Group 1 - The offshore RMB Hong Kong Interbank Offered Rate (Hibor) has mostly continued to rise, with the one-week Hibor increasing to 1.87606% and the two-week Hibor also rising to 1.87606%, both reaching the highest levels since April 11 [1] - The Hong Kong Monetary Authority (HKMA) has seen nearly 80% of its 20 billion RMB overnight repurchase agreement liquidity utilized [1] - The overnight Hibor has decreased by 2 basis points to 1.84076%, while the one-year Hibor has slightly increased to 1.98455% [1]

文字早评 2025/06/26 星期四 宏观金融类 股指 前一交易日沪指+1.04%，创指+3.11%，科创 50+1.73%，北证 50+1.38%，上证 50+1.17%，沪深 300+1.44%， 中证 500+1.68%，中证 1000+1.32%，中证 2000+1.00%，万得微盘+0.53%。两市合计成交 16027 亿，较上 一日+1882 亿。 宏观消息面： 1、央行开展 3000 亿元 MLF 操作，6 月中期流动性净投放总额已达 3180 亿元，实现连续四个月超额续作 MLF。 2、央行等六部门发布 19 项举措：支持增强居民消费能力、支持提高消费供应效率、加强基础金融服务。 3、国泰君安国际获批升级牌照，成为香港首家可提供全面虚拟资产服务的中资券商，支持加密货币交 易等业务。 资金面：融资额+51.30 亿；隔夜 Shibor 利率+0.10bp 至 1.371%，流动性较为宽松；3 年期企业债 AA- 级别利率+1.30bp 至 2.8746%，十年期国债利率+0.40bp 至 1.6507%，信用利差+0.90bp 至 123bp；美国 10 年期利率-4.00bp 至 4.30% ...

贵金属日报 2025-06-26 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金涨 0.52 %，报 774.02 元/克，沪银涨 1.29 %，报 8761.00 元/千克；COMEX 金涨 0.22 %， 报 3350.50 美元/盎司，COMEX 银涨 0.45 %，报 36.28 美元/盎司； 美国 10 年期国债收益率 报 4.29%，美元指数报 97.53 ； 市场展望： 当前市场对于联储宽松货币政策的预期进一步上升，同时美元流动性将得益于银行监管法案的 变动而有所提升，上述因素对于白银价格形成较为明确的利多因素。 今日，美联储公布了一项放宽美国大型银行资本规则的提案，此举旨在提升这些银行在美国资 本市场中充当美债中介的能力。美国国债在过去一年中多次令美元流动性受到冲击，放宽大型 银行的资本金要求将对美元流动性形成一定保障，有利于贵金属这一大类资产的价格平稳运 行。 鲍威尔昨日继续在国会参与听证，他对于降息的表态依然谨慎，鲍威尔认为目前美国经济形势 存在高度不确定性，他希望 ...

环球市场动态 预 计 常 规 流 动 性 工 具 将 维 持 净 投 放 股 票 周三中国市场继续上涨，大金融股 领涨大市，证券、保险纷纷得到政 策支持；欧股周三收跌，市场谨慎 观望以色列伊朗脆弱的停火协议状 况；美股在记录高位附近遭遇阻力， 但英伟达 (NVDA US) 仍创新高重 回市值第一，金龙中国指数下跌。 外 汇 / 商 品 特朗普淡化近期放松对伊朗制裁的 可能性，美国原油库存连续第五周 下降，周三国际油价反弹近 1%；投 资者权衡中东局势和鲍威尔暗示将 谨慎行动，国际金价微涨。 固 定 收 益 周三美国国债交投清淡，收益率曲 线趋陡，盘中在区间内波动。美联 储公布银行资本金规则修订草案。 5 年期美债拍卖中标利率略高于发 行前交易水平。亚洲债市交投活跃， 日本债市较坚挺；中国投资级债券 交投清淡，利差轻微走阔。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 26 日 123 个 股 要 闻 ▪ 6 月 24 日，央行发布中期借贷便利招标公告称，为保持银行体系流动性充裕，6 月 25 日，中国人民银行将以 固定数 ...

Core Viewpoint - CITIC Securities expects that conventional liquidity tools such as MLF and reverse repos will maintain net injection of liquidity [1] Group 1: MLF and Reverse Repo - In June 2025, MLF is projected to maintain an excess rollover with a net injection of 118 billion yuan [1] - Both MLF and reverse repos achieved net liquidity injection, providing long-term liquidity supply [1] - There is a possibility of a decline in MLF bidding rates due to the downward trend in the central rate of time deposits [1] Group 2: Liquidity Outlook - The observation period for total tools indicates a sustained demand for ample liquidity [1] - It is anticipated that MLF and reverse repos will continue to maintain net liquidity injection under the current conditions [1]

作 者丨唐婧 编 辑丨包芳鸣 6月24日，中国人民银行发布2025年6月中期借贷便利招标公告称，为保持银行体系流动性充 裕，2025年6月25日，中国人民银行以固定数量、利率招标、多重价位中标方式开展3000亿元 MLF操作，期限为1年期。鉴于6月有1820亿元1年期MLF到期，央行自3月起连续4个月超额 续作MLF。 2025年3月，中国人民银行发布公告，宣布自3月起调整中期借贷便利（MLF）操作方式，采 用固定数量、利率招标、多重价位中标（美式招标）模式。此次调整后，MLF操作将不再设 定统一的中标利率，而是由参与机构根据自身资金需求以不同利率投标，并按投标利率从高 到低依次中标。至此，MLF利率作为中期政策利率的属性正式退出，其功能定位从"政策利率 工具"转变为"中期流动性管理工具"。 中信证券首席经济学家明明告诉记者，在存款利率下调等因素的影响下，近期商业银行负债 成本有所下行，1年期同业存单利率中枢从6月初1.7%附近下行至当前的1.64%附近。在多重 价位中标的市场化定价机制下，不排除MLF中标利率伴随存单利率进一步小幅下行的可能 性。 明明还称，5月降息降准落地后，总量型货币政策工具将在一段时间 ...

点击按钮▲ 预约直播 2025年，由蓝狮子与吴晓波频道联合打造的"百万粉丝博主年度书单"系列直播持 续聚焦各领域具有影响力的博主。我们邀请他们走进直播间，畅谈个人见解、推 荐精选书单，与观众共享阅读的乐趣与智慧启迪。 央行MLF操作连续4个月净投放 6月25日，央行开展3000亿MLF操作。本月有1820亿MLF到期，这意味着6月央行MLF净投放达到1180亿，为连续第四个月加量续作。自3月以 来，央行已连续4个月通过MLF实现净投放，叠加买断式逆回购操作，6月中期流动性净投放总额达3180亿元，持续为市场注入流动性。 从当前资金面来看，临近半年末，市场流动性整体表现平稳。 6月以来，DR007（银行间市场存款类机构7天期回购加权平均利率）走势平稳， 反映出市场资金供需相对均衡。中信证券首席经济学家明明测算，7月流动性缺口或达10000亿元，财政支出与政府债券发行缴款对资金面的压 力显著增加。（第一财经） ｜点评｜ 央行近几个月持续保持净投放，并打破常规提前向市场预告投放力度，充分展现了央行稳定市场预期的政策取向。去年 6月，银行业 开始逐步取消手工补息，部分银行存款流失，流动性承压，发行了大量1年期同业存单 ...

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 365.3 billion yuan on June 25, resulting in a net injection of 209 billion yuan after accounting for 156.3 billion yuan maturing reverse repos [1] - The PBOC also conducted a 300 billion yuan Medium-term Lending Facility (MLF) operation, achieving a net injection of 118 billion yuan after offsetting 182 billion yuan of maturing MLF [1] - The PBOC has increased MLF operations for four consecutive months to maintain ample liquidity in the banking system, especially as the end of the quarter approaches and market liquidity concerns rise [1] Group 2 - In June, the PBOC implemented two reverse repo operations, resulting in a total net injection of 200 billion yuan, while facing ongoing government bond issuance pressures [2] - The liquidity gap in July is expected to reach 1 trillion yuan due to tax payments and government bond issuance, indicating that PBOC's policy support will be crucial [2] - The PBOC is likely to continue flexible open market operations to counter disturbances while maintaining reasonable liquidity levels and guiding market expectations [2]

Core Viewpoint - The Chairman of the Federal Reserve, Jerome Powell, stated that the liquidity in the U.S. Treasury market is sufficient [1] Group 1 - The U.S. Treasury market is currently experiencing adequate liquidity, which is crucial for maintaining market stability [1]

Group 1 - The core viewpoint of the article is that the correlation between Hong Kong stocks and A-shares has significantly increased since 2020, while the correlation with US stocks has weakened [1][2][3] - Historically, Hong Kong stocks were more correlated with US stocks, particularly from 1970 to 2020, but since 2020, this correlation has diminished, especially in 2021 and 2023 [1] - The increase in correlation between Hong Kong and A-shares is attributed to a decrease in foreign capital's share in Hong Kong stocks and an increase in domestic liquidity [1][2] Group 2 - Hong Kong stocks have become less dependent on overseas liquidity since 2020, with valuation contributing more to price movements, aligning with the increased correlation with A-shares [2] - The decline in foreign capital's share is influenced by geopolitical factors, currency arbitrage, and changes in the price-performance ratio of Hong Kong stocks [2] - Domestic capital has accelerated its inflow into Hong Kong stocks due to price advantages and scarcity of investment targets, further linking Hong Kong's liquidity to mainland capital behavior [2] Group 3 - The fundamental performance of Hong Kong stocks is increasingly related to mainland China, with over two-thirds of listed companies being Chinese enterprises, contributing 90% of net profits [3] - The proportion of mainland enterprises listed in Hong Kong has risen since 2020, supported by policies aimed at developing Hong Kong's capital market [3] - The correlation between Hong Kong stocks and overseas markets has weakened, with less impact from changes in overseas demand and economic cycles since 2020 [3]