Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report presents the market liquidity situation on November 5, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2]. 3. Summary by Relevant Catalog I. Plate Liquidity - The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of various sectors through multiple figures [5][8]. II. Stock Index Plate - On November 5, 2025, the stock index plate had a trading volume of 761.928 billion yuan, a 1.27% increase from the previous trading day; the holding amount was 1355.869 billion yuan, a 1.90% increase; the trading - holding ratio was 56.11% [1]. - There are figures showing the price change rate, trading - holding ratio, change of settled funds, trend of settled funds, trading amount change, and the trend of the net holding ratio of the top 20 institutions of each variety in the stock index plate [5]. III. Treasury Bond Plate - The trading volume of the treasury bond plate was 292.228 billion yuan, a 6.99% decrease from the previous trading day; the holding amount was 879.757 billion yuan, a 0.54% decrease; the trading - holding ratio was 33.46% [1]. - There are figures presenting the price change rate, trading - holding ratio, change of settled funds, trend of settled funds, trading amount change, and the trend of the net holding ratio of the top 20 institutions of each variety in the treasury bond plate [5]. IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 366.701 billion yuan, a 21.36% decrease from the previous trading day; the holding amount was 564.146 billion yuan, a 1.66% decrease; the trading - holding ratio was 68.86%. The precious metal plate's trading volume was 656.625 billion yuan, a 1.24% increase; the holding amount was 419.663 billion yuan, a 2.10% decrease; the trading - holding ratio was 182.73% [1]. - There are figures showing the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the metal plate [5]. V. Energy Chemical Plate - The trading volume of the energy chemical plate was 388.690 billion yuan, an 11.30% increase from the previous trading day; the holding amount was 448.504 billion yuan, a 0.50% increase; the trading - holding ratio was 75.30% [1]. - There are figures presenting the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the energy chemical plate [5]. VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 342.964 billion yuan, a 7.86% increase from the previous trading day; the holding amount was 570.204 billion yuan, a 0.71% increase; the trading - holding ratio was 58.26% [1]. - There are figures showing the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the agricultural product plate [5]. VII. Black Building Material Plate - The trading volume of the black building material plate was 247.363 billion yuan, a 5.98% increase from the previous trading day; the holding amount was 375.593 billion yuan, a 0.56% increase; the trading - holding ratio was 68.23% [2]. - There are figures presenting the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the black building material plate [5].

Group 1 - The prolonged government shutdown has significantly impacted the U.S. financial markets, marking a historical record of 35 days, leading to a shift in market sentiment from cautiousness to panic [1][3][10] - The Nasdaq index fell over 3.2% and the S&P 500 dropped by 2.7%, with technology stocks, particularly semiconductor companies, suffering the most [6][8] - The shutdown has caused a systemic functional halt, affecting IPO approvals, economic data releases, and regulatory processes, which has left investors and the Federal Reserve in a state of uncertainty [8][10] Group 2 - The Treasury's actions to withdraw liquidity from the market, increasing the TGA account balance from $300 billion to over $1 trillion, have led to a significant reduction in available market funds [10][12] - This liquidity withdrawal has had effects similar to an interest rate hike, causing interbank borrowing costs to spike, indicating a severe liquidity crunch in the banking system [12][14] - The current situation mirrors past liquidity crises, with the potential for a self-reinforcing cycle of panic and tightening liquidity [15][27] Group 3 - There are signs of potential compromise between the two political parties, with a proposed plan to reopen the government while continuing budget negotiations [5][19] - The political landscape remains fraught with internal divisions within both parties, complicating the negotiation process and raising doubts about the feasibility of reaching an agreement [22][25] - The ongoing political turmoil has led to a loss of confidence among global investors in U.S. assets, undermining the perception of U.S. Treasury securities as a safe haven [10][27][29]

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a continuation of supportive monetary policy [2][3]. Group 1: Reverse Repo Operations - On November 5, 2025, the PBOC will conduct a fixed-quantity, interest-rate tender, multi-price reverse repurchase operation of 700 billion yuan with a term of 3 months (91 days) [2]. - The operation is aimed at injecting medium-term liquidity into the banking system, helping to stabilize the funding environment and support government bond issuance [2][3]. - In November, an additional 300 billion yuan of 6-month reverse repos is expected, with a likelihood of increased amounts, marking the sixth consecutive month of medium-term liquidity injection [3]. Group 2: Market Liquidity and Policy Tools - The PBOC has been actively using reverse repo operations to adjust short-term liquidity and has also employed medium-term lending facilities (MLF) to enhance medium and short-term liquidity [3]. - In October, the PBOC net withdrew 595.3 billion yuan through short-term reverse repos, while net injecting 400 billion yuan through buyout reverse repos and 200 billion yuan through MLF [3]. Group 3: Future Expectations - Experts anticipate a potential reserve requirement ratio (RRR) cut before the end of the year, as the fourth quarter is a critical period for growth-stabilizing policies [4]. - The PBOC's actions are seen as timely and necessary to maintain ample market liquidity and encourage financial institutions to increase credit issuance [4].

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain ample liquidity in the banking system [1] Group 1: Reverse Repo Operations - On November 5, the PBOC will carry out a 700 billion yuan three-month reverse repurchase operation, which is aimed at rolling over the same amount that is maturing [1] - This operation is expected to help keep market liquidity abundant, as there are also 300 billion yuan in six-month reverse repos and 900 billion yuan in Medium-term Lending Facility (MLF) maturing this month [1] Group 2: Expert Insights - Dong Ximiao, Chief Researcher at Zhongan, indicates that the PBOC's actions are intended to ensure liquidity remains sufficient in the market [1] - Wang Qing, Chief Macro Analyst at Dongfang Jincheng, notes that the reverse repo operations will support government bond issuance and encourage financial institutions to increase credit supply, reflecting a continued supportive monetary policy stance [1]

在金融圈摸爬滚打多年，一个共识从未改变：真正的市场波动从不是突然降临，而是像暴风雨前的云层聚集，在一系列信号被忽视后逐渐成型。 近半年来，全球金融市场的异动愈发密集，巴菲特的持仓调整、美联储的政策转向、黄金市场的分歧震荡，再加上那个反复应验的18年周期规律。 这些看似孤立的事件串联起来，其实是市场在悄悄释放信号：别只盯着短期涨跌，该为潜在变化提前布局了。 巨头囤现、央行调整 聊市场动向，巴菲特旗下的伯克希尔永远是绕不开的观察样本。 这位以价值投资封神的巨头，如今正用真金白银传递态度：现金储备已攀升至3817亿美元的历史峰值，连续五个季度未进行任何股票回购，反而开 启了长达12个季度的净卖出模式。 三年累计1840亿美元的减持规模，绝非普通的市场观望。 从行业规律来看，顶级投资机构的大规模现金囤积，核心逻辑往往是对当前市场估值的理性判断，并非缺乏投资标的，而是在潜在风险累积期，现 金的"安全垫"价值远高于短期收益诱惑。 普通投资者常被短期行情裹挟跟风追高，但成熟机构早已进入"过冬储粮"模式，这种行为反差本身就是最直接的市场暗示。 美联储的操作同样耐人寻味，银行储备金持续下行，从2.93万亿美元逐步降至2.8万亿 ...

流动性日报 | 2025-11-04 市场流动性概况 2025-11-03，股指板块成交7411.65亿元，较上一交易日变动-11.52%；持仓金额13606.25亿元，较上一交易日变动 -0.39%；成交持仓比为54.40%。 国债板块成交3367.53亿元，较上一交易日变动-5.48%；持仓金额8845.40亿元，较上一交易日变动+0.07%；成交持 仓比为38.15%。 基本金属板块成交3925.86亿元，较上一交易日变动-24.08%；持仓金额5959.58亿元，较上一交易日变动+0.94%； 成交持仓比为71.46%。 贵金属板块成交6423.11亿元，较上一交易日变动-15.83%；持仓金额4343.06亿元，较上一交易日变动-0.81%；成交 持仓比为167.28%。 | 一、板块流动性 4 | | --- | | 二、股指板块 5 | | 三、国债板块 6 | | 四、基本金属与贵金属（金属板块） 7 | | 五、能源化工板块 8 | | 六、农产品板块 9 | | 七、黑色建材板块 10 | 能源化工板块成交4457.69亿元，较上一交易日变动+19.37%；持仓金额4433.86亿元，较上 ...

Group 1 - The report indicates that the market experienced a net inflow of funds, with trading activity increasing. The total transaction amount for the entire A-share market reached 11.63 trillion, with a turnover rate of 9.63%, both higher than the previous week. The net inflow of funds amounted to 542.45 billion [6][7]. - The issuance scale of equity funds increased to 318.62 billion, reflecting a rise compared to the previous week. The top three industries for increased positions were power equipment, pharmaceuticals, and computers, while the top three for reduced positions were electronics, banking, and telecommunications [2][19]. - The net inflow of margin financing was 292.12 billion, with margin trading accounting for 11.75% of the total A-share transaction amount [22][23]. Group 2 - The report highlights that the net capital injection in the domestic market was 12,008 billion through open market operations. The yield on 10-year government bonds decreased by 5 basis points, while the yield on 1-year bonds decreased by 9 basis points, leading to an expansion of the yield curve spread [9][10]. - The report notes that the market anticipates a 67.8% probability of a Federal Reserve rate cut in December, indicating a shift in monetary policy expectations [14][15]. - The report also mentions that the total amount of locked-up shares released was 556.7 billion, with the electronics, banking, and computer sectors having the highest release amounts [32].

Market Liquidity Overview - R007 increased from 1.4649% to 1.4923%, a rise of 2.74 basis points; DR007 rose from 1.4110% to 1.4551%, an increase of 4.41 basis points. The spread between R007 and DR007 narrowed by 1.67 basis points [9][13] - The net inflow of funds this week was 33.939 billion yuan, an increase of 69.512 billion yuan compared to last week, with total fund supply at 81.025 billion yuan and demand at 47.086 billion yuan. Fund supply increased by 21.889 billion yuan, while stock dividends decreased by 27.218 billion yuan [13][16] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose this week, with the basic chemical sector showing the strongest performance, up 3.37%. Other sectors like electric equipment and new energy, as well as comprehensive finance, also saw slight increases. The communication and banking sectors led the declines, down 3.47% and 2.20% respectively [18][21] - The electric equipment and new energy sector had the highest net inflow of leveraged funds, totaling 4.062 billion yuan, while the food and beverage sector experienced a net outflow of 1.034 billion yuan [21][24] Style Sector Liquidity Tracking - The growth style index had the highest daily trading volume share at 58.75%, while the financial style index saw the largest decline of 1.33%. The cyclical style had the largest increase of 1.21% [34][37] - The daily turnover rate for the growth style remained the highest at 3.13%, while financial and stable styles had relatively low turnover rates [34][37]

流动性日报 | 2025-11-03 市场流动性概况 2025-10-31，股指板块成交8376.90亿元，较上一交易日变动-3.06%；持仓金额13659.29亿元，较上一交易日变动 -1.86%；成交持仓比为60.94%。 国债板块成交3562.93亿元，较上一交易日变动-9.69%；持仓金额8838.78亿元，较上一交易日变动+0.42%；成交持 仓比为39.77%。 基本金属板块成交5171.26亿元，较上一交易日变动+4.88%；持仓金额5904.28亿元，较上一交易日变动-2.86%；成 交持仓比为89.71%。 贵金属板块成交7630.99亿元，较上一交易日变动+3.06%；持仓金额4378.70亿元，较上一交易日变动+2.05%；成交 持仓比为198.74%。 能源化工板块成交3734.23亿元，较上一交易日变动-8.12%；持仓金额4335.22亿元，较上一交易日变动-1.56%；成 交持仓比为69.86%。 农产品板块成交3079.71亿元，较上一交易日变动+2.58%；持仓金额5640.64亿元，较上一交易日变动-0.63%；成交 持仓比为56.32%。 黑色建材板块成交2599.62亿 ...

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards connecting global liquidity and expanding product and service offerings [1][2] - One circular allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, aimed at attracting global platforms, trading flows, and liquidity providers [1] - This initiative is part of the ASPIRe roadmap's pillar A (Access), which is expected to enhance market liquidity and competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2 - The second circular permits platform operators to sell virtual assets without a 12-month track record to professional investors, as well as stablecoins licensed by the Hong Kong Monetary Authority, and to offer tokenized securities and digital asset-related investment products [2] - Additionally, affiliated entities of platform operators can provide custody services for virtual assets or tokenized securities not traded on the respective platforms [2] - The SFC's CEO emphasized that steadily expanding market liquidity and commercial products and services is crucial for the sustainable development of Hong Kong's digital asset ecosystem [2]