中国人民银行（以下简称"央行"）12月9日公告表示，以固定利率、数量招标方式开展了1173亿元7天期逆回购操作。 | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融模定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场内态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 我要的话 | 关于我们 | | | | 首页 | ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Stock index and treasury bond volatility will increase. For stock index futures, the trading volume of the stock market has shrunk below 2 trillion yuan, the number of falling stocks has increased significantly, and there may be a shift in hot sectors. It is recommended to hold a small position of long IF contracts. For treasury bond futures, the central bank has continued to conduct net repurchases in reverse repurchase operations, the domestic market interest rate has declined from a low level, and the yield of 10-year treasury bonds has rebounded. It is recommended to hold a small position of short treasury bond contracts [119][121][122] Summary by Directory 1. Market Review - **1.1 Shanghai Stock Exchange 50 and CSI 300**: The Shanghai Stock Exchange 50 and CSI 300 were in high-level oscillations [9] - **1.2 CSI 500 and 10-year Treasury Bonds**: The CSI 500 fell from a high level, and treasury bond futures declined [14] 2. Market Momentum Analysis - **2.1.1 Trading Volume**: The trading volume of the Shanghai Stock Exchange 50 and CSI 300 declined, while the trading volume of the CSI 500 and CSI 1000 remained at a low level [20][24] - **2.1.2 Margin Trading Balance**: The margin trading balance exceeded 2.3 trillion yuan [28] - **2.1.3 Turnover Rate - Circulating Market Value**: The turnover rates of the Shanghai Stock Exchange 50 and CSI 300 declined, and the turnover rates of the CSI 500 and CSI 1000 declined significantly [31] - **2.2.1 CSI 300 Sector**: The sectors were relatively consistent [37] - **2.2.2 CSI 300 Sector ALPHA**: The ALPHA of the energy, materials, industry, and telecommunications sectors was positive, while the full-cycle ALPHA of the optional, consumer, pharmaceutical, and financial sectors was negative [41] - **2.3 Newly Listed Companies**: In November, the net increase in listed companies was 5 [47] - **2.4.1 Stock Index Positions**: Not detailed in the report - **2.4.2 Stock Index Premium or Discount**: Not detailed in the report - **2.5.1 Treasury Bond Trading - Positions**: Not detailed in the report - **2.5.2 Treasury Bond Basis - Cheapest-to-Deliver Bond**: Not detailed in the report 3. Fundamental Analysis - **3.1.1 Open Market Operations**: Not detailed in the report - **3.1.2 Treasury Bond Yield to Maturity - CSI**: The IRR of the next-quarter treasury bond futures (10-year) declined significantly, while the IRR of the next-quarter treasury bond futures (5-year) was stable [77][80] - **3.1.3 Interbank Repurchase Weighted Average Interest Rate**: The interbank repurchase weighted average interest rate declined slightly [84] - **3.1.4 Shibor**: The short-term Shibor declined slightly [87] - **3.2.1 CPI - PPI**: In October, the CPI was 0.2%, showing a slight rebound, and the PPI growth rate reached -2.1% [91] - **3.2.2 Manufacturing and Non-Manufacturing Activities**: In November, the PMI fell to 49.2, and the non-manufacturing PMI was 49.5, indicating weak economic recovery [96] - **3.3.1 Consumption Situation**: In October 2025, the year-on-year growth rate of total retail sales of consumer goods was 2.9%, and the consumption data increased slightly [98] - **3.3.2 Consumer Confidence**: Consumer confidence showed a downward trend [106] - **3.4.1 Overall Money Supply**: In October, the year-on-year growth rate of M2 was 8.2%, credit accelerated, and M1 was 6.2% [109] - **3.4.2 Newly Added RMB Loans**: In October, newly added RMB loans were 220 billion yuan [112] 4. Market Outlook - **Stock Index Futures**: The trading volume of the stock market has shrunk below 2 trillion yuan, the number of falling stocks has increased significantly, and there may be a shift in hot sectors. It is recommended to hold a small position of long IF contracts [121] - **Treasury Bond Futures**: The central bank has continued to conduct net repurchases in reverse repurchase operations, the domestic market interest rate has declined from a low level, and the yield of 10-year treasury bonds has rebounded. It is recommended to hold a small position of short treasury bond contracts [122]

星展 银行经济学家Radhika Rao表示，由于信号相互矛盾，市场对印度央行周五的利率决议存在分歧。 Rao认为，印度央行的行动将取决于政策制定者对低于目标的通胀（这使得实际利率缓冲保持在相当大 的水平）或强劲的第二季度经济增长报告的权衡。该行基线情景是温和降息，其前提是2026财年的通胀 路径不仅比印度央行的预测低50至60个基点，而且已经低于2%-6%的目标区间。尽管有降息基础，但卢 比本周的剧烈波动为利率决定注入了不确定性。Rao认为印度央行将会避免提供明确的货币方向指引， 她预计，关于潜在的公开市场操作的公告，可能会在利率决议时间线之外发布。 ...

国债期货日报 2025/12/3 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.040 | 0.06% T主力成交量 | 78429 | 2853↑ | | | TF主力收盘价 | 105.850 | 0.07% TF主力成交量 | 65002 | 9461↑ | | | TS主力收盘价 | 102.420 | 0.03% TS主力成交量 | 258 ...

与此同时，公开市场操作方面，11月，公开市场国债买卖净投放500亿元，中央国库现金管理净投放800 亿元，其他期限逆回购净投放5000亿元。 中国人民银行官网今天发布2025年11月中央银行各项工具流动性投放情况。数据显示，11月，中期借贷 便利(MLF)净投放1000亿元，抵押补充贷款(PSL)净投放254亿元，其他结构性货币政策工具净投放1150 亿元。 ...

智通财经APP获悉，12月2日，中国央行发布2025年11月中央银行各项工具流动性投放情况，其中11月 公开国债买卖净投放500亿元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 本文编选自中国人民银行，智通财经编辑：陈雯芳。 ...

经济观察网央行今日开展1076亿元7天逆回购操作，操作利率为1.40%，与此前持平。因今日有3387亿 元7天期逆回购到期，当日实现净回笼2311亿元。 ...

Group 1 - The People's Bank of China conducted a 301.3 billion yuan 7-day reverse repo operation, resulting in a net withdrawal of 73.7 billion yuan due to 375 billion yuan of reverse repos maturing on the same day [1] - This week, the People's Bank of China has conducted a total of 1,511.8 billion yuan in 7-day reverse repo operations and 1,000 billion yuan in 1-year Medium-term Lending Facility (MLF) operations, leading to a total net withdrawal of 64.2 billion yuan for the week [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 1.30 basis points to 1.3010%, while the 7-day Shibor increased by 1.20 basis points to 1.4370% [1][2] Group 2 - In the interbank pledged repo market, short-term funding prices remained stable, with DR001 and R001 showing divergent trends, leading to an expanded interest rate spread [5] - The weighted average rates for DR001 and R001 decreased by 0.8 basis points and increased by 5.5 basis points, respectively, with transaction volumes decreasing significantly [5] - The overall funding situation remained balanced and slightly loose, with overnight repo rates fluctuating between 1.45% and 1.57% during the trading day [8]

Core Points - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation amounting to 301.3 billion yuan, with a bidding amount and winning amount also at 301.3 billion yuan, maintaining an operation interest rate of 1.40% [1] - On the same day, 375 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 73.7 billion yuan [1] - For the week, the PBOC executed 1,511.8 billion yuan in 7-day reverse repos and 1,000 billion yuan in 1-year Medium-term Lending Facility (MLF) operations, with 1,676 billion yuan of 7-day reverse repos and 900 billion yuan of 1-year MLF maturing, leading to a net withdrawal of 64.2 billion yuan for the week [1]

新华财经北京11月21日电 人民银行21日开展3750亿元7天期逆回购操作，鉴于当日有2128亿元7天期逆回购到期，公开市场实现净投放1622亿元。本周人 民银行共开展16760亿元7天期逆回购操作和8000亿元买断式逆回购操作，因当周有11220亿元7天期逆回购到期，公开市场合计实现净投放5540亿元。 上海银行间同业拆放利率（Shibor）短期品种全线下行。具体来看，隔夜Shibor下跌4.0BP，报1.3200%；7天Shibor下跌4.30BP，报1.4170%；14天Shibor 下跌2.4BP，报1.5220%。 上海银行间同业拆放利率（11月21日） | | 期限 | Shibor(%) | 涨跌(BP) | | --- | --- | --- | --- | | | O/N | 1.3200 | 4.40 | | 中 | 1W | 1.4170 | 4.30 | | 4 | 2W | 1.5220 | 2.40 | | 中 | 1M | 1.5190 | 0.10 | | 1 | 3M | 1.5780 | 0.10 | | 1 | 6M | 1.6200 | 0.00 | | | 9M | ...