流动性日报 | 2025-11-03 市场流动性概况 2025-10-31，股指板块成交8376.90亿元，较上一交易日变动-3.06%；持仓金额13659.29亿元，较上一交易日变动 -1.86%；成交持仓比为60.94%。 国债板块成交3562.93亿元，较上一交易日变动-9.69%；持仓金额8838.78亿元，较上一交易日变动+0.42%；成交持 仓比为39.77%。 基本金属板块成交5171.26亿元，较上一交易日变动+4.88%；持仓金额5904.28亿元，较上一交易日变动-2.86%；成 交持仓比为89.71%。 贵金属板块成交7630.99亿元，较上一交易日变动+3.06%；持仓金额4378.70亿元，较上一交易日变动+2.05%；成交 持仓比为198.74%。 能源化工板块成交3734.23亿元，较上一交易日变动-8.12%；持仓金额4335.22亿元，较上一交易日变动-1.56%；成 交持仓比为69.86%。 农产品板块成交3079.71亿元，较上一交易日变动+2.58%；持仓金额5640.64亿元，较上一交易日变动-0.63%；成交 持仓比为56.32%。 黑色建材板块成交2599.62亿 ...

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards connecting global liquidity and expanding product and service offerings [1][2] - One circular allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, aimed at attracting global platforms, trading flows, and liquidity providers [1] - This initiative is part of the ASPIRe roadmap's pillar A (Access), which is expected to enhance market liquidity and competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2 - The second circular permits platform operators to sell virtual assets without a 12-month track record to professional investors, as well as stablecoins licensed by the Hong Kong Monetary Authority, and to offer tokenized securities and digital asset-related investment products [2] - Additionally, affiliated entities of platform operators can provide custody services for virtual assets or tokenized securities not traded on the respective platforms [2] - The SFC's CEO emphasized that steadily expanding market liquidity and commercial products and services is crucial for the sustainable development of Hong Kong's digital asset ecosystem [2]

美联储隔夜向市场注入294亿美元流动性。 来源：滚动播报 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the liquidity situation of various market sectors on October 30, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [1][2][8]. II. Stock Index Plate - On October 30, 2025, the stock index plate had a trading volume of 864.17 billion yuan, a +31.56% change from the previous trading day; the holding amount was 1391.765 billion yuan, a +4.01% change; the trading - holding ratio was 61.70% [1]. III. Treasury Bond Plate - The trading volume of the treasury bond plate was 394.521 billion yuan, a - 24.23% change from the previous trading day; the holding amount was 880.162 billion yuan, a +0.69% change; the trading - holding ratio was 44.16% [1]. IV. Basic Metals and Precious Metals (Metal Plate) - The basic metals plate had a trading volume of 493.049 billion yuan, a +9.75% change; the holding amount was 607.827 billion yuan, a +1.13% change; the trading - holding ratio was 86.61%. The precious metals plate had a trading volume of 740.467 billion yuan, a +15.15% change; the holding amount was 429.094 billion yuan, a +0.59% change; the trading - holding ratio was 190.43% [1]. V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 406.43 billion yuan, a - 2.04% change from the previous trading day; the holding amount was 440.403 billion yuan, a +1.39% change; the trading - holding ratio was 78.24% [1]. VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 300.223 billion yuan, a - 16.79% change from the previous trading day; the holding amount was 567.617 billion yuan, a +0.86% change; the trading - holding ratio was 48.89% [1]. VII. Black Building Materials Plate - The trading volume of the black building materials plate was 302.203 billion yuan, a +3.78% change from the previous trading day; the holding amount was 384.545 billion yuan, a +1.95% change; the trading - holding ratio was 79.95% [2].

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report 2. Core View of the Report - In the context of the central bank's supportive monetary policy and the resumption of open - market treasury bond trading operations, market liquidity is expected to remain reasonably abundant, which will support the prices of short - term treasury bond futures [3] 3. Summary by Related Catalogs 3.1 Futures Market - The prices of treasury bond futures showed mixed trends on the previous trading day. The T2512 contract rose 0.06% and its trading volume increased [2] - The IRR of the CTD bonds corresponding to the main contracts of each treasury bond futures was at a low level, with no arbitrage opportunities [2] 3.2 Spot Market - Short - term market interest rates generally declined on the previous trading day. SHIBOR 7 - day rate dropped 2.8bp, DR007 rate dropped 3bp, and GC007 rate dropped 8.6bp [2] - The yields of key - term treasury bonds generally declined on the previous trading day. The 10Y treasury bond yield dropped 0.5bp to 1.81%, and the long - short (10 - 2) treasury bond yield spread was 30.38bp [2] 3.3 Overseas Market - On the previous trading day, the 10Y US treasury bond yield rose 3bp, the 10Y German treasury bond yield rose 2bp, and the 10Y Japanese treasury bond yield dropped 0.4bp [2] 3.4 Macro News and Strategy - The central bank conducted 3426 billion yuan of 7 - day reverse repurchase operations on October 30, with a net investment of 130.1 billion yuan [3] - The meeting between Chinese and US leaders and the results of the Sino - US economic and trade consultations are conducive to the stability of the economic situation [3] - The new 500 billion yuan policy - based financial instruments have been fully invested, which is expected to drive project investment to exceed 7 trillion yuan and promote economic development [3] - The European Central Bank kept the benchmark interest rate unchanged for the third time, believing that inflation has reached the target level [3] - Money market interest rates mostly declined, while US treasury bond yields rose collectively [3]

Report Title - Liquidity Daily Report [3] Core View - The report provides a comprehensive overview of the market liquidity situation on October 28, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors [1][2] Summary by Section 1. Plate Liquidity - The data shows the trading volume, holding amount, and trading - holding ratio of various sectors on October 28, 2025, along with their changes compared to the previous trading day [1][2] 2. Stock Index Plate - On October 28, 2025, the trading volume of the stock index plate was 698.225 billion yuan, a - 3.39% change from the previous trading day; the holding amount was 1314.924 billion yuan, a - 2.27% change; the trading - holding ratio was 52.75% [1] 3. Treasury Bond Plate - On October 28, 2025, the trading volume of the treasury bond plate was 414.703 billion yuan, a + 13.42% change from the previous trading day; the holding amount was 844.631 billion yuan, a + 3.79% change; the trading - holding ratio was 48.11% [1] 4. Basic Metal and Precious Metal (Metal Plate) - On October 28, 2025, the trading volume of the basic metal plate was 478.173 billion yuan, a - 1.08% change from the previous trading day; the holding amount was 587.021 billion yuan, a - 1.65% change; the trading - holding ratio was 84.29% - The trading volume of the precious metal plate was 883.957 billion yuan, a + 24.52% change from the previous trading day; the holding amount was 438.095 billion yuan, a - 4.55% change; the trading - holding ratio was 228.56% [1] 5. Energy Chemical Plate - On October 28, 2025, the trading volume of the energy chemical plate was 353.703 billion yuan, a - 18.20% change from the previous trading day; the holding amount was 437.978 billion yuan, a + 0.62% change; the trading - holding ratio was 66.31% [1] 6. Agricultural Product Plate - On October 28, 2025, the trading volume of the agricultural product plate was 320.476 billion yuan, a + 1.48% change from the previous trading day; the holding amount was 562.888 billion yuan, a + 0.60% change; the trading - holding ratio was 54.27% [1] 7. Black Building Material Plate - On October 28, 2025, the trading volume of the black building material plate was 261.618 billion yuan, a - 6.79% change from the previous trading day; the holding amount was 370.108 billion yuan, a - 0.71% change; the trading - holding ratio was 72.87% [2]

Core Viewpoint - The People's Bank of China (PBOC) has resumed operations for buying and selling government bonds in the open market, signaling a potential easing of monetary policy and increased liquidity in the financial system [2][18]. Group 1: Central Bank Actions - The PBOC has gradually increased government bond transactions in its open market operations since the Central Financial Work Conference, aiming to enrich its monetary policy toolkit [2]. - In October 2024, the PBOC conducted net purchases of government bonds amounting to 200 billion yuan, indicating a proactive approach to managing liquidity [2]. - The central bank's actions are seen as a response to changing market conditions, particularly after a period of rising bond yields and declining bond prices [4][10]. Group 2: Market Impact - The resumption of bond buying is expected to stabilize market interest rates and create room for banks to lower deposit rates, which could alleviate pressure on borrowers [10][11]. - The 10-year government bond yield has increased from 1.64% to 1.84%, reflecting a shift in market dynamics and investor sentiment [4]. - The PBOC's bond buying is viewed as a confidence booster for the market, potentially reversing negative trends and encouraging investment [16][18]. Group 3: Economic Implications - The central bank's actions are anticipated to facilitate further interest rate cuts, with predictions of a 10 basis point reduction in the Loan Prime Rate (LPR) [10]. - The bond market's recovery could stimulate economic activity, particularly in the housing sector, by lowering borrowing costs for consumers [11][18]. - The PBOC's strategy is seen as a critical measure to enhance liquidity and support the overall economic environment amid fluctuating market conditions [16][18].

Group 1 - The report indicates a slight net outflow of funds in the market, with trading activity decreasing. The total trading volume for the week was 8.99 trillion yuan, and the turnover rate was 8.32%, both lower than the previous week. The market experienced a net outflow of 2.82 million yuan, indicating weakened liquidity [3][8][40] - The net capital injection from the central bank was 781 billion yuan, with the DR007 rate rising and the R007 rate falling, leading to a narrowing of the interest rate spread between them. The yield on 10-year government bonds increased by 3 basis points, while the yield on 1-year bonds rose by 7 basis points, resulting in a reduced yield spread [11][12][19] - The report highlights a decrease in the turnover rate and trading volume across major indices, reflecting a weakening micro liquidity environment [20][23] Group 2 - The issuance of equity funds increased to 135.44 billion yuan, showing a rise compared to the previous week. The report notes that the top three sectors for fund accumulation were electronics, telecommunications, and power equipment, while the sectors with the largest reductions were pharmaceuticals, food and beverage, and agriculture [24][29] - In the primary market, there were two IPOs raising 25.4 billion yuan, and 11 refinancing cases totaling 226.51 billion yuan. Additionally, there was a significant reduction in industrial capital, with a decrease of 79.94 billion yuan [40][41] - The report mentions that the total amount of locked shares released was 637.53 billion yuan, with electronics, computers, and power equipment being the top sectors affected by the release [46]

Group 1 - The leasing cost of silver in the London market has decreased from record highs, indicating a recovery in market liquidity after a recent tightening [1] - On October 9, the leasing rate for silver surged to a historical peak of 34.9%, reflecting extreme scarcity of physical silver available for lending [1] - As liquidity concerns ease, the spot silver price has also retreated from recent highs, dropping 1.7% on Monday, with the current price at $47.95 per ounce [1][3] Group 2 - The recent liquidity event has prompted industry regulators to consider measures, including the London Bullion Market Association (LBMA) contemplating increasing the frequency of silver inventory disclosures from monthly to weekly [2] - This change aims to enhance market transparency and provide early warnings for future supply tightness [2] - The LBMA CEO stated that silver will be prioritized over gold in these disclosures, as silver has become the focal point of recent market activity [3]

Core Viewpoint - The People's Bank of China (PBOC) has conducted a 900 billion yuan MLF operation to maintain ample liquidity in the banking system, indicating a continued accommodative monetary policy stance [1][2] Group 1: MLF Operation Details - On October 27, the PBOC carried out a 900 billion yuan MLF operation with a one-year term using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - With 700 billion yuan of MLF maturing in October, the net MLF injection reached 200 billion yuan, marking the eighth consecutive month of increased operations [1] Group 2: Liquidity and Monetary Policy - The total net liquidity injection for October, including a 400 billion yuan reverse repo, reached 600 billion yuan, maintaining a high level of net injection similar to the previous month [1] - Factors contributing to the PBOC's broad liquidity provision include the upcoming tax period, coordination with government bond issuance, support for credit expansion, and stabilization of market expectations [1] Group 3: Market Impact and Expectations - Recent market conditions, influenced by factors such as anti-"involution" sentiment, a strong stock market, and new public fund redemption regulations, have led to a rise in medium to long-term market interest rates [1] - The PBOC's increased funding injection through MLF and other tools is aimed at stabilizing market expectations and maintaining relative stability in medium to long-term market interest rates [1][2]