Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints - In the future week, the net payment scale of government bonds will decline, and the tax period will disrupt the capital market. Considering the central bank's care for the capital market and the adequacy of its toolbox, the capital market is expected to maintain a balanced and slightly loose operation [1]. - In the future week, the maturity scale of certificates of deposit (CDs) will exceed one trillion, with significant supply pressure. However, the central bank's second - round injection of medium - and long - term funds is expected to marginally relieve the issuance pressure of CDs, and CD yields may show a fluctuating downward trend [1]. - Funds have become the main buyer of interest - rate bonds, with a significant increase in net buying volume in the past week, while rural commercial banks have become the main seller [1]. Summary by Directory 1. Weekly Liquidity Tracking 1.1 Fund Review: The Central Bank Announces Another Injection of Medium - and Long - term Liquidity - In the statistical period (June 9 - 13, 2025), 7 - day reverse repurchase funds of 930.9 billion yuan matured, and the central bank injected 858.2 billion yuan of 7 - day funds, resulting in a net withdrawal of 7.27 billion yuan for the whole week, and the OMO stock decreased to 858.2 billion yuan. The central bank announced a second - round 40 - billion - yuan outright reverse repurchase operation for the next week, achieving a net injection for the whole month [10]. - During the statistical period, the spot exchange rate of the RMB against the US dollar depreciated by 1.52 basis points due to the uncertainty of US tariffs and the increasing expectation of a Fed rate cut [10]. - In terms of government bond progress, in the past week, the net financing of treasury bonds was 262.06 billion yuan, and the net financing since the beginning of the year was 3.10409 trillion yuan, completing 46.6% of the annual plan. The issuance of new local bonds was 8.372 billion yuan, and the issuance since the beginning of the year was 2.00893 trillion yuan, completing 38.6% of the annual plan, with a slowdown in the issuance speed. As of June 13, 1.68 trillion yuan of special refinancing bonds for replacing implicit debts had been issued, completing 84.2% of the annual plan [13]. - In terms of capital structure, the lending scale of state - owned and joint - stock banks increased significantly to over 4.5 trillion yuan, the lending scale of money market funds and wealth management products decreased, and the overall borrowing scale of non - banking institutions decreased slightly. The DR series declined, with overnight rates operating near the policy rate, and the spread between 7 - day rates and the policy rate narrowed to 10bp. The R series rose, and the liquidity stratification increased slightly but remained at a low level. The capital market showed a situation of "increasing volume and decreasing price" throughout the week, with a marginal tightening feeling on Thursday and Friday, and a balanced feeling for the whole week [15]. 1.2 CD Review: The Secondary - Market Interest Rate of CDs Declined Slightly, and the Demand from Core Buyers Strengthened - In the primary market, the net financing scale of inter - bank CDs was - 16.226 billion yuan in the statistical period, with a total issuance of 104.137 billion yuan and a maturity of 120.363 billion yuan. In the next three weeks, 102.164 billion, 113.781 billion, and 24.579 billion yuan of inter - bank CDs will mature respectively. The primary issuance rate decreased slightly, with an average issuance rate of 1.6744% (previous value: 1.7106%) [18]. - In the secondary market, core buyers such as funds and wealth management products continued to increase their holdings, money market funds changed from selling to buying, large - scale banks continued to reduce their holdings, city commercial banks and rural commercial banks changed from buying to selling, and insurance and other non - banking institutions and other product accounts continued to increase their holdings. The secondary - market yields of CDs fluctuated and declined slightly during the week, and the yield curve steepened slightly. The yields of 1M/3M/6M/9M/1Y CDs changed by - 1.78BP/ - 2.00BP/ - 1.50BP/ - 1.05BP/ - 0.91BP respectively [20]. 1.3 Next - Week Focus: The Central Bank's Firm Care for the Capital Market and the Marginal Relief of CD Issuance Pressure - In terms of the capital market, the May social financing data showed that the credit demand of residents and enterprises had recovered compared with April, with a weak stabilization of overall credit demand. The increase in government bond supply drove the stable growth of social financing, which is expected to support the key period of fiscal expenditure in June. After the deposit rate cut in May, the phenomenon of deposit transfer emerged, with a significant increase in non - banking deposits. The central bank announced a second - round injection of 40 billion yuan of 6 - month outright repurchase in the middle of the month. Combined with the previous 100 - billion - yuan 3 - month outright repurchase and the 120 - billion - yuan maturity this month, the net injection of outright reverse repurchases for the whole month was 20 billion yuan. The central bank's small - scale net withdrawal in open - market operations in the past two weeks also showed its care for the capital market. It is expected that the market will price a positive signal on June 16, but the amplitude will be smaller than that on June 6. In the next week, the net payment scale of government bonds will decline, and the tax period will disrupt the capital market. Considering the central bank's care and the adequacy of its toolbox, the capital market is expected to maintain a balanced and slightly loose operation [24]. - In terms of CDs, on the supply side, the net financing of CDs remained negative in the past week. The central bank's injection of medium - and long - term liquidity relieved the liability pressure of banks, and the primary - market interest rate of CDs decreased slightly. On the demand side, the demand from core buyers strengthened marginally, and the secondary - market yields of CDs fluctuated and declined slightly during the week. In the next week, the maturity scale of CDs will exceed one trillion, with significant supply pressure. However, the central bank's second - round injection of medium - and long - term funds is expected to marginally relieve the issuance pressure of CDs, and CD yields may show a fluctuating downward trend [25]. 2. Weekly Institutional Behavior Tracking Recent Considerations on Institutional Assets and Liabilities - The trends of the active bonds of 10 - year and 30 - year treasury bonds deviated significantly at times recently. The main reasons are that the supply rhythms of 10 - year and 30 - year treasury bonds were staggered in June, and the weak sentiment in the primary - market allocation disturbed the secondary - market. Since the beginning of the second quarter, interest rates have mainly fluctuated within a narrow range, and institutions had a strong desire to increase duration to obtain excess returns during the window of loose liquidity at the beginning of June. The trading volume of 30 - year treasury bonds increased more significantly than that of 10 - year treasury bonds. Looking forward, there will be no issuance pressure for 10 - year treasury bonds in the second half of June, and the capital price still shows certain volatility. The window period for institutions to increase duration may end, and the performance of 30 - year treasury bonds may not continue to outperform [27]. - The rotation of the bond - replacement market of China Development Bank (CDB) bonds has been very fast recently. When the bond - replacement of CDB active bonds accelerates, the volatility of new bonds will also increase. Therefore, the spread between 10 - year CDB bonds and 10 - year treasury bonds has fluctuated significantly recently. In the short term, old bonds may be safer to avoid volatility [28]. Key Review of Institutional Secondary - Market Transactions - Large - scale banks continued to buy treasury bonds with a maturity of less than 3 years, with a buying volume of about 77.6 billion yuan in the past week [31]. - Funds have become the main buyer of interest - rate bonds, with a net buying volume of about 160.4 billion yuan in the past week, showing a significant increase. Rural commercial banks have become one of the main sellers, with a net selling volume of about 109.2 billion yuan in the past week [31]. - The main buyers of CDs are money market funds, wealth management products, and other products, while the main sellers are city commercial banks and securities firms [31]. - The net buying volume of main non - banking buyers of credit bonds increased. Funds, wealth management products, and other products were the main net buyers, with funds having the largest increase. Since late March, the net buying volume of credit bonds with a maturity of less than 3 years has been generally stable, while the net buying volume of ultra - long - term credit bonds with a maturity of more than 5 years has fluctuated greatly, and the main non - banking buyers increased their buying volume significantly in the past week [31]. - For secondary - tier capital bonds, funds with a maturity of less than 2 years changed to net sellers, with a net selling volume of about 4.9 billion yuan in the past week, while wealth management products and other products changed to net buyers. The main buyers of 2 - 5 - year secondary - tier capital bonds continued to increase their buying volume, with funds having the largest net buying volume of about 36.2 billion yuan, and the banking system was the main net seller. The trading of 5 - 10 - year secondary - tier capital bonds remained light [31]. High - Frequency Data Tracking of Bond Market Micro - Structure - On June 13, the spread between 10 - year CDB bonds and 10 - year treasury bonds was 5.92bp, and the spread fluctuated and widened. The spread between 1 - year CDB bonds and R001 was 1.87BP, and the yield of short - term bonds was slightly higher than the capital price [33]. - The leverage ratio of the bond market in the week before the holiday was 107.72%, continuing to rise month - on - month [35].

固定收益 | 固定收益定期 流动性跟踪 证券研究报告 央行呵护，资金再闯关 1、资金面聚焦：央行呵护，资金再闯关 本周资金面先紧后松，资金利率一度下破 1.4%的政策利率水平，国有大行 净融出规模行至年内高位，存单一二级收益率持稳。资金分层现象有所凸 显，但仍处偏低水平。 展望下周，资金面将迎来多重扰动，也一定程度增加对于银行负债端压力 的担忧，但整体或相对可控。一方面，本月第二次买断式逆回购将于月中 进行操作，月内净投放 2000 亿元，为二季度首次实现净投放，且这或与月 初的 3 个月期买断式逆回购操作、下旬开展的 MLF 操作将形成协同，分别 于月初、月中及月末时点进行呵护。后续也不排除这两类工具继续选择在 上述三个时点进行操作的可能，实现月内各阶段流动性的精准呵护，也有 利于引导市场形成较为稳定的预期。另一方面，5 月社融表现分化，外围 关税博弈也仍在持续，基本面磨底修复阶段仍需货币政策的保驾护航，央 行的呵护态度或仍在。 下周资金面关注因素：（1）逆回购到期 8582 亿元，规模小幅下行，MLF 回笼 1820 亿元；（2）政府债净缴款 1036 亿元，规模小幅回落，其中，国 债缴款规模较大；（3） ...

Group 1: Financial Data Overview - In May 2025, new social financing (社融) reached 2.29 trillion RMB, up from 1.16 trillion RMB in the previous period[1] - New RMB loans amounted to 620 billion RMB, an increase from 280 billion RMB previously[1] - The year-on-year growth of social financing stock remained at 8.7%, consistent with the previous value[1] - M2 money supply grew by 7.9% year-on-year, slightly up from 8% previously[1] - New M1, under the new calculation, increased by 2.3% year-on-year, compared to 1.5% previously[1] Group 2: Deposit Trends - Non-bank deposits increased significantly, with a new scale of approximately 2.8 trillion RMB in April and May, the highest since 2016[7] - Corporate deposits fell by about 1.7 trillion RMB in April and May, indicating a potential cash flow impact due to external uncertainties[4] - The proportion of new household deposits and cash in M2 has been decreasing, suggesting a gradual "unfreezing" of liquidity[3] - The government accelerated bond issuance, with a net expenditure of approximately 1.1 trillion RMB in April and May, significantly higher than the average of 0.1 trillion RMB from 2017 to 2024[8] Group 3: Economic Implications - The improvement in the corporate-resident deposit gap since September 2024 suggests that domestic policy certainty is a crucial variable influencing economic behavior[2] - The current trend indicates that while household liquidity is gradually being released, corporate cash flow remains weak, potentially affecting production capabilities[26] - The government’s proactive fiscal measures and the increase in non-bank deposits are expected to support ongoing economic recovery despite external uncertainties[26]

DR001 或成新目标 宽松下限尚未到达 —— 流动性与机构行为周度跟踪 250615 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 15 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | 邮 箱： liyishuang@cindasc.com 3DR001 或成新目标 宽松下限尚未到达 [Table_ReportDate] 2025 年 6 月 15 日 信达证券股份有限公司 CINDA SECURITIES CO.,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.com 2 [➢Table_Summary] 货币市场：本周央行 OMO 净回笼 72 ...

Summary of Key Points from Conference Call Industry Overview - The discussion primarily revolves around the cryptocurrency market, specifically Bitcoin and stablecoins, and their relationship with traditional assets like gold. Core Insights and Arguments 1. **Comparison between Bitcoin and Gold**: - Both Bitcoin and gold share attributes such as scarcity, borderless nature, and decentralization, serving as hedges against risks in the international payment system. However, Bitcoin exhibits superior growth potential and payment convenience compared to gold, albeit facing stricter regulations [1][2][8]. 2. **Pricing Logic Sensitivity**: - The pricing of both Bitcoin and gold is sensitive to liquidity conditions. They tend to appreciate relative to fiat currencies during global liquidity expansion and depreciate during liquidity tightening. Both assets also hedge against the instability of sovereign currencies [1][9]. 3. **Market Trends and Drivers**: - From 2009 to 2021, the price trends of Bitcoin and gold were primarily driven by international liquidity expansion. Since 2022, the decoupling of the international payment system has become a more significant driver [1][10]. 4. **Bitcoin's Market Cycles**: - Bitcoin has experienced several bull and bear cycles since its inception in 2009, with notable peaks in 2013, 2017, and 2021, driven by various factors including regulatory changes and market sentiment [3][4]. 5. **Stablecoin Development**: - The growth of stablecoins is influenced by policies from the U.S. and Hong Kong, aimed at promoting their expansion to support the U.S. dollar and short-term U.S. debt. The underlying logic is to address the signs of decoupling in the dollar's international payment system [1][6][19]. 6. **Trust Consensus in Stablecoins**: - The stability of stablecoins relies on trust consensus, where holders believe they can redeem their holdings for equivalent fiat currency or collateral. This requires high liquidity in reserve assets and regular disclosure of asset reserves [14][18]. 7. **Regulatory Framework**: - The U.S. and Hong Kong are establishing regulatory frameworks to enhance trust in stablecoins by defining qualified digital currencies, standardizing reserve asset lists, and mandating regular disclosures [18]. 8. **Impact of Trade Wars**: - Bitcoin and gold have shown strong performance since the trade wars began, attributed to their roles as alternative currencies that provide a hedge against the risks associated with sovereign currency credit [2][11]. Additional Important Insights 1. **Volatility and Risk Compensation**: - Bitcoin's volatility is significantly higher than gold's, but this does not negate its status as a quality hedge asset. Its smaller market size and high growth potential contribute to this volatility [11]. 2. **Future of Stablecoins**: - The future trajectory of stablecoins is closely tied to the health of the U.S. dollar and U.S. debt. The development of stablecoins is seen as a potential remedy for the weakening dollar and U.S. debt market [12][19]. 3. **Types of Stablecoins**: - Stablecoins can be categorized into three types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with different mechanisms for maintaining stability [13][17]. 4. **Examples of Trust Issues**: - Historical examples illustrate the importance of trust in stablecoins, such as USDT's initial instability and subsequent regulatory compliance, and USDC's recovery from a temporary de-pegging event [15][16]. 5. **Potential for Dollar Support**: - Stablecoins are viewed as a bridge between fiat and digital currencies, with the potential to support the U.S. dollar and U.S. debt, especially as they are predominantly pegged to the dollar [19].

Core Viewpoint - The innovative drug sector is a significant investment theme this year, showing strong performance and potential for continued growth driven by macroeconomic improvements, supportive policies, and the realization of commercial profits [1][3][33]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) has risen by approximately 60% this year, indicating a strong recovery in the pharmaceutical sector after four years of downturn [3]. - Despite a recent pullback, the innovative drug sector continues to dominate the ETF performance rankings, with the Hang Seng Pharmaceutical ETF increasing by 4.18% and the Sci-Tech Pharmaceutical ETF (588130) by 2.21% [2][3]. Group 2: Drivers of Strength - Two main reasons for the strength of innovative drugs are the improving macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential 100 basis point rate cut by the Federal Reserve, which would benefit the valuation of innovative drug stocks [4]. - Recent policy initiatives, such as the improvement of basic medical insurance drug lists and the establishment of bio-manufacturing platforms, further support the innovative drug sector [5]. Group 3: Market Dynamics - The innovative drug sector has outperformed many other popular sectors over the past six months, indicating a shift in market sentiment [6]. - The concept of "turning points" is crucial, encompassing macroeconomic, industry, and company fundamentals, as well as valuation aspects [9][10]. - The current PE ratio of the Hang Seng Biotechnology Index is 27.64, suggesting that there is still room for valuation recovery as it remains below 90% of the historical range over the past decade [11]. Group 4: Growth Opportunities - The approval of multiple innovative drugs by the National Medical Products Administration, including 11 new drugs on May 29, highlights the growing pipeline and market potential for innovative drug companies [11][12]. - Successful international collaborations and the recognition of domestic innovative drugs at global events like the ASCO conference demonstrate the competitive strength of Chinese pharmaceutical companies [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market, with 27 IPOs and 15 involving foreign cornerstone investors this year, indicates a reversal in sentiment towards Hong Kong stocks [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovative drug sector [25][27]. - Morgan Stanley projects continued high trading activity in Hong Kong, driven by increased A+H listings and potential capital inflows due to favorable monetary conditions [28]. Group 6: Future Outlook - The innovative drug sector is positioned for sustained growth, supported by a combination of policy, profitability, and internationalization [33]. - The current growth cycle is distinct due to the macroeconomic recovery, industry revaluation, and increased liquidity, leading to stronger-than-expected performance [35][36]. - However, not all companies will benefit equally, and only those with clinical value and commercialization capabilities are likely to thrive in the long term [37].

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **Chinese economy**, **Hong Kong market**, and **real estate sector**. Core Points and Arguments 1. **Tariff Situation**: The worst period regarding tariffs may have passed, with significant market recovery observed post the worst week in April. The speaker believes that Trump's tariff strategies will not fundamentally alter global trade dynamics [1][2][3]. 2. **Consumer and Real Estate Support**: The Chinese economy requires support for consumers and the real estate sector, which are seen as needing more assistance compared to other sectors. The impact of tariffs is expected to be less disruptive in the coming months [2][3]. 3. **Hong Kong Market Performance**: Hong Kong's stock market has shown strong performance, with many newly listed stocks doubling in value. The influx of capital into Hong Kong is noted as a positive trend for the market [3][4]. 4. **Liquidity in Hong Kong**: There is a significant increase in liquidity in the Hong Kong market, with daily trading volumes recovering to levels around 600 billion HKD, compared to previous lows during the pandemic [6][7]. 5. **Real Estate Recovery**: The speaker anticipates a stabilization and potential rebound in Hong Kong's real estate prices, which have declined over the past few years. The current low-interest rates and increased liquidity are expected to support this recovery [9][10][19]. 6. **Market Dynamics**: The discussion highlights the importance of liquidity and market activity in attracting investors to Hong Kong. The speaker emphasizes that a vibrant market can lead to better price discovery and trading opportunities [6][7]. 7. **Stability of Stablecoins**: The role of stablecoins in facilitating cross-border payments is discussed, noting their growing transaction volumes compared to traditional payment systems like Visa and Mastercard [10][11]. 8. **US Debt Concerns**: The US government faces significant cash flow challenges due to high debt servicing costs, which could impact its financial stability. The discussion suggests that tariffs and other measures may not effectively resolve these issues [12][13]. 9. **Silver Market Outlook**: There is a bullish outlook on silver prices, with expectations that they will rise significantly due to market dynamics and the demand from the renewable energy sector [14][15][16]. Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The overall sentiment in the market is shifting positively, with increased investor confidence leading to a potential rise in housing prices and stock market activity [19][20]. 2. **Philosophical Views on Pricing Power**: The discussion touches on the philosophical aspects of pricing power in the market, suggesting that control over pricing is not solely determined by liquidity but also by the nature of the stocks and their trading volumes [8][9]. 3. **Impact of Talent Migration**: The influx of talent from mainland China to Hong Kong is influencing wage dynamics and work culture, which may have long-term implications for the local economy and housing market [18][19].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-06-11 等待谈判落地 股指期货：放量回撤，震荡市对待 股指期权：买权对冲防御 国债期货：市场情绪偏谨慎 股指期货方面，放量回撤，震荡市对待。昨日午后异动下跌，盘面整 体放量，尤其是科创板块表现弱势，计算机、军工、半导体领跌，但盘面 无太多恐慌情绪。关于下跌的原因，消息面并无明确支持因素，我们理解 盘面回撤更多的是与情绪阶段过热有关。其一，沪指逼近3400点关口， 属于年内偏上沿区域，部分资金担心无法新高之后的回撤风险，其二， 创新药、新消费接连成为阶段主线，板块交易有拥挤之嫌，结合强势股蜜 雪集团多日出现长阴，市场担心高波环境下的持续性问题，其三，消息面 市场计价中美关系缓和，但鉴于谈判结果未定，也有部分资金可能逢高止 盈，提防不确定性。对于下跌，我们认为未必代表调整开始，但短期市场 缺少上行催化因素，仍建议观望。 股指期权方面，买权对冲防御。昨日权益市场早盘震荡，午后跳水。 期权方面，市场成交额提升26.5%重回近10个交易日高位，但交投活跃的 成因在于日内行情波动，期权端对冲避险，而并非资金进场交易。成交量 P ...

Summary of Conference Call Records Industry Overview - The records primarily discuss the bond market and the implications of U.S.-China relations on interest rates and liquidity in the financial system [1][3][7]. Key Points and Arguments 1. **Global Economic Trends**: There is a consensus that global economic decoupling and fragmentation are long-term trends, with short-term tariff adjustments unlikely to reverse the overall direction of U.S.-China relations [1][7]. 2. **Interest Rate Projections**: - A complete removal of reciprocal tariffs could lead to an estimated interest rate rebound of about 12 basis points, but the impact is expected to be limited [1][3]. - The 10-year government bond yield is projected to have an upper limit adjustment to 1.75% if tariffs are fully removed, although current macroeconomic conditions do not support a strong rebound to 1.4% [6][8]. 3. **Market Sentiment**: - June has seen improved liquidity conditions, with bond market sentiment turning positive and the 2001 bond effectively breaking below 1.4% [1][4]. - The negative factors that suppressed the market in May are dissipating, indicating clear trend opportunities [4][5]. 4. **Central Bank Policies**: - The central bank is maintaining a tightening stance, which, along with a recovering real estate sector, supports market sentiment [8][9]. - Recent announcements of reverse repos by the central bank aim to stabilize market expectations and signal liquidity support [10]. 5. **Future Liquidity Expectations**: - There is a shift towards a more accommodative liquidity outlook, with the DR001 rate breaking below 1.4%, indicating enhanced liquidity sentiment [2][12]. - The central bank's actions suggest potential for further liquidity increases if market conditions remain tight [11][12]. 6. **Investment Opportunities**: - The outlook for medium to long-term bond funds is positive, with expected returns of 2.5-3% this year, encouraging investors to seize current market trends [13][14]. Other Important Insights - The impact of U.S.-China tariffs on market reactions has diminished, with the market forming a consensus that long-term trends will prevail despite short-term fluctuations [3][7]. - Structural tariffs and trade measures, such as Section 301 and Section 232, continue to pose risks to the economic relationship between the U.S. and China [7][9]. - The central bank's flexible approach to liquidity management reflects its responsiveness to uncertainties in U.S.-China relations and domestic economic pressures [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (from June 3rd to June 6th), the money market rate declined, the average daily net lending of large - scale banks increased, and the leverage ratio of funds slightly rose. The net financing of certificates of deposit decreased, and the yields to maturity of certificates of deposit with different maturities showed differentiation. In the cash bond trading, the main buyers were other product types, mainly increasing holdings of certificates of deposit. Rural commercial banks switched to increasing holdings of certificates of deposit, insurance companies increased holdings of ultra - long - term interest - rate bonds with maturities of 15 - 30 years, funds increased holdings of interest - rate bonds across all maturities, and large - scale banks bought interest - rate bonds with maturities of 1 - 3 years. [3] 3. Summaries Based on Relevant Catalogs 3.1 Money and Capital Market - A total of 1602.6 billion yuan of reverse repurchase expired this week. The central bank conducted reverse repurchases of 454.5 billion, 214.9 billion, 126.5 billion, and 135 billion yuan from Tuesday to Friday, with a total injection of 930.9 billion yuan and a net liquidity withdrawal of 671.7 billion yuan for the whole week. [5][10] - As of June 6th, R001, R007, DR001, and DR007 were 1.45%, 1.55%, 1.41%, and 1.53% respectively, with changes of - 11.9BP, - 14.58BP, - 6.98BP, and - 13.22BP compared to May 30th, and were at the 19%, 9%, 16%, and 3% historical quantiles respectively. [5][12] - The net borrowing scale of the main fund lenders increased. The main lending institutions (large - scale commercial/policy banks and joint - stock commercial banks) had a net borrowing of - 341.2 billion yuan for the whole week, an increase of 284.3 billion yuan compared to the previous week. [5][17] - The trading volume of pledged repurchase increased, with an average daily trading volume of 7.5 trillion yuan and a maximum single - day trading volume of 7.86 trillion yuan, a 15.42% increase compared to the previous week's average daily volume. The proportion of overnight repurchase transactions increased, with an average daily proportion of 87.5% and a maximum single - day proportion of 90.4%, a 3.61 - percentage - point increase compared to the previous week's average daily proportion. [5][24] - The leverage ratio of broad - based funds slightly increased. As of June 6th, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.3%, 202.5%, 127.1%, and 105.4% respectively, with changes of 0.41BP, 14.27BP, - 0.68BP, and 0.1BP compared to May 30th, and were at the 17%, 17%, 60%, and 39% historical quantiles respectively. [5][28] 3.2 Certificates of Deposit and Bills - This week, the issuance scale of certificates of deposit decreased, and the net financing amount decreased compared to the previous week. The total issuance was 585.59 billion yuan, a decrease of 82.91 billion yuan compared to the previous week; the total maturity was 664.37 billion yuan, an increase of 11.64 billion yuan compared to the previous week. The net financing amount was - 78.78 billion yuan, a decrease of 94.55 billion yuan compared to the previous week. [5][32] - By bank type, city commercial banks had the highest issuance scale. This week, the issuance scales of certificates of deposit by state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 151.88 billion, 161.56 billion, 223.54 billion, and 44.51 billion yuan respectively, with changes of - 214.34 billion, 69.4 billion, 45.4 billion, and 14.02 billion yuan compared to the previous week. [32] - By maturity type, the 6 - month issuance scale was the highest. The issuance scales of 1 - month, 3 - month, 6 - month, 9 - month, and 1 - year certificates of deposit were 44.1 billion, 133.53 billion, 236.64 billion, 88.58 billion, and 122.43 billion yuan respectively, with changes of - 311.5 billion, 443.3 billion, 929.5 billion, 806.6 billion, and - 2697 billion yuan compared to the previous week. [33] - This week, the issuance interest rates of certificates of deposit by different banks and with different maturities showed differentiation. By bank type, as of June 6th, the issuance interest rates of 1 - year certificates of deposit by joint - stock banks and city commercial banks changed by 0BP and - 2.83BP respectively compared to May 30th, and were at the 2% and 1% historical quantiles. By maturity, as of June 6th, the issuance interest rates of 1 - month, 3 - month, and 6 - month certificates of deposit changed by 2.64BP, 4.13BP, and - 5.23BP respectively compared to May 30th, and were at the 6%, 2%, and 1% historical quantiles. [41] - This week, the Shibor rates generally declined. As of June 6th, the overnight, 1 - week, 2 - week, 1 - month, and 3 - month Shibor rates changed by - 6BP, - 11.7BP, - 15.1BP, - 0.1BP, and - 0.1BP respectively compared to May 30th, reaching 1.41%, 1.5%, 1.59%, 1.62%, and 1.65%. [43] - This week, the yield - to - maturity curve of certificates of deposit flattened. As of June 6th, the yield - to - maturities of AAA - rated ChinaBond commercial bank certificates of deposit with maturities of 1 month, 3 months, 6 months, 9 months, and 1 year were 1.63%, 1.66%, 1.65%, 1.68%, and 1.68% respectively, with changes of 8.49BP, - 0.52BP, - 3BP, - 3BP, and - 2.75BP compared to May 30th. [45] - This week, the bill interest rates showed differentiation. As of June 3rd, the 3 - month direct discount rate, 3 - month transfer discount rate, 6 - month direct discount rate, and 6 - month transfer discount rate of state - owned shares were 1.15%, 1.02%, 1.14%, and 1.09% respectively, with changes of - 5BP, - 14BP, 0BP, and 3BP compared to May 30th. [46] 3.3 Institutional Behavior Tracking - This week, the main buyers of cash bonds were other product types, with a net purchase of 8.92 billion yuan, a decrease compared to the previous week's purchase scale; the main sellers were joint - stock banks, with a net sale of 22.38 billion yuan, an increase compared to the previous week's sale scale. [5][48] - This week, funds had a net purchase of 7.84 billion yuan of cash bonds, including an increase of 5.3 billion yuan in interest - rate bonds, 1.5533 billion yuan in credit bonds, 750 million yuan in other (including Tier 2 and perpetual bonds), and 210 million yuan in certificates of deposit. By maturity, interest - rate bonds were mainly increased in the 3 - 5 - year range, and credit bonds were mainly increased within 1 year. [5][48] - This week, wealth management products had a net purchase of 4.61 billion yuan of cash bonds, including an increase of 720 million yuan in interest - rate bonds, 1.04 billion yuan in credit bonds, 850 million yuan in other (including Tier 2 and perpetual bonds), and 2 billion yuan in certificates of deposit. By maturity, interest - rate bonds and credit bonds were mainly increased within 1 year. [5][50] - This week, rural financial institutions had a net purchase of 3.99 billion yuan of cash bonds, including a decrease of 2.19 billion yuan in interest - rate bonds, an increase of 80 million yuan in credit bonds, 360 million yuan in other (including Tier 2 and perpetual bonds), and 5.73 billion yuan in certificates of deposit. By maturity, interest - rate bonds were mainly decreased in the 1 - 3 - year range, and credit bonds were mainly increased within 1 year. [50] - This week, insurance companies had a net purchase of 4.31 billion yuan of cash bonds, including an increase of 3.23 billion yuan in interest - rate bonds, 380 million yuan in credit bonds, a decrease of 210 million yuan in other (including Tier 2 and perpetual bonds), and 900 million yuan in certificates of deposit. By maturity, interest - rate bonds were mainly increased in the 20 - 30 - year range, and credit bonds were mainly increased in the 3 - 5 - year range. [50]