Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through various monetary policy tools, including reverse repos and MLF operations, to ensure sufficient market liquidity while gradually replacing MLF with reverse repos [1][4]. Group 1: Reverse Repo Operations - In February 2025, the PBOC conducted a total of 1.4 trillion yuan in reverse repo operations, consisting of 900 billion yuan for 3-month (91 days) and 500 billion yuan for 6-month (182 days) terms [1][3]. - The reverse repo operations are aimed at maintaining liquidity in the market, with the PBOC continuing to implement these operations despite a reduction in MLF [2][4]. Group 2: MLF and Liquidity Management - The PBOC's MLF operations saw a net withdrawal of 200 billion yuan in February, indicating a strategic shift towards reverse repos for liquidity management [2][4]. - Since October 2024, the PBOC has been reducing MLF balances while ensuring monthly net liquidity injections through various operations, including reverse repos and government bond transactions [4]. Group 3: Future Outlook - The reverse repo operations conducted in February will mature in late May and late August 2025, with additional reverse repos maturing in March and April due to previous operations [5]. - Market experts anticipate that the PBOC will continue to replace MLF with reverse repos, thereby diminishing the significance of MLF interest rates in monetary policy [4].

Market Liquidity Overview - R007 increased from 1.79% to 2.03%, a rise of 24.65 basis points; DR007 rose from 1.76% to 1.94%, an increase of 17.83 basis points. The spread between R007 and DR007 widened by 6.82 basis points. Additionally, the China-US interest rate spread decreased by 6.83 basis points [2][15]. - The net inflow of funds this week was -48.886 billion yuan, a decrease of 74.815 billion yuan from the previous week. Fund supply was -2.811 billion yuan, while fund demand was 46.075 billion yuan. Specifically, fund supply decreased by 44.876 billion yuan, with ETF net subscriptions down by 30.171 billion yuan and financing net purchases down by 13.269 billion yuan; fund demand increased by 29.939 billion yuan [2][19]. Industry Sector Liquidity Tracking - Most industries showed an upward trend in returns this week, with the media and computer sectors experiencing significant gains of 9.87% and 7.81%, respectively. In contrast, the coal and defense industries saw declines of 1.36% and 0.76% [3][27]. - The banking and food & beverage sectors had negative net purchases of leveraged funds, while other industries experienced net inflows. The main stocks in the food & beverage, machinery, and communication sectors saw net inflows, while the electronic sector experienced significant outflows [3][32]. Style Sector Liquidity Tracking - The daily trading volume share of consumer and stable styles increased, while other styles saw a decrease. Specifically, the daily trading volume share of consumer and stable styles rose by 1.37% and 0.58%, respectively, while cyclical, growth, and financial styles decreased by 0.88%, 0.93%, and 0.14% [4]. - All style indices experienced gains, with consumer and growth styles showing the largest increases of 2.19% and 2.09%, respectively. The daily trading volume share of the growth style has increased compared to the past month, three months, and six months [4].

证券研究报告—策略周报 撰写日期：2025 年 02 月 18 日 策略周报（20250210-20250214） ⚫ 市场流动性概况 R007 由 1.79%上升至 2.03%，较前期增加了 24.65 个 bp；DR007 由 1.76%上升至 1.94%，较前值上升 17.83 个 bp。R007 与 DR007 利差较前期增 加了 6.82 个 bp。此外，中美利差在本周减少了 6.83 个 bp。 本周资金净流入金额为-488.86 亿元，较上周减少了 748.15 亿元，其 中资金供给为-28.11 亿元，资金需求为 460.75 亿元。具体来看，资金供给 减少了 448.76 亿元，其中 ETF 净申购减少 301.71 亿元，融资净买入减少 了 132.69 亿元；资金需求增加 299.39 亿元。 ⚫ 行业板块流动性跟踪 本周大多数行业收益呈现上涨趋势，分行业来看，传媒和计算机行业 的涨幅较大，煤炭和国防军工行业下跌较多。本周银行、食品饮料等 5 个 板块杠杆资金净买入为负，其余行业杠杆资金均呈现净流入状态。本周食品 饮料、机械、通信等 5 个行业的陆股通重仓股主力呈现资金净流入状态， 其余 ...