Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic fundamentals in China have been weakening since June, with investment accelerating its decline and exports being the main support. However, the export leading indicators in October were significantly weaker, suggesting that the front - loading of exports may have exhausted some future demand. With weak domestic demand, there is still considerable pressure on the fundamentals, and market expectations for monetary easing may rise again [11]. - Currently, the central bank is implementing a combination of loose monetary and fiscal policies. The resumption of treasury bond trading has brought direct buying demand to the bond market. Based on past experience, the credit - easing effect of loose fiscal policies may not be significant in the short term, and the impact on the bond market should be limited. Overall, the negative factors in the bond market have basically been released, and November is a period of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. If there are market over - adjustments due to short - term disturbances, it is recommended to actively seize allocation opportunities [12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: A - shares opened lower and closed higher, suppressing the bond market, which fluctuated downward. Most treasury bond futures declined. The yields of major inter - bank spot interest - rate bonds changed slightly. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250016 was reported at 1.789%, down 0.1bp [8][9]. - **Funding Market**: At the beginning of the month, the funding situation was stable and loose. There were 557.7 billion yuan of maturities in the open market, and the central bank injected 65.5 billion yuan, resulting in a net withdrawal of 492.2 billion yuan. Additionally, a 700 - billion - yuan 3 - month outright reverse repurchase was conducted to offset the maturity of the same - term reverse repurchase. The inter - bank funding sentiment index declined. The weighted overnight rate of inter - bank deposits fluctuated around 1.31%, the 7 - day rate rose slightly by 1.16bp to 1.4378%, and the medium - and long - term funding was stable. The 1 - year AAA certificate of deposit rate fluctuated between 1.62% and 1.63% [10]. 3.2 Industry News - The central bank's release of the liquidity injection data for various tools in October showed that the net injection through open - market treasury bond trading was 20 billion yuan, indicating the resumption of treasury bond trading operations since January this year, which is conducive to releasing liquidity and stabilizing market expectations. On November 5, the central bank announced a 700 - billion - yuan 3 - month outright reverse repurchase operation, which was an equivalent renewal considering the 700 - billion - yuan maturity of the same - term variety in the same month. Market institutions generally expect the central bank to conduct another 6 - month outright reverse repurchase operation in November, and are optimistic about the continued net injection of outright reverse repurchases in that month [13]. - The U.S. federal government's "shutdown" entered its 35th day on November 4, tying the longest "shutdown" record in U.S. history. The U.S. Supreme Court will hear a case on the legality of Trump's tariff policy this Wednesday. The U.S. Treasury Secretary said that if China continues to restrict rare - earth exports, the U.S. may impose additional tariffs on China. China's Ministry of Foreign Affairs responded that dialogue and cooperation are the correct approaches. The China - EU export control dialogue and consultation were held in Brussels, and both sides agreed to maintain communication to promote the stability and smoothness of the industrial and supply chains [14]. 3.3 Data Overview - **Treasury Bond Futures Market**: The report presents data on treasury bond futures trading on November 5, including contract information such as previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest. It also mentions the spread between main - contract treasury bond futures across different periods and varieties, as well as the trend of main - contract treasury bond futures [6]. - **Money Market**: Although no specific data content is provided, it is mentioned that the data source is Wind and the research and development department of Jianxin Futures [24].

Core Viewpoint - The central bank is set to inject 700 billion yuan through a buyout-style reverse repurchase operation, marking one of the largest operations this year, aimed at ensuring liquidity in the market for three months [1][3]. Group 1: Central Bank Operations - The operation has a term of 91 days, indicating a focus on maintaining stable liquidity through the year-end [3]. - The use of multiple price bidding allows more institutions to access funds, enhancing the distribution of liquidity [3]. - The buyout-style reverse repurchase provides greater flexibility in fund usage, showcasing a strategic approach to liquidity management [3]. Group 2: Market Implications - The liquidity injection is expected to lead to three major benefits: increased cash availability for banks, enhanced lending capacity, and alleviated pressure on the bond market, potentially stabilizing yields [3]. - The stock market sentiment is likely to improve, particularly benefiting sectors sensitive to funding [3]. - Investment focus can be directed towards banks and brokerage sectors, as well as real estate and infrastructure chains that are sensitive to funding rates [3].

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system through a series of reverse repos, indicating a supportive monetary policy stance to counter potential liquidity tightening [1][2] Group 1: Monetary Policy Actions - On November 5, 2025, the PBOC will conduct a fixed-quantity, interest-rate tender, multi-price bidding operation for 700 billion yuan (approximately 700 billion RMB) in a buyout reverse repo with a term of 3 months (91 days) [1] - Additionally, the PBOC has conducted a fixed-rate, quantity tender operation for 117.5 billion yuan in a 7-day reverse repo [1] Group 2: Market Implications - The combined buyout reverse repos for November will continue to inject medium-term liquidity into the market for the sixth consecutive month [1] - The issuance of 500 billion yuan in local government bonds is expected to occur before the end of the year, which will likely lead to a high level of government bond issuance in November [1] - The completion of 500 billion yuan in new policy-based financial instruments in October is anticipated to drive rapid growth in associated loans, while the maturity of interbank certificates of deposit in November will also increase significantly [1]

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price levels, with a term of 3 months (91 days) [1] Group 2 - A significant announcement regarding a 400 billion yuan deal by the central bank has been made [2] - Adjustments in senior management at China International Capital Corporation (CICC) have been finalized [2] - The disclosure evaluation results for 42 listed banks have been released, with 5 banks upgraded and 1 bank downgraded [2]

Group 1 - The People's Bank of China (PBOC) will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system, with a term of 3 months (91 days) [2] - In November, there will be 700 billion yuan of 3-month reverse repos maturing, indicating that the operation is a continuation of the same amount [2] - An additional 300 billion yuan of 6-month reverse repos is expected to mature in November, with a high likelihood of another 6-month operation being conducted, suggesting a continuous injection of medium-term liquidity for the sixth consecutive month [2] Group 2 - The PBOC's net purchase of government bonds in October was 20 billion yuan, reflecting a cautious approach to avoid rapid declines in interest rates while stabilizing market expectations [3] - The upcoming maturity of 300 billion yuan in 6-month reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) suggests that the PBOC may increase net purchases of government bonds to offset the pressure from other monetary tools maturing [3] - The PBOC's policy stance is expected to remain stable yet slightly accommodative, utilizing both reverse repos and MLF to inject medium-term liquidity into the market [3] Group 3 - The introduction of the reverse repurchase agreement by the PBOC in October 2024 has become a key tool for medium to long-term liquidity supply, with net injections from reverse repos surpassing those from MLF this year [4] - The reverse repurchase agreement is primarily targeted at primary dealers in the open market and is conducted monthly with a maximum term of 1 year [4]

11月4日，中国人民银行(下称"央行")发布预告称，将在5日以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作， 期限为3个月(91天)。鉴于当月有7000亿元3个月期品种的到期量，本次操作意味着11月3个月期买断式逆回购为等量续作。 尽管本月有累计1万亿元买断式逆回购到期量，但自今年6月以来央行每月均开展两次不同期限的买断式逆回购操作。市场机构普遍预计11 月央行还将开展一次6个月期限的买断式逆回购操作，看好当月买断式逆回购继续保持净投放。 值得注意的是，当天央行公布的2025年10月中央银行各项工具流动性投放情况显示，10月央行通过公开市场国债买卖操作(下称"国债买卖 操作")投放200亿元，这意味着央行在当月重启国债买卖操作。虽然当月投放量较小，但市场更看重央行重启操作的信号意义。"对债市而 言，利好不仅是资金宽松效果，更在于市场预期的逆转。"华西证券（002926）首席经济学家刘郁表示。 持续释放中期流动性 自去年10月启用以来，央行持续通过买断式逆回购操作补充中长期资金缺口。为进一步提高买断式操作信息披露的时效性，央行在今年6 月起调整为操作前发布招标公告，明确操作日期和操作量等 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, aimed at maintaining ample liquidity in the banking system, with a focus on medium-term liquidity support [1][2]. Group 1: Reverse Repo Operations - On November 5, the PBOC will conduct a 700 billion yuan buyout reverse repo operation with a term of 3 months (91 days) [1]. - In November, there will be 700 billion yuan of 3-month reverse repos maturing, indicating a continuation of the same amount of operations [1]. - An additional 300 billion yuan of 6-month reverse repos is expected to mature in November, with a high likelihood of another 6-month reverse repo operation being conducted [1][2]. Group 2: Liquidity Management - The PBOC's actions are in response to potential liquidity tightening due to various factors, including the issuance of 500 billion yuan in local government bonds and the expiration of 500 billion yuan in new policy financial instruments [2]. - The central bank aims to stabilize the funding environment and support government bond issuance while encouraging financial institutions to increase credit supply [2][3]. - The PBOC may also consider rolling over or slightly increasing the 900 billion yuan Medium-term Lending Facility (MLF) due in November [2]. Group 3: Bond Market and Economic Stability - The PBOC resumed net purchases of government bonds in October, indicating improved conditions in the bond market, with the 10-year government bond yield around 1.8% [3]. - The resumption of government bond trading is expected to enhance long-term liquidity support for the banking system and signal a commitment to stabilizing economic growth [3]. - The central bank has sufficient operational space to implement various monetary policy tools to support economic stability in the upcoming quarters [3].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 3 months [1] Group 1 - The operation will be conducted on November 5, 2025, using a fixed quantity and interest rate bidding method with multiple price levels [1] - The total amount for the reverse repurchase operation is 700 billion yuan [1] - The term for this operation is 91 days [1]

Core Viewpoint - The People's Bank of China (PBOC) has implemented a net injection of 200 billion yuan through a one-year Medium-term Lending Facility (MLF) operation, marking the continuation of a trend of increasing liquidity support for the economy over the past eight months [3][4][5]. Group 1: MLF Operations and Liquidity - In October, the PBOC conducted a total of 9,000 billion yuan in MLF operations, with 7,000 billion yuan maturing, resulting in a net injection of 2,000 billion yuan [3][4]. - The MLF net injection in October was slightly lower than the 3,000 billion yuan seen in August and September, but the overall long-term liquidity injection remained stable [4][5]. - The total net liquidity injection for October reached 6,000 billion yuan, including 4,000 billion yuan from reverse repos [4]. Group 2: Economic Context and Government Debt - The liquidity measures are partly in response to a significant tax period and month-end pressures, which are expected to create substantial strain on the financial system [6]. - The PBOC's actions are also aimed at supporting the issuance of government bonds, with an anticipated net financing of over 1 trillion yuan in October due to ongoing local government debt issuance [7]. - The coordination between monetary and fiscal policies is emphasized, as the PBOC's liquidity support is intended to facilitate government bond issuance and meet the financing needs of enterprises and households [7]. Group 3: Future Monetary Policy Outlook - The PBOC is expected to maintain a moderately accommodative monetary policy stance into the fourth quarter, with a focus on quantity-based monetary tools [10]. - The upcoming maturity of MLF and reverse repos, totaling 5.6 trillion yuan and 1.9 trillion yuan respectively, may lead to further liquidity measures, including potential reserve requirement ratio cuts or bond purchases [11]. - Overall, market liquidity is projected to remain stable and ample, with limited upward pressure on interest rates as the year-end approaches [11].

Core Viewpoint - The People's Bank of China (PBOC) has continued to implement a net injection of liquidity through MLF operations, indicating a supportive monetary policy stance amid ongoing government bond issuance and economic challenges [1][2][3]. Group 1: MLF Operations and Liquidity Injection - On October 27, the PBOC conducted a 900 billion yuan MLF operation, marking the eighth consecutive month of increased MLF operations [1][2]. - With 700 billion yuan of MLF maturing in October, the net injection for the month will reach 200 billion yuan, maintaining a high level of liquidity [1][2]. - The total net liquidity injection for October, including 4 trillion yuan from reverse repos, will amount to 600 billion yuan, consistent with the previous month [1][2][3]. Group 2: Government Bond Issuance and Economic Support - The current period is characterized by significant government bond issuance, with an additional 500 billion yuan of local government debt planned for October to address existing debt and stimulate effective investment [1][2]. - Analysts expect that the net financing scale of government bonds in October will still reach 1 trillion yuan [2][3]. Group 3: Future Monetary Policy Outlook - Looking ahead to the fourth quarter, there is a possibility that the PBOC may implement a reserve requirement ratio (RRR) cut or increase bond purchases to further release liquidity [5][6]. - The necessity for stable growth has increased, and the PBOC aims to align monetary supply growth with economic growth and inflation expectations [5][6]. - The market liquidity is expected to remain stable and abundant before the end of the year, with limited upward pressure on market interest rates [5][6].