Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The central bank uses short - and medium - term liquidity management tools to keep mid - year liquidity reasonably abundant. Short - term fluctuations in stock indices are dominated by overseas factors. The results of short - term Sino - US trade negotiations are relatively positive, leading to a relatively strong market oscillation. However, caution is needed regarding the repeated signals of Sino - US tariffs when operating [4][6] 3. Summary by Relevant Catalog 3.1 Monetary Market - **Interest Rates**: DRO01 closed at 1.37 with a 0.48bp increase, DR007 at 1.53 with a 2.13bp increase, GC001 at 1.53 with a 2.00bp increase, GC007 at 1.58 with a 2.50bp increase. SHBOR 3M was 1.64 with a - 0.30bp change, LPR 5 - year was 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.41 (-0.50bp), 1.50 (-0.60bp), and 1.64 (-1.45bp) respectively, and 10 - year US treasury bonds were at 4.47 (-2.00bp) [3] - **Central Bank Operations**: The central bank conducted 1640 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 2149 billion yuan of reverse repurchases maturing, the net withdrawal was 509 billion yuan. This week, 9309 billion yuan of reverse repurchases will mature in the central bank's open market, with 1265 billion and 1350 billion yuan maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Futures Market - **Stock Index Performance**: The CSI 300 rose 0.75% to 3894.6, the SSE 50 rose 0.59% to 2692.1, the CSI 500 rose 0.61% to 5792.9, and the CSI 1000 rose 0.4% to 6186.5. The trading volume of the two markets was 12555 billion yuan, a decrease of 1599 billion yuan from the previous day. Most industry sectors closed higher [5] - **Futures Contracts**: For futures contracts, IF, IH, IC, and IM of the current - month contracts had certain price changes and volume/position changes. For example, IF current - month contract rose 1.0%, its trading volume increased 13.3%, and its open interest increased 5.1% [5] - **Premium and Discount Situation**: The premium and discount rates of IF, IH, IC, and IM contracts for different delivery months are provided. For example, the IF current - month contract had a premium rate of 16.48% [7]

英国央行官员：银行应准备改变流动性管理方式 金十数据6月11日讯，英国央行高级官员Vicky Saporta周三表示，在英国运营的银行应准备改变其流动 性管理方式，并更多地利用英国央行的工具，因英国央行正在进行的债券出售和其他贷款偿还消耗了流 动性。Saporta说，英国央行估计，金融体系最早可能在明年第二季度达到其"首选的最低准备金范 围"。"企业现在必须充分考虑不断变化的流动性环境，以及在此基础上寻找储备的计划，" Saporta在芬 兰央行发表讲话时表示。她补充称："这意味着定期从英国央行借入更多资金，考虑它们的市场准入， 定期测试业务，并积极考虑预先配置的抵押品水平。" ...

英国央行审慎政策执行主管Saporta：企业不应假设未来将继续以当前方式使用我们的流动性工具。 ...

央行公告称，6月11日以固定利率、数量招标方式开展了1640亿元7天期逆回购操作，操作利率1.40%。 Wind数据显示，当日2149亿元逆回购到期，据此计算，单日净回笼509亿元。 资金面方面，央行公开市场周二再度转为净回笼，不过无碍银行间市场资金宽松格局，存款类机构隔夜质 押式回购加权利率进一步下行来到1.35%关口附近，并创2024年12月以来新低;非银机构质押信用债融入隔 夜价格在1.48%-1.50%附近，较昨日变动不大。交易员表示，市场流动性偏暖且整体可控，在央行逆回购精 准投放与财政支出共同作用下，资金利率有望维持低位，年中流动性料延续均衡偏松。 6月5日央行发布公开市场买断式逆回购招标1号公告，并在官网开设央行各项工具操作情况栏目，更新了5 月各项工具流动性投放情况。市场分析普遍认为，此次操作不仅是年内规模性流动性投放的关键举措，更 以"月初公告+新设专栏披露"的形式，展现央行稳定资金面、强化政策透明度的双重决心。 央行公告称，为保持银行体系流动性充裕，6月6日将以固定数量、利率招标、多重价位中标方式开展10000 亿元买断式逆回购操作，期限为3个月(91天)。值得注意的是，该公告为公开市场买 ...

Report Summary 1. Market Investment Rating - No investment rating information is provided in the report. 2. Core View - Domestic factors have a weak driving force on the stock index, with a weak fundamental performance and a relatively policy - vacuum situation. Overseas variables dominate the short - term fluctuations of the stock index. Short - term positive signals in Sino - US economic and trade relations are expected to boost the equity market, and the stock index is expected to run strongly in the short term. However, be vigilant about the repeated signals of Sino - US tariffs and be cautious about chasing up [7]. 3. Summary by Content Money Market - DRO01 closed at 1.38, down 3.50bp; DR007 closed at 1.51, down 1.97bp; GC001 closed at 1.43, down 2.00bp; GC007 closed at 1.55, down 1.00bp; SHBOR 3M closed at 1.65, down 0.20bp; LPR 5 - year closed at 3.50, down 10.00bp; 1 - year treasury bond closed at 1.41, unchanged; 5 - year treasury bond closed at 1.50, up 0.45bp; 10 - year treasury bond closed at 1.66, up 0.25bp; 10 - year US treasury bond closed at 4.51, up 11.00bp [4]. - The central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations yesterday, with an operating rate of 1.40%. There were no reverse repurchase maturities on the same day, resulting in a net investment of 173.8 billion yuan [4]. - This week, 930.9 billion yuan of reverse repurchases in the central bank's open market will mature. After the bank assessment at the beginning of the month, the money market has become looser. The central bank uses medium - and short - term liquidity management tools to maintain a reasonable and sufficient liquidity at the end of the year [5]. Stock Index Market - The CSI 300 rose 0.29% to 3885.2; the SSE 50 fell 0.08% to 2686.8; the CSI 500 rose 0.76% to 5805.7; the CSI 1000 rose 1.07% to 6219. The trading volume of the two markets in Shanghai and Shenzhen was 1.2864 trillion yuan, an increase of 134.4 billion yuan from the previous trading day. Most industry sectors rose, with chemical pharmaceuticals, biological products, medical services, household light industry, small metals, batteries, and diversified finance leading the gains, while only railway and highway, and precious metals sectors fell [6]. - The trading volume and open interest of stock index futures increased. IF trading volume was 88,193, up 37.8; IF open interest was 242,722, up 6.7; IH trading volume was 44,361, up 27.2; IH open interest was 84,420, up 7.6; IC trading volume was 76,382, up 42.4; IC open interest was 220,628, up 6.1; IM trading volume was 172,233, up 27.4; IM open interest was 324,544, up 3.2 [6]. Inflation and Foreign Trade Data - In May, the CPI decreased by 0.2% month - on - month and 0.1% year - on - year, and the core CPI increased by 0.6% year - on - year. The PPI decreased by 0.4% month - on - month, with the same decline as last month, and decreased by 3.3% year - on - year, with the decline expanding by 0.6 percentage points compared to last month [7]. - In May, China's exports (in US dollars) increased by 4.8% year - on - year (the previous value was 8.1%); imports decreased by 3.4% (the previous value was a 0.2% decrease); the trade surplus was 103.22 billion US dollars, compared with a previous trade surplus of 96.18 billion US dollars. Tariff policies continue to have a structural impact on exports, with direct exports to the US continuing to decline, while exports to non - US countries show a significant year - on - year increase due to "re - export trade", offsetting some of the impact of direct trade with the US [7]. Stock Index Futures Premium and Discount Situation - The premium and discount rates of IF, IH, IC, and IM contracts in different periods are provided, including the current month, next month, current quarter, and next quarter contracts [8].

Q&A 如何看待上周同业存单的行情及其对未来利率走势的影响？ 上周同业存单的行情表现出明显的变化，主要体现在发行放量和情绪缓释两个 方面。首先，存单发行量显著增加，表明市场需求未受到提价影响。其次，流 动性改善和市场预期共振使得长端交易迎来一波行情。具体来看，一年期工行 存单价格在 1.7 附近见顶后，风险已明显缓释。尽管未来几个月存在净融资压 力，但需求端若能跟上，则整体风险扩散问题不大。此外，大行增量买入短期 国债也对短端利率品种产生积极影响，使得短期国债情绪有所缓解。 近期大行对于短期国债买入行为背后的原因是什么？ 固收 存单见顶，利率抢跑 20250609 摘要 市场预期共振推动长端利率下行，一年期工行存单价格见顶，风险缓释。 未来净融资压力存在，但需求端若能跟上，整体风险可控。大行增量买 入短期国债，缓解短端利率品种压力。 大行增量买入短期国债或为组合调整，应对 5 月被动配置压力及 6 月政 府债券发行规模缓解，平衡久期。此举受央行政策影响，也反映投资策 略调整，改善短端情绪。 未来流动性管理和资金价格中枢有望超预期宽松，基于央行超额流动性 投放及银行负债端修复。预计 6 月或三季度有再贷款和 P ...

Group 1 - The 0-4 local government bond ETF (159816) has seen a 2 basis points increase, marking its sixth consecutive rise, with the latest price at 113.61 yuan [1] - The ETF has demonstrated active trading with a turnover of 216.62% and a transaction volume of 3.844 billion yuan, indicating a vibrant market [1] - The average daily transaction volume for the ETF over the past month was 2.219 billion yuan as of June 6 [1] Group 2 - Recent market recovery in the bond sector is attributed to several factors, including a balanced and loose liquidity environment, with the central bank's unexpected front-loaded reverse repo operations signaling support for liquidity [1][2] - The anticipation of a potential restart of government bond trading has positively influenced short-term instruments, prompting institutional investors to act [1] - The conversation between the Chinese and U.S. presidents has also contributed to the overall favorable conditions for the bond market, despite uncertainties in trade negotiations [1] Group 3 - The People's Bank of China has announced a front-loaded reverse repo operation, reinforcing its supportive stance on liquidity, which aims to alleviate pressure on bank liabilities and address liquidity gaps [1][2] - The central bank's recent policy measures, including a 0.5 percentage point reserve requirement ratio cut and continued MLF operations, have created a comprehensive liquidity management framework [2] - These measures have led to a gradual decline in the central tendency of funding rates, positively impacting the short-term bond market [2] Group 4 - The 0-4 local government bond ETF closely tracks the CSI 0-4 Year Local Government Bond Index, which consists of non-directional local government bonds with a remaining maturity of four years or less [2][3] - The index is calculated using market capitalization weighting to reflect the overall performance of local government bonds within the specified maturity range [2]

Group 1 - The report highlights a positive outlook for the consumption service industry, technology, and cyclical leaders, driven by macroeconomic expectations and microeconomic improvements. Key indicators show a slight recovery in manufacturing PMI and industrial output growth, suggesting potential for cost reductions in midstream manufacturing leaders and value in undervalued sectors like petrochemicals and new consumption [9][10][11] - In the domestic equity market, growth stocks outperformed financials, cyclicals, and consumer sectors, with an average daily trading volume of 1.1857 trillion yuan, indicating increased market activity and risk appetite [12][20] - The report notes that 25 out of 31 sectors in the Shenwan classification saw gains, with telecommunications, non-ferrous metals, and electronics leading the way, while household appliances and food and beverage sectors experienced declines [20][23] Group 2 - The report discusses the liquidity management strategy of the central bank, which is focused on maintaining stability by "shortening and lengthening" liquidity provisions. This includes net withdrawals through OMO and reverse repos, indicating a balanced approach to short and long-term liquidity [10][21][22] - It mentions that the yields on government bonds have slightly decreased due to ample liquidity, with 1-year and 10-year government bond yields at 1.41% and 1.65%, respectively, reflecting a stable interest rate environment [12][25] - The report also highlights the fluctuations in U.S. Treasury yields, which are influenced by contrasting employment data, with 2-year and 10-year Treasury yields rising to 4.04% and 4.51%, respectively, indicating market sensitivity to economic indicators [28][29] Group 3 - The report provides insights into the performance of major commodities, noting that crude oil, gold, copper, and aluminum prices have increased, driven by easing trade relations and OPEC+ production adjustments [12][13][32] - It highlights the significant rebound in crude oil prices, which reached $64.58 per barrel, and the increase in U.S. crude oil production to 13.41 million barrels per day, reflecting a robust energy sector [32][39] - The report also discusses the dynamics of the gold market, with the People's Bank of China increasing its gold reserves for seven consecutive months, impacting gold prices amid expectations of U.S. interest rate cuts [12][13][32]

Group 1 - The central bank's announcement of a large-scale reverse repurchase operation at the beginning of June is aimed at alleviating market concerns regarding the upcoming maturity of 4.2 trillion yuan in interbank certificates of deposit (CDs) [1][2][3] - The operation involves a 1 trillion yuan reverse repurchase agreement with a term of three months, which is expected to enhance liquidity in the banking system [2][4] - Analysts believe that the central bank's proactive measures are intended to stabilize market confidence and prevent liquidity tightening, especially with significant CD maturities approaching [3][6] Group 2 - The weighted average issuance rate of interbank CDs has shown initial signs of decline, with a drop from 1.82% to 1.80% recently, indicating a potential easing of market pressures [3][4] - The upcoming week is critical for observing the performance of the interbank CD market, as over 1.2 trillion yuan in CDs will mature, marking the largest single-week maturity volume in history [7] - Despite the pressures from maturing CDs, factors such as increased fiscal spending and seasonal inflows of wealth management funds may help mitigate the outflow of bank deposits [7][8] Group 3 - The central bank's liquidity management strategy may involve increasing medium-term lending facility (MLF) operations to offset the impact of maturing reverse repos, indicating a flexible approach to maintaining liquidity [8] - The market is expected to experience fluctuations due to various factors, including tax payment periods and the maturity of approximately 930 billion yuan in reverse repos [8] - The central bank's clear stance on liquidity support suggests that the funding environment is likely to remain stable despite the anticipated disturbances [8]

Global Market Overview - Global stock markets rose overall, with Hong Kong and US stocks leading the gains[1] - Major commodities such as crude oil, gold, copper, and aluminum also saw price increases[1] - The US dollar index fell slightly, while the offshore RMB and euro appreciated, and the yen depreciated[1] Domestic Equity Market - As of June 6, the average daily trading volume in the domestic equity market was 11,857 billion RMB, up from 10,699 billion RMB[2] - Among the 31 sectors tracked, 25 sectors rose, with telecommunications (+5.27%), non-ferrous metals (+3.74%), and electronics (+3.60%) leading the gains[2] - Conversely, household appliances (-1.79%), food and beverage (-1.06%), and transportation (-0.54%) saw declines[2] Interest Rates and Currency Exchange - The People's Bank of China adopted a "short-term collection and long-term release" liquidity management strategy, leading to a decrease in short-term liquidity demand[2] - The 1Y government bond yield fell by 4.5 basis points to 1.41%, while the 10Y yield decreased by 1.65 basis points to 1.6547%[1] - The offshore RMB appreciated by 0.25% against the US dollar, closing at 7.1885[2] Economic Indicators - The manufacturing PMI for April was 49%, down 1.5 percentage points month-on-month, but rose by 0.5 percentage points in May[2] - The industrial added value for large-scale industries grew by 6.1% year-on-year, while the profits of industrial enterprises increased by 3.0% year-on-year in April[2] - The S&P Global Manufacturing PMI fell from 49.8 in April to 49.6 in May, indicating a contraction in manufacturing output globally[2] Commodity Trends - Crude oil prices rebounded significantly due to easing trade relations and OPEC+ moderate production increases[1] - The average daily retail sales of passenger cars increased by 14.63% month-on-month to 62,300 units[1] - The Baltic Dry Index (BDI) rose by 15.2% week-on-week, indicating improved shipping demand[1]