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].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 跨月资金利率平稳——流动性和机构行为周 报告要点 [Table_Summary] 2025 年 5 月 26 日-5 月 30 日，央行公开市场净投放资金，跨月资金利率整体平稳。2025 年 5 月 26 日-6 月 1 日，政府债净融资规模提升；同业存单小幅净融资，同业存单到期收益率多数 上升；银行间债券市场杠杆率小幅提升。2025 年 6 月 2 日-6 月 8 日政府债预计净融资-448 亿 元。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 央行净投放资金，维护跨月资金面。2025 年 5 月 26 日-5 月 30 日，央行逆回购投放 16026 亿 元、回笼 9460 亿元，净投放 6566 亿元。2025 年 6 月 3 日-6 月 6 日公开市场逆回购将到期 16026 亿元。2025 年 5 月央行开展了 7000 亿元买断式逆回购，其中 3 个月期为 4000 亿元、 6 个月期为 3 ...

流动性日报 | 2025-06-04 市场流动性概况 2025-06-03，股指板块成交3896.03亿元，较上一交易日变动-13.08%；持仓金额9472.14亿元，较上一交易日变动 +2.43%；成交持仓比为40.94%。 国债板块成交2614.20亿元，较上一交易日变动-11.33%；持仓金额7639.08亿元，较上一交易日变动+0.57%；成交 持仓比为34.27%。 基本金属板块成交1881.72亿元，较上一交易日变动-23.13%；持仓金额3688.34亿元，较上一交易日变动+1.80%； 成交持仓比为69.92%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 流动性日报 贵金属板块成交2812.28亿元，较上一交易日变动-32.97%；持仓金额4444.54亿元，较上一交易日变动+4.58%；成 交持仓比为74.52%。 能源化工板块成交3330.09亿元，较上一交易日变动-33.67%；持仓金额3665.12亿元，较上一交易日变动+0.21%； 成交持仓比为75.00%。 农产品板块成交2814.90亿元，较上一交易日变动-4.38%；持仓金额5203.62亿元，较 ...

文字早评 2025/06/04 星期三 宏观金融类 股指 前一交易日沪指+0.43%，创指+0.48%，科创 50+0.48%，北证 50+1.03%，上证 50+0.32%，沪深 300+0.31%， 中证 500+0.42%，中证 1000+0.72%，中证 2000+0.82%，万得微盘+1.26%。两市合计成交 11414 亿，较上 一日+22 亿。 宏观消息面： 1、商务部等五部门组织开展 2025 年新能源汽车下乡活动。 2、中国 5 月财新制造业 PMI 降至 48.3，新订单显著收缩。 3、OECD 今年第二次下调全球经济预测，称特朗普关税风暴下美国首当其冲。 资金面：融资额-83.49 亿；隔夜 Shibor 利率+6.10bp 至 1.4710%，流动性较为宽松；3 年期企业债 AA- 级别利率-1.53bp 至 3.0261%，十年期国债利率+0.15bp 至 1.6777%，信用利差-1.68bp 至 135bp；美国 10 年期利率+5.00bp 至 4.46%，中美利差-4.85bp 至-278bp。 市盈率：沪深 300:12.50，中证 500:28.78，中证 1000:39 ...

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 454.5 billion yuan, marking a shift from net liquidity injection to neutral adjustment, indicating precise liquidity management by the central bank [2] - The net liquidity withdrawal of 375.5 billion yuan aligns with market expectations, as the market liquidity has naturally eased with the end of the month-end assessment factors [2] - The central bank is expected to continue using various tools such as reverse repos and Medium-term Lending Facility (MLF) to ensure reasonable liquidity in the banking system [2][3] Group 2 - The PBOC has established a multi-dimensional liquidity management system, relying on reserve requirement ratio cuts and government bond transactions for stable support, while using MLF and reverse repos for maintaining reasonable liquidity [2] - Market expectations suggest that the central bank may release long-term liquidity through reserve requirement ratio cuts if necessary, with predictions that the DR007 will remain around 1.5% [3] - PBOC Governor Pan Gongsheng emphasized the commitment to a prudent monetary policy, adjusting policy strength and rhythm flexibly according to changing circumstances to create a suitable monetary environment for economic recovery [3]

新能源及有色金属日报 | 2025-06-04 2025-06-03，沪银主力合约开于 8520元/千克，收于 8456元/千克，较前一交易日收盘-1.31%。当日成交量为 547586手，持仓量 370146手。昨日夜盘沪银主力合约开于 8,475 元/千克，收于 8,476 元/千克，较昨日午后收盘 上涨0.20%。 联储官员内部仍存分歧 世界黄金协会力捧黄金 美债收益率与利差监控： 2025-06-03，美国 10 年期国债利率收于4.46%，较前一交易日变化-0.02%，10 年前与 2 年期利差为0.50%，较前 一交易日下降2个基点。 上期所金银持仓与成交量变化情况： 2025-06-03，Au2502合约上，多头较前一日变化-412手，空头则是变化-323手。沪金合约上个交易日总成交量为 234225手，较前一交易日上涨 -42.50%。在沪银方面，在 Ag2502 合约上，多头552手，空头增持-383手。白银合 约上个交易日总成交量 763377手，较前一交易日下降 -9.96%。 市场要闻与重要数据 经合组织将2025年美国GDP预期下调至1.6%（之前为2.2%），将2026年的预期从1 ...

FICC日报 | 2025-06-04 欧元区通胀放缓超预期，关注美国5月ADP数据 市场分析 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 收到土地出让金的支撑；同时消费也略有承压。面对关税的下外需压力和内部的稳增长述求，关注财政进一步加 码的可能。中国央行5月23日将开展5000亿元MLF操作。5月9日—12日何立峰副总理于瑞士访问期间与美方举行会 谈，中美日内瓦经贸会谈取得实质进展，双方承诺暂停部分加征关税并建立协商机制。7月前宏观预计更多围绕经 济事实验证展开，尤其关注关税和谈后是否出现新一轮的"抢出口"。香港特别行政区政府于5月30日在宪报刊登《稳 定币条例》，6月3日A股稳定币概念股开盘大涨。 特朗普关税再反转。5月28日，美国国际贸易法院裁定，特朗普政府依据《国际紧急经济权力法》实施的加征关税 行政令越权，判定总统无权以贸易失衡为由对多国加征全面关税，该行政令将被撤销并禁止执行。5月30日，特朗 普表示，将把进口钢铁的关税从25%提高至5 ...

Group 1 - The People's Bank of China (PBOC) shifted from net liquidity injection to net withdrawal, conducting a 454.5 billion yuan reverse repurchase operation, resulting in a net withdrawal of 375.5 billion yuan on June 3 [1] - Analysts expect the PBOC to maintain a reasonable liquidity level, utilizing various short- and medium-term liquidity management tools to ensure sufficient liquidity in the banking system as the mid-year approaches [1][2] - Historical trends indicate that June is a significant month for credit issuance, with banks likely to increase reserve requirements seasonally, impacting liquidity [1] Group 2 - The PBOC has room for further monetary policy easing, aiming for "appropriate looseness" while flexibly adjusting the implementation of policies based on domestic and international economic conditions [2] - The PBOC's liquidity management tools are becoming more balanced in terms of duration, allowing for precise liquidity adjustments through various instruments [2] - The PBOC may consider resuming government bond trading operations based on market conditions and yield changes, as indicated in the 2025 Q1 monetary policy report [2] Group 3 - There is limited pressure for tightening liquidity in the future, with the interbank market's 7-day bond repurchase rate expected to fluctuate around 1.5% [3] - The PBOC is committed to implementing an appropriately loose monetary policy while coordinating with fiscal policies to promote high-quality economic development [3]