从解禁量来看，3家公司解禁股数超千万股。中航重机、军信股份、物产中大解禁量居前，解禁股数分 别为9371.99万股、6722.46万股、3798.07万股。从解禁市值来看，3家公司解禁股数超亿元。中航重 机、军信股份、盛景微解禁市值居前，解禁市值分别为15.84亿元、10.13亿元、3.97亿元。从解禁股数 占总股本比例来看，盛景微、军信股份、中航重机解禁比例居前，解禁比例分别为9.53%、8.52%、 5.95%。 4、5家公司披露回购进展 （原标题：今日看点｜国新办将举行新闻发布会，国家医保局介绍"十四五"时期深化医保改革，服务经 济社会发展有关情况） 7月24日重点关注的财经要闻与资本市场大事： 1、国新办将举行新闻发布会 国家医保局介绍"十四五"时期深化医保改革，服务经济社会发展有关情况 7月24日上午10时，国新办将举行"高质量完成'十四五'规划"系列主题新闻发布会，国家医疗保障局局 长章轲介绍"十四五"时期深化医保改革，服务经济社会发展有关情况，并答记者问。 2、商务部将召开7月第3次例行新闻发布会 7月24日下午3时，商务部将举行新闻发布会，新闻发言人介绍近期商务领域重点工作有关情况，并答记 者 ...

Group 1 - The central bank conducted a 7-day reverse repurchase operation of 150.5 billion yuan at an interest rate of 1.40%, which remains unchanged from previous rates [1] - A total of 520.1 billion yuan in 7-day reverse repos matured today, resulting in a net withdrawal of 36.96 billion yuan [1]

Core Viewpoint - The People's Bank of China conducted a reverse repurchase operation amounting to 214.8 billion yuan on July 22, 2025, using a fixed interest rate and quantity tendering method [1] Group 1 - The operation was aimed at providing liquidity to the financial system [1] - The fixed interest rate and quantity tendering method indicates a strategic approach to manage monetary policy [1] - The amount of 214.8 billion yuan reflects a significant intervention in the market [1]

Report Industry Investment Rating - Not provided Core Viewpoints - The prices of Treasury bond futures generally declined in the previous trading session, with the T2509 contract down 0.09% and little change in open interest. The IRR of CTD bonds corresponding to the main contracts of Treasury bond futures was at a low level, presenting no arbitrage opportunities. Short - term market interest rates showed mixed movements, and key - term Treasury bond yields also varied. Overseas, US 10Y Treasury bond yields declined, German 10Y yields rose, and Japanese 10Y yields fell. The central bank will maintain a supportive monetary policy, which supports the price of Treasury bond futures, but the "anti - involution" policy drives some commodity prices to strengthen, increasing the volatility of Treasury bond futures prices in the short term [2][3] Summary by Relevant Catalogs Futures Market - **Prices and Changes**: On the previous trading day, for TS2509, the closing price was 102.434, down 0.006 (-0.01%); for TS2512, it was 102.498, down 0.004 (0.00%); for TF2509, 105.990, down 0.055 (-0.05%); for TF2512, 106.050, down 0.065 (-0.06%); for T2509, 108.790, down 0.095 (-0.09%); for T2512, 108.860, down 0.080 (-0.07%); for TL2509, 120.46, down 0.270 (-0.22%); for TL2512, 120.3, down 0.260 (-0.22%) [2] - **Open Interest and Volume**: Open interest for TS2509 was 113080 (down 174), TS2512 was 8999 (down 110), TF2509 was 157810 (up 943), TF2512 was 37446 (up 721), T2509 was 192316 (down 630), T2512 was 37438 (up 270), TL2509 was 115390 (down 1221), TL2512 was 32595 (up 128). Trading volumes were 22678 for TS2509, 1786 for TS2512, 44183 for TF2509, 2983 for TF2512, 51738 for T2509, 5384 for T2512, 72268 for TL2509, and 5564 for TL2512 [2] - **Spread**: The inter - delivery spread for TS was -0.064 (previous value -0.062), TF was -0.060 (previous value -0.070), T was -0.070 (previous value -0.055), and TL was 0.160 (previous value 0.170) [2] - **IRR**: The IRR of active CTD bonds for each contract was between 1.3735% - 1.8005%, indicating no arbitrage opportunities [2] Spot Market - **Domestic Treasury Yields**: Yields of key - term domestic Treasury bonds showed mixed movements. The 10Y Treasury bond yield rose 0.75bp to 1.67%, and the 10 - 2Y yield spread was 26.02bp [2] - **Overseas Treasury Yields**: US 10Y Treasury bond yields fell 3bp, German 10Y yields rose 1bp, and Japanese 10Y yields fell 1.4bp [2] Macro News - **Central Bank Operations**: On July 18, the central bank conducted 1875 billion yuan of 7 - day reverse repurchase operations at a rate of 1.4%, with a net injection of 1028 billion yuan. This week, 17268 billion yuan of reverse repurchases will mature, along with 2000 billion yuan of MLF and 1200 billion yuan of treasury cash fixed - term deposits [3] - **LPR**: The latest LPR will be announced on July 21, and it is widely expected to remain unchanged [3] - **Trade and Policy**: The Ministry of Commerce responded to US and Canadian trade - related measures, emphasizing cooperation and safeguarding Chinese enterprises' rights [3] - **Hydropower Project**: The construction of the Yarlung Zangbo River downstream hydropower project started, with a total investment of about 1.2 trillion yuan [3] - **Fed**: Fed Governor Waller called for a rate cut in July, and Trump urged the Fed to cut rates. The US July Michigan Consumer Confidence Index reached a five - month high, and the 5 - year inflation expectation hit a five - month low [3] Industry Information - **Money Market Rates**: On July 18, most money market interest rates showed mixed movements, with some rising and some falling [3] - **US Treasury Yields**: US Treasury yields declined across the board, mainly due to Waller's dovish remarks and the decline in inflation expectations [3] Comment and Strategy - The central bank's supportive monetary policy supports Treasury bond futures prices, but the "anti - involution" policy boosts commodity prices, increasing the short - term volatility of Treasury bond futures prices [3]

中国央行逆回购操作当日实现净回笼555亿元 金十数据7月21日讯，中国央行今日开展1707亿元7天期逆回购操作，因今日有2262亿元7天期逆回购到期，当日实现净回笼555 亿元。看公开市场资金流向，到"数据库-中国央行数据"查看>> 0 1 1 2025/07/10 2035/07/09 2025/07/11 2025/07/14 2025/07/15 2025/07/17 2025/07/18 2025/07/08 2025/07/16 2025/01/27 | | | | MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-07-21 | 逆回购到期 | 2262 | 7天 | | | 2025-07-21 | 逆回购 | 1707 | 7天 | 1.4 | | 2025-07-18 | 逆回购到期 | 847 | 7天 | | | 2025-07-18 | 逆回购 | 1875 | 7天 | 1.4 | | 2025-07-17 | 逆回购到期 | 900 | 7天 | | | 2025-07-17 ...

1. Report Industry Investment Rating - The 2509 contract of treasury bond futures is rated as neutral [3] 2. Core View of the Report - The overall capital situation is loose, and with the central bank's 1.4 trillion repurchase, the treasury bond yield has declined. The bond market will continue its short - term volatile pattern, and in the medium - to - long - term, it will maintain a bullish foundation supported by the weak economic recovery and loose policies. However, attention should be paid to the fluctuations caused by macro data and overseas negotiation progress, as well as the necessity of adjusting the duration [2] 3. Summary According to the Directory 3.1 Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI has a month - on - month change of - 0.10% and a year - on - year change of 0.10%; China's monthly PPI has a month - on - month change of - 0.40% and a year - on - year change of - 3.60% [8] - Monthly economic indicators: The social financing scale is 430.22 trillion yuan, with a month - on - month increase of 4.06 trillion yuan and a growth rate of 0.95%; M2 year - on - year is 8.30%, with an increase of 0.40% and a growth rate of 5.06%; the manufacturing PMI is 49.70%, with an increase of 0.20% and a growth rate of 0.40% [8] - Daily economic indicators: The US dollar index is 98.64, with an increase of 0.33 and a growth rate of 0.34%; the offshore US dollar to RMB exchange rate is 7.1790, with a decrease of 0.002 and a decline rate of - 0.03%; SHIBOR 7 - day is 1.50, with no change; DR007 is 1.52, with a decrease of 0.01 and a decline rate of - 0.44%; R007 is 1.68, with an increase of 0.04 and a growth rate of 2.35%; the 3 - month inter - bank certificate of deposit (AAA) is 1.54, with no change; the AA - AAA credit spread (1Y) is 0.07, with a decrease of 0.01 [8] 3.2 Overview of the Treasury Bond and Treasury Bond Futures Market - On July 17, 2025, the closing prices of TS, TF, T, and TL were 102.44 yuan, 106.05 yuan, 108.89 yuan, and 120.73 yuan respectively, with price changes of 0.01%, 0.02%, 0.02%, and - 0.02% respectively. The average net basis of TS, TF, T, and TL was - 0.019 yuan, - 0.043 yuan, - 0.034 yuan, and - 0.083 yuan respectively [2] 3.3 Overview of the Money Market Capital Situation - On July 17, 2025, the central bank conducted a 450.5 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4%. The main - term repurchase rates of 1D, 7D, 14D, and 1M were 1.463%, 1.504%, 1.553%, and 1.539% respectively, and the repurchase rates have recently declined [2] 3.4 Spread Overview - The report presents various spread trends, including the inter - period spread trends of various treasury bond futures varieties, and the spread between the spot bond term spread and the futures cross - variety spread in different combinations such as (4*TS - T), (2*TS - TF), (2*TF - T), (3*T - TL), and (2*TS - 3*TF + T) [37][39][40] 3.5 Two - Year Treasury Bond Futures - The report shows the implied interest rate of the TS main contract and the treasury bond yield to maturity, the IRR of the TS main contract and the capital interest rate, as well as the basis and net basis trends of the TS main contract in the past three years [42][45][52] 3.6 Five - Year Treasury Bond Futures - It presents the implied interest rate of the TF main contract and the treasury bond yield to maturity, the IRR of the TF main contract and the capital interest rate, and the basis and net basis trends of the TF main contract in the past three years [51][54][52] 3.7 Ten - Year Treasury Bond Futures - The report includes the implied interest rate of the T main contract and the treasury bond yield to maturity, the IRR of the T main contract and the capital interest rate, and the basis and net basis trends of the T main contract in the past three years [59][62][64] 3.8 Thirty - Year Treasury Bond Futures - It shows the implied interest rate of the TL main contract and the treasury bond yield to maturity, the IRR of the TL main contract and the capital interest rate, and the basis and net basis trends of the TL main contract in the past three years [67][70][73]

Core Viewpoint - The People's Bank of China (PBOC) conducted a net injection of 102.8 billion yuan through reverse repos on July 18, 2025, following a total of 1,875 billion yuan in 7-day reverse repos, with 847 billion yuan maturing on the same day [1]. Group 1: Reverse Repo Operations - On July 18, 2025, the PBOC executed a reverse repo operation of 1,875 billion yuan for a 7-day term, resulting in a net injection of 102.8 billion yuan after accounting for the 847 billion yuan that matured [1]. - For the week, the PBOC conducted a total of 17,268 billion yuan in 7-day reverse repos, with 4,257 billion yuan maturing along with 1,000 billion yuan in 1-year Medium-term Lending Facility (MLF), leading to a net injection of 12,011 billion yuan [1]. Group 2: Maturity and Interest Rates - The reverse repos conducted on July 18 had an interest rate of 1.4% [4]. - The maturity schedule for reverse repos shows various amounts maturing over the preceding days, with significant amounts such as 4,505 billion yuan on July 17 and 5,201 billion yuan on July 16 [4][5].

Group 1 - The article mentions that there is a 755 billion yuan 7-day reverse repurchase agreement maturing today [1] - It highlights that the UK will release the June CPI month-on-month rate and the retail price index month-on-month rate [1]

Core Viewpoint - The coking coal futures market is experiencing a tightening supply-demand structure, leading to a short-term bullish sentiment despite recent price declines [2][3]. Group 1: Market Analysis - Coking coal futures fell sharply, with the main contract dropping to a low of 898.0 yuan, closing at 899.0 yuan, a decrease of 1.75% [1]. - The current supply-demand structure for coking coal is tight, with domestic production showing mixed results due to maintenance and operational constraints in some coal mines [2]. - The closure of the Mongolian border has reduced the supply of imported coal, leading to high trade prices and a diminished role of imports in the domestic market [2]. Group 2: Demand Factors - Downstream coking enterprises are increasing their purchasing activity due to expectations of a price hike in coke, which is accelerating inventory replenishment [2]. - The production of iron and steel remains relatively high, providing a fundamental support for coking coal demand [2]. - Market sentiment is further buoyed by speculative activities, contributing to a generally positive outlook for demand [2]. Group 3: Future Outlook - The overall sentiment in the coking coal market is expected to remain strong, with a focus on the pace of domestic coal mine restarts, the sustainability of downstream inventory replenishment, and the timing of coke price increases [2]. - Short-term projections indicate a stable coking coal output, with some recovery in production expected as previously halted mines resume operations [3]. - The market sentiment is improving, with better spot market transactions and a general expectation of a bullish trend in the near term [3]. Group 4: Broader Economic Context - The central bank's continued implementation of loose monetary policy, including a trillion-yuan reverse repurchase operation, is influencing market dynamics [4]. - The coal industry is being urged to improve quality and respond to national market unification policies, which may impact future pricing and operational strategies [4]. - The rebound in thermal coal prices has positively affected coking coal prices, indicating a correlation between the two markets [4].

Group 1 - The central bank conducted a reverse repurchase operation of 342.5 billion yuan for 7 days, with the bidding amount and winning amount both at 342.5 billion yuan [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1]