Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 119.9 billion yuan at a fixed interest rate of 1.40% on November 10, 2025 [1]. Summary by Category Reverse Repo Operation Details - The operation was for a 7-day term with an interest rate of 1.40% [1]. - The total bidding amount was 119.9 billion yuan, which matched the amount awarded [1].

Group 1 - The core viewpoint of the article is that the Federal Reserve's monetary policy easing over the past year aims to support the labor market, with an estimated policy adjustment space of 50 to 75 basis points remaining [2] - The Federal Reserve has cumulatively lowered interest rates by 150 basis points over the past year to ensure the labor market remains close to full employment [2] - The Federal Reserve has maintained a wait-and-see attitude in its monetary policy meetings this year, influenced by the extensive tariff policies of the Trump administration, and has implemented rate cuts again in September and October after a noticeable cooling in the labor market [2] Group 2 - As of November 6, the two-year Chinese government bond yield is at 1.43%, while the ten-year yield is at 1.81%. In the U.S., the two-year yield has decreased by 6 basis points to 3.57%, and the ten-year yield has also decreased by 6 basis points to 4.11% [7] - The top ten gainers and losers in Chinese dollar bonds are listed, indicating significant price fluctuations in various bonds, with some experiencing gains over 42% while others saw declines exceeding 52% [10][11] - As of the end of October, China's foreign exchange reserves increased to $33,433 billion, up by $4.7 billion from the end of September, reflecting a stable economic foundation and favorable long-term trends [12]

Core Points - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 141.7 billion yuan at a fixed interest rate of 1.40% on November 7, 2025 [1][2] Summary by Category Operation Details - The operation was carried out using a fixed rate and quantity tendering method [1] - The total amount bid and the amount awarded were both 141.7 billion yuan [2] Interest Rate - The interest rate for the 7-day reverse repurchase operation was set at 1.40% [2]

Core Points - The People's Bank of China conducted a reverse repurchase operation of 92.8 billion yuan for a 7-day term at a fixed interest rate of 1.40% on November 6, 2025 [1] Summary by Category - **Operation Details** - The operation involved a total bid amount of 92.8 billion yuan, with the same amount being awarded [1] - The interest rate for this reverse repurchase operation was set at 1.40% [1]

Core Points - The central bank conducted a reverse repurchase operation of 928 billion yuan with a bid amount of 928 billion yuan and a winning amount of 928 billion yuan [1] - The operation interest rate remains unchanged at 1.40%, consistent with previous rates [1] Summary by Category - **Central Bank Operations** - The central bank executed a 7-day reverse repurchase operation totaling 928 billion yuan [1] - The bid and winning amounts were both 928 billion yuan, indicating full subscription [1] - **Interest Rates** - The interest rate for the operation was set at 1.40%, maintaining the previous level [1]

Core Viewpoint - The central bank conducted a 7-day reverse repurchase operation amounting to 928 billion yuan at an interest rate of 1.40%, which remains unchanged from the previous operation [1] Group 1 - The reverse repurchase operation is aimed at managing liquidity in the financial system [1] - A total of 3,426 billion yuan in reverse repos is set to mature today [1]

Group 1: Federal Reserve Officials' Perspectives - San Francisco Fed President Daly supports the recent 25 basis points rate cut, suggesting further slight reductions are appropriate given inflation is around 3%, above the 2% target, but has significantly decreased [2] - Chicago Fed President Goolsbee expresses a more hawkish stance, undecided on supporting a December rate cut, citing a higher threshold for easing due to persistent inflation above target for four and a half years [2] - Fed Governor Cook leans dovish, indicating that the December meeting remains a potential opportunity for a rate cut, highlighting rising risks in both inflation and employment [2] Group 2: Market Activity and Debt Issuance - GLPCHI has repurchased and canceled $205 million of notes, approximately 29.29% of the initial principal amount [3] - China Cinda (Hong Kong) is considering issuing offshore bonds in USD and RMB to raise about $1.2 billion [3] - Ronsin China plans to extend the maturity of six company bonds by six months to gain more time for debt restructuring [3] Group 3: Bond Yield Information - As of November 3, the yield on China's two-year government bonds is 1.41%, while the ten-year yield is 1.79% [6] - The yield on the US two-year government bonds increased by 1 basis point to 3.60%, and the ten-year yield rose by 2 basis points to 4.13% [6] Group 4: Market Performance of Chinese Dollar Bonds - The top gainers in Chinese dollar bonds include DAFAPG with a price increase of 221.739% and ZHPRHK with an increase of 148.949% [9] - The top losers include DAFAPG with a price decrease of 78.402% and JINGRU with a decrease of 34.072% [9] Group 5: Central Bank Operations - The People's Bank of China conducted a reverse repurchase operation of 117.5 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 357.8 billion yuan on the day [11]

Core Points - The People's Bank of China conducted a reverse repurchase operation of 65.5 billion yuan for a 7-day term on November 5, 2025 [1][2]. Group 1 - The operation was carried out using a fixed interest rate and quantity tendering method [1]. - The interest rate for the 7-day reverse repurchase operation was set at 1.40% [2]. - The total amount bid and the amount awarded were both 65.5 billion yuan [2].

Group 1 - The People's Bank of China conducted a reverse repurchase operation of 117.5 billion yuan with a fixed interest rate of 1.40% for a 7-day term on November 4, 2025 [1] - The total bidding amount matched the amount awarded, indicating strong demand in the market [1]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Economic fundamentals' continuous recovery and the implementation of expansionary fiscal policies require a low - interest - rate environment. The market generally expects the central bank to purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially drive long - term rates down. However, the potential upward pressure on long - term rates due to a rise in risk appetite should be watched out for. It is recommended to buy on dips with a light position [2]. Summary by Relevant Catalogs 1. Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL are the main contracts of 10 - year, 5 - year, 2 - year, and ultra - long - term (TL) treasury bond futures respectively. T's closing price rose 0.01% to 108.680, with a trading volume of 65,902 (down 276). TF's closing price fell 0.01% to 106.050, with a trading volume of 52,682 (up 1,537). TS's closing price fell 0.03% to 102.516, with a trading volume of 24,640 (down 6,201). TL's closing price fell 0.11% to 116.510, with a trading volume of 98,827 (down 4,923) [2]. - **Futures Spreads**: Most spreads showed changes. For example, the TL2512 - 2603 spread was 0.24 (down 0.02), and the T12 - TL12 spread was - 7.83 (up 0.17) [2]. - **Futures Positions**: T's main position increased by 1,313 to 243,868. TF's main position increased by 1,862 to 151,286. TS's main position decreased by 1,209 to 71,166. TL's main position decreased by 4,976 to 137,774 [2]. 2. Cash Bond Market - **CTD Bonds**: The net prices of some CTD bonds changed. For example, the net price of 220017.IB (4y) rose 0.0332 to 106.7458, while the net price of 250018.IB (4y) fell 0.0417 to 99.0955 [2]. - **Active Treasury Bonds**: Yields of active treasury bonds showed different trends. The 1 - year yield remained unchanged at 1.38%, the 3 - year yield remained unchanged at 1.41%, the 5 - year yield rose 0.75bp to 1.53%, the 7 - year yield fell 0.75bp to 1.63%, and the 10 - year yield fell 1.00bp to 1.7925% [2]. 3. Interest Rates - **Short - term Interest Rates**: Most short - term interest rates declined. The overnight silver - pledged repo rate fell 3.99bp to 1.3101%, and the 7 - day silver - pledged repo rate fell 6.00bp to 1.4000% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 4. Open Market Operations - The central bank conducted reverse - repurchase operations. The issuance scale was 783 billion yuan, the maturity scale was 3373 billion yuan, and the net withdrawal was 2590 billion yuan. The interest rate was 1.4% for 7 - day operations [2]. 5. Industry News - In October, China's manufacturing PMI was 49%, down 0.8 percentage points from the previous month. The non - manufacturing PMI was 50.1%, up 0.1 percentage points from the previous month. The composite PMI output index was 50%, down 0.6 percentage points from the previous month [2]. - The central bank governor detailed the main tasks of the "dual - pillar system". The finance minister proposed measures for the "15th Five - Year Plan" period, including using special bonds and ultra - long - term special treasury bonds, optimizing income distribution, and dealing with local government debt [2]. 6. Key Data to Watch - On November 3 at 23:00, the US October ISM manufacturing PMI will be released. On November 5 at 21:15, the US October ADP employment data (in ten thousand people) will be released [3].