中国央行逆回购操作当日实现净投放920亿元 金十数据5月19日讯，中国央行今日开展1350亿元7天期逆回购操作，因今日有430亿元7期逆回购到期，当日实现净投放920亿 元。看公开市场资金流向，到"数据库-中国央行数据"查看>> MLF到期 | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-05-19 | 逆回购到期 | 430 | 7天 | | | 2025-05-19 | 逆回购 | 1350 | 7天 | 1 | | 2025-05-16 | 逆回购到期 | 770 | 7天 | | | 2025-05-16 | 逆回购 | 1065 | 7天 | 1 | | 2025-05-15 | 逆回购到期 | 1586 | 7天 | | | 2025-05-15 | 逆回购 | 645 | 7天 | 1 | | 2025-05-15 | MLF到期 | 1250 | 1年 | | | 2025-05-14 | 逆回购到期 | 1955 | 7天 | | | 2025-05-14 | 逆回购 | 920 | 7天 | 1 ...

Core Viewpoint - The People's Bank of China (PBOC) conducted a net injection of 29.5 billion yuan through reverse repos on May 16, 2025, following a total of 106.5 billion yuan in 7-day reverse repos, with 77 billion yuan maturing on the same day [1]. Group 1: Reverse Repo Operations - On May 16, 2025, the PBOC executed a reverse repo operation of 106.5 billion yuan for a 7-day term, resulting in a net injection of 29.5 billion yuan after accounting for 77 billion yuan maturing [1]. - For the week, the PBOC conducted a total of 486 billion yuan in 7-day reverse repos, with 836.1 billion yuan in reverse repos and 125 billion yuan in one-year Medium-term Lending Facility (MLF) maturing, leading to a net withdrawal of 475.1 billion yuan [1]. Group 2: Maturity and Interest Rates - On May 15, 2025, 158.6 billion yuan in 7-day reverse repos matured, while 1.25 billion yuan in one-year MLF also matured [3]. - The interest rate for the 7-day reverse repos conducted on May 15 and May 16 was 1.4% [3].

Group 1: Important Data Releases - The US April CPI data will be released on Tuesday, followed by the April PPI and retail sales data, as well as the Eurozone and UK Q1 GDP on Thursday. China's April financial data will be released next week at an unspecified time [1] Group 2: Earnings Reports - Key companies reporting earnings next week include JD.com, SoftBank, and Honda on Tuesday; Tencent, Sony, and Porsche on Wednesday; and Alibaba, NetEase, Beike, and Geely on Thursday [1] Group 3: A-Share Market Developments - A total of 28 companies in the A-share market will have their restricted shares unlocked next week, with a total market value of 18.63 billion yuan. The top three companies by unlock value are Guojin Securities, Qiangrui Technology, and Jiangsu Huachen, valued at 4.166 billion yuan, 3.243 billion yuan, and 2.644 billion yuan respectively [1] Group 4: New Stock Listings - Tian Gong Co., Ltd. will be listed on the Beijing Stock Exchange on May 13, focusing on the research, production, and sales of titanium and titanium alloy materials [1] Group 5: Central Bank Operations - The central bank will have 836.1 billion yuan in reverse repos maturing next week, with specific maturities of 0 billion, 405.0 billion, 195.5 billion, 158.6 billion, and 77.0 billion yuan from Monday to Friday. Additionally, 125.0 billion yuan in MLF will mature on Thursday [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the central bank achieved a net injection of 774 billion yuan, leading to a marginal easing of the capital market. The yield of the 10Y Treasury bond active bond continued to fluctuate around the 1.65% central level, pricing in an expected interest rate cut of about 30BP. The yield of the 10Y Treasury bond may still return above 1.7% this year [2][42]. - Overall, the credit spreads of various industries fluctuated slightly this week. For urban investment bonds, it is recommended to focus on short - duration moderate credit - risk exposure for coupon income and also pay attention to the convex points in the 3 - 5Y term structure to increase returns. For industrial bonds, the short - end credit spreads compressed slightly while the long - end widened slightly. It is advisable to continue to focus on high - rating short - duration industrial bonds for coupon income and increase positions on dips. For bank capital bonds, the credit spreads fluctuated slightly, with fluctuations within 3BP for different terms and ratings. It is recommended to focus on short - duration and highly liquid varieties for defense and capture the riding income at the convex points of the term structure of AA and AA+ bank secondary capital bonds [2][42]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) was 435.5 billion yuan this week, a week - on - week increase of 255.1 billion yuan. The total issuance was 751.5 billion yuan, up 299.4 billion yuan week - on - week, and the total repayment was 316 billion yuan, up 44.3 billion yuan week - on - week. The net financing of asset - backed securities was 36.4 billion yuan, a week - on - week increase of 11.3 billion yuan [6]. - By product type, the net financing of urban investment bonds was 30.1 billion yuan, a week - on - week decrease of 37.3 billion yuan; that of industrial bonds was 188.9 billion yuan, a week - on - week increase of 60.5 billion yuan; and that of financial bonds was 216.5 billion yuan, a week - on - week increase of 231.8 billion yuan [6]. 3.1.2 Issuance Cost - Except for the issuance rates of AAA financial bonds and AA+ urban investment bonds, which increased, the issuance rates of other rated credit bonds decreased to varying degrees. Specifically, the issuance rates of AA - rated urban investment bonds and industrial bonds decreased by 3BP and 12BP respectively compared with last week; the issuance rate of AA+ - rated industrial bonds decreased by 11BP; and the issuance rates of AA+ - rated urban investment bonds and AAA - rated financial bonds increased by 4BP and 7BP respectively compared with last week [14]. 3.2 Secondary Market 3.2.1 Trading Volume and Turnover - The trading volume of credit bonds (excluding asset - backed securities) decreased by 11.7 billion yuan week - on - week. By product type, the trading volume of urban investment bonds was 254.5 billion yuan, a week - on - week decrease of 12.3 billion yuan; that of industrial bonds was 363.9 billion yuan, a week - on - week increase of 6.4 billion yuan; and that of financial bonds was 369.5 billion yuan, a week - on - week decrease of 5.8 billion yuan. The trading volume of asset - backed securities was 2.11 billion yuan, a week - on - week decrease of 0.2 billion yuan [15]. - The turnover rate of credit bonds fluctuated slightly compared with last week. Specifically, the turnover rate of urban investment bonds was 1.62%, a week - on - week decrease of 0.08 percentage points; that of industrial bonds was 2.16%, a week - on - week increase of 0.01 percentage points; that of financial bonds was 2.64%, a week - on - week decrease of 0.07 percentage points; and that of asset - backed securities was 0.61%, a week - on - week decrease of 0.09 percentage points [16]. 3.2.2 Yield - The yields of credit bonds with different terms and ratings increased to varying degrees this week. In AA+ - rated credit bonds, the yields of 7 - 10Y and over 10Y increased by more than 5BP; in AAA - rated credit bonds, the yield of 7 - 10Y increased by more than 5BP. Except for the yield of AA+ credit bonds below 1Y, which decreased by less than 1BP compared with last week, the yields of other term and rating credit bonds increased by no more than 5BP [20][21]. 3.2.3 Credit Spreads - The credit spreads of various industries fluctuated slightly this week. In AA - rated credit bonds, the industry credit spreads of non - bank finance and public utilities widened by 7BP and 5BP respectively compared with last week; in AA+ - rated credit bonds, the industry credit spreads of electronics and pharmaceutical biology widened by 7BP and 5BP respectively; in AAA - rated credit bonds, the industry credit spreads of leisure services, national defense and military industry, household appliances, and automobiles widened by 5BP, 5BP, 6BP, and 5BP respectively. In addition, the credit spread of the AA+ chemical industry narrowed by 5BP, and that of the AAA real estate industry narrowed by 7BP. The credit spreads of different ratings in other industries fluctuated by less than 5BP compared with last week [24]. - **Urban Investment Bonds**: The credit spreads of urban investment bonds widened this week, with the long - end widening more than the short - end. By region, the credit spreads of urban investment bonds in most regions widened, while those in a few regions narrowed slightly. The top five regions with the highest credit spreads of AA - rated, AA+ - rated, and AAA - rated urban investment bonds were listed respectively [28][29]. - **Industrial Bonds**: The credit spreads of industrial bonds showed a pattern of slight compression at the short - end and slight widening at the long - end this week. It is recommended to continue to focus on high - rating short - duration industrial bonds for coupon income and increase positions on dips [32]. - **Bank Capital Bonds**: The credit spreads of bank capital bonds fluctuated slightly this week, with fluctuations within 3BP for different terms and ratings. The overall pattern was slight compression at the short - end and slight widening at the long - end. It is recommended to focus on short - duration and highly liquid varieties for defense and capture the riding income at the convex points of the term structure [36]. 3.3 This Week's Bond Market Public Opinions - On March 28, 2025, AVIC Industry Finance Holdings Co., Ltd. announced its plan to delist from the Shanghai Stock Exchange and transfer to the National Equities Exchange and Quotations. This led to a downgrade of the implied ratings of a total of 65 bonds issued by AVIC Industry Finance and its subsidiaries [40]. - Other negative public opinions included the downgrade of the implied ratings of "17 Chaoyang Bank Secondary" and "16 Chaoyang Bank Secondary" issued by Chaoyang Bank Co., Ltd., the extension of "20 Tianqian 02" issued by Hubei Tianqian Asset Management Co., Ltd., and the extension of "H20 Xinyuan 1" and "H21 Xinyuan 1" issued by Xinyuan (China) Real Estate Co., Ltd. [2][44].

Primary Market - A total of 19 offshore bonds were issued this week, including 6 offshore RMB bonds, 6 USD bonds, 4 HKD bonds, and 3 EUR bonds, with issuance sizes of 54.2 billion RMB, 615 million USD, 798.8 billion HKD, and 1.9 million EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by the Asian Development Bank, while the highest coupon rate was 6.5% issued by Huangshi Chantuo Holdings Group [1] - In the USD bond market, the largest single issuance was 200 million USD by Chengdu Economic Development Investment Group, with the highest coupon rate of 7.0% from two issuers: Fuzhou Digital Economy Investment Group and Emei Mountain Modern Agriculture Development Group [1] Secondary Market - The yield on Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.33% to 240.93 [2] - The real estate USD bond index saw a significant increase of 1.94%, closing at 180.28, while the city investment bond index rose by 0.14% to 148.05 [2] Price Movements - The largest weekly price increase in Chinese offshore bonds was for the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] - The largest weekly price drop was for the HONGSL 5% 8/19/29 bond from Hongyang Group, which fell by 125.84% to 6.72 [5] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 265.35 basis points, a decrease of 3.21 basis points from the previous week [6] Rating Changes - Moody's maintained the "A3" issuer ratings for China Railway Group and China Railway Construction, changing the outlook from "stable" to "negative" on April 24 [9] - Moody's also maintained the "Baal" issuer rating for China Communications Construction Group, adjusting the outlook to "negative" on April 25 [9] Defaults and Extensions - Xinyuan (China) Real Estate's bond "H20 Xinyuan 1" received approval for a 2-year extension, with the new maturity date set for November 13, 2027 [10] - Sunshine City Group failed to make timely payments on its 2020 first phase medium-term notes, with the company unable to raise sufficient funds by the accelerated maturity date [11] Market News - The issuance of the 2025 ultra-long special treasury bonds began on April 24, with a total planned issuance of 1.3 trillion RMB [12] - The first data center holding-type real estate ABS in the country was listed on the Shanghai Stock Exchange, raising a total of 1.6092 billion RMB [13] - The People's Bank of China conducted a 600 billion RMB MLF operation to maintain liquidity in the banking system [14] Overseas News - Some Federal Reserve officials hinted at the possibility of earlier interest rate cuts if economic conditions worsen [15] - Demand for US Treasury bonds from overseas reached a new low, with indirect bidders accounting for only 56.2% of the latest auction [16] Offshore Bond Alerts - Zhengrong Real Estate's proposal to extend the "H20 Zhengrong 2" bond was not approved, leading to a failure to repay interest [17] - Futong Group plans to pay interest on "H21 Futong 1" by April 28, 2025 [18] - The proposal for delisting 18 company bonds from AVIC Industrial was not approved, and the bonds will resume trading [19] - Aoyuan Group announced that three bonds, including "H20 Aoyuan 1," will be suspended from trading starting April 28 [20]

Core Viewpoint - Since the beginning of the year, the funding environment has remained tight, particularly with a noticeable increase in short-term interest rates. The article explores the remaining government debt supply for the first quarter, the liquidity gap in March, and whether the funding situation will improve [1][4]. Group 1: Funding Tightness - The funding environment has been tight since the start of 2025, with the central bank increasing the scale of reverse repos. Despite this, the pressure on liquidity has slightly eased from January to February, with a reduction in liquidity stratification [1][4]. - The central bank's operations included a resumption of 14-day reverse repos before the Spring Festival, while the scale of medium-term lending facility (MLF) continued to decrease. The buyout reverse repo operations have provided significant support for medium to long-term liquidity [5][6]. Group 2: Government Debt Supply - In March, it is estimated that the issuance of government bonds will reach approximately 1.4 trillion yuan, with a net financing scale of nearly 650 billion yuan after accounting for 712.2 billion yuan in maturing bonds. Local government bonds are expected to total around 1.3 trillion yuan, resulting in a combined net financing scale of over 1.8 trillion yuan for government debt [2][14]. Group 3: Liquidity Outlook - The liquidity gap in March is projected to be around 260 billion yuan, indicating some pressure on the funding environment. However, after the "Two Sessions," funding rates are expected to trend towards easing, with the central bank's net injection likely to increase marginally [3][19]. - The article suggests that the central bank may primarily use buyout reverse repos to supplement medium to long-term liquidity during the phase of increased government debt supply, which could lead to a decrease in funding rates, especially for short-term bonds [19].