国庆中秋长假前夕，央行公告，将于10月9日，也就是节后的首个工作日，开展11000亿元3个月期买断式逆回购操作，以保持银行体系流动性充裕。 王青认为，10月政府债券还将较大规模发行，此外国家发展改革委正会同有关方面积极推进新型政策性金融工具相关工作，预计将较大幅度拉动配套贷款 投放，这些因素会在一定程度上导致资金面收紧。因此，着眼于应对潜在的流动性收紧态势，央行通过买断式逆回购向银行体系注入中期流动性，有助于 保持资金面处于较为稳定的充裕状态。 此外，10月还有5000亿元6个月期买断式逆回购到期。明明认为，节后央行将择机开展6个月期买断式逆回购操作，预计买断式逆回购操作将延续此前单月 净投放的态势。 10月还有7000亿元中期借贷便利（MLF）到期。王青判断，央行可能等量或小幅加量续作MLF。未来一段时间，央行会综合运用买断式逆回购、MLF等 政策工具，持续向市场注入中期流动性。明明则认为，不排除央行通过买断式逆回购或其他数量型工具对冲MLF续作压力的可能性。 "近年来，央行通过逆回购操作，适时调节短期流动性；通过买断式逆回购、MLF操作，加强中短期流动性投放；通过降准等工具，向市场注入长期流动 性。"招联 ...

央行发布本月第三份公开市场买断式逆回购招标公告。 9月30日，节前最后一个工作日，中国人民银行发布公告称，为保持银行体系流动性充裕，10月9日将以 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）。 央行操作背后的主要原因在于，10月政府债券还会较大规模发行；9月29日，国家发展和改革委宣布， 当前正在加快推进5000亿元新型政策性金融工具相关工作，预计接下来会较大幅度拉动配套贷款投放； 另外，当前股市强势运行，10月居民存款"搬家"现象还会比较明显。 中信证券首席经济学家明明分析，10月由于存在假期因素导致现金需求季节性抬升，叠加财政性存款同 样存在季节性多增的压力，流动性缺口可能较大；央行选择在节前公告买断式逆回购操作，也是为了释 放呵护流动性宽松的政策信号。预计节后央行将择机对6个月期品种进行续作，买断式逆回购工具料将 维持此前净投放水准。 在王青看来，以上因素都会在一定程度上带来资金面收紧效应。由此，着眼于应对潜在的流动性收紧态 势，央行通过买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充裕状态。 这在助力政府债券发行，引导金融机构加 ...

东方金诚首席宏观分析师王青认为，央行持续注入中期流动性，释放数量型货币政策工具持续加力的政 策信号，显示货币政策延续支持性立场，有助于政府债券顺利发行，同时更好满足企业和居民的信贷融 资需求。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 由于当月有3000亿元MLF到期，这意味着MLF净投放量达3000亿元，为连续第七个月加量续作。 中国人民银行9月24日发布公告称，为保持银行体系流动性充裕，9月25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6000亿元中期借贷便利（MLF）操作，期限为1年期。 ...

"本月有3000亿MLF到期，这意味着9月央行MLF净投放达到3000亿，为连续第七个月加量续作，符合 市场预期。考虑到本月央行还开展了3000亿买断式逆回购净投放，这意味着9月中期流动性净投放总额 达6000亿元，与上月相同，净投放规模持续处于较高水平。"东方金诚首席宏观分析师王青在接受《金 融时报》记者采访时表示。 根据央行发布的2025年9月中期借贷便利(MLF)招标公告，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。 当前形势下，央行持续实施中期流动性净投放，被视为是货币政策延续支持性立场的有力信号。对下一 步，董希淼预计，央行还将通过多种货币政策工具，加强对中短期市场流动性的调节，继续释放中长期 流动性，进一步满足政府债券发行、信贷投放增加等对市场流动性的需求，保持市场流动性充裕，更好 地引导金融机构加大对重大战略、重点领域和薄弱环节的支持服务。 招联首席研究员董希淼也持相似观点。他对《金融时报》记者分析称，9月是政府债券发行高峰期，同 时又是信贷投放大月。9月5日和9月15日，央行两次开展买断 ...

Group 1 - The People's Bank of China (PBOC) announced a 10 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - The operation on September 5 is essentially a rollover of the same amount due for the 3-month reverse repos maturing on that date, with an additional 300 billion yuan of 6-month reverse repos maturing in September [1] - Analysts expect the PBOC to continue its net injection strategy for reverse repos, potentially increasing the amount for the 6-month reverse repos due to significant pressures from maturing certificates of deposit and long-term government bond issuances [1][2] Group 2 - In addition to the 300 billion yuan of 6-month reverse repos maturing, there will also be 300 billion yuan of Medium-term Lending Facility (MLF) maturing this month [3] - The PBOC has been increasing MLF operations for six consecutive months, and analysts predict a continuation of this trend with potential net injections in September [4] - The use of MLF and reverse repos aims to inject medium-term liquidity into the market, stabilize market expectations, and support government bond issuances, indicating a sustained supportive monetary policy stance [4]

Group 1 - The People's Bank of China (PBOC) is expected to continue its previous approach of slightly net injecting liquidity through reverse repos in September [1][2] - On September 5, the PBOC will conduct a 1 trillion yuan (approximately 100 billion) reverse repo operation with a 3-month term, which aligns with market expectations as a 1 trillion yuan reverse repo is set to mature on the same day [1][2] - There is an expectation for an additional 300 billion yuan MLF (Medium-term Lending Facility) operation in September, indicating a potential increase in liquidity support from the central bank [2] Group 2 - The current market conditions, including a peak in government bond issuance and a high volume of interbank certificates of deposit maturing, are contributing to a tightening of liquidity [1] - Analysts predict that the PBOC will utilize both MLF and reverse repo tools to maintain ample liquidity in the market, which will support government bond issuance and signal a continued supportive monetary policy stance [2] - Looking ahead, there is speculation that the PBOC may implement a reserve requirement ratio (RRR) cut in the fourth quarter to further enhance liquidity and support economic growth [2]

Core Viewpoint - The People's Bank of China (PBOC) has implemented significant liquidity measures in August, indicating a strategic approach to stabilize the financial system and support credit growth [1] Group 1: Central Bank Operations - In August, the PBOC injected 600 billion yuan through the Medium-term Lending Facility (MLF) while withdrawing 300 billion yuan, resulting in a net injection of 300 billion yuan [1] - The net withdrawal of 160.8 billion yuan through the Pledged Supplementary Lending (PSL) suggests a positive economic growth trend and a shift in the funding demand structure from the real economy [1] - The PBOC did not conduct any public market transactions involving government bonds in August, focusing instead on reverse repos with a net injection of 300 billion yuan [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Last week, the stock index rose further, with CSI 300 and CSI 500 making up for lost ground. Market liquidity remained abundant, and the daily trading volume of A-shares increased to over 2.5 trillion. The macro news was generally positive, with the manufacturing PMI in August slightly rebounding to 49.4%, indicating economic resilience, Shanghai's real estate policy being loosened again, and the Fed's rate - cut expectation in September rising. The current market liquidity is sufficient, strongly supporting the stock index. Strategically, short - term long positions can be tilted towards IF or IH to reduce position fluctuations and risks [6][7] 3. Summary by Relevant Catalogs Currency Market - In the currency market, DROO1 closed at 1.33 with a 1.61bp increase, DR007 at 1.52 with a 2.37bp decrease, GC001 at 1.04 with a 7.00bp increase, GC007 at 1.46 with a 4.00bp decrease, SHBOR 3M at 1.55 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.37 with a 0.20bp decrease, 5 - year treasury at 1.64 with a 0.46bp decrease, 10 - year treasury at 1.84 with a 0.44bp decrease, and 10 - year US treasury at 4.23 with a 1.00bp increase [4] - Last week, the central bank conducted 2273.1 billion yuan in reverse repurchase operations and 600 billion yuan in 1 - year medium - term lending facility (MLF) operations. Due to the maturity of 2077 billion yuan in reverse repurchases, 300 billion yuan in 1 - year MLF, 400 billion yuan in 91 - day outright reverse repurchases, and 500 billion yuan in 182 - day outright reverse repurchases, the full - caliber net withdrawal was 403.9 billion yuan. This week, 2273.1 billion yuan in reverse repurchases will mature in the central bank's open market, with 288.4 billion, 405.8 billion, 379.9 billion, 416.1 billion, and 782.9 billion yuan maturing from Monday to Friday respectively. Additionally, 1 trillion yuan in 91 - day outright reverse repurchases will mature on Friday [4][5] Stock Index Market - In the stock index market, CSI 300 closed at 4497 with a 0.74% increase, IF current month at 4506 with a 1.0% increase, SSE 50 at 2976 with a 0.53% increase, IH current month at 2980 with a 0.7% increase, CSI 500 at 7044 with a 0.47% increase, IC current month at 6997 with a 0.4% increase, CSI 1000 at 7439 with a 0.11% decrease, and IM current month at 7367 with no change. IF trading volume was 199,696 with a 1.1% increase, IF open interest was 293,331 with a 1.0% increase, IH trading volume was 81,479 with a 0.3% increase, IH open interest was 108,028 with a 0.4% decrease, IC trading volume was 166,467 with a 13.0% decrease, IC open interest was 248,432 with a 0.2% decrease, IM trading volume was 331,183 with a 14.1% decrease, and IM open interest was 388,014 with a 5.1% decrease [6] - Last week, CSI 300 rose 2.71% to 4496.8, SSE 50 rose 1.63% to 2976.5, CSI 500 rose 3.24% to 7043.9, and CSI 1000 rose 1.03% to 7438.7. Among the Shenwan primary industry indices, communication (12.4%), non - ferrous metals (7.2%), electronics (6.3%), comprehensive (5.9%), and power equipment (4%) led the gains last week, while textile and apparel (- 2.9%), banking (- 2.1%), transportation (- 1.5%), light industry manufacturing (- 1.3%), and building decoration (- 0.9%) led the losses [6] Stock Index Futures Premium and Discount - The premium and discount rates of stock index futures are as follows: IF premium/discount rates for current month, next month, current quarter, and next quarter contracts are - 4.03%, - 0.70%, 0.60%, and 1.29% respectively; IH premium/discount rates are - 2.28%, - 0.09%, - 0.42%, and - 0.35% respectively; IC premium/discount rates are 12.86%, 10.56%, 9.52%, and 8.88% respectively; IM premium/discount rates are 18.61%, 13.96%, 11.67%, and 10.69% respectively [8]

Group 1 - The People's Bank of China conducted a medium-term lending facility (MLF) operation of 600 billion yuan to maintain liquidity in the banking system [1] - The MLF operation has a term of one year and was conducted using a fixed quantity, interest rate bidding, and multiple price bidding methods [1]

Group 1 - The central bank has shown a clear intention to support liquidity management since August, with significant reverse repos and medium-term lending facility (MLF) operations scheduled [1][3] - A total of 6000 billion yuan MLF operation was announced on August 22, marking the sixth consecutive month of increased MLF operations, with a net injection of 3000 billion yuan [3][5] - The total net injection of medium-term liquidity reached 6000 billion yuan as of August 22, which is double the amount from the previous month and the largest since February 2025 [3][4] Group 2 - The central bank has implemented multiple measures to stabilize market fluctuations, including announcing operation sizes and durations before reverse repos and MLF operations [4] - The coordination between monetary policy and fiscal policy is evident, as the central bank continues to inject medium-term liquidity to support credit expansion and meet financing needs [4][5] - Future monetary policy will likely continue to focus on maintaining ample liquidity through various tools, with limited upward pressure on market interest rates [5]