Core Viewpoint - The People's Bank of China (PBOC) conducted a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy amid tightening liquidity conditions [1][6]. Group 1: Monetary Policy Actions - On September 5, the PBOC executed a buyout reverse repurchase operation of 1 trillion yuan with a term of 3 months (91 days), which is equivalent to rolling over the same amount of reverse repos maturing on the same day [1]. - The PBOC is expected to continue this buyout reverse repurchase strategy in September, especially with 3.5 trillion yuan of interbank certificates of deposit maturing, marking the second-highest level this year [6]. Group 2: Market Implications - The ongoing strength in the stock market and the noticeable "migration" of household deposits are contributing to a tightening effect on liquidity, prompting the PBOC to act [6]. - The PBOC's actions are aimed at stabilizing market expectations and ensuring ample liquidity to support government bond issuance, while also signaling a sustained supportive stance in monetary policy [6]. Group 3: Reverse Repo Mechanism - The buyout reverse repurchase mechanism, introduced in October 2024, allows the PBOC to lend funds by purchasing bonds from primary dealers, enhancing liquidity management capabilities within a year [7].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 1 trillion yuan reverse repurchase operation on September 5, 2023, to maintain liquidity in the banking system, indicating a supportive monetary policy stance [1] Group 1: Reverse Repo Operations - On September 5, the PBOC will carry out a 1 trillion yuan (approximately 154 billion USD) buyback reverse repo operation with a term of 3 months (91 days) [1] - This operation is equivalent to rolling over the same amount of 3-month reverse repos that are set to mature on the same day [1] - An additional 300 billion yuan (approximately 46 billion USD) of 6-month reverse repos is also set to mature this month, with expectations for another operation of this type [1] Group 2: Market Liquidity and Policy Implications - Analysts predict that the PBOC will utilize both Medium-term Lending Facility (MLF) and reverse repo tools to inject medium-term liquidity into the market [1] - This strategy aims to stabilize market expectations, ensure ample liquidity, and support government bond issuance [1] - The approach signals a continued supportive monetary policy stance, reinforcing the use of quantity-based policy tools [1]

Core Viewpoint - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation, indicating a proactive approach to manage liquidity in response to various market conditions [1] Group 1: Reasons for the Central Bank's Actions - The government bond issuance is expected to peak in September, necessitating liquidity support [1] - The maturity of commercial bank interbank certificates of deposit will reach 3.5 trillion yuan, marking the second-highest level this year [1] - The strong performance of the stock market has led to a noticeable "migration" of household deposits, contributing to a tightening effect on liquidity [1] Group 2: Expected Monetary Policy Actions - The central bank is likely to continue the previous three months' pattern of increasing reverse repurchase operations to address tightening liquidity [1] - An additional 300 billion yuan of Medium-term Lending Facility (MLF) is set to mature in September, with expectations for increased rollovers [1] - The combined use of MLF and reverse repurchase policy tools will inject medium-term liquidity into the market, stabilizing market expectations and supporting government bond issuance [1]

Core Viewpoint - The People's Bank of China (PBOC) is expected to conduct a 1 trillion yuan reverse repo operation on September 5, 2023, to address liquidity tightening in the market [2]. Group 1: Monetary Policy Actions - On September 5, 1 trillion yuan of 3-month reverse repos will mature, prompting the PBOC to conduct an equivalent operation, indicating a continuation of the previous month's policy [2]. - An additional 300 billion yuan of 6-month reverse repos is set to mature in September, with expectations for another operation, potentially with increased amounts [2]. Group 2: Market Conditions - The government bond issuance is expected to peak in September, necessitating liquidity support from the PBOC [2]. - The maturity of interbank certificates of deposit is projected to reach 3.5 trillion yuan, the second-highest level this year, contributing to liquidity pressures [2]. - The strengthening stock market has led to a noticeable "funds migration" from residents' deposits, further tightening liquidity conditions [2]. Group 3: Future Expectations - The PBOC is likely to continue using both MLF and reverse repo tools to inject medium-term liquidity into the market, aiming to stabilize market expectations and ensure ample liquidity [2]. - This approach signals a sustained supportive stance in monetary policy, reinforcing the commitment to maintain liquidity for government bond issuance [2].

（文章来源：21世纪经济报道） 东方金诚研究发展部王青表示，这背后主要有以下几方面原因：一是9月政府债券会继续处于发行高峰 期；二是当月商业银行同业存单到期量达3.5万亿，为年内次高水平；三是当前股市走强，居民存款"搬 家"现象较为明显，也会在一定程度上带来资金面收紧效应。 王青预计，着眼于应对流动性收紧态势，9月央行会延续此前3个月的买断式逆回购加量续作模式。与此 同时，9月还有3000亿MLF到期，央行也可能加量续作。这意味着当月央行将综合运用MLF和买断式逆 回购政策工具，持续向市场注入中期流动性。这一方面有助于稳定市场预期，保持市场流动性充裕，助 力政府债券发行，同时也将释放数量型政策工具持续加力信号，显示货币政策延续支持性立场。 央行发布公告称，为保持银行体系流动性充裕，2025年9月5日，央行将以固定数量、利率招标、多重价 位中标方式开展10000亿元买断式逆回购操作，期限为3个月（91天）。数据显示，9月5日将有10000亿3 个月期买断式逆回购到期。由此，央行明日开展10000亿元买断式逆回购操作，相当于本月3个月期买断 式逆回购等量续作。 ...

央广网北京9月4日消息（记者 冯方）9月4日，央行发布公告称，为保持银行体系流动性充裕，2025年9月5日，央行将以固定数量、利率招标、多重价位中 标方式开展10000亿元买断式逆回购操作，期限为3个月（91天）。 （截图自央行网站） 东方金诚首席宏观分析师王青对央广财经记者表示："数据显示，9月5日将有10000亿3个月期买断式逆回购到期。由此，央行明日开展10000亿元买断式逆回 购操作，相当于本月3个月期买断式逆回购等量续作。本月还有3000亿6个月期买断式逆回购到期，预计央行9月还会开展一次6个月期买断式操作，而且不排 除加量续作的可能。" 王青指出，这背后主要有以下几方面原因：一是9月政府债券会继续处于发行高峰期；二是当月商业银行同业存单到期量达3.5万亿，为年内次高水平；三是 当前股市走强，居民存款"搬家"现象较为明显，也会在一定程度上带来资金面收紧效应。 王青认为，着眼于应对流动性收紧态势，预计9月央行会延续此前3个月的买断式逆回购加量续作模式。与此同时，9月还有3000亿MLF到期，央行也可能加 量续作。这意味着当月央行将综合运用MLF和买断式逆回购政策工具，持续向市场注入中期流动性。这一方面 ...

Group 1: Market Interest Rates and Liquidity - DRO01 closed at 1.31 with a -0.02bp change, DR007 at 1.51 with a 1.99bp change, GC001 at 0.97 with a -54.00bp change, and GC007 at 1.50 with a -5.00bp change [4] - SHBOR 3M closed at 1.55 with no change, LPR 5 - year at 3.50 with no change [4] - 1 - year, 5 - year, 10 - year Chinese treasury bonds closed at 1.35 (-0.15bp), 1.60 (-0.25bp), 1.76 (0.20bp) respectively, and 10 - year US treasury bonds at 4.24 (-2.00bp) [4] - The central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations yesterday, with 253 billion yuan of reverse repurchases maturing, resulting in a net injection of 163.1 billion yuan [4] - This week, 2.077 trillion yuan of reverse repurchases will mature, and on Friday, 50 billion yuan of 6 - month outright reverse repurchases and 300 billion yuan of MLF will mature [4][10] Group 2: Stock Index Market - Yesterday, the Shanghai - Shenzhen 300 rose 1.77% to 4463.8, the Shanghai 50 rose 1.45% to 2960.7, the CSI 500 rose 2.17% to 7011.2, and the CSI 1000 rose 1.51% to 7447.1 [5] - Most industry sectors rose, with semiconductor, communication equipment, and other sectors leading the gains, while automobile service, real estate service, and brewing industries leading the losses [5] - After a brief adjustment, the stock index continued to rise driven by the technology sector, maintaining a strong trend. The current P/E ratios of the four major stock indices are above the 70% historical percentile, with reduced valuation attractiveness, but equity assets still have an advantage over the risk - free rate [6] - The risk premium rate of the Shanghai - Shenzhen 300 is 5.27, at the 56% historical percentile, indicating that equity assets still have allocation value [6] - As the key macro - event nodes in September approach, the stock index is expected to be more volatile, and the strategy is to lay out long positions on pullbacks [6] Group 3: Stock Index Futures - IF, IH, IC, and IM contracts' trading volume and open interest changed, with some increasing and some decreasing [5] - The current contract's IF, IH, IC, and IM ascension/discount rates are 1.26%, 0.52%, 10.45%, and 18.69% respectively [7]

Group 1: Interest Rates and Central Bank Operations - DR001 closed at 1.35 with a -6.26 bp change, DR007 at 1.52 with a 5.39 bp change, GC001 at 1.09 with a -9.00 bp change, and GC007 at 1.51 with a 2.50 bp change [3] - SHBOR 3M was at 1.55 with no change, LPR 5 - year at 3.50 with no change [3] - 1 - year treasury bond closed at 1.37 with a -1.25 bp change, 5 - year at 1.61 with a -1.95 bp change, 10 - year at 1.76 with a -2.10 bp change, and 10 - year US treasury at 4.26 with a -7.00 bp change [3] - The central bank conducted 2884 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%, and 2665 billion yuan of reverse repurchases matured, resulting in a net investment of 219 billion yuan [3] - This week, 20770 billion yuan of reverse repurchases will mature in the central bank's open market, and there will also be 3000 billion yuan of MLF maturing on Tuesday, 5000 billion yuan of 6 - month and 4000 billion yuan of 3 - month outright reverse repurchases maturing on Friday [4] Group 2: Stock Index Performance - The CSI 300 closed at 4469 with a 2.08% increase, the SSE 50 at 2990 with a 2.09% increase, the CSI 500 at 6952 with a 1.89% increase, and the CSI 1000 at 7478 with a 1.56% increase [5] - The trading volume of the CSI 300 futures (IF) was 180751 with a 29.0% increase, and the open interest was 289604 with a 4.5% increase; the trading volume of the SSE 50 futures (IH) was 89047 with a 21.2% increase, and the open interest was 120186 with a 5.9% increase; the trading volume of the CSI 500 futures (IC) was 148122 with a 15.2% increase, and the open interest was 244555 with a 4.7% increase; the trading volume of the CSI 1000 futures (IM) was 309362 with a 11.4% increase, and the open interest was 399769 with a 2.2% increase [5] - The trading volume of the two - stock markets reached 31411 billion yuan, an increase of 5944 billion yuan from the previous trading day, and sectors such as non - ferrous metals and real estate development led the gains [5] Group 3: Market Outlook and Strategy - The CSI 300 and SSE 50 further made up for lost ground, and the market continued to be strong. Shanghai adjusted housing policies, and the Fed signaled a rate cut in September [6] - Market liquidity remained abundant, and A - share daily trading volume exceeded 3 trillion yuan. The overall macro news was positive, and the stock index was expected to continue to run strongly [6] - In terms of strategy, long - position varieties could be tilted towards IF or IH to reduce position fluctuations and risks [6] Group 4: Futures Premium and Discount - The premium and discount rates of IF were -1.76% for the current - month contract, -0.37% for the next - month contract, 0.83% for the current - quarter contract, and 1.05% for the next - quarter contract [7] - The premium and discount rates of IH were -1.05% for the current - month contract, -0.72% for the next - month contract, -0.37% for the current - quarter contract, and -0.47% for the next - quarter contract [7] - The premium and discount rates of IC were 8.88% for the current - month contract, 7.44% for the next - month contract, 7.55% for the current - quarter contract, and 7.18% for the next - quarter contract [7] - The premium and discount rates of IM were 12.79% for the current - month contract, 10.38% for the next - month contract, 9.08% for the current - quarter contract, and 8.72% for the next - quarter contract [7]

Report Investment Rating No information on the industry investment rating is provided in the report. Core Viewpoints - The market is in a stage of game between policy expectations and fundamental reality, and is expected to maintain a volatile and slightly stronger pattern in the short term. Attention should be paid to the spread changes between index futures contracts to seize cross - variety arbitrage opportunities, while being vigilant against external market fluctuations and rapid style switching risks [30]. Summary by Directory 1. A - share Market Review - On August 22, the A - share market continued its strong performance. The Shanghai Composite Index broke through 3800 points, reaching a ten - year high. The Shanghai Composite Index rose 1.45% to 3825.76 points, the Shenzhen Component Index rose 2.07% to 12166.06 points, the ChiNext Index rose 3.36% to 2682.55 points, and the Science and Technology Innovation 50 Index rose 8.59% to 1247.86 points. The trading volume of the two markets reached 2546.7 billion yuan, an increase of 122.7 billion yuan from the previous day [1]. 2. Bond Market - Last week, treasury bond futures rose collectively. The 30 - year treasury bond futures fell 1.05% to 115.980 yuan, the 10 - year treasury bond futures fell 0.52% to 107.660 yuan, the 5 - year treasury bond futures fell 0.28% to 105.370 yuan, and the 2 - year treasury bond futures fell 0.06% to 102.318 yuan [2]. 3. Domestic Stock Index Futures Market - Last week, the domestic stock index futures market strengthened collectively. The CSI 300 futures (IF) closed at 4394.0 on August 22, up 4.39% for the week; the SSE 50 futures (IH) closed at 2942.0, up 3.36%; the CSI 500 futures (IC) closed at 6810.4, up 4.28%; the CSI 1000 futures (IM) closed at 7348.6, up 3.70% [7]. 4. Fundamental Analysis - The State Council executive meeting pointed out that the policy of large - scale equipment renewal and consumer goods trade - in has achieved obvious results. It is necessary to strengthen policy support, release domestic demand potential, and stimulate sports consumption [8]. - From January to July, the number of newly established foreign - invested enterprises in China increased by 14.1% year - on - year, but the actual use of foreign capital decreased by 13.4%. The actual use of foreign capital in high - tech industries was 137.36 billion yuan, with significant growth in some sub - sectors [8]. - After Fed Chairman Powell's speech, traders increased their bets on a September interest rate cut by the Fed and fully digested the expectation of two interest rate cuts by the end of the year [9]. - Last week, the central bank conducted 2.077 trillion yuan of reverse repurchase operations, with a net investment of 1.3652 trillion yuan. It will conduct 600 billion yuan of MLF operations on August 25, with a net investment of 300 billion yuan this month [9]. 5. Valuation Analysis - As of August 15, the PE of the CSI 300 Index was 13.73 times, the percentile was 80%, and the PB was 1.45 times; the PE of the SSE 50 Index was 11.71 times, the percentile was 88.82%, and the PB was 1.29 times; the PE of the CSI 500 Index was 32.02 times, the percentile was 76.27%, and the PB was 2.17 times; the PE of the CSI 1000 Index was 44.56 times, the percentile was 70.39%, and the PB was 2.47 times [12]. - The report introduced two formulas for calculating the stock - bond spread [24]. 6. China - Buffett Indicator - On August 21, 2025, the ratio of total market capitalization to GDP was 86.00%. The current "total market capitalization/GDP" was at the 85.11% percentile in historical data and the 88.43% percentile in the past 10 - year data [27]. 7. Comprehensive Analysis - Last week, the stock index futures market continued to rise in a volatile manner. Small and medium - cap varieties outperformed large - cap contracts. The market showed the characteristics of "strong index and differentiated stocks". The main indexes' valuation percentiles were at a relatively high level in history, and technical adjustment risks needed to be noted [30]. 8. Operation Suggestions - Unilateral trading: IF and IH still have long - term layout value; IM and IC are more representative of industrial structure upgrading directions but have higher volatility [31]. - Arbitrage: Cross - variety arbitrage needs to capture the rhythm of market style switching [31]. - Options: A covered call strategy can be considered to increase returns [32].

Group 1 - The central bank conducted a reverse repurchase operation of 361.2 billion yuan with a fixed interest rate of 1.40% on August 22, maintaining the previous rate [1] - The total net injection through reverse repos this week reached 1,365.2 billion yuan, significantly higher than the previous week, where operations exceeded 200 billion yuan on multiple days [1] - The increase in reverse repo operations is aimed at ensuring sufficient liquidity in the banking system to meet the demand for government bond issuance during the peak period in August and September [1] Group 2 - The central bank is expected to utilize various monetary policy tools, including reverse repos and MLF, to enhance liquidity management in the short to medium term [2] - Following the May reserve requirement ratio cut, the average reserve requirement ratio for financial institutions is 6.2%, with some rural small financial institutions facing a "hidden lower limit" of 5% [2] - There is an expectation for further reserve requirement ratio cuts and improvements in the reserve requirement system to enhance the policy adjustment function of reserve requirement tools [2]