1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market is currently in a state where supply fundamentals are peaking, with high crude steel supply and seasonal decline in demand, resulting in certain supply - demand pressures. However, due to coal mine production checks and expected steel mill production restrictions in August, the subsequent iron - water output may decline, which could drive the futures market up. In the short term, steel prices are expected to maintain a high - level trend. Traders are advised to wait and see for single - side trading, consider positive basis trading when the basis is low and narrowing the spread between hot - rolled and rebar for arbitrage, and wait and see for options trading [4][7][9]. 3. Summary by Directory Chapter 1: Steel Market Summary and Outlook Summary - **Supply**: This week, the small - sample production of rebar increased by 10.12 tons to 221.18 tons, while that of hot - rolled decreased by 7.9 tons to 314.89 tons. The daily average iron - water output of 247 blast furnaces was 240.32 tons (- 0.39 tons), and the capacity utilization rate of 49 independent electric - arc furnace steel mills was 34.5% (+ 1.4%). The production enthusiasm of the overall steel industry was relatively strong [4]. - **Demand**: The small - sample apparent demand for rebar was 210.79 tons (+ 7.38 tons), and that for hot - rolled was 306.21 tons (- 13.79 tons). Steel exports declined due to rising prices. The real estate market was still in a downward trend, but the manufacturing PMI expanded, and the automobile industry maintained positive growth in both domestic and foreign demand, while the home appliance industry entered a demand off - season [4]. - **Inventory**: Rebar inventory increased by 10.39 tons, hot - rolled inventory increased by 8.68 tons, and the total inventory of five major steel products increased by 23.47 tons [4]. - **Outlook**: In the short term, steel prices may maintain a high - level trend. Future attention should be paid to overseas tariffs and domestic macro and industrial policies [7]. - **Trading Strategies**: For single - side trading, maintain a high - level trend and recommend waiting and seeing; for arbitrage, recommend positive basis trading when the basis is low and narrowing the spread between hot - rolled and rebar; for options, recommend waiting and seeing [9]. Chapter 2: Price and Profit Review Summary - **Spot Prices**: The rebar summary price in Shanghai was 3340 yuan (- 20 yuan), and in Beijing was 3300 yuan (+ 40 yuan). The hot - rolled price in Shanghai was 3460 yuan (+ 50 yuan), and in Tianjin was 3400 yuan (+ 20 yuan) [13]. - **Profit**: The flat - rate electricity profit of East - China electric furnaces was - 44.37 yuan (+ 9.5 yuan), and the valley - rate electricity profit was + 121 yuan (+ 10 yuan). The profit of long - process steel decreased slightly but remained above 100 yuan [4][30]. Chapter 3: Important Domestic and Overseas Macroeconomic Data Summary - **Domestic Policies**: A new version of the "Coal Mine Safety Regulations" will be implemented on February 1, 2026. Seven departments including the central bank issued a guiding opinion on financial support for new industrialization, and three departments issued a plan for a new round of rural road improvement [32]. - **Foreign Policies**: The US may impose about 100% tariffs on chips and semiconductors [32]. - **Macroeconomic Data**: In June, the new social financing scale was 4.2 trillion yuan, with an increase in both new RMB loans and government bond issuance. The M1 - M2 growth rate was - 3.7%, with a significant reduction in the decline. From January to June 2025, the cumulative year - on - year growth rate of China's fixed - asset investment was + 2.8%, with a decline in the growth rate [42]. Chapter 4: Steel Supply, Demand, and Inventory Situation Summary - **Supply**: The daily average iron - water output of 247 blast furnaces was 240.32 tons (- 0.39 tons), and the capacity utilization rate of 49 electric furnaces was 34.5% (+ 1.6%). The small - sample production of rebar increased, while that of hot - rolled decreased [4][62][67]. - **Demand**: The small - sample apparent demand for rebar increased, while that for hot - rolled decreased. The export of steel decreased due to rising prices. The real estate market was still weak, the manufacturing industry expanded, the automobile industry maintained growth, and the home appliance industry entered an off - season [4][70]. - **Inventory**: The inventory of rebar and hot - rolled both increased, and the total inventory of five major steel products also increased [4].

中信证券首席经济学家明明表示，从操作模式上看，以往买断式逆回购在每月最后一个交易日公布操作 数量，6月份操作在实际操作的前一天发布招标公告。从数量来看，本次公告3个月买断式逆回购操作1 万亿元，并未对6个月品种操作。5月份长端流动性投放中，MLF（中期借贷便利）净投放3750亿元， 买断式逆回购净回笼2000亿元，而降准0.5个百分点释放1万亿元长期资金。总体来看，5月份央行长端 流动性供给超1万亿元，以对冲政府债净缴款压力。预计6月份政府债发行压力或低于5月份，考虑到降 准等总量工具或暂歇增量，预计MLF可能延续净投放。此外，买断式逆回购并未限制一个月仅操作一 次，6月份剩余阶段或可观察后续6个月品种是否存在投放。 本报记者 韩 昱 中国人民银行（以下简称"央行"）6月5日发布消息称，为保持银行体系流动性充裕，2025年6月6日，中 国人民银行将以固定数量、利率招标、多重价位中标方式开展1万亿元买断式逆回购操作，期限为3个月 （91天）。 "央行打破月末公告当月买断式逆回购操作惯例，于月初公告大规模买断式逆回购操作，引发市场关 注。"东方金诚首席宏观分析师王青在接受《证券日报》记者采访时表示，在当前资金面及 ...

王青指出，7月共有12000亿元买断式逆回购到期，其中3个月期到期量为7000亿元，6个月期到期量 为5000亿元。本月开展14000亿元买断式逆回购操作，意味着当月买断式逆回购净投放2000亿元，为连 续第二个月加量续作。 中新社北京7月14日电 (记者 夏宾)据中国央行14日消息，为保持银行体系流动性充裕，中国央行7 月15日将以固定数量、利率招标、多重价位中标方式开展14000亿元(人民币，下同)买断式逆回购操 作。其中，3个月期8000亿元，6个月期6000亿元。 东方金诚首席宏观分析师王青对记者表示，在今年6月央行打破月末公告惯例，分别于6月5日和6月 13日发布买断式逆回购公告之后，7月央行再次于月中公告买断式逆回购操作。这表明每月买断式逆回 购已从月末披露转变为月中披露，货币政策操作透明度增加，沟通机制进一步完善，能够更为有效引导 和稳定市场预期。 他认为，在5月央行降准释放约10000亿元长期流动性基础上，近两个月央行连续实施买断式逆回购 净投放，一方面有助于在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面也释 放了数量型货币政策工具持续加力的信号，有助于推动宽信用进程，强化 ...

王青表示，7月30日召开的中共中央政治局会议要求"加快政府债券发行使用"，8月份会继续处于政 府债券发行高峰期。此外，8月份存单到期规模较大，监管层持续强调"引导金融机构加大货币信贷投放 力度"。由此判断，8月份，在短期市场流动性继续处于较为稳定的充裕状态下，中期市场流动性有一定 收紧压力。因此预计8月份央行会继续通过MLF、买断式逆回购操作注入中期流动性。这一方面有助于 在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面也释放了数量型货币政策工 具持续加力的信号，有助于推动宽信用进程，强化逆周期调节。 中信证券首席经济学家明明也认为，在维持流动性充裕诉求下，央行本月或延续今年6月份以来买 断式逆回购净投放的操作模式，不排除后续开展6个月期买断式逆回购操作的可能性。同时，8月份， MLF可能会延续此前小幅净投放的操作方式。 原标题：央行开展7000亿元买断式逆回购操作 本报记者 刘 琪 8月7日，中国人民银行（以下简称"央行"）发布公开市场买断式逆回购招标公告显示，为保持银行 体系流动性充裕，8月8日将以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操 作，期限为3个月（91 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a 700 billion yuan three-month reverse repurchase operation to maintain liquidity in the banking system, indicating a proactive approach to manage liquidity amid fiscal tax peaks and potential quarter-end pressures [1][2][3]. Group 1: Reverse Repo Operations - The PBOC will conduct a 700 billion yuan reverse repurchase operation on August 8, with a three-month term, to ensure ample liquidity in the banking system [1]. - This operation is strategically timed to cover the fiscal tax peak in August and the quarter-end assessment period at the end of September, reflecting the central bank's liquidity management strategy [2][3]. - Analysts expect a second reverse repo operation in August, considering the upcoming maturity of 4 billion yuan in three-month and 5 billion yuan in six-month reverse repos, totaling 9 billion yuan [3][4]. Group 2: Liquidity Management - The central bank is likely to continue using various monetary policy tools, including MLF and reverse repos, to stabilize market expectations and promote credit expansion amid a slowing economic growth backdrop [5][6]. - There is a consensus among analysts that the PBOC may implement further reverse repo operations to address liquidity needs related to government bond issuances and to maintain a stable liquidity environment [4][5]. - The PBOC's approach is characterized by a focus on medium-term liquidity adjustments, with expectations of potential reserve requirement ratio (RRR) cuts to inject long-term liquidity into the market [6].

8月7日，人民银行发布公告，为保持银行体系流动性充裕，中国人民银行将于8月8日以固定数量、利率 招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月（91天）。 王青进一步分析道，8月继续处于政府债券发行高峰期；此外，当月存单到期规模较大，监管层持续强 调"引导金融机构加大货币信贷投放力度"。"当月在短期市场流动性继续处于较为稳定的充裕状态下， 中期市场流动性有一定收紧压力。"王青由此认为，预计8月央行会继续通过MLF、买断式逆回购注入中 期流动性。这一方面有助于在政府债券持续处于发行高峰期阶段，保持银行体系流动性充裕，另一方面 也释放了数量型货币政策工具持续加力的信号，有助于推动宽信用进程，强化逆周期调节。 （文章来源：广州日报） 值得关注的是，8月分别有4000亿3个月期和5000亿6个月期买断式逆回购到期。对此，东方金诚首席宏 观分析师王青认为，8日央行开展7000亿3个月期逆回购，并不意味着本月买断式逆回购缩量，很可能意 味着月内央行还将开展一次6月个月期逆回购操作，预计当月两个期限品种的合计操作金额会在9000亿 到期量之上。另外，8月还有3000亿MLF到期，预计央行也会加量续作。 ...

Group 1 - The central bank will conduct a 700 billion yuan reverse repurchase operation on August 8, with a term of 3 months, to maintain ample liquidity in the banking system [1] - There are 4 billion yuan of 3-month and 5 billion yuan of 6-month reverse repos maturing in August, indicating that the central bank may conduct another 6-month reverse repo operation within the month [1] - The backdrop for these operations includes a high issuance period for government bonds and a significant amount of maturing deposits, with regulatory emphasis on increasing monetary credit [1] Group 2 - In August, short-term market liquidity is expected to remain stable, while there may be some tightening pressure in the medium term [2] - The central bank is likely to continue injecting medium-term liquidity through MLF and reverse repos to support the ongoing government bond issuance [2] - The manufacturing PMI index has declined again, suggesting that the central bank may consider further rate cuts in the fourth quarter [2]

Group 1 - The People's Bank of China (PBOC) announced a fixed amount of 700 billion yuan reverse repos to maintain liquidity in the banking system, with a term of 3 months [1] - Despite a net withdrawal of 200 billion yuan from reverse repos, analysts believe this does not indicate a reduction in reverse repo operations for August [1] - Analysts expect the PBOC to continue its net injection strategy through reverse repos and MLF to address liquidity needs amid government bond issuance pressures [2] Group 2 - The central government's emphasis on accelerating government bond issuance and the large scale of maturing deposits in August are key factors influencing liquidity management [2] - Analysts predict that the PBOC will inject medium-term liquidity through MLF and reverse repos to maintain a stable liquidity environment during the peak of government bond issuance [2] - There is an expectation of potential monetary policy adjustments, including possible rate cuts in the fourth quarter, due to increasing economic downward pressure [2]

8月分别有4000亿元3个月期和5000亿元6个月期买断式逆回购到期。市场分析认为，虽然截至8日买断式 逆回购形成2000亿元的净回笼，但这并不意味着8月买断式逆回购就将缩量。 中信证券首席经济学家明明分析，考虑到长债发行压力下8月流动性缺口有所抬升，叠加存单到期压力 边际抬升，在维持流动性充裕的诉求下，央行可能会延续6月以来买断式逆回购净投放的操作模式，不 排除后续续作6个月期品种买断式逆回购的可能性。另一方面，本月MLF（中期借贷便利）到期规模为 3000亿元，预计MLF可能也会配合延续此前小幅净投放的操作方式。 8月7日，中国人民银行发布公开市场买断式逆回购招标公告称，为保持银行体系流动性充裕，8月8日， 将以固定数量、利率招标、多重价位中标方式开展7000亿元买断式逆回购操作，期限为3个月（91 天）。 东方金诚首席宏观分析师王青也表示，这很可能意味着月内央行还将开展一次6个月期买断式逆回购操 作，预计本月两个期限品种的合计操作金额会在9000亿元到期量之上。另外，8月还有3000亿元MLF到 期，预计央行也会加量续作。 上述专家之所以作出这样的分析，背后的主要原因在于：7月30日中央政治局会议要求加 ...

Core Viewpoint - The central bank has significantly increased the scale of reverse repurchase operations in June and July, indicating a proactive approach to maintain liquidity in the financial system [3]. Group 1: Liquidity Operations - In June and July, the central bank conducted reverse repurchase operations amounting to 14,000 billion yuan each month, achieving a net injection of 2,000 billion yuan [3]. - The operations in June included injections of 10,000 billion yuan at the beginning of the month and 4,000 billion yuan in the middle of the month, while July saw a 14,000 billion yuan injection in mid-month [3]. Group 2: Future Expectations - In August, 9,000 billion yuan of reverse repurchase agreements are set to mature, which exceeds the current injection volume, indicating potential liquidity tightening [3]. - Analyst Wang Qing anticipates that the central bank will conduct another 6-month reverse repurchase operation within August, alongside the expected rollover of 3,000 billion yuan in Medium-term Lending Facility (MLF) [3]. - The expectation is that the central bank will continue to inject medium-term liquidity through MLF and reverse repurchase operations to maintain ample liquidity in the banking system during the peak of government bond issuance [3].