人民财讯11月18日电，央行公开市场今日开展4075亿元7天期逆回购操作，操作利率1.40%，与前次持 平。今日4038亿元逆回购到期。 ...

Core Viewpoint - The domestic market interest rates are on an upward trend, influenced by strong short-term funding demand and a rebound in medium to long-term rates [1] Interest Rate Summary - As of November 17, the overnight, 1-week, 2-week, 6-month, and 9-month Shibor rates are reported at 1.508%, 1.514%, 1.55%, 1.62%, and 1.64% respectively, showing increases of 2.9, 3.6, 5.8, 0.15, and 0.1 basis points compared to November 10 [1] - The 3-month and 1-year Shibor rates remain unchanged at 1.52% and 1.65% respectively, while the 1-month Shibor rate decreased by 0.5 basis points to 1.52% [1] Liquidity and Policy Outlook - A total of 1.12 trillion yuan in reverse repos is set to mature this week, with the central bank conducting a 283 billion yuan reverse repo operation yesterday, indicating a clear stance to support liquidity and stabilize interest rate fluctuations [1] - October's domestic social financing and new RMB loan data showed average performance, with an overall decline in financing demand, suggesting a higher probability of weak interest rate market conditions [1] - Year-end policy announcements are expected to be frequent, prompting investors to closely monitor changes in the policy landscape [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report On Monday, the RB2601 contract rebounded with reduced positions. The People's Bank of China conducted an 800 - billion - yuan buy - out reverse repurchase operation on the 17th, resulting in a net injection of 500 billion yuan in November. The weekly output of rebar continued to decline, with the capacity utilization rate dropping to 43.85%. Inventory has decreased for several consecutive weeks, and the increase in futures rebar prices has driven up spot trading. Most steel mills have announced blast furnace maintenance plans, and positive macro - level expectations have boosted market confidence. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising. The market may be oscillating strongly, and risk control should be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,097 yuan/ton, up 44 yuan; the position volume was 1,729,748 lots, down 107,385 lots. - The net position of the top 20 in the RB contract was - 73,835 lots, up 6,420 lots; the RB1 - 5 contract spread was - 50 yuan/ton, up 2 yuan. - The RB Shanghai Futures Exchange warehouse receipt was 108,272 tons, down 3,655 tons; the HC2601 - RB2601 contract spread was 205 yuan/ton, up 2 yuan [2]. 3.2现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,270 yuan/ton, up 30 yuan; (actual weight) was 3,354 yuan/ton, up 31 yuan. - The price in Guangzhou (theoretical weight) was 3,380 yuan/ton, up 70 yuan; in Tianjin (theoretical weight) was 3,220 yuan/ton, up 10 yuan. - The basis of the RB main contract was 173 yuan/ton, down 14 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 790 yuan/wet ton, up 6 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,970 yuan/ton, up 30 yuan. - The iron ore inventory at 45 ports was 151.2592 million tons, up 2.3111 million tons; the coke inventory of sample coking plants was 360,300 tons, down 1,200 tons [2]. 3.4 Industry Situation - The coke inventory of sample steel mills was 6.2215 million tons, down 44,100 tons; the billet inventory in Tangshan was 1.1666 million tons, down 33,400 tons. - The blast furnace operating rate of 247 steel mills was 82.79%, down 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, up 1.03 percentage points. - The rebar output of sample steel mills was 2 million tons, down 85,400 tons; the rebar capacity utilization rate was 43.85%, down 1.87 percentage points. - The rebar inventory in sample steel mills was 1.6042 million tons, down 64,200 tons; the social inventory of rebar in 35 cities was 4.1575 million tons, down 99,500 tons. - The operating rate of independent electric arc furnace steel mills was 69.79%, up 2.08 percentage points; the monthly output of domestic crude steel was 72 million tons, down 1.49 million tons. - The monthly output of Chinese rebar was 1.541 million tons, up 66,000 tons; the net export of steel products was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The national real estate climate index was 92.43, down 0.34. - The cumulative year - on - year growth rate of fixed - asset investment was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80 percentage points. - The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20 percentage points. - The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of new housing construction area was 490.61 million square meters, down 36.62 million square meters. - The unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - The third round and fifth batch of central ecological and environmental protection inspections have been fully launched, targeting Beijing, Tianjin, Hebei and several central enterprises, with an inspection period of one month. - Many places in Henan and Hebei have lifted the emergency response to heavy pollution weather [2].

交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到 或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 期债 行情回顾 持续走强的动力可能依旧欠缺。 1、基本面：今年以来，在债市波动较大的情况下，债券ETF继续显著增长，总规模一路拾级而上。Wind数据显示，截至11月14日，53只债券ETF最新 规模达7062.9亿元，再创历史新高。年内债券ETF资金净流入超4270亿元。 2、资金面：11月14日，人民银行以固定利率、数量招标方式开展了了2128亿元7天期逆回购操作，操作利率1.40%，投标量2128亿元，中标量2128亿 元。Wind数据显示，当日1417亿元逆回购到期，据此计算，单日净投放711亿元。 3、基差：TS主力基差-0.0174，现券贴水期货，偏空。TF主力基差为-0.0357，现券贴水期货，偏空。T主力基差0.0891，现券升水期货，偏多。 TL主 力基差为0.0356，现券升水期货，偏多。 4、库存：TS、TF、T主力可交割券余额分别为13594亿、1493 ...

Wind数据显示，当日有1199亿元逆回购到期，据此计算，单日净投放1631亿元。 北京商报讯 （记者 岳品瑜 实习生 岳雯艳）11月17日，据中国人民银行官网，中国人民银行以固定利 率、数量招标方式开展了2830亿元7天期逆回购操作，操作利率1.40％，投标量2830亿元，中标量2830 亿元。 ...

每经AI快讯，11月17日，本周中国央行公开市场将有11220亿元逆回购到期，其中周一至周五分别到期 1199亿元、4038亿元、1955亿元、1900亿元和2128亿元。中国央行将于周一开展8000亿元6个月买断式 逆回购，本月到期规模为3000亿元。 ...

Core Viewpoint - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 800 billion yuan reverse repurchase operation on November 17, 2025, with a term of 6 months (182 days) using a fixed quantity, interest rate bidding, and multiple price bidding method [1] Group 1 - The operation amount is set at 800 billion yuan [1] - The reverse repurchase operation will have a duration of 6 months (182 days) [1] - The method of operation includes fixed quantity, interest rate bidding, and multiple price bidding [1]

Core Insights - The central point of the article is the recent operations of the central bank in the open market, specifically focusing on reverse repos and the net liquidity injection into the market [1] Group 1: Central Bank Operations - This week, the central bank conducted reverse repo operations amounting to 11,220 billion yuan, with 4,958 billion yuan of reverse repos maturing [1] - The net liquidity injection for the week was 6,262 billion yuan [1] Group 2: Upcoming Maturities - Next week, there will be 11,220 billion yuan of reverse repos maturing, with specific maturities scheduled from Monday to Friday: 1,199 billion yuan, 4,038 billion yuan, 1,955 billion yuan, 1,900 billion yuan, and 2,128 billion yuan respectively [1] - Additionally, there will be 1,200 billion yuan of treasury cash deposits maturing next Thursday [1]

Core Insights - The article discusses the impact of the central bank's recent monetary policy adjustments on the Chinese economy, highlighting a gentle push towards economic recovery and stability [1][4]. Group 1: Economic Recovery Signals - The central bank's recent actions, including a net injection of 130 billion yuan, have positively influenced market sentiment, akin to a gentle hand supporting the economy [4]. - The third-quarter policy report reassures the market with a commitment to moderate easing, projecting a 5.2% growth in the first three quarters and maintaining a full-year target of 5% [5]. - The collaboration of fiscal, monetary, and industrial policies is likened to a sturdy oak tree, indicating resilience against external pressures [5]. Group 2: Financing and Investment Trends - The report emphasizes the importance of social financing scale as a more comprehensive indicator than just loans, reflecting the economy's transition and growth potential [5]. - Social financing growth remains steady at over 8%, indicating that the seeds of "broad credit" are beginning to take root [5]. - The article clarifies misconceptions about deposit rates, stating that while some funds may shift to the stock market, overall deposits have not significantly decreased, merely reflecting structural changes [6]. Group 3: Future Outlook - The central bank aims for a balanced monetary policy, ensuring that funds flow smoothly to the real economy, akin to chocolate flowing to the needed areas [7]. - The article concludes that the central bank's gentle push is guiding the Chinese economy towards a brighter horizon, with ongoing reforms and openness to foster growth [7].

Core Viewpoint - The domestic funding market interest rates are experiencing a short-term rise and long-term decline trend, influenced by tax payments and liquidity injections from the central bank [1][3]. Interest Rate Summary - As of November 11, the Shanghai Interbank Offered Rate (Shibor) for overnight, 1-week, and 2-week rates are reported at 1.508%, 1.501%, and 1.518%, showing increases of 19.3, 8.6, and 4 basis points respectively compared to November 4 [2]. - The 1-month, 3-month, 6-month, 9-month, and 1-year rates are reported at 1.525%, 1.58%, 1.618%, 1.639%, and 1.65%, reflecting decreases of 2.1, 1.4, 0.85, 1.3, and 0.8 basis points respectively compared to November 4 [2]. Central Bank Operations - The central bank has a total of 495.8 billion yuan in reverse repos maturing this week and has conducted 523.7 billion yuan in reverse repo operations in the first two working days to stabilize short-term funding demand [3]. - The central bank is expected to release significant liquidity into the market through reverse repos during the week [3]. Economic Outlook - In October, the Consumer Price Index (CPI) rose from a year-on-year decline of 0.4% to an increase of 0.2%, enhancing market confidence and supporting long-term interest rates [3]. - Future expectations indicate a reversal in domestic funding market interest rates, likely transitioning to a short-term decline and long-term increase pattern as short-term funding demand subsides post-tax payments [3].