Group 1 - The People's Bank of China conducted a 135 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 92 billion yuan after 43 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by 11.7 basis points to 1.5370%, while the 7-day Shibor rose by 1.70 basis points to 1.5620% [1][2] - The 14-day Shibor increased by 5.30 basis points to 1.6540% [1][2] Group 2 - In the interbank pledged repo market, the 14-day rate saw a slight increase, with the weighted average rates for DR001 and R001 decreasing by 9.4 basis points and 7.0 basis points, respectively, while the rates for DR007 and R007 showed mixed movements [4] - The transaction volume for DR001 increased by 53.3 billion yuan, while R001's transaction volume decreased by 128.8 billion yuan [4] - The weighted average rates for DR014 and R014 rose by 2.3 basis points and 8.0 basis points, respectively, with transaction volumes showing a decrease for DR014 and an increase for R014 [4] Group 3 - As of May 19, 46 interbank certificates of deposit were issued, with an actual issuance amount of 41.24 billion yuan [8] - The primary market for certificates of deposit remained balanced, with trading volumes concentrated in the 3-month and 6-month maturities [9] - The yield on 1-month and 9-month certificates remained stable, while the 3-month and 6-month yields showed slight declines [9] Group 4 - In April 2025, banks settled 1.5408 trillion yuan and sold 1.5715 trillion yuan in foreign exchange, with cumulative figures from January to April showing settlements of 5.3373 trillion yuan and sales of 5.7815 trillion yuan [11] - The Ministry of Finance and the Financial Regulatory Bureau issued a notice to accelerate the digital development of bank confirmations, emphasizing the need for improved platform construction and operational security [11]

隔夜shibor报1.5370%，下跌11.7个基点；7天shibor报1.5620%，上涨1.7个基点；3个月shibor报 1.6450%，下跌0.2个基点。点击查看>> 相关链接 ...

隔夜shibor报1.6540%，上涨25.0个基点；7天shibor报1.5450%，上涨4.8个基点；3个月shibor报 1.6470%，上涨0.2个基点。点击查看>> 相关链接 ...

隔夜shibor报1.4040%，下跌0.1个基点；7天shibor报1.4970%，下跌0.4个基点；3个月shibor报1.6450%， 下跌0.8个基点。点击查看>> 相关链接 ...

证券研究报告 2025年05月15日 策略报告：投资策略专题 ——普林格与盈利周期跟踪 宽货币宽信用，社融脉冲新高 作者： 分析师 吴开达 SAC执业证书编号：S1110524030001 分析师 林晨 SAC执业证书编号：S1110524040002 联系人 汪书慧 请务必阅读正文之后的信息披露和免责申明 1 摘要 1）判断业绩拐点是市场能否走出寻底期的核心矛盾，市场底通常领先业绩拐点1-2个季度出现。当经济周期处于普林格阶 段2-4时（即同步指标上行阶段），股票均有不错的表现。2）普林格同步指标是核心，但需要结合先行指标共同判断。首 先由于同步指标的拐点落后于指数底部，并且仅依靠同步指标，需要更长的时间来验证（至少还需要1-2个月的回升才能 确认低点），对市场判断会出现偏误。因此，我们认为结合先行指标来判断，对于经济底部的判断会提高前瞻性。突破寻 底期的关键在于M1回升的持续性，居民中长贷才是更加核心的指标。居民中长贷顶部往往领先企业中长贷，底部通常比较 接近。并且权益市场寻底期时这两项在同比意义上均出现回升。3）更高频的先行指标要落到资金价格。狭义流动性资金 价格触底企稳是市场出现底部的充分不必要条件。 ...

隔夜shibor报1.4220%，下跌7.5个基点；7天shibor报1.4960%，下跌2.3个基点；3个月shibor报1.6720%， 下跌2.4个基点。点击查看>> 相关链接 ...

隔夜shibor报1.5390%，下跌11.8个基点；7天shibor报1.5940%，下跌6.7个基点；3个月shibor报 1.7200%，下跌1.7个基点。点击查看>> 相关链接 ...

| | Term | Shibor(%) | Change(BP) | | --- | --- | --- | --- | | | O/N | 1.5390 | 11.80 | | 中 | 1W | 1.5940 | 6.70 | | 山 | 2W | 1.6800 | 4.50 | | 中 | 1 M | 1.7020 | 1.70 | | | 3M | 1.7200 | 1.70 | | 中 | 6M | 1.7290 | 1.70 | | 中 | 9M | 1.7290 | 2.30 | | | 1Y | 1.7350 | 1.70 | 3个月SHIBOR报1.7200%，下降1.70个基点。 隔夜SHIBOR报1.5390%，下降11.80个基点。 7天SHIBOR报1.5940%，下降6.70个基点。 ...

隔夜shibor报1.6570%，下跌4.5个基点；7天shibor报1.6610%，下跌4.6个基点；3个月shibor报1.7370%， 下跌1.1个基点。点击查看>> 相关链接 ...

3个月SHIBOR报1.7370%，下降1.10个基点。 | | 最新Shibor | | | 上海银行间同业拆放利率简介 | | --- | --- | --- | --- | --- | | | 期限 | Shibor(%) | | 2025-05-07 11:00 涨跌(BP) | | t | O/N | 1.6570 | | 4.50 | | ↑ | 1W | 1.6610 | V | 4.60 | | 1 | 2W | 1.7250 | | 1.20 | | や | 1M | 1.7190 | | 1.30 | | 中 | 3M | 1.7370 | | 1.10 | | t | 6M | 1.7460 | | 1.10 | | ↑ | 9M | 1.7520 | V | 1.30 | | | 1Y | 1.7520 | | 1.30 | 隔夜SHIBOR报1.6570%，下降4.50个基点。 7天SHIBOR报1.6610%，下降4.60个基点。 ...