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创业板50ETF国泰(159375)上涨3.64%点评
Mei Ri Jing Ji Xin Wen· 2025-06-25 12:55
Market Performance - The A-share market saw all three major indices rise over 1%, with the Shanghai Composite Index up 1.04%, reaching a new high for the year, and the ChiNext Index rising 3.11% [1] - The total market turnover was 1.64 trillion yuan, an increase of 191.4 billion yuan compared to the previous trading day [1] Reasons for the Rise - Market hotspots were concentrated in finance, military industry, and computer sectors, with more stocks rising than falling. The strong performance of the ChiNext 50 Index was attributed to geopolitical factors, policy support, liquidity recovery, and industry events [5] - Geopolitical developments, particularly the ceasefire agreement between Iran and Israel, reduced market risk aversion and led to a capital influx into high-risk assets, benefiting the technology sector and the ChiNext [6] - The Federal Reserve's recent statements indicated a potential for monetary easing, which may boost market risk appetite and attract foreign capital into emerging markets, particularly benefiting growth sectors like the ChiNext and Sci-Tech Innovation Board [7] Policy and Market Support - Recent guidance from the central bank and six departments emphasized financial support for boosting and expanding consumption, aiming to stabilize economic fundamentals and enhance the flow of medium- to long-term capital into the market [8] - The implementation of monetary policy tools to maintain liquidity and reduce financing costs is expected to promote stable development in the capital market [8] Industry Performance - The brokerage and fintech sectors showed significant performance, with news about stablecoins and regulatory approvals potentially driving valuations higher for leading brokerages [9] - Companies like CATL are benefiting from the accelerated industrialization of solid-state batteries, which are expected to become mainstream in the high-end market by 2030, presenting valuation opportunities for related firms [9] Market Outlook - Short-term focus should be on event catalysts and mid-year earnings reports, with potential for continued strength in the ChiNext if earnings exceed expectations and geopolitical stability is maintained [9] - From a mid- to long-term perspective, sectors like AI, new energy, and pharmaceuticals show clear growth logic, with the ChiNext 50 Index currently trading at a PE-TTM of approximately 31 times, below its historical average, indicating potential for valuation recovery [10]
“央妈”放大招 3000亿MLF狂砸 债市怎么走?
Zhong Guo Jing Ji Wang· 2025-06-25 05:21
Core Viewpoint - The People's Bank of China (PBOC) has announced a significant liquidity injection through a 300 billion MLF operation, indicating a supportive stance towards the market while avoiding excessive monetary easing [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 300 billion MLF operation with a one-year term, marking the fourth consecutive month of excess MLF renewals since March [1]. - The net injection for June has reached 318 billion, reflecting the central bank's intention to provide liquidity support during a traditionally tight period [1]. - The MLF net injection scale is decreasing, suggesting a cautious approach by the PBOC to avoid overly loose monetary conditions while allowing for potential future bond purchases [1]. Group 2: Market Impact - The recent liquidity measures are expected to support the bond market, alleviating short-term pressures from government bond issuances and maturing interbank certificates [2]. - The bond market has shown a "bull steepening" trend, with short-term rates declining more rapidly due to increased purchases of short-term government bonds by major banks [2]. - The overall positive trend in the bond market is expected to continue, driven by weak economic fundamentals, reinforced policy easing expectations, and sustained liquidity support [2].
央行将开展3000亿元MLF操作 连续第四个月加量
◎记者 张欣然 6月24日,央行公告将于6月25日开展3000亿元中期借贷便利(MLF)操作,较当月1820亿元到期量实 现超额续作,净投放达1180亿元。这是央行连续第四个月加量操作,叠加本月前期的逆回购净投放,中 期流动性净投放总量已超3000亿元。 随着6月跨季时点临近,市场对流动性波动的关注升温。业内专家表示,尽管面临存单到期高峰与存款 迁移扰动,当前资金面整体运行平稳,在央行持续投放呵护、财政支出发力等多重因素支撑下,跨季资 金面有望保持平稳,中长期流动性仍将延续净投放格局。 尽管6月同业存单到期规模偏大、存款利率下调可能引发部分资金流动,但当前扰动因素整体可控。谭 逸鸣表示,一方面,央行始终保持对资金面的积极呵护,5月初已同步下调政策利率;另一方面,财政 发债进度加快、季末财政支出节奏或将进一步提升,也将为流动性提供实质性支撑。 对于即将到来的季末时点,华西证券固定收益分析师肖金川认为,跨季期间资金面大概率保持平稳。从 绝对水平看,当前资金利率处于年内低位,季末利率即使边际上行,整体仍在市场可接受区间内。特别 是在税期结束与季末周之间存在时间缓冲,减弱了历史上因集中缴税与资金抢时点叠加所形成的利率 ...
一周流动性观察 | 跨季叠加地方债放量央行维持呵护态度 预计跨季资金无忧
Group 1 - The People's Bank of China (PBOC) conducted a 220.5 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 21.5 billion yuan due to 242 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net liquidity injection was 102.1 billion yuan, with 182 billion yuan of Medium-term Lending Facility (MLF) maturing on June 17 [1] - As the end of the quarter approaches, there has been a slight increase in funding stratification, but the overall liquidity remains loose, with overnight funding rates rising slightly [1] Group 2 - This week, the scale of reverse repos maturing will rise to 960.3 billion yuan, and the net payment of government bonds will increase to 789.8 billion yuan, the highest level since late April [2] - Concerns about cross-quarter liquidity may arise due to the concentration of government bond payments and the issuance of large amounts of certificates of deposit [2] - The central bank's liquidity support will be crucial for maintaining stability in the banking sector's liabilities as the quarter-end approaches [2] Group 3 - Recent actions by the central bank, including buyout reverse repos, aim to maintain ample liquidity, with expectations for social financing to continue to rebound [3] - The Loan Prime Rate (LPR) remained unchanged, indicating a lack of incentive for commercial banks to lower rates further [3] - The central bank is expected to maintain a loose liquidity stance to counter potential external demand pressures [3] Group 4 - Future policies will be adjusted based on economic changes, with potential for increased efforts to stabilize growth in the second half of the year [4] - The establishment of new policy financial tools is anticipated to boost investment by serving as project capital [4]
周周芝道 - 下半年展望大浪潮之下的小回摆
2025-06-23 02:09
Summary of Key Points from Conference Call Records Industry Overview - The macroeconomic cycle and asset pricing globally have deviated from traditional patterns, necessitating attention to three main themes: technology, new consumption, and innovative pharmaceuticals [1][3][4] - The performance of global capital markets in the first half of 2025 was chaotic, with U.S. stocks experiencing fluctuations, European stocks performing well, and an increase in risk appetite for Chinese stocks [1][9] Core Insights and Arguments - The three macro themes that dominated the economic landscape in the first half of 2025 were technology, new consumption, and innovative pharmaceuticals, which are expected to continue influencing capital markets [1][13] - The Chinese bond market is primarily driven by liquidity rather than fundamentals, with a notable decline in U.S. credit assets impacting global markets [1][11][12] - The real estate market in China is stabilizing but still requires time, as interest rates are not low enough to stimulate domestic demand [1][14] - The transformation of China's policy framework focuses on upgrading technology manufacturing, transitioning from traditional growth models, and reshaping the international payment system, rather than relying on short-term counter-cyclical stimulus [1][15] Additional Important Content - The sentiment in the bond market is currently positive, with expectations of further declines in bond yields due to the Federal Reserve's cautious stance on interest rates [5] - Geopolitical tensions in the Middle East are influencing market dynamics, although the exact impact remains uncertain [6] - The global fiscal landscape has entered a new phase, moving away from large-scale fiscal stimulus towards structural reforms and innovation [18] - The U.S. fiscal situation, characterized by a reduction in deficit rates, is causing market concerns about the sustainability of U.S. credit assets [21] - Japan and Europe are undergoing significant fiscal policy changes, with Japan tightening its monetary policy and Europe increasing fiscal spending [22] Market Performance and Expectations - The performance of U.S. credit assets is expected to weaken in the second half of 2025, influenced by trade war dynamics and the gradual tightening of Japan's monetary policy [30] - The Chinese bond market is anticipated to perform positively due to increasing pressures from declining exports and the real estate sector [31] - The stock market outlook is complex, with a recommendation against investing in cyclical sectors due to insufficient interest rate reductions to stabilize the real estate market [32] Conclusion - The current economic environment is characterized by a focus on liquidity-driven asset pricing, with significant implications for investment strategies in both domestic and international markets [1][11][32]
跨季叠加地方债放量如何影响6月末资金面
Xinda Securities· 2025-06-22 08:03
1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The impact of the combination of the end - of - quarter period and the large - scale issuance of local government bonds on the capital market at the end of June is complex, but if the central bank maintains a supportive attitude, the impact on the capital market may be relatively controllable [3][4] - The capital market has shown certain trends this week, such as the increase in the scale of repurchase transactions and the change in the net financing of inter - bank certificates of deposit. The capital gap index and the cross - quarter progress of various institutions also reflect the current capital situation [3][17] - Predictions are made for the issuance and net financing scale of government bonds in June and the third quarter, and corresponding investment suggestions are given for different institutions [3][4] 3. Summary by Relevant Catalogs 3.1 Money Market 3.1.1 This Week's Capital Situation Review - The central bank's reverse repurchase had a net investment of 102.1 billion yuan this week, with 182 billion yuan of MLF maturing on Tuesday. The capital market remained generally loose, and the DR001 dropped below 1.4% [3][7] - The trading volume of pledged repurchase reached a record high of 8.7 trillion yuan on Thursday, with an average daily trading volume of 8.32 trillion yuan, the highest since August 2023. The overall scale of pledged repurchase also reached a new high of 12.56 trillion yuan this year [3][17] - The net financing of large - scale and joint - stock banks fluctuated and rebounded, while that of city - commercial banks remained relatively stable. The net financing scale of non - bank institutions was significantly higher than last week, mainly due to the large increase in the financing of product accounts such as funds, wealth management, and other products [3][17] - The new - caliber capital gap index first rose and then fell, and was still lower than last Friday. The cross - quarter progress of various institutions was at the lowest level in the past five years and continued to slow down compared with the average of previous years [3][17] - The excess reserve ratio in May increased by about 0.1 percentage points to 1.0% compared with April, but was still at the lowest level in the same period since 2019. There were also changes in the central bank's claims on other depository corporations and government deposits [3][27] - The scale of banks' rigid financing of funds increased significantly this week, even higher than that of non - bank institutions, which may be a preparation for the concentrated payment of local government bonds and the end - of - quarter period next week [3][38] 3.1.2 Next Week's Capital Outlook - The actual net payment of government bonds this week was 144.4 billion yuan, and it is expected to reach 789.8 billion yuan next week, the highest since late April [3][40] - It is estimated that the net financing of national bonds in June is about 710 billion yuan, and the net financing of local government bonds is about 630 billion yuan. The predicted issuance scale of government bonds in June is adjusted upwards to about 2.7 trillion yuan, with a net financing of about 1.33 trillion yuan [3][44] - It is predicted that the issuance of national bonds from July to September will be 1.39 trillion yuan, 1.28 trillion yuan, and 1.48 trillion yuan respectively, with net financing of 630 billion yuan, 730 billion yuan, and 680 billion yuan respectively. The issuance of local government bonds from July to September is expected to be 1.20 trillion yuan, 1.16 trillion yuan, and 0.85 trillion yuan respectively, with net financing of 800 billion yuan, 660 billion yuan, and 440 billion yuan respectively [4][47] - Although factors such as the end - of - quarter period and the concentrated payment of government bonds may have a superimposed impact next week, if the central bank maintains a supportive attitude, the probability of a significant tightening of the capital market is limited. Non - bank institutions can make decisions after the central bank's MLF operation attitude becomes clearer [4][52] 3.2 Inter - bank Certificates of Deposit - The secondary interest rate of AAA - rated 1 - year inter - bank certificates of deposit dropped by 3.1 basis points to 1.64% this week. The issuance scale of inter - bank certificates of deposit increased while the maturity scale decreased, with a net financing of 47 billion yuan [4][53] - The net financing scale of state - owned banks, city - commercial banks, and rural commercial banks increased, while that of joint - stock banks decreased. The issuance proportion of 1 - year certificates of deposit decreased to 24%, and the issuance proportion of 3 - month certificates of deposit was the highest at 27% [55][56] - The maturity scale of certificates of deposit next week is about 1.1092 trillion yuan, an increase of 53.9 billion yuan compared with this week [56] - The issuance success rate of rural commercial banks' certificates of deposit decreased slightly, while that of other banks increased. The issuance spread of 1 - year certificates of deposit between city - commercial banks and joint - stock banks widened [57] - The relative strength index of the supply and demand of certificates of deposit decreased by 2.0 percentage points to 41.0% compared with last week, still in a relatively strong range. The supply - demand index of 3 - month certificates of deposit increased, while that of 1 - month, 6 - month and above - term certificates of deposit decreased [69] 3.3 Bill Market - This week, bill interest rates first decreased and then increased. The interest rates of 3 - month and 6 - month national - share bills increased by 2 basis points and 1 basis point respectively to 1.01% and 1.05% [74] 3.4 Bond Trading Sentiment Tracking - This week, bond interest rates fluctuated and declined, with the short - end performing strongly, and credit and perpetual bond spreads remaining generally stable [76] - The willingness of large - scale banks to reduce bond holdings decreased, mainly increasing their holdings of certificates of deposit and long - term policy - financial bonds. The willingness of trading - type institutions to increase bond holdings remained high, but there were differences among different institutions. The willingness of allocation - type institutions to reduce bond holdings increased, with differences among different institutions as well [76]
兴业期货日度策略-20250620
Xing Ye Qi Huo· 2025-06-20 11:42
1. Report Industry Investment Ratings - **Equity Index Futures**: Neutral, expecting a sideways trend [1] - **Treasury Bond Futures**: Neutral, with a range - bound outlook [1] - **Precious Metals (Gold and Silver)**: Neutral, with a long - term upward potential for gold [1][4] - **Non - ferrous Metals (Copper, Aluminum, Nickel)**: Copper - Neutral, Aluminum - Slightly Bullish, Nickel - Neutral [4] - **Carbonate Lithium**: Bearish, with a downward trend [4][6] - **Silicon Energy**: Neutral, with limited price fluctuations [6] - **Steel and Ore (Rebar, Hot - Rolled Coil, Iron Ore)**: Neutral, with a narrow - range sideways movement [6] - **Coking Coal and Coke**: Bearish [8] - **Soda Ash and Glass**: Soda Ash - Bearish, Glass - Bearish [8] - **Crude Oil**: Slightly Bullish [8][10] - **Methanol**: Bullish [10] - **Polyolefins**: Bullish [10] - **Cotton**: Slightly Bullish [10] - **Rubber**: Bearish [10] 2. Core Views - A - share market shows cautious sentiment in the short - term, lacking upward momentum and continuing the sideways pattern. However, with increasing capital volume and clear policy support, the long - term upward trend remains unchanged [1] - The Treasury bond market is affected by overseas geopolitical issues to a limited extent. With the central bank's net injection in the open market, the bond market is running at a high level, but the trend is uncertain [1] - Precious metals are affected by geopolitical factors, with gold prices oscillating at a high level and a potential long - term upward movement. Silver is more volatile than gold [1][4] - Non - ferrous metals face supply - demand imbalances. Copper has supply constraints but weak demand; aluminum has supply concerns and low inventory support; nickel has an oversupply situation [4] - Carbonate lithium has an increasing supply and weak demand, with a downward price trend [4][6] - Silicon energy has sufficient supply and demand uncertainty, with limited price fluctuations [6] - Steel and ore markets have limited contradictions, and the pressure of raw material valuation adjustment has eased, with prices in a narrow - range sideways movement [6] - Coking coal and coke markets are bearish due to factors such as inventory accumulation and production reduction [8] - Soda ash has a high inventory and weak demand, while glass has a relatively loose supply and weak demand, both with a bearish outlook [8] - Crude oil prices are supported by geopolitical factors, and the future trend depends on the development of the Middle - East situation [8][10] - Methanol production is increasing, but downstream losses are expanding. If domestic coal - chemical plants start centralized maintenance, prices will rise further [10] - Polyolefins have stable production, and prices are supported by rising crude oil prices [10] - Cotton has a strengthening expectation of tight supply and demand, and it is recommended to maintain a long - position strategy [10] - Rubber has an increasing supply and weakening demand, with limited potential for a trend - reversal [10] 3. Summary by Relevant Catalogs 3.1 Equity Index Futures - Market sentiment is cautious, with limited short - term upward momentum. A - shares continue the sideways pattern, but the long - term upward trend remains unchanged. Attention should be paid to the opportunity of low - level long - position layout [1] 3.2 Treasury Bond Futures - Overseas geopolitical issues have a limited impact on the domestic bond market. The central bank's net injection in the open market supports the bond market at a high level, but the trend is uncertain [1] 3.3 Precious Metals - Gold prices are oscillating at a high level, with a potential long - term upward movement. It is recommended to buy on dips or hold short - put options. Silver is more volatile than gold, and attention should be paid to stop - loss [1][4] 3.4 Non - ferrous Metals 3.4.1 Copper - Supply is tight, but demand is weak due to macro uncertainties. Prices are affected by market sentiment and funds, with a sideways trend [4] 3.4.2 Aluminum - Alumina has an oversupply pressure, but the downward drive may slow down.沪铝 has low inventory support, with a slightly bullish outlook [4] 3.4.3 Nickel - The supply is in an oversupply situation, but the downward momentum weakens at low prices. It is recommended to hold short - option strategies [4] 3.5 Carbonate Lithium - Supply is increasing, and demand is weak. The price trend is downward [4][6] 3.6 Silicon Energy - Supply is sufficient, and demand is uncertain. Price fluctuations are limited, and it is recommended to hold short - put options [6] 3.7 Steel and Ore 3.7.1 Rebar - Supply is increasing, demand is stable, and inventory is decreasing at a slower pace. Prices are expected to move in a narrow range in the short - term, with a weak long - term trend. It is recommended to hold short - call options [6] 3.7.2 Hot - Rolled Coil - Supply and demand are both increasing, with a slight inventory reduction. Prices are expected to move in a narrow range in the short - term. It is recommended to hold short - position contracts [6] 3.7.3 Iron Ore - Supply and demand are expected to shift from tight to balanced and slightly loose. Prices are expected to follow steel prices and move in a narrow range. It is recommended to hold short - position contracts [6] 3.8 Coking Coal and Coke - Coking coal production is decreasing, but inventory is increasing, with a bearish outlook. Coke production is decreasing, and prices are under downward pressure [8] 3.9 Soda Ash and Glass 3.9.1 Soda Ash - Supply is decreasing in the short - term, but inventory is high, and demand is weak. It is recommended to hold short - position contracts or long - glass short - soda ash strategies [8] 3.9.2 Glass - Supply is relatively loose, and demand is weak. It is recommended to hold short - position contracts or long - glass short - soda ash strategies [8] 3.10 Crude Oil - Prices are supported by geopolitical factors, and the future trend depends on the development of the Middle - East situation. It is recommended to hold long - call options [8][10] 3.11 Methanol - Production is increasing, but downstream losses are expanding. If domestic coal - chemical plants start centralized maintenance, prices will rise further [10] 3.12 Polyolefins - Production is stable, and prices are supported by rising crude oil prices [10] 3.13 Cotton - Supply - demand is expected to be tight, and it is recommended to maintain a long - position strategy [10] 3.14 Rubber - Supply is increasing, demand is decreasing, and the potential for a trend - reversal is limited. Attention should be paid to the tire inventory cycle and demand improvement [10]
微盘股新高后已回撤两日!公募提示:“抱团”或出现松动
天天基金网· 2025-06-20 03:27
Core Viewpoint - The micro-cap stock index has recently reached a new high, but has shown significant pullback after a two-day market adjustment, indicating increased volatility in the market [1]. Group 1: Market Dynamics - Several public funds believe that the rapid recovery of micro-cap stocks over the past two months is driven by multiple factors, with liquidity being a primary driver [2][4]. - The micro-cap stock index has shown strong performance, with the CSI 2000 and Guozheng 2000 indices rising by 16.11% and 13.27% respectively since April 8, significantly outperforming larger indices [4]. - The central bank's emphasis on maintaining a moderately loose monetary policy suggests that liquidity support for micro-cap stocks may continue, enhancing their market elasticity [4]. Group 2: Fund Performance and Limitations - Despite some public funds achieving good performance with micro-cap stocks, the limited capacity for these stocks to absorb large amounts of capital has led to restrictions on fund subscriptions [6][8]. - As of the first quarter of 2025, public funds held approximately 4.55 billion yuan in micro-cap stocks, representing only 0.08% of their total market value, indicating low holding concentration [7]. Group 3: Diverging Opinions on Future Trends - There are differing opinions among institutions regarding the future of micro-cap stocks, with some reports indicating that the factors supporting their collective rise are beginning to show signs of strain [3][9]. - Concerns have been raised about the potential for a "snowball" effect if the current trend of collective investment in micro-cap stocks exceeds their capacity, which could lead to significant market fluctuations [10]. Group 4: Optimistic Perspectives - Some analysts remain optimistic, suggesting that micro-cap stocks are primarily driven by liquidity rather than fundamental factors, and that they may continue to outperform in the absence of a clear market trend [11].
债市收益率逼近前低时建议止盈
Changjiang Securities· 2025-06-19 13:48
Report Industry Investment Rating No relevant content provided. Report's Core View - The bond market yield is expected to challenge the previous low, but it is difficult to break through. It is recommended to stop profit when approaching the key point. Specifically, it is suggested to allocate 10-year treasury bonds around 1.65% when there is an adjustment, and stop profit appropriately when approaching the key point of 1.6%. From a static perspective, attention can be paid to the allocation value of the 20-year treasury bond yield [2][6][25]. Summary by Relevant Catalogs Bond Market Yield Expected to Challenge the Previous Low - After a long period of credit expansion, the growth rate of social financing may be gradually peaking. It is expected that the growth rate of social financing will reach the annual high of about 9.0% from July to August, and then gradually decline to about 8.3% by the end of the year. The issuance of special refinancing bonds has a significant substitution effect on new RMB loans, and there is still about 40 billion yuan of special refinancing bonds to be issued this year, and its substitution effect on credit is expected to continue for some time [6][12]. - In June this year, the central bank's support brought abundant liquidity and a decline in the short end of the bond market, which made the long-term bonds not adjust deeply, and the bond market often rushes ahead in June. Under the loose capital situation, institutions generally continue the "rushing ahead" strategy of previous years, and the inter-bank leverage ratio has been rising, reaching 108.2% as of June 17. Historical experience shows that the bond market rush - ahead market is often triggered after the cross - quarter capital pressure is released [6][18]. The Previous Low Can Be Challenged but Difficult to Break Through, and It is Recommended to Stop Profit When Approaching the Key Point - The bond market is insensitive to small changes in the fundamentals. Firstly, in the context of high - quality development, the improvement of total factor productivity has increased its contribution to economic growth, reducing the demand for financing in economic growth. Since 2020, the multiple of nominal economy supported by unit social financing has increased from about 3 times to about 4.2 times in 2024. Secondly, considering the bond market valuation, at the current relatively low absolute level, a greater valuation increase is required for the interest rate to decline, making the bond market less sensitive to general weakening of the fundamentals [6][19]. - The restart of treasury bond trading is possible, but the time is not clear, and the probability of restarting when the bond market approaches the previous low may not be high. If the central bank restarts treasury bond trading, referring to the market from December 20 to December 25 last year, the yield of 1 - year treasury bonds can break through 1% at the lowest, which may directly drive the yield of long - term bonds to break below 1.6%, deviating from the current relatively desirable bond market yield level [6][24].
中加基金权益周报︱中美谈判利空落地,债市震荡走强
Xin Lang Ji Jin· 2025-06-19 02:14
市场回顾与分析 一级市场回顾 上周一级市场国债、地方债和政策性金融债发行规模分别为6578亿、1078亿和1755亿,净融资额为2621 亿、-430亿和736亿。金融债(不含政金债)共计发行规模2368亿,净融资额1667亿。非金信用债共计 发行规模3076亿,净融资额1068亿。可转债新券发行3只,预计融资规模21亿元。 债市策略展望 二级市场回顾 海外市场 美国CPI/PPI表现均不及预期,显示关税对通胀冲击尚未完全显现,市场对美联储降息预期上升。10年 期美债收盘在4.41%,较前周下行10BP。 权益市场 上周A股宽基指数大多小幅下跌。具体而言,万得全A下跌0.27%,万得微盘股指数下跌0.07%,沪深 300收跌0.25%,科创50下跌1.89%。A股成交放量,日均成交额1.37万亿,周度日均成交量增加1628.23 亿。截至2025年6月12日,全A融资余额18089.79 亿,较6月5日增加94.60亿。 上周债市震荡中小幅走强。主要影响因素包括:资金面、央行买断式逆回购公告、中美伦敦磋商、以伊 冲突等。 流动性跟踪 上周,OMO净回笼,临近税期,资金前松后紧,周五央行提前公告新一轮6月期买断 ...