央行官网开设中央银行各项工具操作情况栏目 金十数据6月5日讯，央行在官网开设中央银行各项工具操作情况栏目，并更新了2025年5月中央银行各 项工具流动性投放情况。该栏目公布了三大类九种工具的月度投放和回笼情况。根据该栏目公布数据， 2025年5月准备金净投放10000亿元，常备借贷便利（SLF）净投放5亿元，中期借贷便利（MLF）净投 放3750亿元，中央国库现金管理净投放2400亿元。 （金融时报） ...

宏观金融数据日报 投资咨询业务资格:证监许可【2012】31号 【C 国贸易所得 国贸期货研究院 宏观金融研究中心 郑雨婷 期货执业证号:F3074875: 投资咨询证号: Z0017779 2025/6/5 导人将开展电话通话,讨论贸易政策。股指连续两日反弹,但未突破关 键压力位,市场成交量并未明显放量。 当前国内因素对股指的驱动力度不强,经济数据、高频地产消费和价 格数据无明显亮点,同时,继5月7日央行推出一揽子货币政策支持政策 后,国内政策层面处于相对真空期,短期内国家队护盘的必要性或有所 减弱。海外变量主导股指的短期波动,但特朗普政府形式风格多变,关 税政策仍面临较大不确定性。策略上,鉴于海外因素不确定性较大,期 指操作建议以观望为主,谨慎追涨。 | | 项目 | 当月合约 | 下月合约 | 当季合约 | 下季合约 | | --- | --- | --- | --- | --- | --- | | नेत 贴 | IF升贴水 | 15.53% | 14.05% | 0.02% | 6.60% | | 水 | IH升贴水 | 14. 60% | 14.62% | 6.77% | 3.65% | | 情 ...

今日早盘，被市场吹爆的港股三宝：老铺黄金、蜜雪集团、泡泡玛特集体大跳水。老铺黄金一度跌超 7%。蜜雪集团一度跌超4.7%。蜜雪集团早盘创新高后跳水，一度跌超3%。与此同时，A股市场的相关 概念股亦跟随杀跌，珠宝首饰、美容护理、减肥药等跌幅居前。分析人士认为，从历史来看，一旦各投 资群都在谈论某个概念、某个板块，一旦出现各种"劝降书"，这类热门题材基本上就会见顶。而值得注 意的是，近期整个市场的成交量并未明显放大，在这种背景之下，题材的持续性往往会面临考验。建银 国际也表示，香港市场流动性趋紧需谨慎料恒指24000点遇阻力。(券商中国) ...

Group 1: Market Overview - The Hang Seng Index is expected to break through 24,000 points due to continuous capital inflow, with a recent increase of 496 points or 2.1% [3] - The Hang Seng Index closed at 23,654, up 141 points or 0.6%, with a total market turnover exceeding 2,126.87 million [3] - Major stocks such as Tencent and Meituan saw increases of 1.4% and 3% respectively, while AIA and Ping An experienced declines of 1.4% [3] Group 2: Bond Market Developments - The Hong Kong government successfully priced approximately 27 billion in green and infrastructure bonds, attracting global investors with a total subscription amount of about 237 billion, which is approximately 3.3 times the issuance amount [6][7] - The issuance includes various currencies, with notable yields such as 3.85% for a 30-year infrastructure bond and 2.6% for a 20-year green bond [6] - The issuance aims to support sustainable projects and infrastructure development, reflecting strong investor confidence in Hong Kong's fiscal stability [7][11] Group 3: Corporate News - Contemporary Amperex Technology Co., Ltd. (CATL) has partnered with APM Terminals to accelerate the electrification of container handling equipment, marking a significant step towards decarbonizing the port industry [10] - The collaboration will focus on battery lifecycle management and aims to reduce greenhouse gas emissions at ports [10] - Aoyuan Group reported a 44% year-on-year decline in pre-sale amounts for May, totaling approximately 930 million, with a cumulative drop of 48.29% for the first five months of the year [12]

FICC日报 | 2025-06-05 美国5月ADP数据不及预期，关注非农数据验证 市场分析 商品后续关注基本面的传导，长期关注滞胀配置。从2018年的关税复盘来看，加征关税事件呈现先交易需求下行， 后交易通胀上升，对于黑色、有色等工业品需要警惕来自美股调整的情绪冲击。而农产品需求相对稳定，关税带 来的价格上行波动概率更大。能源方面，6月初的产量会议上，欧佩克再次决定7月份当月增加41.1万桶/日的配额， 在4月至7月四个月期间将配额增加近135万桶/日，然而实际产量却远不及预期，不管是产量与船期数据，均显示截 止6月初欧佩克没有丝毫的增产迹象，短期能源围绕增产事实博弈，中期基本面供给偏宽松看待。俄罗斯国家杜马 国际事务委员会主席斯卢茨基表示，俄乌第三轮谈判极有可能于6月底在伊斯坦布尔举行。黄金继续关注低位的机 会。 关注经济事实验证。4月国内数据好坏参半，4月出口整体略超预期，但转口支撑的特征明显，叠加中美关税缓和， 短期出口有支撑；但4月投资数据有所走弱，尤其是地产边际压力再增；4月财政收入和支出同步回升，收入主要 受到土地出让金的支撑；同时消费也略有承压。面对关税下的外需压力和内部的稳增长诉求，关注财 ...

流动性日报 | 2025-06-05 市场流动性概况 2025-06-04，股指板块成交3510.02亿元，较上一交易日变动-9.91%；持仓金额9276.20亿元，较上一交易日变动 -2.07%；成交持仓比为37.50%。 国债板块成交2781.34亿元，较上一交易日变动+6.39%；持仓金额7695.74亿元，较上一交易日变动+0.74%；成交持 仓比为37.09%。 基本金属板块成交2682.67亿元，较上一交易日变动+42.56%；持仓金额3756.33亿元，较上一交易日变动+1.84%； 成交持仓比为107.90%。 贵金属板块成交3696.17亿元，较上一交易日变动+31.43%；持仓金额4487.30亿元，较上一交易日变动+0.96%；成 交持仓比为76.15%。 能源化工板块成交4606.13亿元，较上一交易日变动+38.32%；持仓金额3633.41亿元，较上一交易日变动-0.86%； 成交持仓比为106.47%。 农产品板块成交2923.50亿元，较上一交易日变动+3.86%；持仓金额5173.02亿元，较上一交易日变动-0.59%；成交 持仓比为47.31%。 黑色建材板块成交2788. ...

Group 1 - The core viewpoint of the articles highlights a surge in technology company listings in the Hong Kong stock market since Q2 2025, reinforcing Hong Kong's position as a global technology capital hub [1] - Multiple technology sectors, including internet, new energy vehicles, and biomedicine, are seeing increased listings, indicating a robust interest from global investors [1] - The Hong Kong Stock Exchange is actively reforming its listing system to provide a "fast-track approval" process for eligible companies, further attracting international attention [1] Group 2 - Short-term pressure on the Hong Kong stock market is anticipated due to tariff expectations, particularly with potential actions from the Trump administration to bypass federal court rulings [1] - Despite short-term challenges, there is a relatively optimistic long-term outlook for the Hong Kong technology sector, supported by strong performance in AI upstream computing power and servers [1] - The Hang Seng Technology Index experienced a single-day increase of 2.46% due to a U.S. International Trade Court ruling, but later retraced gains due to tariff policy concerns, indicating market sensitivity to U.S.-China policies [1] Group 3 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which includes 30 large-cap technology companies with significant R&D investment and good revenue growth [1] - The index aims to reflect the overall performance of listed technology companies within the Hong Kong Stock Connect framework, focusing on high-tech industries such as information technology and telecommunications [1]

Group 1: Central Bank Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 214.9 billion yuan at a fixed rate of 1.40% on June 4, with the bid and awarded amounts being equal [1] - On the same day, 215.5 billion yuan in reverse repos matured, resulting in a net withdrawal of 600 million yuan, indicating a relatively small scale of operation [1] - This operation reflects the central bank's flexible and precise liquidity management, helping to maintain balance in market liquidity and avoid excessive accumulation or shortage of funds [1] Group 2: European Central Bank Approval - The European Central Bank officially approved Bulgaria's application to adopt the euro, making it the 21st member of the Eurozone, with plans to start using the euro on January 1, 2026 [2] - The European Commission highlighted that joining the Eurozone will benefit Bulgaria by stabilizing prices, reducing transaction costs, protecting savings, increasing investment, and promoting trade [2] - To successfully integrate into the Eurozone, Bulgaria needs to implement strong policies to enhance economic competitiveness and resilience [2] Group 3: Trust Industry Growth - The China Trust Industry Association reported that the total trust assets reached 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan from the end of 2023, representing a year-on-year growth of 23.58% [3] - This growth is attributed to the trust industry's transition towards a more diversified and professional asset service model, moving away from traditional non-standard financing [3] - The significant change in asset scale reflects the industry's proactive adjustment to market demand under the "three classifications" business transformation [3] Group 4: U.S. Economic Pressure - Following disappointing ADP employment data for May, which showed an increase of only 37,000 jobs compared to an expected 110,000, President Trump urged Federal Reserve Chair Powell to lower interest rates [4] - The employment growth rate in May was the lowest since March 2023, putting pressure on the Federal Reserve regarding its monetary policy [4] - Trump argues that not lowering interest rates puts the U.S. at an economic disadvantage, while the Federal Reserve maintains its policy independence based on economic data and analysis [4] Group 5: Corporate Name Change - Recently, the company formerly known as Jiexin Consumer Finance officially changed its name to Tianjin JD Consumer Finance Co., Ltd., indicating a significant corporate restructuring [5] - The registered capital was reduced from 7 billion yuan to 5 billion yuan, and new shareholders were added, including JD's subsidiaries [5] - This name change signifies the completion of the equity restructuring and is expected to enhance JD's customer service capabilities and promote healthy development in the platform economy [5]

资金与银行负债，谁影响谁？ ——2025 年 6 月流动性展望 [Table_ReportTime] 2025 年 6 月 4 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3资金与银行负债，谁影响谁？ 请阅读最后一页免责声明及信息披露 http://www.cindasc.com3 ——2025 年 6 月流动性展望 [Table_ReportDate] 2025 年 6 月 4 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 4 月超储率环比下降 0.1pct 至 0.9%，低于我们此前 ...

Group 1: Core Argument - The World Gold Council has proposed that the Basel Committee on Banking Supervision (BCBS) recognize gold as a High-Quality Liquid Asset (HQLA) due to its strong liquidity and orderly market conditions, especially in light of recent market volatility caused by U.S. trade policy uncertainties [2][3][7]. Group 2: Market Dynamics - Major asset management firms on Wall Street are increasingly avoiding long-term U.S. Treasury bonds due to concerns over the growing U.S. budget deficit and debt burden, leading them to favor shorter-term bonds instead [3][6]. - The average daily trading volume of gold in the London Bullion Market Association (LBMA) has been higher than that of 7-10 year and 20-year U.S. Treasuries, indicating gold's strong liquidity [7]. Group 3: Regulatory Considerations - There are significant uncertainties regarding whether BCBS will classify gold as HQLA, as some Western central banks fear it could negatively impact the demand for sovereign bonds from the U.S. and Europe [4][9]. - The implementation of Basel III regulations has been delayed in the EU and the UK, which may further postpone any decision on gold's HQLA status [10]. Group 4: Investment Sentiment - Despite uncertainties about gold's HQLA status, global investment institutions continue to show strong interest in gold, driven by geopolitical tensions and inflation concerns [11][14]. - The recent increase in gold prices has been attributed to rising geopolitical risks and inflationary pressures, with some hedge funds adjusting their strategies to capitalize on potential price increases [12][14]. Group 5: Future Outlook - Analysts suggest that if gold is recognized as HQLA, it could significantly alter liquidity asset allocation strategies among global asset managers, potentially reducing demand for U.S. Treasuries [9][14]. - The ongoing geopolitical uncertainties and economic conditions are expected to sustain or increase the demand for gold as a safe-haven asset in the coming months [8][15].