Report Industry Investment Rating No relevant information provided. Core Viewpoints The stock - bond seesaw is obvious, and Treasury bond futures closed down across the board. Driven by the strong stock market, the rising risk appetite suppresses the bond market. There are also differences in the Fed's interest - rate cut expectations, and the increasing global trade uncertainty adds to the uncertainty of foreign capital inflows. Overall, the bond market fluctuates between stable - growth and easing expectations, and short - term attention should be paid to the policy signals at the end of the month [1][3]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's CPI (monthly) had a 0.20% month - on - month and year - on - year increase, while China's PPI (monthly) had a 0.10% month - on - month increase and a - 2.10% year - on - year decrease [9]. - **Monthly Economic Indicators**: The social financing scale was 437.72 trillion yuan, with a 0.64 - trillion - yuan increase (0.15%) month - on - month. M2 year - on - year was 8.20%, down 0.20% (- 2.38%) month - on - month. The manufacturing PMI was 49.00%, down 0.80% (- 1.61%) month - on - month [10]. - **Daily Economic Indicators**: The US dollar index was 99.81, down 0.39 (- 0.39%) day - on - day. The offshore US dollar - to - RMB exchange rate was 7.0944, down 0.012 (- 0.16%) day - on - day. SHIBOR 7 - day was 1.43, down 0.01 (- 0.97%) day - on - day. DR007 was 1.45, down 0.02 (- 1.10%) day - on - day. R007 was 1.51, down 0.02 (- 1.24%) day - on - day. The 3 - month inter - bank certificate of deposit (AAA) was 1.58, up 0.01 (+ 0.44%) day - on - day. The AA - AAA credit spread (1Y) was 0.09, up 0.00 (+ 0.44%) day - on - day [10]. 2. Treasury Bonds and Treasury Bond Futures Market Overview - **Macro Policy**: On October 27, the central bank restarted open - market Treasury bond trading operations. On October 30, the China - US economic and trade teams reached three consensuses. The State Council Tariff Commission announced to continue suspending the 24% additional tariff on US goods for one year, while retaining the 10% tariff [1]. - **Inflation**: In October, CPI increased by 0.2% year - on - year [1]. - **Market Closing Prices and Fluctuations**: On November 25, 2025, the closing prices of TS, TF, T, and TL were 102.42 yuan, 105.98 yuan, 108.22 yuan, and 115.16 yuan respectively, with fluctuations of 0.01%, 0.00%, - 0.08%, and - 0.33% respectively [3]. - **Net Basis Spreads**: The average net basis spreads of TS, TF, T, and TL were - 0.056 yuan, - 0.066 yuan, - 0.088 yuan, and - 0.025 yuan respectively [3]. 3. Money Market Funding Situation - **Fiscal Situation (January - October 2025)**: General public budget revenue increased by 0.8% year - on - year, with tax revenue improving for eight consecutive months, but non - tax revenue dragging down the overall growth rate. General public budget expenditure increased by only 2% year - on - year, slowing down for three consecutive months, mainly due to the lack of follow - up force from the front - loaded fiscal efforts in the first half of the year and the weakening of infrastructure expenditures [2]. - **Financial Situation**: At the end of October, social financing and credit expanded at a low level, with strong government bond issuance and weak corporate and household financing demand. M1 declined, and the M2 - M1 gap widened, indicating weak business vitality and a return from current to time deposits [2]. - **Central Bank Operations**: On November 25, 2025, the central bank conducted 3021 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.4% [2]. - **Money Market Interest Rates**: The main repurchase rates for 1D, 7D, 14D, and 1M were 1.316%, 1.433%, 1.540%, and 1.520% respectively, and the repurchase rates had recently declined [2]. 4. Spread Situation - **Inter - period Spreads of Treasury Bond Futures**: The report mentions various inter - period spreads of Treasury bond futures, such as 4*TS - T, 2*TS - TF, etc. [29][33] - **Implied Yields and Basis Spreads**: It provides information on the implied yields and basis spreads of different - term Treasury bond futures (2 - year, 5 - year, 10 - year, and 30 - year) [36][48][55][62]. 5. Two - Year Treasury Bond Futures - **Implied Interest Rate and IRR**: The report shows the relationship between the implied interest rate of the two - year Treasury bond futures main contract and the Treasury bond yield, as well as the relationship between the TS main contract's IRR and the funding rate [36][37]. - **Basis Spread Trends**: It presents the three - year basis spread and net basis spread trends of the TS main contract [46]. 6. Five - Year Treasury Bond Futures - **Implied Interest Rate and IRR**: The relationship between the implied interest rate of the five - year Treasury bond futures main contract and the Treasury bond yield, and the relationship between the TF main contract's IRR and the funding rate are provided [48]. - **Basis Spread Trends**: The three - year basis spread and net basis spread trends of the TF main contract are shown [52]. 7. Ten - Year Treasury Bond Futures - **Implied Yield and IRR**: The report shows the relationship between the implied yield of the ten - year Treasury bond futures main contract and the Treasury bond yield, and the relationship between the T main contract's IRR and the funding rate [55]. - **Basis Spread Trends**: The three - year basis spread and net basis spread trends of the T main contract are presented [57]. 8. Thirty - Year Treasury Bond Futures - **Implied Yield and IRR**: The relationship between the implied yield of the thirty - year Treasury bond futures main contract and the Treasury bond yield, and the relationship between the TL main contract's IRR and the funding rate are provided [62][65]. - **Basis Spread Trends**: The three - year basis spread and net basis spread trends of the TL main contract are shown [68]. Strategies - **Single - sided Strategy**: With the decline in repurchase rates, Treasury bond futures prices fluctuate [4]. - **Arbitrage Strategy**: Pay attention to the decline in basis spreads [5]. - **Hedging Strategy**: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [5].

Core Viewpoint - The article discusses the current market conditions influenced by monetary policy, U.S.-China relations, and bond market performance, highlighting a cautious yet slightly optimistic sentiment in the financial markets. Group 1: Market Conditions - The funding environment is balanced and slightly loose, with the central bank conducting 3,021 billion yuan in 7-day reverse repos and 10,000 billion yuan in MLF operations, resulting in a net withdrawal of 54 billion yuan today [3][5]. - The overnight funding rates are stable, with DR001 around 1.32% and DR007 at approximately 1.45% [3]. Group 2: Bond Market Performance - The 10-year government bond yield opened slightly higher at 1.815% and reached 1.817% during the day, reflecting cautious sentiment in the bond market [5]. - The trading volume for the 10-year government bonds has been low, with only a few hundred transactions, indicating a lack of market activity as the year-end approaches [6]. Group 3: Interest Rate Trends - The interest rates for various maturities have shown slight increases, with the 1-year rate at 1.4040% and the 10-year rate at 1.8195%, indicating a general upward trend in yields [8]. - The market is reacting to the anticipation of a potential interest rate cut by the Federal Reserve in December, which has further influenced risk appetite [5].

Group 1 - The People's Bank of China conducted a 302.1 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 1005.4 billion yuan from the open market due to the maturity of 900 billion yuan of 1-year Medium-term Lending Facility (MLF) and 407.5 billion yuan of 7-day reverse repos [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor remaining unchanged at 1.3160%, while the 7-day Shibor decreased by 1.40 basis points to 1.4330%, and the 14-day Shibor fell by 0.20 basis points to 1.5400% [1] - In the interbank pledged repo market, short-term funding prices slightly declined, with R007 transaction volume remaining high. The weighted average rates for DR001 and R001 decreased by 0.1 basis points and 0.5 basis points, respectively, while DR007 and R007 rates fell by 1.6 basis points and 3.3 basis points, respectively [3] Group 2 - The overall funding environment on November 25 was balanced and slightly loose, with major banks providing ample funding. Overnight repo rates opened around 1.48%, with 7-day rates decreasing from 1.55% to around 1.52%-1.53% [9] - As of 5:30 PM on November 25, there were 101 interbank certificates of deposit issued, with a total issuance amount of 111.37 billion yuan. The trading sentiment was mainly focused on 3-month to 1-year maturities, with slight fluctuations in yields [10] - The China Insurance Industry Association held its sixth council's third meeting, where Zhao Yulong was elected as the president of the association [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 24, the liquidity was ample, with major repo rates hovering at low levels; the bond market showed a narrow - range oscillation; the convertible bond market's main indices followed the upward trend, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally declined, and yields on 10 - year government bonds of major European economies generally decreased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping had a phone call with U.S. President Trump, emphasizing that the Busan meeting had set the right course for China - U.S. relations, and both sides should maintain the positive momentum [3] - On November 25, the central bank conducted 100 billion yuan of MLF operations, with a net injection of 10 billion yuan in November, marking the ninth consecutive month of increased roll - overs, in line with market expectations [3] - As of November 21, the issuance of science - innovation bonds in the inter - bank market exceeded 530 billion yuan, with the proportion of issuance scale exceeding 10% for the first time, 5 percentage points higher than before [4] 3.1.2 International News - On November 24, Fed Governor Waller and San Francisco Fed President Daly signaled dovish stances, with Waller advocating a rate cut at the next meeting and Daly supporting a December rate cut [5][6] 3.1.3 Commodities - On November 24, international crude oil futures prices turned up, while international natural gas prices turned down. WTI January crude oil futures rose 1.34% to $58.84 per barrel, Brent January crude oil futures rose 1.29% to $63.37 per barrel, COMEX December gold futures rose 0.36% to $4094.2 per ounce, and NYMEX natural gas prices fell 1.55% to $4.506 per ounce [7] 3.2 Liquidity 3.2.1 Open Market Operations - On November 24, the central bank conducted 338.7 billion yuan of 7 - day reverse repurchase operations, with a net injection of 55.7 billion yuan as 283 billion yuan of reverse repurchases matured on the same day [9] 3.2.2 Funding Rates - On November 24, the liquidity was ample, with major repo rates hovering at low levels. DR001 dropped 0.22bp to 1.319%, and DR007 rose 2.95bp to 1.470% [10] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On November 24, the bond market showed a narrow - range oscillation with lower trading volume. By 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.05bp to 1.8120%, and the yield of the 10 - year CDB bond active issue 250215 remained flat at 1.8740% [13] - **Bond Tendering Results**: Information on the tendering of multiple bonds including 25贴现国债72, 25附息国债23, etc., was provided, covering details such as term, issuance scale, winning yield, and bid - to - cover ratios [14] 3.3.2 Credit Bonds - **Secondary - market Transaction Anomalies**: On November 24, no credit bond transaction prices deviated by more than 10% [15] - **Credit Bond Events**: Multiple companies such as Fanhai Holdings, Fangyuan Real Estate, and Baolong Industry had bond - related events including non - payment, extension of redemption dates, and holder meetings [16] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On November 24, the A - share market rose, with over 4200 stocks increasing. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose 0.05%, 0.37%, and 0.31% respectively. The convertible bond market also rebounded, with the CSI Convertible Bond, Shanghai Convertible Bond, and Shenzhen Convertible Bond indices rising 0.22%, 0.14%, and 0.34% respectively [17] - **Convertible Bond Tracking**: News such as the approval of Shang Sheng Electronics' convertible bond issuance and the possible early redemption of Nenghui Convertible Bond were reported [24] 3.3.4 Overseas Bond Markets - **U.S. Treasury Market**: On November 24, yields on U.S. Treasuries of various maturities generally declined. The 2 - year U.S. Treasury yield dropped 5bp to 3.46%, and the 10 - year yield dropped 2bp to 4.04%. The 2/10 - year U.S. Treasury yield spread widened by 3bp to 58bp, and the 5/30 - year spread narrowed by 2bp to 107bp [20][21] - **European Bond Market**: On November 24, yields on 10 - year government bonds of major European economies generally declined, except for Germany and Spain where yields remained unchanged [23] - **Price Changes of Chinese - Issued U.S. Dollar Bonds**: Price changes of Chinese - issued U.S. dollar bonds of multiple companies such as Ctrip Group, Pinduoduo, and iQiyi were presented, including daily changes, credit entities, bond balances, and other information [25]

新华财经北京11月25日电（王菁）债市周二（11月25日）小幅走弱，国债期货全线收跌，银行间现券收 益率小幅回升0.5BP左右；公开市场单日净回笼1054亿元，多项扰动已过、资金利率多数回落。 机构认为，年内货币政策缺乏想象空间对债市形成压制，在此前修复行情过后，市场机构普遍做多信心 不足。亦有观点指出，债市情绪依然脆弱，在12月中央经济工作会议之前，债市行情或仍延续震荡。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约跌0.33%报115.16，10年期主力合约跌0.08%报108.22，5年期 主力合约持平于105.98，2年期主力合约涨0.01%报102.422。 银行间主要利率债收益率普遍上行，30年期国债"25超长特别国债06"收益率上行0.85BP报2.1685%，10 年期国开债"25国开15"收益率上行0.45BP报1.878%，10年期国债"25附息国债16"收益率上行0.45BP报 1.8175%。 中证转债指数收盘上涨0.22%，报485.08点，成交金额624.32亿元。欧通转债、振华转债、大中转债、 国城转债、利扬转债涨幅居前，分别涨9.35%、8.19%、7.85%、7.79 ...

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation on November 24, with a fixed rate and quantity tendering, amounting to 338.7 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 283 billion yuan of reverse repos matured, resulting in a net injection of 55.7 billion yuan [1] Group 2: Funding Conditions - The interbank market in China showed a relaxed funding environment, with overnight repurchase rates slightly decreasing to around 1.32% [3] - The overnight quotes in the anonymous X-repo system remained around 1.3%, with a supply scale of about 100 billion yuan [3] - Non-bank institutions were borrowing overnight funds against pledged credit bonds at rates between 1.47% and 1.48% [3] - The latest overnight financing rate in the U.S. was reported at 3.91% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit from major banks was around 1.64%, showing a slight increase from the previous day [7] Group 4: Major Interest Rate Bond Yields - The yields for various government bonds were reported, with the 1-year government bond yield at 1.4025%, and the 10-year bond yield at 1.6900% [9] Group 5: Recent MLF Operations - The central bank plans to conduct a 1 trillion yuan MLF operation on November 25, with a net injection of 100 billion yuan for November, as 900 billion yuan of MLF is set to mature [13] - The total medium-term liquidity released through MLF and reverse repos in November is 600 billion yuan, maintaining a relatively high level for four consecutive months [13] Group 6: Bond Market Developments - The central bank successfully issued 45 billion yuan in central bank bills in Hong Kong on November 24, with a 3-month issuance of 30 billion yuan at an interest rate of 1.60% [13] - The issuance of local government bonds in Inner Mongolia is scheduled for December 1, amounting to 10.4 billion yuan [17]

Core Viewpoint - The article emphasizes the importance of not getting caught up in daily market fluctuations, as shorter time frames exhibit greater randomness and less meaningful reference points [1]. Group 1: Market Overview - The stock market experienced slight fluctuations with a minor increase, while the central bank continued to inject liquidity through a 1000 billion MLF operation [5]. - The central bank conducted a net injection of 2557 billion through reverse repos and cash deposits, indicating a balanced and slightly loose liquidity environment [3]. - The 10-year government bond yield fluctuated within a narrow range of 1.809% to 1.813%, reflecting stable market sentiment [5]. Group 2: Interest Rates and Bond Market - The weighted average rates for various repo codes showed minimal changes, with R001 at 1.39% and R007 at 1.56%, indicating a stable interest rate environment [4]. - The article notes that the bond market is experiencing a narrow range of interest rate fluctuations, with a slight decrease of 0.2 basis points in rates causing mixed reactions among investors [6]. - The government bond yields for different maturities, such as 1Y at 1.4025% and 10Y at 1.8130%, reflect the current market conditions and investor sentiment [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From November 17 to 21, 2025, the central bank conducted net 7 - day reverse repurchase operations and had 12 billion yuan of treasury cash fixed - deposits mature. The government bond net payment scale decreased slightly in the week of November 17 - 23 compared to the previous week. The yield of maturing inter - bank certificates of deposit (ICDs) remained stable overall, and the average leverage ratio in the inter - bank bond market was basically stable. The estimated median durations of medium - long - term and short - term interest - rate style pure bond funds decreased by 0.60 years and 0.20 years respectively on a weekly basis as of November 21, 2025 [2]. Summary by Directory 1. Funding Situation - **Central Bank Operations**: From November 17 to 21, 2025, the central bank conducted 167.6 billion yuan of 7 - day reverse repurchases, with 112.2 billion yuan maturing, resulting in a net injection of 55.4 billion yuan, and 12 billion yuan of treasury cash fixed - deposits matured. From November 24 to 28, 112.2 billion yuan of 7 - day reverse repurchases will mature, 12 billion yuan of treasury cash fixed - deposits will be operated on the 24th, and 90 billion yuan of medium - term lending facilities (MLF) will mature on the 25th [6]. - **Funding Rate Fluctuations**: From November 17 to 21, 2025, the average values of DR001 and R001 were 1.43% and 1.49% respectively, up 0.9 and 1.9 basis points compared to November 10 - 14. The average values of DR007 and R007 were 1.50% and 1.52% respectively, up 0.8 and 1.5 basis points compared to November 10 - 14. The funding rate was high at the beginning of the week and then decreased, mainly due to factors such as high government bond net payment, tax payments, and frozen funds from new stock listings on the Beijing Stock Exchange. Towards the end of November, the impact of government bond payments on the funding situation is expected to be low, but the impact of cross - quarter funding needs attention [7]. - **Government Bond Net Financing**: From November 17 to 23, 2025, the government bond net payment scale was about 41.057 billion yuan, a decrease of about 1.42 billion yuan compared to November 10 - 16. The net financing of treasury bonds was about 29.533 billion yuan, and that of local government bonds was about 11.524 billion yuan. From November 24 to 30, the government bond net payment scale is expected to be 23.38 billion yuan, with treasury bond net financing at about - 5.61 billion yuan and local government bond net financing at about 28.99 billion yuan [7]. 2. Inter - bank Certificates of Deposit - **Yield Stability**: As of November 21, 2025, the maturing yields of 1 - month and 3 - month ICDs were 1.4900% and 1.5735% respectively, down 0.5 and 0.2 basis points compared to November 14. The 1 - year ICD maturing yield remained unchanged at 1.6350% compared to November 14 [8]. - **Net Financing**: From November 17 to 23, 2025, the net financing of ICDs was about - 37.32 billion yuan, compared to about - 4.27 billion yuan in the week of November 10 - 16. Although the net financing was negative, the actual issuance scale was not low due to the high maturing scale. The estimated maturing repayment of ICDs from November 24 to 30 is 80.2 billion yuan, down from 90.7 billion yuan in the previous week, indicating a reduced pressure on roll - over [8]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From November 17 to 21, 2025, the estimated average leverage ratio in the inter - bank bond market was 107.15%, compared to 107.16% in the week of November 10 - 14. The estimated leverage ratios on November 21 and November 14 were about 107.31% and 107.15% respectively [9]. - **Duration of Bond Funds**: As of November 21, 2025, the estimated median duration (MA5) of medium - long - term interest - rate style pure bond funds was 4.23 years, down 0.60 years on a weekly basis, at the 79.8% percentile since early 2022. The estimated median duration (MA5) of short - term interest - rate style pure bond funds was 1.63 years, down 0.20 years on a weekly basis, at the 30.0% percentile since early 2022 [9].

Overview - The liquidity environment has been volatile due to tax periods, government bond payments, and new listings on the Beijing Stock Exchange, leading to a rise in funding rates at the beginning of the week [1] - The central bank's continued liquidity injections and the nearing end of tax payments have contributed to a decline in funding rates by the end of the week [1] Funding Market - From November 24-28, the funding market is expected to remain turbulent as it enters a cross-month week, with significant repayment pressures anticipated [2] - The R001 and R007 rates are projected to experience upward pressure, with potential peaks around 1.60% during the cross-month period [2] Open Market Operations - A total of 25,760 billion yuan will mature in the central bank's open market from November 24-28, with 16,760 billion yuan in reverse repos and 9,000 billion yuan in MLF [3] - The central bank plans to conduct regular MLF operations and issue treasury deposits to alleviate some of the maturing pressure [3] Bill Market - The weighted issuance rate for interbank certificates of deposit rose to 1.64%, reflecting an increase of 0.6 basis points from the previous week [4] - Major banks have shifted to net selling, with a net sell of 23.5 billion yuan during the week of November 17-20 [4] Government Bonds - The net payment for government bonds from November 24-28 is expected to be 2,337 billion yuan, a decrease from the previous week's 3,629 billion yuan [5] - The increase in maturing treasury bonds has contributed to the reduction in net payment [5] Negotiable Certificates of Deposit - The issuance rate for negotiable certificates of deposit has further increased, while the maturity pressure has decreased to 7,522 billion yuan for the week of November 24-28 [6] - This is a decline from the previous week's maturity pressure of 9,209 billion yuan [6]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The overall funds are stable with slight price fluctuations. Due to the continuous support from the central bank, the funds prices decreased slightly this week. The bond market lacks a trading main line, and bond yields fluctuated within a narrow range. Certificate of deposit (CD) yields were stable, with significant net repayment and a slight increase in the average issuance term. Next week, the net payment of government bonds is expected to decline, and the inter - bank leverage ratio decreased slightly this week [1][2][3] Summary by Directory 1. Funds - The overall funds were stable, with slight price fluctuations. R001 closed at 1.39% (previous value: 1.43%), DR001 at 1.32% (previous value: 1.37%), R007 at 1.50% (previous value: 1.49%), and DR007 at 1.44% (previous value: 1.47%). The spread between DR007 and 7 - day OMO was 4.08bp. The 6M national and state - owned bank draft transfer discount rate closed at 0.77% (previous value: 0.63%) [1] - OMO net injection was stable, and the treasury cash fixed - term deposit will be renewed with an increased amount. This week, the central bank conducted 1676 billion yuan of reverse repurchase operations, with 1122 billion yuan of reverse repurchases maturing, resulting in a net reverse repurchase injection of 554 billion yuan, similar to last week's net injection of 626.2 billion yuan. On November 19th, the central bank announced that on November 24th, it will conduct 120 billion yuan of 1 - month and 80 billion yuan of 21 - day treasury cash fixed - term deposits, renewing 80 billion yuan with an increased amount [1] 2. Inter - bank Certificates of Deposit - CD yields were stable. The 3M yield decreased by 0.15bp to 1.57%, the 6M yield remained flat at 1.61%, and the 1Y yield remained flat at 1.64%. The spread between the 1 - year CD and R007 narrowed by 0.07bp to 13.98bp [2] - There was significant net repayment of CDs, and the average issuance term increased slightly. This week, the net financing of CDs was - 373.2 billion yuan (previous value: - 41.6 billion yuan). The issuance rates of 1 - year CDs for state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 1.65%, 1.64%, 1.76%, and 1.81% respectively. In terms of the issuance structure, the weighted average issuance term this week was 8.2 months (previous value: 7.7 months), with 17.05 billion yuan of 3M CDs issued, 176.83 billion yuan of 6M CDs issued, and 207.77 billion yuan of 1Y CDs issued [2] 3. Institutional Behavior - Next week, the net payment of government bonds is expected to decline. This week, the net issuance of treasury bonds was 101.6 billion yuan, and the net issuance of local bonds was 126.3 billion yuan, with a total net issuance of government bonds of 228 billion yuan and a total net payment of 400.7 billion yuan. Next week, the expected net issuance of treasury bonds is - 56.1 billion yuan, the net issuance of local bonds is 326.3 billion yuan, the net financing of government bonds is 270.2 billion yuan, and the total net payment is 244 billion yuan [3] - The inter - bank leverage ratio decreased slightly this week. The average daily volume of pledged repurchase transactions was 7.29 trillion yuan (previous value: 7.44 trillion yuan), and the average daily inter - bank market leverage ratio was 106.56% (previous value: 107.32%) [3]