Group 1 - The A-share market saw a collective decline in the three major indices on September 23, while the banking sector experienced an increase, with the Tianhong Bank ETF (515290) rising by 1.21% and trading volume exceeding 450 million yuan [1] - Notable individual stocks within the banking sector included Nanjing Bank, which rose over 4%, along with Industrial and Commercial Bank of China, Suzhou Bank, Qilu Bank, and Hangzhou Bank also showing gains [1] - The Tianhong Bank ETF (515290) closely tracks the CSI Bank Index, which consists of up to 50 banking stocks from the CSI All Share Index, reflecting the overall performance of the banking sector [1] Group 2 - The People's Bank of China announced on September 19 that it would adjust the 14-day reverse repurchase operations to fixed quantity, interest rate bidding, and multiple price level bidding to maintain ample liquidity in the banking system [2] - This adjustment aims to enhance the policy status of the 7-day reverse repurchase operation rate and allows for flexible management of liquidity based on market conditions and institutional needs [2] - According to Wanlian Securities, 42 listed banks reported a year-on-year net profit growth of 3.0% for Q2 2025, with total assets growing by 9.6% year-on-year as of mid-2025 [2] Group 3 - Dongfang Securities believes that while the index may experience short-term fluctuations, the medium-term upward trend remains intact, with a focus on high-end manufacturing and low-cycle dividend themes [3] - The macroeconomic environment is currently at a low point for PPI, with expectations of recovery in PPI and industry profitability [3] - Companies with supply clearing and profit elasticity in industries undergoing policy changes may present attractive dividend opportunities [3]

Core Viewpoint - The adjustment of the 14-day reverse repurchase operation aims to strengthen the position of the 7-day reverse repurchase policy rate, enhancing liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 1: Policy Adjustments - The adjustment in reverse repurchase operations is designed to improve liquidity management and reinforce the importance of the 7-day reverse repurchase rate [1] - The focus on enhancing liquidity management is expected to lead to a more precise control of monetary policy [1] Group 2: Market Impact - The ongoing consumer stimulus policies are being intensified, contributing to the accumulation of positive factors in the banking sector [1] - Mid-term performance improvements are anticipated, with a potential turning point in the banking sector's performance [1] Group 3: Future Considerations - Attention should be paid to the effectiveness of policies being released, as well as the demand for retail business and improvements in risk management [1] - Upcoming events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures are crucial for future developments [1]

Core Viewpoint - The central bank has resumed 14-day reverse repo operations after an 8-month hiatus, indicating a moderately accommodative monetary policy stance to ensure liquidity ahead of the upcoming holidays [1][2]. Group 1: Central Bank Operations - The central bank conducted a 300 billion yuan 14-day reverse repo operation and a 240.5 billion yuan 7-day reverse repo operation, aimed at providing liquidity before the holiday [1]. - The initiation of the 14-day reverse repo operation is earlier than in previous years, which helps alleviate the preventive funding needs of institutions before the quarter-end and holiday [2]. - The 14-day reverse repo operation has shifted to a "American-style bidding" process, allowing for fixed quantity, interest rate bidding, and multiple price bids, which is expected to enhance liquidity management [2][3]. Group 2: Market Liquidity and Challenges - Despite the central bank's efforts to inject liquidity, the market still faces significant liquidity pressure due to large-scale fund expirations and various disruptive factors [4]. - The upcoming week will see 1.83 trillion yuan in expiring funds, with significant expirations on specific days, which may impact overnight funding rates [4]. - Additional liquidity pressures arise from the listing of a new entity, expected to freeze around 600 billion yuan, and the expiration of a 300 billion yuan 1-year MLF [4]. Group 3: Future Outlook - Experts anticipate that the central bank will flexibly combine long, medium, and short-term operations to smooth out liquidity injection and absorption rhythms, leading to more precise and efficient liquidity management [6]. - The frequency of 14-day reverse repo operations is expected to normalize, potentially reducing the weighted cost of bank liabilities [6]. - The central bank is likely to continue using various policy tools, including reverse repos and MLF, to inject medium-term liquidity and limit the upward pressure on mid-to-long-term market interest rates [6].

Core Viewpoint - The People's Bank of China (PBOC) has conducted a significant reverse repurchase operation, indicating a proactive approach to manage liquidity in the banking system, particularly ahead of the quarter-end and holiday periods [1][12]. Group 1: Reverse Repo Operations - On September 22, the PBOC conducted a 7-day reverse repo operation amounting to 240.5 billion yuan at a fixed rate of 1.40% [1][3]. - The PBOC also initiated a 14-day reverse repo operation for the first time in eight months, amounting to 300 billion yuan, using a multi-price bidding method [1][3]. - The adjustment in the bidding method for the 14-day reverse repo aims to enhance market pricing capabilities and better match differentiated funding needs [3][12]. Group 2: Market Reactions - On the same day, the treasury reverse repo rates surged, with 1-day, 2-day, and 3-day rates increasing by over 20% [4]. - Market liquidity has improved due to the PBOC's continuous net injection through open market operations, although cross-quarter factors may still cause disturbances [11]. Group 3: Future Implications - The PBOC's adjustment to the 14-day reverse repo operation is expected to provide more regular liquidity support, particularly during tax periods and month-end [12][13]. - The move is seen as a way to strengthen the 7-day reverse repo rate's position as a key policy rate, aiding in macro-prudential management of the bond market [12][13]. - The PBOC aims to create a more stable and transparent liquidity environment, showcasing a forward-looking and flexible monetary policy approach [13].

Core Viewpoint - The People's Bank of China (PBOC) has initiated a 300 billion yuan 14-day reverse repurchase operation, marking a significant adjustment in its liquidity management strategy to better meet the differentiated funding needs of various institutions [2][10]. Summary by Sections Reverse Repo Operations - On September 22, the PBOC conducted a 240.5 billion yuan 7-day reverse repo operation and a 300 billion yuan 14-day reverse repo operation, the latter being the first since the adjustment of operational rules announced on September 19 [2][3]. - The adjustment allows for a multi-price bidding method for the 14-day reverse repo, enhancing market-driven pricing and better matching of diverse funding demands [3][10]. Market Reactions - On the same day, the treasury reverse repo rates surged, with 1-day, 2-day, and 3-day rates increasing by over 20% at one point [5]. - Market liquidity has improved due to the PBOC's continuous net injection, although cross-quarter factors may still cause disturbances [8]. Implications of the New Rules - The new operational framework for the 14-day reverse repo aligns it with the rules for Medium-term Lending Facility (MLF) and other reverse repos, reinforcing the 7-day reverse repo rate as a key policy rate [10]. - This change is expected to alleviate pressure on banks' net interest margins and lower their funding costs, while also ensuring liquidity remains ample during critical periods such as tax deadlines and holidays [11]. Future Outlook - The PBOC is likely to regularize the frequency of 14-day reverse repo operations to support liquidity needs around tax periods and month-end [10][11]. - The timing of this operation is slightly earlier than in previous years, indicating a proactive approach to managing seasonal liquidity demands [11].

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools, including reverse repos, to maintain stability in the financial system amid seasonal pressures and external factors [1][2][3]. Group 1: Monetary Policy Operations - On September 22, the PBOC conducted a 240.5 billion yuan 7-day reverse repo operation at an interest rate of 1.40% and a 300 billion yuan 14-day reverse repo operation using a fixed quantity, interest rate bidding, and multiple price bidding method [1]. - The net injection of liquidity in the open market for the week of September 15-19 was 562.3 billion yuan, with a total net injection of 300 billion yuan for the month [1][2]. - The PBOC's adjustment of the 14-day reverse repo operation to a fixed quantity and multiple price bidding is aimed at better reflecting the differentiated funding needs of institutions and may effectively lower interest rates [3][4]. Group 2: Market Reactions and Expectations - The liquidity pressure in the market increased during the tax payment period, with R001 and R007 rates rising to 1.55% and 1.56%, respectively, before the PBOC increased its liquidity injection to alleviate the pressure [2]. - Analysts expect that the PBOC will continue to maintain a supportive stance through reasonable open market operations, with the month-end 7-day funding rate likely to be around 10-20 basis points above the reverse repo rate [3][4]. - The recent stability in the Loan Prime Rate (LPR) reflects the current macroeconomic conditions, with expectations for potential interest rate cuts in the fourth quarter to stimulate domestic demand [5].

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the 14-day reverse repurchase operations, shifting to a fixed quantity, interest rate bidding, and multiple price bidding, indicating a moderately loose monetary policy approach [1][2]. Group 1: Monetary Policy Adjustments - The initiation of the 14-day reverse repurchase operation ahead of the National Day holiday aims to provide liquidity for institutions, ensuring ample funds across the holiday period [1]. - The actual occupation period for this operation has been extended to 17 days, which is earlier than in previous years, enhancing liquidity management before the holiday [1]. - The PBOC has already injected 300 billion yuan through reverse repos, which helps alleviate the preventive funding needs of institutions before the quarter-end and holiday [1]. Group 2: Changes in Operation Framework - The 14-day reverse repurchase operation has transitioned from a fixed interest rate to an American-style bidding process, reinforcing the policy rate status of the 7-day reverse repurchase rate [2]. - This change allows for a more market-driven pricing mechanism, reflecting the differentiated funding needs of institutions, as the previous operation had a uniform bidding rate [2]. - The PBOC's announcement indicates that the timing and scale of the 14-day reverse repurchase operations will be determined based on liquidity management needs, allowing for more flexible and efficient liquidity management in the future [2].

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 09 月 21 日 7 天期逆回购利率的政策基准定位更加清晰 ——流动性与同业存单跟踪 核心观点 央行公告将公开市场 14 天期逆回购操作调整为多重价位中标，意味着 7 天期逆回购 利率的政策基准定位更加清晰，亦表明 9 月底央行或投放 14 天期逆回购资金助力跨 季资金宽松，同时关注资产负债更为稳健的大行获取 14 天期逆回购资金成本是否会 更低。 ❑ 7 天期逆回购利率的政策基准定位更加清晰 9 月 19 日，央行发布公开市场业务 2025 年第 3 号公告，"为保持银行体系流动 性充裕，更好满足不同参与机构差异化资金需求，即日起，公开市场 14 天期逆 回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规模将根据流 动性管理需要确定"。我们认为，主要有这三点影响： ❑ 风险提示 货币政策超预期变动；海外主要央行货币政策变更后对国内市场产生外溢效应； 狭义流动性向广义流动性加速传导。 http://www.stocke.com.cn 1/12 请务必阅读正文之后的免责条款部分 ❑ 第一，进一步明确了 7 天 ...

Core Viewpoint - The People's Bank of China (PBOC) has adjusted the 14-day reverse repurchase operation to a multi-price bidding system, indicating a shift in its liquidity management strategy and reinforcing the policy rate attribute of the 7-day reverse repurchase rate [1][3]. Group 1: Policy Rate Adjustment - The adjustment of the 14-day reverse repurchase operation to a multi-price bidding system means there will no longer be a unified bidding rate, allowing for better reflection of institutions' differentiated funding needs [3][5]. - The 7-day reverse repurchase rate has been established as the policy rate, with the 14-day rate previously considered to have a policy rate attribute due to its relation to the 7-day rate [3][5]. Group 2: Liquidity Management - The PBOC typically initiates 14-day reverse repurchase operations before major holidays to ensure liquidity, but the new announcement suggests a more flexible approach based on real-time liquidity management needs [7]. - The PBOC plans to conduct 14-day reverse repurchase operations on September 22, in addition to ongoing 7-day operations, to ensure sufficient short-term liquidity supply [7][9]. Group 3: Market Impact - The early initiation of the 14-day reverse repurchase operation this year, combined with a previous net injection of 300 billion yuan, is expected to alleviate preemptive funding demands from institutions ahead of the quarter-end and holidays [9]. - Future liquidity management will be more precise and efficient, allowing the PBOC to flexibly combine long, medium, and short-term operation types based on liquidity conditions and institutional demand [9].

（上接A01版）公开市场7天期逆回购操作利率的政策地位得以明确。但14天期逆回购操作利率长期以 来是7天期加15BP，也被市场参与者认为具有一定政策属性。 ● 本报记者 彭扬 9月19日，中国人民银行发布公告称，为保持银行体系流动性充裕，更好满足不同参与机构差异化资金 需求，即日起，公开市场14天期逆回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规 模将根据流动性管理需要确定。 "启动14天期逆回购操作提前投放跨节资金，展现适度宽松的货币政策取向。"业内专家表示，近年来央 行通常在"十一"和春节长假前启动14天期逆回购操作，启动时间根据节假日安排和机构需求灵活调整， 以提前为机构提供跨节资金，保持流动性充裕。 本次14天期逆回购操作的启动时点略早于往年，使得实际占款日达到17天。叠加前期央行已经通过买断 式逆回购净投放了3000亿元资金，这有利于进一步缓解季末、长假前机构的预防性资金需求，保障跨 季、跨节资金面平稳。 从招标方式看，此次公告称，14天期逆回购采用美式招标，进一步强化了7天期逆回购操作利率的政策 地位。梳理近期央行工作可以发现，这是强化7天期逆回购政策利率地位的又一举措。 上述专家表 ...