北京商报讯（记者 刘四红）9月24日，据人民银行官网消息，为保持银行体系流动性充裕，2025年9月 25日（周四），中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作， 期限为1年期。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 十里 9月22日，银河基金旗下银河君信混合I（代码：519618）净值单日下跌23.33%，居当天基金的跌幅榜第 一。在基金产品净值波动通常以百分点计的当下，如此大幅下跌极为罕见。 这一异常表现也迅速引发了投资者的热议。在社交平台上，有网友发帖直言："我一直以为一天最多跌 20个点"，"这只基金发生了什么，不敢想买来的人有多绝望。" 也有人表示："这是单一客户赎回了，应该是唯一客户。"更有评论认为："大额赎回未触发精度调整， 吃吃瓜就行，千万别想不开。" | | | IAu/IAT | In-017 | CVID=VI | COCU VI | Mal307 | 6V66 VI | Augyny | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2016-09-07 | | | | | ● 银河君信! ● 银河君信!基准 ● 沪深300 ● 灵活配置型基金 | | | | 基金公司 | 据河景要 | | | | | | | | | 基金 ...

中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 为保持银行体系流动性充裕，2025年9月25日（周四），中国人民银行将以固定数量、利率招标、多重 价位中标方式开展6000亿元MLF操作，期限为1年期。 ...

Core Viewpoint - The bond market is experiencing a correction, with government bond futures declining and interbank bond yields rising, indicating tightening liquidity as the month-end approaches [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.41% to 114.070, marking a new closing low since March 19 [2]. - Interbank bond yields mostly increased, with the 30-year government bond yield rising 1.3 basis points to 2.112% and the 10-year government bond yield up 1.4 basis points to 1.812% [2]. Overseas Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield down 4.06 basis points to 4.106% [3]. - In Asia, Japanese bond yields also decreased, while in the Eurozone, the 10-year French bond yield rose by 0.4 basis points to 3.561% [3]. Primary Market - The Ministry of Finance's weighted average bid yields for 91-day and 182-day government bonds were 1.2473% and 1.3405%, respectively, with bid-to-cover ratios of 2.84 and 2.31 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation of 401.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 17 billion yuan for the day [5]. - Short-term Shibor rates increased, with the overnight rate rising 2.1 basis points to 1.434% [5]. Institutional Perspectives - Citic Securities noted that the urgency for the central bank to restart government bond trading is not strong in the short term, but the increased bond purchases by state-owned banks reflect a relatively loose liquidity environment [6]. - China International Capital Corporation (CICC) observed that while the bond market is experiencing volatility, credit bonds in the short to medium term are performing relatively well [7].

Group 1 - The core value of money market funds is not high returns but liquidity management, especially in a low-interest-rate environment [1] - Money market funds are characterized as low-risk, low-return, and high liquidity investment tools suitable for short-term fund management [1] - Compared to bank fixed deposits, money market funds offer superior liquidity, allowing for immediate purchase and redemption without prior appointment [1] Group 2 - Despite the overall decline in money market fund yields, investors can adopt reasonable management strategies to optimize the use of "liquid funds" [1] - Funds needed in the short term can be placed in money market funds for easy access, while funds that may not be used for three months or longer can be allocated to slightly less liquid but higher-yield products [1] - The integration of money market funds into daily life through services like Yu'ebao and WeChat's "零钱通" enhances their utility for both payment and investment [1]

港股通央企红利ETF天弘（159281）紧密跟踪港股通央企红利指数（931233），该指数从港股通范围内 选取中央企业实际控制的分红水平稳定且股息率较高的上市公司证券作为指数样本，以反映港股通范围 内股息率较高的央企上市公司证券的整体表现。 消息面上，据21世纪经济报道，9月19日，央行发布公告，为保持银行体系流动性充裕，更好满足不同 参与机构差异化资金需求，即日起，公开市场14天期逆回购操作调整为固定数量、利率招标、多重价位 中标，操作时间和规模将根据流动性管理需要确定。 9月23日，A股三大指数集体走低，银行板块逆市上涨。 相关ETF方面，截至发稿，银行ETF天弘（515290）现涨1.21%，成交额超4500万元。成分股方面，南 京银行涨超4%，工商银行、苏州银行、齐鲁银行、杭州银行等股跟涨。港股通央企红利ETF天弘 （159281）现跌0.51%，成交额超1700万元，换手率5.16%，现居同标的产品第一。成分股中，中信股 份、中国光大银行、中银香港等股涨幅居前。 资金流向上，Wind金融终端数据显示，银行ETF天弘（515290）近期资金净流入显著提升，近3日累 计"吸金"超3.7亿元。 银行ETF ...

Core Viewpoint - The adjustment of the 14-day reverse repurchase operation aims to strengthen the position of the 7-day reverse repurchase policy rate, enhancing liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 1: Policy Adjustments - The adjustment in reverse repurchase operations is designed to improve liquidity management and reinforce the importance of the 7-day reverse repurchase rate [1] - The focus on enhancing liquidity management is expected to lead to a more precise control of monetary policy [1] Group 2: Market Impact - The ongoing consumer stimulus policies are being intensified, contributing to the accumulation of positive factors in the banking sector [1] - Mid-term performance improvements are anticipated, with a potential turning point in the banking sector's performance [1] Group 3: Future Considerations - Attention should be paid to the effectiveness of policies being released, as well as the demand for retail business and improvements in risk management [1] - Upcoming events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures are crucial for future developments [1]

Core Viewpoint - The central bank has resumed 14-day reverse repo operations after an 8-month hiatus, indicating a moderately accommodative monetary policy stance to ensure liquidity ahead of the upcoming holidays [1][2]. Group 1: Central Bank Operations - The central bank conducted a 300 billion yuan 14-day reverse repo operation and a 240.5 billion yuan 7-day reverse repo operation, aimed at providing liquidity before the holiday [1]. - The initiation of the 14-day reverse repo operation is earlier than in previous years, which helps alleviate the preventive funding needs of institutions before the quarter-end and holiday [2]. - The 14-day reverse repo operation has shifted to a "American-style bidding" process, allowing for fixed quantity, interest rate bidding, and multiple price bids, which is expected to enhance liquidity management [2][3]. Group 2: Market Liquidity and Challenges - Despite the central bank's efforts to inject liquidity, the market still faces significant liquidity pressure due to large-scale fund expirations and various disruptive factors [4]. - The upcoming week will see 1.83 trillion yuan in expiring funds, with significant expirations on specific days, which may impact overnight funding rates [4]. - Additional liquidity pressures arise from the listing of a new entity, expected to freeze around 600 billion yuan, and the expiration of a 300 billion yuan 1-year MLF [4]. Group 3: Future Outlook - Experts anticipate that the central bank will flexibly combine long, medium, and short-term operations to smooth out liquidity injection and absorption rhythms, leading to more precise and efficient liquidity management [6]. - The frequency of 14-day reverse repo operations is expected to normalize, potentially reducing the weighted cost of bank liabilities [6]. - The central bank is likely to continue using various policy tools, including reverse repos and MLF, to inject medium-term liquidity and limit the upward pressure on mid-to-long-term market interest rates [6].

9月22日，中国人民银行发布公告称，当日，中国人民银行以固定利率、数量招标方式开展了2405亿元7天期逆回购操作。同时，以固定数量、利率招标、 多重价位中标方式开展了3000亿元14天期逆回购操作。 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 2405亿元 | 2405亿元 | 值得注意的是，这是央行9月19日宣布调整这项工具的操作规则后，首次开展这一操作，也是央行公开市场时隔8个月后再次进行14天期逆回购操作。 南开大学金融发展研究院院长田利辉认为，央行将14天期逆回购招标方式由单一价位中标改为多重价位中标，使14天期逆回购不再有统一中标利率，充分 发挥机构市场化定价能力，精准匹配差异化资金需求。 国债逆回购大涨 季末资金面再迎"考验" 9月22日，国债逆回购普遍上扬。其中1天期、2天期、3天期的国债逆回购盘中涨幅一度超过20%。 204001 沪V 沪市1天期 GC001 □ ○ □ ○ 1.595 〔 智能盯盘 +0.195 +13.93% 占款天数 1 《 高 1.700 成交量 19.33亿 1.540 最 开 ...

9月22日，中国人民银行发布公告称，当日，中国人民银行以固定利率、数量招标方式开展了 2405亿元7天期逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了3000 亿元14天期逆回购操作。 【导读】央行开展3000亿元14天期逆回购操作 中国基金报记者 莫琳 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 2405亿元 | 2405亿元 | 值得注意的是，这是央行9月19日宣布调整这项工具的操作规则后，首次开展这一操作，也是 央行公开市场时隔8个月后再次进行14天期逆回购操作。 南开大学金融发展研究院院长田利辉认为，央行将14天期逆回购招标方式由单一价位中标改 为多重价位中标，使14天期逆回购不再有统一中标利率，充分发挥机构市场化定价能力，精 准匹配差异化资金需求。 国债逆回购大涨 季末资金面再迎"考验" 9月22日，国债逆回购普遍上扬。其中1天期、2天期、3天期的国债逆回购盘中涨幅一度超过 20%。 交易员表示，税期扰动已基本消退，叠加央行公开市场操作持续净投放，市场流动性有所改 善。不过，跨季因素仍可能带来扰 ...