Report Industry Investment Rating - Not provided in the content Core Viewpoints - The central bank's monetary policy committee held its fourth - quarter meeting, suggesting leveraging the integrated effect of incremental and existing policies, strengthening monetary policy regulation, and promoting low - cost social comprehensive financing. The meeting emphasized maintaining capital market stability but did not mention the real estate market. The US plans to impose tariffs on Chinese semiconductor products from 2027, and China firmly opposes this [1]. - A - share major indices rose, with the Shanghai Composite Index up 0.53% to 3940.95 points and the ChiNext Index up 0.77%. Most sector indices rose, and the trading volume of the Shanghai and Shenzhen stock markets exceeded 1.8 trillion yuan. US stocks also closed higher on Christmas Eve [1]. - In the futures market, the basis of stock index futures was repaired, and the trading volume and open interest increased simultaneously [2]. - The broader market showed a slight increase in volume, with the Shanghai Composite Index achieving six consecutive positive days. However, the overall willingness to take over was slightly insufficient, and there was some divergence among broad - based indices. The Shanghai Composite Index has not reached the resistance level, and the main tone is still oscillatory repair [3]. Summary by Directory 1. Macroeconomic Charts - The charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][12][10] 2. Spot Market Tracking Charts - The daily performance of major domestic stock indices on December 24, 2025: the Shanghai Composite Index rose 0.53% to 3940.95, the Shenzhen Component Index rose 0.88% to 13486.42, the ChiNext Index rose 0.77% to 3229.58, the CSI 300 Index rose 0.29% to 4634.06, the SSE 50 Index fell 0.08% to 3025.18, the CSI 500 Index rose 1.31% to 7352.04, and the CSI 1000 Index rose 1.54% to 7506.38 [14]. - The charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [15] 3. Stock Index Futures Tracking Charts - The trading volume and open interest of stock index futures: IF trading volume was 98971 (+6942), open interest was 272260 (+1836); IH trading volume was 39414 (+1602), open interest was 83057 (+229); IC trading volume was 120446 (+24352), open interest was 271262 (+15502); IM trading volume was 185772 (+40779), open interest was 363902 (+11974) [16]. - The basis of stock index futures: for IF, the basis of the current - month contract was - 16.46 (+5.47), the next - month contract was - 29.66 (+9.47), the current - quarter contract was - 39.06 (+10.27), and the next - quarter contract was - 88.46 (+11.07); for IH, the basis of the current - month contract was 0.02 (+3.34), the next - month contract was - 0.58 (+3.74), the current - quarter contract was 1.82 (+3.74), and the next - quarter contract was - 5.38 (+7.74); for IC, the basis of the current - month contract was - 27.44 (+5.75), the next - month contract was - 74.64 (+7.75), the current - quarter contract was - 111.64 (+11.95), and the next - quarter contract was - 297.64 (+18.55); for IM, the basis of the current - month contract was - 42.18 (+7.24), the next - month contract was - 115.78 (+11.84), the current - quarter contract was - 178.78 (+16.24), and the next - quarter contract was - 417.78 (+15.44) [41]. - The inter - delivery spread of stock index futures: for the next - month minus the current - month spread, IF was - 13.20 (+4.00), IH was - 0.60 (+0.40), IC was - 47.20 (+2.00), and IM was - 73.60 (+4.60); for other spread combinations, specific values and changes are also provided [46][48][51]

Core Viewpoint - The People's Bank of China (PBOC) is focusing on integrating incremental and stock policies to enhance monetary policy effectiveness, adjusting tools based on domestic and international economic conditions [1][2] Group 1: Monetary Policy Strategy - The PBOC aims to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [2] - There is an emphasis on strengthening the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates [2] - The PBOC will monitor and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [2] Group 2: Policy Implementation - The PBOC seeks to enhance the efficiency of fund utilization by improving the transmission mechanism of monetary policy [2] - There is a focus on increasing the resilience of the foreign exchange market, stabilizing market expectations, and preventing excessive fluctuations in the exchange rate [2] - The goal is to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [2]

央行货币政策委员会：加强货币政策调控 把握好政策实施的力度、节奏和时机 探索常态化制度安排 维 护资本市场稳定 中国人民银行货币政策委员会2025年第四季度例会于12月18日召开。会议要求，要继续实施适度宽松的 货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强货币财 政政策协同配合，促进经济稳定增长和物价合理回升。 关于国内外经济金融形势，会议认为：当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性；我国经济运行总体平 稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时 机。 (责任编辑：张紫祎) 关于下一阶段的重点支持领域，会议提出：有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持；用好证券、基金、保险公 司互换便利和股票回 ...

Core Viewpoint - The People's Bank of China emphasizes the continuation of a moderately accommodative monetary policy to stabilize economic growth and ensure reasonable price recovery amid external economic uncertainties and domestic challenges [1][2]. Monetary Policy - The meeting calls for enhanced counter-cyclical and cross-cyclical adjustments, utilizing both incremental and stock policies to effectively manage monetary policy tools [1]. - It is essential to maintain ample liquidity, aligning social financing scale and money supply growth with economic growth and price level expectations [1]. Interest Rates - The meeting stresses the importance of strengthening central bank policy rate guidance and improving the market-based interest rate transmission mechanism [1]. - There is a focus on observing and assessing bond market conditions from a macro-prudential perspective, particularly regarding long-term yield changes [1]. Exchange Rates - The meeting aims to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the RMB exchange rate [2]. Banking Sector - Large banks are encouraged to play a leading role in providing financial services to the real economy, while small and medium-sized banks should focus on their core responsibilities and strengthen capital [2]. Key Support Areas - The meeting identifies key areas for financial support, including expanding domestic demand, technological innovation, and support for small and micro enterprises [2]. - It emphasizes the importance of maintaining stability in the capital market through various financial instruments and services [2]. Macro Control - The meeting acknowledges the increased intensity of macro-control measures and the need for a moderately accommodative monetary policy to support high-quality economic development [2].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize growth amid external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC's monetary policy committee meeting highlighted the effectiveness of various monetary policy tools in enhancing the transmission efficiency of monetary policy and maintaining low social financing costs [1][2]. - The meeting acknowledged the challenges posed by external economic conditions, including insufficient global growth momentum and increasing trade barriers, while noting that China's economy remains stable with progress in high-quality development [1][2]. - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on counter-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][2]. Group 2: Policy Implementation Strategies - The meeting discussed the integration of incremental and stock policies, emphasizing the need for a comprehensive approach to monetary policy that aligns with economic growth and price level expectations [2]. - It was suggested to enhance the guidance of central bank policy rates and improve the market-based interest rate formation mechanism to ensure low financing costs [2]. - The PBOC aims to strengthen the resilience of the foreign exchange market and maintain the stability of the RMB exchange rate at a reasonable equilibrium level [2]. Group 3: Financial Sector Support - The meeting called for large banks to play a leading role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [3]. - There is a commitment to effectively implement structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [3]. - The PBOC aims to enhance financial services for the private economy and promote high-level financial openness while improving risk management capabilities [3].

北京商报讯（记者 刘四红）12月24日，人民银行官网发布消息称，中国人民银行货币政策委员会2025 年第四季度（总第111次）例会于12月18日召开。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时 机。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，促 进社会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率 定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期 收益率的变化。畅通货币政策传导机制，提高资金使用效率。增强外汇市场韧性，稳定市场预期，防范 汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the integration of incremental and stock policies in its monetary policy approach, aiming to enhance the effectiveness of various tools to adapt to domestic and international economic conditions [1] Group 1: Monetary Policy Strategy - The PBOC plans to maintain ample liquidity to align the growth of social financing and money supply with economic growth and price level expectations [1] - The central bank aims to strengthen the guidance of policy interest rates and improve the transmission mechanism of market-based interest rates [1] - There is a focus on observing and assessing the bond market from a macro-prudential perspective, particularly regarding changes in long-term yields [1] Group 2: Financial Market Stability - The PBOC intends to enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate [1] - The goal is to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1]

Core Viewpoint - The central bank has initiated liquidity operations to stabilize the financial market as year-end approaches, utilizing both 7-day and 14-day reverse repos to manage liquidity effectively [1][2]. Group 1: Central Bank Operations - On December 18, the central bank conducted a fixed-rate, quantity tender operation of 883 billion yuan for 7-day reverse repos at a rate of 1.40% [1]. - A 1000 billion yuan operation for 14-day reverse repos was also conducted, which is slightly above the average level of previous years, indicating a response to increased liquidity demand [1]. - The simultaneous operation of both 7-day and 14-day reverse repos reflects a flexible approach to managing liquidity across different time frames [1]. Group 2: Expert Insights - Analysts expect the central bank to enhance the scientific and precise management of short- to medium-term liquidity through various liquidity tools, which will support financial institutions in increasing credit supply [2]. - The focus of monetary policy will remain on creating a stable financial environment for the real economy, with liquidity tools aimed at smoothing short-term fluctuations and guiding reasonable interest rates [2]. - The central bank's actions are seen as proactive measures to ensure a stable financial system while facilitating effective monetary policy transmission to key sectors of the economy [2].

从规模看，14天期逆回购操作规模为1000亿元，较过去几年平均水平略有增加。"主要是根据金融 机构资金需求和市场流动性调控目标确定，属于适度水平。"业内专家表示。 值得注意的是，央行同时开展7天期与14天期逆回购，显示出在期限结构上的灵活安排。国家金融 与发展实验室特聘高级研究员庞溟表示，此举既满足跨年资金需求，又防止流动性过度累积，时隔近3 个月重启14天期逆回购操作，旨在直接覆盖元旦假期的资金需求，提前熨平可能出现的短期利率波动， 体现了货币政策调控的预见性和精细度。 12月18日，央行发布公告表示，当天以固定利率、数量招标方式开展883亿元7天期逆回购操作，利 率维持在1.40%。同时，以固定数量、利率招标、多重价位中标方式开展了1000亿元14天期逆回购操 作。 "临近年末，央行按惯例在这一时点开启14天期逆回购操作。"东方金诚首席宏观分析师王青表示， 主要是年末前后银行考核、财政收支、居民提现等流动性扰动因素增多，央行开展14天期逆回购，可以 有效熨平资金面波动，引导市场流动性处于较为稳定的充裕状态。 王青表示，预计年底央行将通过各类流动性工具搭配组合，提升短中长期流动性管理的科学性和精 准性。这不 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed the 14-day reverse repurchase agreement tool to manage liquidity, injecting a total of 883 billion yuan through 7-day reverse repos and 1,000 billion yuan through 14-day reverse repos, while maintaining a rate of 1.40% [1][2]. Group 1: Market Liquidity Management - The PBOC's actions are aimed at stabilizing market liquidity as year-end approaches, addressing increased liquidity disturbances due to bank assessments, fiscal expenditures, and cash withdrawals [2][3]. - The central bank's simultaneous operation of both 7-day and 14-day reverse repos indicates a flexible approach to meet year-end liquidity demands while preventing excessive liquidity accumulation [2][4]. - The current market liquidity is relatively ample, as evidenced by the DR001 rate stabilizing around 1.27%, reflecting the PBOC's efforts to counter potential tightening risks [1][3]. Group 2: Interest Rate Trends - The overnight funding rate (DR001) has shown a downward trend, with recent averages below 1.3%, indicating a shift from the previous stable low rate environment [5]. - The weighted average rates for DR007 have remained above policy rates, suggesting ongoing liquidity management by the PBOC [5]. - The SHIBOR rates have also shown mixed movements, with the overnight SHIBOR decreasing slightly while the 14-day SHIBOR increased, reflecting varying liquidity conditions [5]. Group 3: Future Outlook - Analysts predict that the PBOC will continue to utilize both 7-day and 14-day reverse repos to effectively manage short-term liquidity fluctuations as the year-end approaches [4][6]. - The central bank is expected to maintain a "wide monetary" stance, utilizing various policy tools such as reserve requirement ratio cuts and interest rate reductions to support economic stability [7]. - The focus of monetary policy will remain on creating a stable financial environment for the real economy, ensuring that liquidity tools effectively smooth short-term volatility and guide reasonable interest rates [7].