智通财经6月26日电，中国央行今日开展5093亿元7天逆回购操作，投标量5093亿元，中标量5093亿元， 操作利率为1.40%，与此前持平。 ...

中国央行逆回购操作当日实现净投放2092亿元 金十数据6月24日讯，中国央行今日开展4065亿元7天期逆回购操作，因今日有1973亿元7天期逆回购到 期，当日实现净投放2092亿元。看公开市场资金流向，到"数据库-中国央行数据"查看 ...

央行公告，2025年6月24日，中国人民银行以固定利率、数量招标方式开展了4065亿元逆回购操作，期 限为7天，操作利率为1.40%，投标量和中标量均为4065亿元。同花顺（300033）iFinD数据显示，今日 有1973亿元7天期逆回购到期。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The bond market has been oscillating strongly recently due to loose expectations, with interest rates remaining at a low level. Profit - taking selling may drive short - term interest rates to rise slightly. As the main trading line in the market is unclear due to policy uncertainties in the second half of the year, it is recommended to wait for the market to stabilize before making band allocations [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, TL main contract closing prices decreased by 0.01%, 0%, 0.01%, 0.04% respectively; T, TS trading volumes decreased by 425 and 1470 respectively, while TF and TL trading volumes increased by 179 and 647 respectively [2]. 3.2 Futures Spreads - TL2512 - 2509, T2512 - 2509, TF2512 - 2509, TS2512 - 2509 spreads changed by - 0.03, + 0.02, + 0.00, - 0.00 respectively; T09 - TL09, TF09 - T09, TS09 - T09, TS09 - TF09 spreads changed by + 0.03, - 0.00, - 0.02, - 0.01 respectively [2]. 3.3 Futures Positions - T, TF, TS, TL main contract positions changed by - 131, - 3090, + 509, + 110 respectively; T, TF, TS, TL top 20 long positions changed by + 6074, + 3199, - 4278, + 4521 respectively; T, TF, TS, TL top 20 short positions changed by + 7100, + 4843, + 174, + 6212 respectively; T, TF, TS, TL top 20 net short positions changed by + 1026, + 1644, + 4452, + 1691 respectively [2]. 3.4 Top Two CTD - Net prices of some CTD bonds such as 250007.IB, 220010.IB, 240020.IB decreased, while 210014.IB increased [2]. 3.5 Active Treasury Bonds - Yields of 1y, 7y, 10y active treasury bonds decreased by 0.90bp, 0.30bp, 0.25bp respectively, while 3y, 5y yields increased by 0.40bp, 0.20bp respectively [2]. 3.6 Short - term Interest Rates - Silver - pledged overnight, 7 - day, 14 - day interest rates increased by 3.12bp, 5.00bp, 5.00bp respectively; Shibor overnight, 7 - day, 14 - day interest rates decreased by 0.10bp, 3.20bp, 0.60bp respectively [2]. 3.7 LPR Rates - 1y and 5y LPR rates remained unchanged [2]. 3.8 Open Market Operations - The issuance scale was 220.5 billion yuan, the maturity scale was 242 billion yuan, and the interest rate was 1.4% for 7 - day reverse repurchase, with a net回笼 of 21.5 billion yuan [2]. 3.9 Industry News - The 12th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference opened on June 23; June LPR quotes remained unchanged; from January to May, national general public budget expenditures increased by 4.2% year - on - year, while revenues decreased by 0.3% year - on - year [2]. 3.10 Market Situation - Domestic: 5 - month economic data was weak, financial data was divided, and exports declined slightly. Overseas: US economic activity slowed down significantly in May, the labor market cooled, and the Fed may cut interest rates twice in the second half of the year [2].

1. Market Data Summary Interest Rates - DRO01 closed at 1.37 with a 0.29bp increase; DR007 at 1.49 with a 5.00bp decrease; GC001 at 1.45 with a 16.50bp increase; GC007 at 1.59 with a 3.00bp increase; SHBOR 3M at 1.63 with a 0.10bp decrease; LPR 5-year at 3.50 with a 10.00bp decrease; 1-year treasury at 1.36 with a 0.99bp decrease; 5-year treasury at 1.51 with a 0.39bp decrease; 10-year treasury at 1.64 with a 0.32bp decrease; 10-year US treasury at 4.38 with no change [4] Stock Indexes - CSI 300 closed at 3847 with a 0.09% increase; SSE 50 at 2674 with a 0.31% increase; CSI 500 at 5640 with a 0.66% decrease; CSI 1000 at 6000 with a 0.80% decrease; IF current month at 3804 with a 0.2% increase; IH current month at 2637 with a 0.6% increase; IC current month at 5588 with a 0.5% decrease; IM current month with a 0.6% decrease [6] Trading Volume and Open Interest - IF trading volume was 93277 with a 20.6% decrease, open interest 213382 with a 12.2% decrease; IH trading volume 54538 with a 4.2% decrease, open interest 72451 with a 13.3% decrease; IC trading volume 95848 with a 9.5% decrease, open interest 208030 with a 8.7% decrease; IM trading volume 211961 with a 7.2% decrease, open interest 307602 with a 8.6% decrease [6] A-share Market - Last week, CSI 300 fell 0.45% to 3846.6, SSE 50 fell 0.1% to 2673.7, CSI 500 fell 1.75% to 5639.5, CSI 1000 fell 1.74% to 5999.6. Among Shenwan primary industry indexes, only banking (2.6%), communication (1.6%), and electronics (1%) rose, while textile and apparel (-5.1%), pharmaceutical biology (-4.4%), non-ferrous metals (-3.6%), social services (-3.3%), and agriculture, forestry, animal husbandry and fishery (-3.1%) led the decline. A-share daily trading volumes were 11575 billion yuan, 11524 billion yuan, 11390 billion yuan, 11920 billion yuan, 10153 billion yuan respectively, with the average daily trading volume decreasing by 1422.5 billion yuan compared to the previous week. As of June 19, A-share margin trading balance was 18154.6 billion yuan, an increase of 42.1 billion yuan from the previous week [6] Futures Contracts' Premium and Discount - IF premium/discount: current month expired, next month 15.42%, current quarter 0.02%, next quarter 5.35%; IH premium/discount: current month expired, next month 19.38%, current quarter 5.88%, next quarter 3.06%; IC premium/discount: current month expired, next month 12.72%, current quarter 11.31%, next quarter 9.69%; IM premium/discount: current month expired, next month 15.16%, current quarter 14.48%, next quarter 12.85% [8] 2. Central Bank Operations - Last week, the central bank conducted 960.3 billion yuan of reverse repurchase operations, with 858.2 billion yuan of reverse repurchase and 182 billion yuan of MLF maturing. So, the net withdrawal was 79.9 billion yuan. This week, 960.3 billion yuan of reverse repurchase will mature, with 242 billion yuan, 197.3 billion yuan, 156.3 billion yuan, 203.5 billion yuan, 161.2 billion yuan maturing from Monday to Friday respectively. Also, 100 billion yuan of treasury cash fixed deposit will mature on Monday [4][5] 3. Policy and Geopolitical Situation - The central bank governor said that in the past year, the central bank adhered to a prudent monetary policy stance, implemented multiple measures from multiple dimensions such as quantity, price, and structure to support economic recovery and maintain financial market stability. The central bank also worked on improving the monetary policy framework, and the transformation is an ongoing process that will be continuously evaluated and improved [5] - The Israel-Iran conflict continues to intensify, with the US attacking three Iranian nuclear facilities on June 21. Iran confirmed the attacks, and the Islamic Revolutionary Guard Corps vowed to strike US interests in the Middle East, and the Strait of Hormuz may be closed. Due to weak domestic fundamentals, policy vacuum, and intensified overseas geopolitical disturbances, the stock index is expected to be weak and volatile in the short term. Options can be used to hedge macro risks [7]

中国央行：今日开展2205亿元7天逆回购操作，投标量2205亿元，中标量2205亿元，操作利率为 1.40%，与此前持平。 ...

中国央行逆回购操作当日实现净回笼215亿元 金十数据6月23日讯，中国央行今日开展2205亿元7天期逆回购操作，因今日有2420亿元7天期逆回购到期，当日实现净回笼215 亿元。看公开市场资金流向，到"数据库-中国央行数据"查看 | 逆回购到期 ■ MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-06-23 | 逆回购到期 | 2420 | 7天 | | | 2025-06-23 | 逆回购 | 2205 | 7天 | 1.4 | | 2025-06-20 | 逆回购到期 | 2025 | 7天 | | | 2025-06-20 | 逆回购 | 1612 | 7天 | 1.4 | | 2025-06-19 | 逆回购到期 | 1193 | 7天 | | | 2025-06-19 | 逆回购 | 2035 | 7天 | 1.4 | | 2025-06-18 | 逆回购到期 | 1640 | 7天 | | | 2025-06-18 | 逆回购 | 1563 | 7天 | 1.4 | | 2025-06-17 ...

中国央行逆回购操作当日实现净回笼413亿元 本周净回笼799亿元 金十数据6月20日讯，中国央行今日开展1612亿元7天期逆回购操作，因今日有2025亿元7天期逆回购到 期，当日实现净回笼413亿元。本周，中国央行进行9603亿元逆回购，因本周有10402亿元逆回购到期， 本周实现净回笼799亿元。看公开市场资金流向，到"数据库-中国央行数据"查看。 | 日期 ◆ | 类别(全部)▼ | 量(亿) * | 期限 ◆ | 利率 ÷ | | --- | --- | --- | --- | --- | | 2025-06-20 | 逆回购到期 | 2025 | 7天 | | | 2025-06-19 | 逆回购到期 | 1193 | 7天 | | | 2025-06-19 | 逆回购 | 2035 | 7天 | 1.4 | | 1 | ਨ | | 13 分享 | | | 订阅 | 生成长图 | | | | ...

智通财经6月20日电，央行今日开展1612亿元7天逆回购操作。 ...

央行公告，2025年6月19日，中国人民银行以固定利率、数量招标方式开展了2035亿元逆回购操作，期 限为7天，操作利率为1.40%，投标量和中标量均为2035亿元。 ...