Group 1: Interest Rates and Central Bank Operations - DRO01 closed at 1.45 with a -6.33bp change, DR007 at 1.62 with a -3.59bp change, GC001 at 1.77 with a 15.00bp change, and GC007 at 1.76 with a 4.00bp change [4] - SHBOR 3M closed at 1.64 with a 0.10bp change, LPR 5 - year at 3.60 with a 0.00bp change [4] - 1 - year, 5 - year, and 10 - year Chinese treasury bonds closed at 1.46, 1.54, and 1.72 respectively, with changes of 0.76bp, 1.12bp, and 0.51bp; 10 - year US treasury bonds closed at 4.51 with a -3.00bp change [4] - The central bank conducted 4480 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%, and a net investment of 910 billion yuan after 3570 billion yuan of reverse repurchases matured [4] - There will be 9460 billion yuan of reverse repurchases maturing in the central bank's open market this week, with 1570 billion, 1545 billion, and 1425 billion yuan maturing from Wednesday to Friday [5] - On May 20, the 1 - year LPR was 3.0% (down from 3.1%), and the 5 - year LPR was 3.5% (down from 3.6%); state - owned and some joint - stock banks cut deposit rates [5] Group 2: Stock Indexes and Market Conditions - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 3839, 2685, 5652, and 6008 respectively, with changes of -0.54%, -0.52%, -0.31%, and -0.34% [6] - IF, IH, IC, and IM of the current - month contracts closed at 3809, 2669, 5578, and an unspecified value respectively, with changes of -0.6%, -0.6%, -0.3%, and -0.2% [6] - IF, IH, IC, and IM trading volumes were 75774, 39115, 74989, and 195063 respectively, with changes of -12.6%, -15.2%, -10.3%, and 5.2%; their positions were 240995, 81979, 209867, and 329034 respectively, with changes of 2.3%, 2.0%, 0.4%, and 3.2% [6] - The trading volume of the Shanghai and Shenzhen stock markets was 9989 billion yuan, a decrease of 110 billion yuan; the pesticide and veterinary medicine sector rose significantly, while consumer sectors led the gains, and precious metals, semiconductors and other sectors led the losses [6] - The market volume shrank again, and the stock indexes oscillated weakly; the US postponed the implementation of a 50% tariff on EU imports to July 9 [7] - Stock indexes may continue to oscillate weakly; the probability of incremental policies and strong capital intervention in the short - term is low, and the market may enter a policy vacuum period [7] - Macro - level core indicators showed a decline in April, indicating that the effectiveness of previous growth - stabilizing policies was not obvious; it is advisable to observe stock indexes cautiously and pay attention to macro - incremental signals [7] Group 3: Futures Premium and Discount - The premium and discount rates of IF for the current - month, next - month, current - quarter, and next - quarter contracts were 11.96%, 12.43%, 0.02%, and 6.10% respectively [8] - The premium and discount rates of IH for the current - month, next - month, current - quarter, and next - quarter contracts were 9.45%, 12.20%, 6.30%, and 3.70% respectively [8] - The premium and discount rates of IC for the current - month, next - month, current - quarter, and next - quarter contracts were 19.95%, 18.47%, 14.81%, and 12.26% respectively [8] - The premium and discount rates of IM for the current - month, next - month, current - quarter, and next - quarter contracts were 23.66%, 21.62%, 18.05%, and 15.38% respectively [8]

Group 1 - The People's Bank of China conducted a 3,820 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net injection of 2,275 billion yuan after 1,545 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) decreased by 5.90 basis points to 1.5060%, while the 7-day Shibor increased by 2.70 basis points to 1.5790%, ending the previous inversion [1][2] - In the interbank pledged repo market, overnight rates fell, while 7-day and 14-day rates rose, with R007 and R014 showing inversion [4] Group 2 - The weighted average rates for DR001 and R001 decreased by 5.4 basis points and 6.3 basis points, respectively, with transaction volumes increasing by 16.7 billion yuan and 94.8 billion yuan [4] - The issuance of interbank certificates of deposit was active, with 109 certificates issued on May 26, totaling 315.51 billion yuan [10] - The secondary market for certificates of deposit showed a fluctuating upward trend, with the 1-year rate for major banks actively priced at 1.70%, leading to a relatively subdued market sentiment [11]

投资咨询业务资格:证监许可【2012】31号 | 宏观金融数据日报 | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 我則一日变 | | --- | --- | --- | --- | --- | --- | | | | (%) | | | 动(%) | | 沪深300 | 3882 | -0.81 | IF当月 | 3846 | -0.9 | | 上证50 | 2712 | -0.80 | IH当月 | 2693 | -0.8 | | 中证500 | 5653 | -0.88 | IC当月 | 5562 | -0.9 | | 中证1000 | 5990 | -1.26 | IM当月 | 5872 | -1.3 | | IF成交量 | 110117 | 52.7 | IF持仓量 | 251143 | 7.7 | | IH成交量 | 51804 | 38.4 | IH持仓量 | 85531 | 9.0 | | IC成交量 | 98824 | 27.3 | IC持仓量 | 216012 | 4.0 | | IM成交量 | 233775 | 15.2 | IM持仓量 | 335860 | 1.6 | ...

Group 1 - The central bank has implemented a significant reverse repurchase operation of nearly 400 billion yuan to offset the upcoming maturity of 946 billion yuan in reverse repos this week [4] - The short-term funding environment shows a slight increase in the Shanghai Interbank Offered Rate (Shibor) for overnight, 7-day, and 14-day tenors, indicating a mixed trend in liquidity [4] - The central bank has conducted a 500 billion yuan Medium-term Lending Facility (MLF) operation with a one-year term, resulting in a net injection of 375 billion yuan after accounting for 125 billion yuan in maturing MLFs [4] Group 2 - The chief macro analyst from Dongfang Jincheng noted that since April, external environment volatility has increased, prompting domestic extraordinary counter-cyclical adjustments [5] - The recent reduction in reserve requirements and continued large-scale MLF operations indicate that quantitative policy tools are actively supporting liquidity in the banking system, enhancing credit availability for enterprises and households [5] - The combination of the reserve requirement cut and various medium-term liquidity management tools will result in a substantial net injection of liquidity in May, providing crucial support for new credit issuance and social financing [5]

中国央行逆回购操作当日实现净投放360亿元 当周实现净投放4600亿元 金十数据5月23日讯，中国央行今日开展1425亿元7天期逆回购操作，因今日有1065亿元7天期逆回购到期，当日实现净投放360 亿元。本周，中国央行共开展9460亿元7天期逆回购操作，因本周共有4860亿元7天期逆回购到期，本周实现净投放4600亿元。 看公开市场资金流向，到"数据库-中国央行数据"查看>> 专业 · 及时 · 精准 · 权威 0 2025 45 119 2025 05 22 05/12 135 485 15 035485146 2025 20 x 2035 06 pt 05/23 MLF 逆回购 票据 逆回购到期 MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-23 | 逆回购到期 | 1065 | 7天 | | | 2025-05-23 | 逆回购 | 1425 | 7天 | 1 | | 2025-05-22 | 逆回购到期 | 645 | 7天 | | | 2025-05-22 | 逆回购 | 1545 ...

Group 1 - The domestic money market interest rates continue the trend of "short-term rise and long-term decline" as the demand for funds increases ahead of the Dragon Boat Festival, pushing up short-term rates [1] - As of May 20, the overnight, 1-week, and 2-week Shanghai Interbank Offered Rates (Shibor) were reported at 1.509%, 1.556%, and 1.65%, respectively, showing increases of 10.3, 6.6, and 9.4 basis points compared to May 13 [1] - The People's Bank of China (PBOC) announced a 0.1 percentage point reduction in the 7-day reverse repurchase rate effective May 8, and a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions effective May 15, injecting approximately 1 trillion yuan of long-term liquidity into the market [1] Group 2 - On May 20, the 1-year Loan Prime Rate (LPR) and the 5-year LPR were both reduced by 0.1 percentage points to 3% and 3.5%, respectively, marking the first LPR cut in eight months [1] - The PBOC is expected to inject liquidity through reverse repos to stabilize the impact of the upcoming Dragon Boat Festival and month-end on the money market [2] - The expectation is that the money market interest rates will continue to exhibit the "short-term rise and long-term decline" trend in the following week [2]

Group 1 - The Private Economy Promotion Law will take effect on May 20, 2025, marking the first foundational law specifically for the development of the private economy in China, establishing the legal status of the private economy [1] - The law incorporates the principle of "two unwavering" for the first time, emphasizing the government's commitment to supporting the private sector [1] Group 2 - On May 20, the State Council Information Office will hold a press conference regarding the "Opinions on Continuing to Promote Urban Renewal Actions," with officials from various ministries providing insights [2] - The Ministry of Transport will also hold a press conference to discuss the establishment of an international standardization organization for port and terminal standards [3] Group 3 - The Loan Prime Rate (LPR) for one-year and five-year terms will be announced on May 20, which is crucial for understanding the lending environment [4] Group 4 - On May 20, a total of 11 companies will have their restricted shares unlocked, amounting to 156 million shares with a total market value of 2.277 billion yuan, with significant contributions from companies like Lianxiang Co., Haige Communication, and Mingtai Aluminum [5] - Four companies will have over 10 million shares unlocked, with Lianxiang Co. leading at 61.125 million shares [5] Group 5 - 40 companies have disclosed their stock repurchase progress, with 7 companies announcing new repurchase plans, and 20 companies having their plans approved by shareholders [6] - The highest proposed repurchase amounts come from Zhaoxun Media, Hexing Packaging, and Hengda New Materials, with plans of up to 200 million yuan, 100 million yuan, and 50 million yuan respectively [6]

中国央行逆回购操作当日实现净投放920亿元 金十数据5月19日讯，中国央行今日开展1350亿元7天期逆回购操作，因今日有430亿元7期逆回购到期，当日实现净投放920亿 元。看公开市场资金流向，到"数据库-中国央行数据"查看>> MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-19 | 逆回购到期 | 430 | 7天 | | | 2025-05-19 | 逆回购 | 1350 | 7天 | 1 | | 2025-05-16 | 逆回购到期 | 770 | 7天 | | | 2025-05-16 | 逆回购 | 1065 | 7天 | 1 | | 2025-05-15 | 逆回购到期 | 1586 | 7天 | | | 2025-05-15 | 逆回购 | 645 | 7天 | 1 | | 2025-05-15 | MLF到期 | 1250 | 1年 | | | 2025-05-14 | 逆回购到期 | 1955 | 7天 | | | 2025-05-14 | 逆回购 | 920 | 7天 | 1 ...

4、100.89亿元市值限售股今日解禁 （原标题：今日看点｜国新办将举行2025年4月份国民经济运行情况新闻发布会；国内油价预计将迎年 内第五降） 经济观察网讯 5月19日重点关注的财经要闻与资本市场大事： 1、国新办将举行2025年4月份国民经济运行情况新闻发布会 5月19日上午10时，国新办将举行新闻发布会，国家统计局新闻发言人、国民经济综合统计司司长付凌 晖介绍2025年4月份国民经济运行情况，并答记者问。 2、4月70城房价数据将公布 5月19日，国家统计局将发布2025年4月份70个大中城市商品住宅销售价格变动情况。 3、国内油价预计将迎年内第五降 国内成品油新一轮调价窗口将于5月19日24时开启。综合机构观点，国内成品油价或将出现年内第五次 下跌。今年以来，国内油价已经历九轮调价窗口，分别为"三涨四跌两搁浅"。涨跌互抵后，国内汽、柴 油价格每吨较去年底分别下调425元、410元。若本轮调整落地，2025年调价格局将变为"三涨五跌两搁 浅"。 5月19日，共有12家公司限售股解禁，合计解禁量为3.51亿股，按最新收盘价计算，合计解禁市值为 100.89亿元。 从解禁量来看，5家公司解禁股数超千万股。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Treasury bond futures mostly rose, with the 30 - year main contract up 0.24%, and yields of major inter - bank interest rate bonds rebounded. The overall capital environment remained warm, and the follow - up situation of this month's Medium - term Lending Facility (MLF) roll - over should be noted. The liquidity remained stable after the reserve requirement ratio cut rather than becoming more relaxed. The futures bonds are expected to remain volatile in the future [3][5] Group 3: Summary by Related Catalogs 1. Periodic Bond Market Review - **Fundamentals**: Treasury bond futures mostly rose, with the 30 - year main contract up 0.24%, and yields of major inter - bank interest rate bonds rebounded. The overall capital environment remained warm, and the follow - up situation of this month's MLF roll - over should be noted [3] - **Funding**: On May 15, the People's Bank of China conducted 645 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate. That day, 1586 billion yuan of reverse repurchases and 1250 billion yuan of MLF matured, resulting in a net withdrawal of 2191 billion yuan on a full - caliber basis [3] - **Basis**: The basis of TS main contract is - 0.0297, with the spot discounting the futures, indicating a bearish signal. The basis of TF main contract is 0.0471, with the spot premium to the futures, indicating a bullish signal. The basis of T main contract is 0.1410, with the spot premium to the futures, indicating a bullish signal. The basis of TL main contract is 0.3601, with the spot premium to the futures, indicating a bullish signal [3] - **Inventory**: The deliverable bond balances of TS, TF, and T main contracts are 1359.4 billion yuan, 1493.5 billion yuan, and 2356.6 billion yuan respectively, showing a neutral situation [4] - **Market**: The TS, TF, and T main contracts are all running above the 20 - day line, and the 20 - day line is upward, indicating a bullish signal [4] - **Main Positions**: The TS main contract has a net long position, and the long position is increasing. The TF main contract has a net long position, and the long position is increasing. The T main contract has a net long position, and the long position is decreasing [5] - **Expectation**: The April PMI fell into the contraction range. The LPR has remained unchanged for 6 consecutive months. The central bank adjusted the MLF operation mode, and its policy attribute has completely faded. The central bank mentioned again the possibility of reserve requirement ratio cuts and interest rate cuts to promote a decline in the comprehensive social financing cost. After the tariff war suspension shock was quickly released and the reserve requirement ratio cuts and interest rate cuts were implemented, the capital supply remained loose, and the continuous adjustment momentum of the bond market was still limited. The futures bonds are expected to remain volatile [5] 2. Market Review - The table shows the market elements of the 30 - year, 10 - year, 5 - year, and 2 - year main contracts, including the current price, increase or decrease, trading volume, open interest, daily position increase, and CTD bonds [7][8] 3. Spot Bond Analysis - There are data on DR interest rates and inter - bank treasury bond yields and treasury bond term spreads, but no specific analysis conclusions are provided [9][13] 4. Basis Analysis - There are data on the basis of CTD bonds of T2506, TF2506, and TS2506 contracts, but no specific analysis conclusions are provided [15][17][18]