人民财讯9月30日电，为保持银行体系流动性充裕，2025年10月9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11000亿元买断式逆回购操作，期限为3个月(91天)。 ...

Market Overview - On September 30, 2025, significant intraday fluctuations were observed in the government bond futures market, with all contract maturities rebounding sharply by midday after a cautious opening [1][3] - The 30-year main contract experienced notable volatility, initially dropping by 0.30% before closing up 0.07%, indicating intense long-short competition in the long-end segment [3] Policy Drivers - The fluctuations in government bond futures were primarily driven by multiple positive signals from the policy front, with the People's Bank of China (PBOC) injecting stability into market expectations through precise liquidity provision [4] - On September 30, the PBOC conducted a 7-day reverse repurchase operation at a fixed rate of 1.40%, injecting 242.2 billion yuan into the market, which alleviated seasonal funding pressures [4][5] - The PBOC's third-quarter monetary policy meeting emphasized "promoting stable economic growth" and maintaining ample liquidity, indicating a shift in policy tone from "maintaining" to "promoting" [5][7] Economic Data Impact - The release of the manufacturing PMI data for September, which rose to 49.8%, played a crucial role in influencing market sentiment, reflecting a "weak recovery" in the economy [9][11] - The production index increased to 51.9%, indicating expansion, while the new orders index remained below the threshold, highlighting persistent demand weakness [12][13] Fund Allocation Demand - The concentrated entry of allocation-type funds, particularly from insurance capital, was a key driver behind the price increase in government bonds [14][15] - The 30-year government bond ETF saw significant inflows, with its scale reaching 18.608 billion yuan, reflecting strong demand for long-duration assets [16][19] International Market Transmission Effects - The Federal Reserve's decision to lower interest rates by 25 basis points on September 17, 2025, has influenced global financial markets, leading to a narrowing of the interest rate differential between China and the U.S. [18][20] - The weakening of the U.S. dollar and stabilization of the Chinese yuan have created a favorable environment for foreign capital to flow back into Chinese assets [20][21] Future Outlook and Investment Strategy - The current government bond futures market is in a balancing phase, with a likelihood of 10-year bond yields remaining within the 1.7%-1.9% range, supported by weak economic fundamentals and expectations of liquidity easing [24][26] - Investors are advised to adopt a defensive and diversified strategy, closely monitoring signals from the Federal Reserve and domestic government bond issuance [27][28]

Group 1 - The People's Bank of China (PBOC) has increased liquidity injections since late September, indicating a clear intention to support the funding environment across the quarter [1] - On September 22, the PBOC restarted 14-day reverse repos with a scale of 300 billion yuan, followed by an increase to 600 billion yuan on September 26, and a total of 29,377 billion yuan injected from September 22 to September 29 [1] - The PBOC also conducted a 6,000 billion yuan Medium-term Lending Facility (MLF) operation on September 25, resulting in a net injection of 3,000 billion yuan for the month [1] Group 2 - Tianfeng Securities reports that the PBOC's increased liquidity measures have led to a stable funding environment, with expectations for continued stability into October despite potential liquidity disturbances [2] - October is anticipated to be a month of high fiscal revenue and low expenditure, with significant government bond issuance potentially tightening liquidity, although the amount of interbank certificates maturing is expected to be lower than in September [2] - The PBOC is likely to continue using various liquidity management tools in October to maintain ample market liquidity, suggesting limited upward pressure on major money market rates [2] Group 3 - There is a growing expectation in the market for the PBOC to resume government bond trading operations, which had been paused earlier this year to avoid impacting investor needs [3] - Regardless of whether government bond trading resumes, Tianfeng Securities believes that liquidity concerns are manageable due to the diverse range of monetary policy tools available to the PBOC [3] - The PBOC can effectively stabilize funding fluctuations by flexibly utilizing short, medium, and long-term liquidity injection tools such as reverse repos and MLF [3]

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange supports foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [2] Group 1: Policy Support - The joint announcement allows foreign institutional investors who can engage in cash bond trading in China to also participate in bond repurchase transactions [2] - Bond repurchase is a widely used liquidity management tool internationally, facilitating short-term financing among financial institutions [2] Group 2: Market Participation - All foreign institutional investors, including those entering the market directly and through the "Bond Connect" channel, are eligible to engage in bond repurchase transactions [2] - The implementation of bond repurchase will follow international practices, allowing for the transfer and utilization of the underlying bonds [2] Group 3: Historical Context - Since 2015, the People's Bank of China has progressively opened the bond repurchase market to foreign entities, initially supporting sovereign institutions and offshore clearing banks [2] - By August 2025, a total of 1,170 foreign institutions from 80 countries and regions had entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [2]

Core Points - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [1] - The announcement further opens up the bond repurchase business, allowing all types of foreign institutional investors to participate, including those entering through direct market access and the "Bond Connect" channel [1] - Bond repurchase is a widely used liquidity management tool internationally, and the announcement aims to meet the liquidity management needs of foreign institutional investors and promote connectivity between onshore and offshore financial markets [1] Group 1 - The announcement strengthens the bond repurchase mechanism in the interbank market and aligns it with international practices, providing greater convenience for foreign institutional investors [2] - The bond repurchase business includes both pledged and buyout repurchase forms, with current differences in operational practices compared to international markets [2] - The mechanism design of transferring the ownership of the underlying bonds aligns with international mainstream repurchase practices, enhancing the attractiveness of the Chinese bond market to foreign institutional investors [2]

北京商报讯（记者 刘四红）9月24日，据人民银行官网消息，为保持银行体系流动性充裕，2025年9月 25日（周四），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6000亿元MLF操作， 期限为1年期。 ...

Core Viewpoint - The significant drop of 23.33% in the net value of Galaxy Junxin Mixed Fund I on September 22 has raised concerns among investors, highlighting the volatility and liquidity management issues within the fund industry [1][6]. Fund Performance - Galaxy Junxin Mixed Fund I, established on September 7, 2016, reported a year-to-date return of -15.19%, a one-year return of -7.05%, and a three-year return of -7.87% as of September 24 [4][6]. - The fund's latest net value is 1.0000 yuan, with a notable single-day decline of 23.33% on September 22 [4][6]. Fund Structure and Holdings - The fund primarily holds a small percentage in Sany Heavy Industry, accounting for only 0.93% of the fund's net asset value, indicating that the drop cannot be attributed to individual stock volatility [5][6]. - Galaxy Junxin Mixed Fund I is a special share class within the Galaxy Junxin series, targeting large investors with a minimum subscription amount of 10 million yuan and a lower service fee compared to other classes [5][6]. Investor Behavior and Market Impact - The fund reportedly has only one holder, with its shares decreasing from 205 million at the end of 2022 to 3.6208 million currently, resulting in a total scale of only 4.35 million yuan [6]. - The sharp decline in net value due to large redemptions has raised concerns about market confidence and the fund's stability, despite the fact that it primarily affects large investors [6].

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 600 billion MLF operation to maintain liquidity in the banking system with a one-year term [1] Group 1 - The PBOC will implement a fixed quantity, interest rate tender, and multiple price bidding method for the MLF operation [1] - The operation is scheduled for September 25, 2025, which is a Thursday [1] - The total amount for the MLF operation is set at 600 billion yuan [1]

Core Viewpoint - The bond market is experiencing a correction, with government bond futures declining and interbank bond yields rising, indicating tightening liquidity as the month-end approaches [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.41% to 114.070, marking a new closing low since March 19 [2]. - Interbank bond yields mostly increased, with the 30-year government bond yield rising 1.3 basis points to 2.112% and the 10-year government bond yield up 1.4 basis points to 1.812% [2]. Overseas Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield down 4.06 basis points to 4.106% [3]. - In Asia, Japanese bond yields also decreased, while in the Eurozone, the 10-year French bond yield rose by 0.4 basis points to 3.561% [3]. Primary Market - The Ministry of Finance's weighted average bid yields for 91-day and 182-day government bonds were 1.2473% and 1.3405%, respectively, with bid-to-cover ratios of 2.84 and 2.31 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation of 401.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 17 billion yuan for the day [5]. - Short-term Shibor rates increased, with the overnight rate rising 2.1 basis points to 1.434% [5]. Institutional Perspectives - Citic Securities noted that the urgency for the central bank to restart government bond trading is not strong in the short term, but the increased bond purchases by state-owned banks reflect a relatively loose liquidity environment [6]. - China International Capital Corporation (CICC) observed that while the bond market is experiencing volatility, credit bonds in the short to medium term are performing relatively well [7].

Group 1 - The core value of money market funds is not high returns but liquidity management, especially in a low-interest-rate environment [1] - Money market funds are characterized as low-risk, low-return, and high liquidity investment tools suitable for short-term fund management [1] - Compared to bank fixed deposits, money market funds offer superior liquidity, allowing for immediate purchase and redemption without prior appointment [1] Group 2 - Despite the overall decline in money market fund yields, investors can adopt reasonable management strategies to optimize the use of "liquid funds" [1] - Funds needed in the short term can be placed in money market funds for easy access, while funds that may not be used for three months or longer can be allocated to slightly less liquid but higher-yield products [1] - The integration of money market funds into daily life through services like Yu'ebao and WeChat's "零钱通" enhances their utility for both payment and investment [1]