"在岁末年初之际，央行通过多种货币政策工具维持市场流动性充裕，进而引导金融机构加大信贷投 放，及时又必要。"招联首席研究员董希淼表示，目前，央行中短期流动性的投放方式已基本固定，即 每月5日前后开展3个月期买断式逆回购、15日前后开展6个月期买断式逆回购、25日开展MLF操作，为 保持市场流动性充裕提供有力支持。 ● 本报记者 彭扬 11月24日，据中国人民银行消息，11月25日，中国人民银行以固定数量、利率招标、多重价位中标方式 开展10000亿元MLF（中期借贷便利）操作，期限为1年期。 Wind数据显示，11月将有9000亿元MLF到期。这意味着11月MLF净投放为1000亿元，连续第九个月加 量续做，符合市场预期。 净投放处于较高水平 "考虑到11月央行还净投放5000亿元买断式逆回购，这意味着11月中期流动性净投放总额达6000亿元， 与上月相同，连续四个月处于年内较高水平。"东方金诚首席宏观分析师王青说。 王青分析，11月中期流动性净投放仍处于较高水平的原因有三方面：一是10月安排5000亿元地方政府债 务结存限额，用于化解存量债务及扩大有效投资，意味着年底前会加发5000亿元地方债，11月政府债 ...

Group 1 - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan MLF operation on November 25, maintaining ample liquidity in the banking system [1] - This marks the ninth consecutive month of increased MLF operations, indicating a commitment to support economic growth and stabilize expectations [1] - In November, 900 billion yuan of MLF is maturing, resulting in a net injection of 100 billion yuan, aligning with market expectations [1] Group 2 - The central bank's actions are a response to recent macroeconomic downturns, signaling a continued supportive monetary policy stance [2] - Over the past six months, there has been a sustained net injection of liquidity, with November's net injection remaining high [2] - The PBOC has established a routine for liquidity injections, including 3-month and 6-month reverse repos, and 1-year MLF operations, contributing to a stable funding environment [2] Group 3 - The PBOC's liquidity support is crucial for maintaining a stable funding environment, aiding government bond issuance, and encouraging financial institutions to increase credit supply [2] - There is a possibility of a new round of reserve requirement ratio (RRR) cuts by the end of the year, in response to external and domestic economic conditions [2]

本报记者 刘琪 对于11月份央行中期流动性保持净投放状态，东方金诚首席宏观分析师王青在接受《证券日报》记者采访时认为，原因有 三方面：其一，10月份安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，这意味着年底前会加发5000 亿元地方债，11月份政府债券净融资规模会有明显上升；其二，10月份5000亿元新型政策性金融工具投放完毕，在带动当月委 托贷款走高后，接下来还会带动配套中长期贷款较快投放；其三，11月份银行同业存单到期量也有明显增加。"上述因素都会 在一定程度上收紧银行体系流动性，需要央行给予流动性支持。"王青说。 "央行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状态。这能助力政府 债券发行，引导金融机构加大货币信贷投放力度。"王青表示，近期央行持续较大规模向银行体系注入中期流动性，也释放了 数量型政策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 央行在近期发布的《2025年第三季度中国货币政策执行报告》中强调，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，持续营造适宜的货币 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan Medium-term Lending Facility (MLF) operation on November 25, 2023, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][4] Group 1: MLF Operations - The PBOC will conduct a 1 trillion yuan MLF operation with a one-year term, using a fixed quantity and multi-price bidding method [1] - In November, 900 billion yuan of MLF is set to mature, resulting in a net MLF injection of 100 billion yuan for the month [1][3] - The continuous increase in MLF aligns with market expectations, as the central government has arranged for 500 billion yuan in local government debt to address existing debt and boost effective investment [3][4] Group 2: Liquidity Support Measures - The PBOC has also conducted reverse repurchase operations of 700 billion yuan for three months and 800 billion yuan for six months, leading to a net injection of 500 billion yuan from reverse repos in November [3] - The total net liquidity injection for November, combining MLF and reverse repos, amounts to 600 billion yuan, maintaining a high level consistent with October [3][4] Group 3: Market Implications - The PBOC's actions are aimed at countering potential liquidity tightening, supporting government bond issuance, and encouraging financial institutions to increase credit supply [4] - The current monetary policy stance is supportive, with expectations of continued liquidity injections to stabilize growth and market expectations [4][5] - The weighted average interest rates for overnight and seven-day repurchase agreements show slight fluctuations, indicating ongoing market adjustments [4] Group 4: Future Monetary Policy Outlook - The PBOC plans to utilize both reverse repos and MLF to inject medium-term liquidity, although the scale of future operations may decrease from the current high levels [5] - Anticipated new policies aimed at stabilizing growth, including fiscal and monetary easing, are expected to be introduced before the year-end [5] - The overall liquidity stance is expected to remain accommodative, with a likelihood of continued supportive operations from the PBOC [5]

钛媒体App 11月24日消息，瑞银指出，美联储下月会议时间安排面临前一个"尴尬"的处境：其12月的 FOMC会议将在两份关键就业报告发布之前召开，而这两份报告恰恰是决定是否降息的核心数据。这促 使市场开始讨论一种可能性：美联储是否会将原定12月10日的会议推迟一周，以便在决策前掌握关键的 就业数据。回顾过往，会议时间的调整并非没有可能，1971年和1974年，美联储均曾因特殊情况推迟会 议。而从规则层面看，美联储法案仅要求FOMC每年至少召开四次会议，未对日期调整作出刚性规定。 瑞银指出，历史上单份就业报告就足以改变货币政策方向，而此次美联储则是面临失去两份报告的风 险。若真的出现会议推迟的情况，将增加政策不确定性，但可能提高决策质量。（广角观察） ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On November 21, the liquidity situation continued to ease, but market sentiment remained weak, leading to a volatile adjustment in the bond market. The convertible bond market followed the decline of the equity market, with most convertible bond indices and individual bonds falling. Yields of U.S. Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies mostly decreased as well [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - Starting from next June, savings bonds (electronic) will be included in the scope of personal pension products [3]. - From January to October this year, the number of newly - established foreign - invested enterprises in China increased by 14.7% year - on - year, while the actual use of foreign capital decreased by 10.3% year - on - year [3]. - The issuance of government bonds has entered a dense period, which is an important manifestation of the continuous implementation of proactive fiscal policies [3]. - **International News** - On November 21 local time, New York Fed President John Williams said there is room for further interest rate cuts in the near term [4]. - The preliminary value of the U.S. Markit Composite PMI in November reached the fastest growth in four months, with the service industry accelerating and the manufacturing industry slowing down [5]. - **Commodities** - On November 21, international crude oil futures prices continued to fall, while international natural gas prices turned up [6]. 3.2 Liquidity - **Open Market Operations** - On November 21, the central bank conducted 375 billion yuan of 7 - day reverse repurchase operations, with a net injection of 162.2 billion yuan [8]. - **Funding Rates** - Due to the end of the tax period and continuous net injections by the central bank, the liquidity situation continued to ease on November 21. Key funding rates such as DR001 and DR007 declined [9]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Spot Bond Yields** - On November 21, despite the stock market decline, the bond market fluctuated and adjusted due to weak market sentiment. Yields of 10 - year Treasury bonds and 10 - year China Development Bank bonds increased slightly [12]. - **Bond Tendering** - On November 21, the 3 - year "25进出清发007(增发15)" was tendered, with a issuance scale of 2 billion yuan and a winning yield of 1.6542% [13]. - **Credit Bonds** - **Secondary Market Transaction Anomalies** - On November 21, the trading price of one industrial bond, "H0中骏02", deviated by more than 10%, rising by over 71% [13]. - **Credit Bond Events** - Multiple companies announced important events, including debt restructuring, bond exchange offers, regulatory warnings, and cancellations of bond issuances [14][15]. - **Convertible Bonds** - **Equity and Convertible Bond Indices** - On November 21, the three major A - share indices fell, and the convertible bond market also declined. Most convertible bond indices and individual bonds fell, with a decrease in trading volume [16]. - **Convertible Bond Tracking** - On November 24, "卓镁转债" will be listed. Multiple convertible bonds announced price adjustments, potential redemptions, etc. on November 21 [18][19]. - **Overseas Bond Markets** - **U.S. Bond Market** - On November 21, yields of U.S. Treasury bonds across various maturities generally declined, and the yield spreads between different maturities changed [20][21]. - **European Bond Market** - On November 21, except for the 10 - year government bond yield in the UK, which increased, yields of 10 - year government bonds in other major European economies generally declined [23]. - **Chinese - Issued U.S. Dollar Bonds** - As of the close on November 21, prices of some Chinese - issued U.S. dollar bonds changed, with some rising and some falling [25].

"考虑到本月央行还开展了5000亿元买断式逆回购净投放，11月中期流动性净投放总额达到6000亿元，连续四个月处于6000亿元的年内较高水平。"王青表 示，主要原因有以下三点： 一是10月安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，这意味着年底前会加发5000亿元地方债，11月政府债券净融资规模会 有明显上升；二是10月5000亿元新型政策性金融工具投放完毕，在带动当月委托贷款走高后，接下来还会带动配套中长期贷款较快投放；三是11月银行同 业存单到期量也有明显增加。以上都会在一定程度上收紧银行体系流动性，需要央行给予流动性支持。 "着眼于应对潜在的流动性收紧态势，央行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状态。这能助力 政府债券发行，引导金融机构加大货币信贷投放力度。"王青表示，当前央行加量续作MLF，持续较大规模向银行体系注入中期流动性，释放了数量型政 策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 招联首席研究员、上海金融与发展实验室副主任董希淼表示，11月、12月是全年工作收官的关键时段。在岁末年初之际，央 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 1-year MLF operation of 1 trillion yuan to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF issuance [2][3]. Group 1: MLF Operations - The PBOC's announcement includes a fixed amount and interest rate bidding for the MLF operation, with a total of 1 trillion yuan set for November [2]. - With 900 billion yuan of MLF maturing this month, the net injection for November is 100 billion yuan, aligning with market expectations [2]. - The total net liquidity injection in mid-November reached 600 billion yuan, supported by an additional 500 billion yuan in reverse repos, indicating a high liquidity level for four consecutive months [2]. Group 2: Reasons for Increased Liquidity - The increase in liquidity is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [2][3]. - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [2]. Group 3: Future Monetary Policy Outlook - The PBOC's actions signal a continued supportive monetary policy stance aimed at stabilizing growth and expectations, with a focus on maintaining a stable and ample liquidity environment [3]. - Experts suggest that while there is still room for moderately loose monetary policy, the marginal effectiveness has decreased, leading to lowered expectations for significant rate cuts [3]. - The PBOC is expected to continue using MLF and reverse repos to inject medium-term liquidity, with potential adjustments in net liquidity injections anticipated towards the end of the year [3].

Core Viewpoint - The People's Bank of China (PBOC) announced a medium-term lending facility (MLF) operation of 1 trillion yuan on November 25, 2025, indicating a net liquidity injection of 1 trillion yuan for November, as 900 billion yuan of MLF is maturing [3][4]. Group 1: Liquidity Injection - In November, the total net liquidity injection reached 600 billion yuan, maintaining a high level for four consecutive months [3][4]. - The liquidity injection is primarily aimed at addressing three demands: the issuance of 500 billion yuan in local government bonds, the completion of 500 billion yuan in new policy financial tools, and the maturity of interbank certificates of deposit [3][4]. Group 2: Monetary Policy Outlook - The PBOC's approach to liquidity provision has become more fixed, with regular operations scheduled for different periods of the month [4]. - The report indicates that since the reserve requirement ratio cut in May, the market has seen sustained net liquidity injections, with a total of 1.5 trillion yuan injected through MLF and reverse repos in the third quarter [5]. - Future monetary policy is expected to focus on optimizing the structure rather than just increasing the scale, with an emphasis on directing financial resources towards key areas such as technological innovation and green development [5]. Group 3: Economic Stability Measures - Analysts predict that the PBOC will continue to use reverse repos and MLF to inject liquidity, but the scale may decrease from the current high level of 600 billion yuan per month [5]. - There is an expectation of new growth-stabilizing policies being introduced before the end of the year, focusing on fiscal support and monetary easing to stabilize the economy and achieve growth targets [5].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1-year Medium-term Lending Facility (MLF) operation of 1 trillion yuan on November 25, 2025, to maintain ample liquidity in the banking system, marking the ninth consecutive month of increased MLF operations [1][3]. Summary by Sections MLF Operations - On November 24, the PBOC announced a 1 trillion yuan MLF operation, with a fixed amount and interest rate bidding, to be conducted on November 25, 2025 [1]. - In November, 900 billion yuan of MLF is set to mature, resulting in a net MLF injection of 100 billion yuan for the month [1]. Liquidity Measures - The PBOC also conducted 700 billion yuan and 800 billion yuan reverse repos on November 5 and November 17, respectively, leading to a net liquidity injection of 600 billion yuan for November [3]. - The total net liquidity injection for November, combining MLF and reverse repos, remains at a high level, consistent with October's figures [3]. Economic Context - The increase in MLF aligns with market expectations, as the central government plans to issue additional local government bonds to address existing debt and stimulate effective investment [3]. - The PBOC's actions are seen as necessary to support liquidity in response to potential tightening in the banking system [4]. Future Monetary Policy - The PBOC aims to maintain a supportive monetary policy stance, with expectations of continued liquidity injections through MLF and reverse repos, although the scale may decrease from the current high levels [5]. - Upcoming policies may include a new round of fiscal and monetary measures to stabilize economic growth and support the real estate market [5].