation is scheduled for a Monday [1] - The term of the MLF operation is set for one year [1]

Group 1 - The People's Bank of China announced a 122 billion yuan reverse repurchase operation with a fixed rate and quantity tender, maintaining a bid and winning amount of 122 billion yuan at an interest rate of 1.40% [1] - A total of 126 billion yuan in 7-day reverse repos matured today, resulting in a net withdrawal of 4 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 0.1 basis points to 1.315%, while the 7-day Shibor fell by 0.8 basis points to 1.434% [1] Group 2 - The weighted average rate of DR007 dropped to 1.4515%, which is above the policy interest rate level [1] - The 1-day government bond reverse repo rate on the Shanghai Stock Exchange (GC001) decreased to 1.191% [1] - According to the chief economist of CITIC Securities, the central bank may continue its net injection operations through reverse repos, potentially including 6-month term reverse repos in the future [1] Group 3 - The MLF (Medium-term Lending Facility) maturity scale for the month is 300 billion yuan, and it is expected that MLF operations will continue with slight net injections [1]

Report Summary 1. Hot News - On July 25, 2025, the People's Bank of China will conduct 400 billion yuan of MLF operations with a one - year term [2] - As of now, the central budget investment in 2025 has been basically allocated, supporting various fields such as modern industrial system and infrastructure [2] - The Guangzhou Futures Exchange will accelerate the research and listing of power futures [2] - The EU has a 93 - billion - euro anti - tariff plan against the US, India aims to reach trade agreements with the US and has signed one with the UK [2] - Trump asked Powell to cut interest rates, and Trump's ally sued Powell to require FOMC to hold public meetings [3] 2. Key Focus - Key commodities to focus on are coking coal, glass, coke, ethylene glycol, and pulp [4] 3. Night - session Performance - Non - metallic building materials rose 2.54%, precious metals 28.82%, oilseeds 12.19%, non - ferrous metals 2.90%, soft commodities 19.60%, coal - coking - steel - ore 14.93%, energy 3.22%, chemicals 11.79%, grains 1.15%, and agricultural and sideline products 2.88% [4] 4. Major Asset Performance - In the equity category, the Shanghai Composite Index rose 0.65%, the S&P 500 0.07%, and the Hang Seng Index 0.51% [6] - In the fixed - income category, 10 - year, 5 - year, and 2 - year treasury bond futures declined [6] - In the commodity category, the CRB commodity index rose 0.17%, WTI crude oil 1.46%, and London spot gold fell 0.55% [6] - Other assets: the US dollar index rose 0.29%, and the CBOE volatility remained unchanged [6]

Group 1 - The State Council Premier Li Qiang will attend and deliver a speech at the opening ceremony of the 2025 World Artificial Intelligence Conference and Global Governance High-Level Meeting on July 26 in Shanghai [1] - The State-owned Assets Supervision and Administration Commission (SASAC) aims to optimize the allocation of new state-owned assets, adjust the existing structure, resist "involution-style" competition, and strengthen restructuring and integration [2] - The State Administration for Market Regulation has deployed local market regulation departments to conduct a three-month concentrated rectification of power bank quality and safety [3] Group 2 - The People's Bank of China will conduct a 400 billion yuan MLF operation on July 25, with a fixed quantity, interest rate bidding, and multiple price-level bidding for a one-year term [4] - The Zhengzhou Commodity Exchange announced that there are many uncertain factors affecting the glass and soda ash markets, urging member units to enhance investor education and risk prevention, and reminding investors to participate rationally and trade compliantly [5] - Deepwater Institute, which has seen a 20CM four consecutive trading limit, stated that it is currently not involved in the construction of the downstream hydropower project of the Yarlung Tsangpo River [6]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Viewpoints - The Chinese economy shows mixed signals with some indicators stable and others facing challenges. The manufacturing PMI improved slightly in May, while PPI continued to decline, and industrial enterprise profits were under pressure. Fiscal policy is expected to play a more active role in the second half of the year, and the bond market is generally optimistic in July. The stock market presents structural opportunities, especially in certain sectors like innovation drugs and AI - related areas [2][14][22][33] - Global trade is affected by the US "equivalent tariff" policy, which has drawn strong opposition from China. International geopolitical events also impact commodity markets, such as the situation in the Middle East affecting the oil market, and Canada's digital service tax on US tech companies causing trade frictions [3][15] - The gold market has long - term upward potential but is subject to significant short - term volatility due to Trump's unpredictable policies. The copper market has seen shortages outside the US due to import investigations, and the lithium market continues its downward trend [5][6] Summary by Directory 1. Macro Data - GDP in Q1 2025 grew at a 5.4% year - on - year rate, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in May was 49.5%, up 0.5 percentage points from April, while the non - manufacturing PMI was 50.3%, down 0.1 percentage points from April. Social financing scale, M0, M1, M2, and other monetary indicators showed different trends, and industrial enterprise profits in January - May decreased by 1.1% year - on - year [1] - The trade balance in May showed exports growing by 4.8% year - on - year and imports declining by 3.4% year - on - year. The CPI was - 0.1% year - on - year, and the PPI was - 3.3% year - on - year [1] 2. Commodity Investment Reference Comprehensive - China will release June PMI data on June 30. The fiscal policy is expected to accelerate the implementation of existing policies in the second half of the year, and incremental policies may be introduced. The US "equivalent tariff" policy has been strongly opposed by China, and domestic refined oil prices may rise on July 1 [2][3] - The Fed's preferred inflation indicator, the core PCE price index, rose 2.7% year - on - year in May, slightly exceeding market expectations. Personal consumption and income declined, and the Fed may cut interest rates twice this year, with the first cut possibly in September [4] Metals - In May, the upstream physical gold demand weakened seasonally, and the gold出库 volume of the Shanghai Gold Exchange decreased by 35% month - on - month. Gold prices have been oscillating at a high level recently, and there is long - term upward potential. The copper market outside the US is facing shortages, and the price of battery - grade lithium carbonate has fallen below 60,000 yuan/ton [5][6] Coal, Coke, Steel, and Minerals - Canada imposed a 50% tariff on steel imports from non - free - trade - agreement countries. The iron ore market may face negative feedback in the future due to factors such as the end of export rush and unstable domestic demand [8] Energy and Chemicals - China's first national - level continental shale oil demonstration area in Xinjiang reached a record high daily output. The Haifa refinery in Israel has partially resumed production. The ICE Brent crude oil speculators reduced their net long positions, and OPEC+ may discuss increasing production in July [10] Agricultural Products - China decided to conditionally resume the import of aquatic products from some regions of Japan. Argentine exporters have declared 6.1 million metric tons of soybeans and their derivatives for external sales in June [11] 3. Financial News Compilation Open Market - On June 27, the central bank conducted 525.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 364.7 billion yuan. This week, 2.0275 trillion yuan of reverse repurchase will mature [13] Key News - The central bank's monetary policy committee suggested strengthening policy regulation. The fiscal policy will focus on implementing existing policies and may introduce incremental policies. The Sino - US trade teams are in close communication, and China will approve eligible export applications, while the US will cancel some restrictive measures [14] - From January to May, the total profit of national industrial enterprises above the designated size was 2.72 trillion yuan, a year - on - year decrease of 1.1%. The total revenue of state - owned enterprises was 32.81 trillion yuan, a year - on - year decrease of 0.1%, and the total profit was 1.65 trillion yuan, a year - on - year decrease of 2.8% [16] - The bond market is generally positive, with most yields of major interest - rate bonds in the inter - bank market declining. The exchange - traded bond market had some bonds rising and falling, and the convertible bond market also showed different trends. Overseas, European and US bond yields generally increased [22][24][25] Exchange Market - The on - shore RMB against the US dollar closed at 7.1690 on June 30, down 6.0 basis points from the previous trading day. The US dollar index fell 0.04% in New York trading [26] Research Report Highlights - CITIC Securities believes that the RMB exchange rate may maintain a low - volatility state in the short term. The current active equity products are over - allocated in stocks and under - allocated in bonds, and future products may increase the allocation of equity assets with similar bond attributes [27] - Huatai Macro points out that the impact of tariffs on industrial enterprise profits is emerging, and there is still great uncertainty in tariff policies after July 9. Guosheng Fixed Income suggests maintaining a long - term position in bonds and seizing the bull market after the end of the quarter [28][29] Today's Reminders - On June 30, 241 bonds will be listed, 38 bonds will be issued, 67 bonds will make payments, and 617 bonds will pay principal and interest [30] 4. Stock Market Key News - Starting from June 30, the share transaction fee in the Hong Kong market will be adjusted from 0.002% to 0.0042% of the transaction amount, which is beneficial for reducing small - scale transaction costs and optimizing institutional investors' trading strategies [31] - In the first half of this year, hot topics such as innovative drugs, humanoid robots, and the Beijing Stock Exchange drove the market. The performance of funds investing in innovative drugs was outstanding, while AI - themed funds had poor performance. The Hong Kong stock market's financing was booming, and the A - share market showed an upward trend last week [32][33] - Some institutions believe that the stock market will present structural opportunities during the interim report season. AI and military industries are expected to be the focus of structural opportunities in the third quarter, and new consumption and innovative drugs may rebound after June 30 [33][34]

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 300 billion MLF operation to maintain liquidity in the banking system, with a one-year term [1]. Group 1 - The PBOC will implement a fixed quantity, interest rate bidding, and multiple price level bidding method for the MLF operation [1]. - The operation is scheduled for June 25, 2025, indicating a proactive approach to ensure sufficient liquidity in the banking sector [1].