摘要 在2025年11月24日至11月28日当周，第一财经研究院中国金融条件日度指数均值为-2.29，较前一周上升0.06。从指数的分项指标来看，上周货币、债券、 股市指标均指向紧缩。从货币指标来看，上周银行间市场资金面受月末因素影响小幅收紧，11月 最后一个交易日质押式回购成交量大幅下降。从债券指 标来看，上周信用债收益率与信用利差同步走高。从股市指标来看，上周市盈率与成交量同步下滑。 11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。会议强调，明年是"十五五"开局之年，要发挥好科技创新和技术改 造再贷款政策作用，高质量建设债券市场"科技板"，促进私募股权投资和创业投资"募投管退"循环，强化科技保险高质量发展，引导和推动金融资源科学 高效配置，加强对金融机构"五篇大文章"工作成效评估，完善融资对接、信息共享、知识产权转化运用等配套机制，助力高水平科技自立自强。 中国金融条件指数概况 在2025年11月24日至11月28日当周，第一财经研究院中国金融条件日度指数均值为-2.29，与前一周相比，指数上升0.06。从年内看，指数下降0.9。 正文 从指数的分项指标来看，上周货币、债券 ...

来源：第一财经 摘要 在2025年11月17日至11月21日当周，第一财经研究院中国金融条件日度指数均值为-2.35。从年内看， 指数下降0.95。从指数的分项指标来看，上周货币、股市指标指向紧缩。从货币指标来看，上周银行间 市场质押式回购成交量下滑，主要货币市场利率稳中有升。从债券指标来看，信用债收益率呈震荡走 势，信用利差收窄。从股市指标来看，上周主要股指大幅回落，市盈率和成交量同步下滑。 11月20日，人民银行授权全国银行间同业拆借中心公布，11月1年期LPR利率为3.0%，5年期以上LPR利 率为3.5%，自今年6月起LPR利率已连续6个月保持不变。LPR报价一直按兵不动，背后的根本原因是年 初以来出口超预期、国内新质生产力领域较快发展等。 11月19日，美联储公布了10月货币政策会议纪要。针对后续是否还会继续降息的问题，会议纪要显示， 美联储内部存在明显分歧。这令市场对于美联储12月降息的预期进一步降温。在10月货币政策会议后的 新闻发布会上，美联储主席鲍威尔就曾表示，美联储12月降息并非板上钉钉。旧金山联储行长、明尼阿 波利斯联储行长以及美联储副主席均对12月降息保持观望和谨慎态度。与此同时，美国 ...

Financial Conditions Index - The average daily financial conditions index for China from August 18 to August 22, 2025, was -2.15, an increase of 0.13 compared to the previous week [1][4] - The index has decreased by 0.69 year-to-date [4] - Monetary and bond indicators pointed to tightening, while stock market indicators indicated loosening [4] Monetary Market - The interbank market liquidity tightened marginally, with major money market rates rising [9] - The average daily volume of interbank pledged repos was 7.13 trillion yuan, down by 1.02 trillion yuan from the previous week [9] - The overnight repo rates R001 and DR001 increased to 1.51% and 1.45%, respectively, reflecting a rise of 14.7 basis points and 12.08 basis points [9] Central Bank Policy - The central bank significantly increased short-term monetary fund injections, with a net injection of 1.37 trillion yuan through 7-day reverse repos [11] - On August 25, the central bank injected 600 billion yuan via one-year Medium-term Lending Facility (MLF) [11] Real Estate Policy Adjustments - Shanghai adjusted its housing policies, including reducing housing purchase restrictions for eligible residents and single adults [2][3] - The maximum loan amount for housing provident fund loans was increased for green buildings, with the first loan limit raised from 1.6 million yuan to 1.84 million yuan [2][3] - Property tax policies were refined, with exemptions for first-time homebuyers from non-Shanghai households [3][12] Bond Market - The total bond issuance was 1.33 trillion yuan, a decrease of 984.65 billion yuan from the previous week [16] - Government bonds saw net financing of 1.36 trillion yuan, while financial and non-financial sectors experienced net repayments [16] - The yield on government bonds generally rose, with the 1-year and longer-term bonds seeing increases due to tightening liquidity [21] Stock Market - A-share financing totaled 14.33 billion yuan, up by 12.63 billion yuan from the previous week [26] - Major A-share indices rose, with the Shanghai Composite Index increasing by 3.45% and the ChiNext Index by 5.78% [28] - The average daily trading volume of A-shares exceeded 2.5 trillion yuan, a 22.6% increase from the previous week [28]