|2025年11月25日 星期二| 点评：作为全国网点分布广泛的公司，将保险代理业务纳入其服务范围能够充分利用邮政网点优势，扩 大保险产品的覆盖面。此举不仅增加了邮政的业务多样性，还可能促进整个保险市场的活跃度。 NO.3 太平养老获批增资至33.33亿元，引入比利时富杰保险为新股东 11月24日，国家金融监督管理总局发布《关于太平养老保险股份有限公司增加注册资本和变更股权的批 复》，同意太平养老保险股份有限公司增加注册资本3.33亿元，由30亿元变更为33.33亿元。同时，同意 比利时富杰保险国际股份有限公司认购太平养老保险股份有限公司10%股权。 点评： 通过增资引入像比利时富杰这样的国际战略投资人，不仅能获得资金，更能借鉴其在全球养老 金管理、资产配置和风险管理方面的先进经验，实现战略协同，提升专业化、国际化水平 NO.1 央行11月25日将开展10000亿元MLF操作 11月24日消息，为保持银行体系流动性充裕，中国人民银行将于2025年11月25日以固定数量、利率招 标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。鉴于11月有9000亿元中期借贷便利 （MLF）到期，这也意味着11月 ...

本报记者 刘琪 对于11月份央行中期流动性保持净投放状态，东方金诚首席宏观分析师王青在接受《证券日报》记者采访时认为，原因有 三方面：其一，10月份安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，这意味着年底前会加发5000 亿元地方债，11月份政府债券净融资规模会有明显上升；其二，10月份5000亿元新型政策性金融工具投放完毕，在带动当月委 托贷款走高后，接下来还会带动配套中长期贷款较快投放；其三，11月份银行同业存单到期量也有明显增加。"上述因素都会 在一定程度上收紧银行体系流动性，需要央行给予流动性支持。"王青说。 "央行通过MLF和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。这能助力政府 债券发行，引导金融机构加大货币信贷投放力度。"王青表示，近期央行持续较大规模向银行体系注入中期流动性，也释放了 数量型政策工具持续加力的信号，显示货币政策延续支持性立场，有助于稳增长、稳预期。 央行在近期发布的《2025年第三季度中国货币政策执行报告》中强调，保持流动性充裕，使社会融资规模、货币供应量增 长同经济增长、价格总水平预期目标相匹配，持续营造适宜的货币 ...

11月14日，人民银行（下称"央行"）发布预告称，将在17日以固定数量、利率招标、多重价位中标方式开展8000亿元买 断式逆回购操作，期限为6个月（182天）。综合11月操作量与到期量看，本次操作意味着当月央行买断式逆回购将实现 加量续作，累计净投放5000亿元。 自去年10月启用以来，央行持续开展买断式逆回购操作补充中长期资金缺口。为进一步提高买断式操作信息披露的时效性， 央行自今年6月起调整为操作前发布招标公告，明确操作日期和操作量等信息，稳定市场预期。 对于国债买卖操作，市场机构更看重央行重启操作的信号意义，预计央行通过买入国债大幅投放流动性的必要性不强。光大 证券固定收益首席分析师张旭此前接受记者采访时表示，无论是否重启国债买卖，央行皆有能力维护银行体系流动性的充 裕。 11月虽有累计1万亿元到期量，但综合央行在11月5日开展的7000亿元3个月期买断式逆回购操作以及最新操作预告来看，央 行在当月累计开展1.5万亿元买断式逆回购操作，为连续六个月加量续作。 责编：战术恒 排版：刘珺宇 校 对： 王朝全 对于央行买断式逆回购继续加量续作，东方金诚宏观分析师王青向证券时报记者指出，5000亿元新型政策性金 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a buyout reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system, marking the second such operation in November 2023 [2] Group 1: Reverse Repo Operations - On November 5, the PBOC conducted a buyout reverse repo operation of 700 billion yuan with a 3-month term, indicating a trend of increasing liquidity support [2] - The total amount of buyout reverse repos in November is 1.5 trillion yuan, which is an increase of 100 billion yuan compared to the previous month, reflecting a continuous expansion for six months [2][3] Group 2: Reasons for Increased Liquidity Support - The increase in liquidity support is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [3] - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [3] Group 3: Market Conditions and Future Expectations - The liquidity market in November is relatively loose, with overnight and 7-day rates at their lowest levels this year, and the PBOC's reverse repo operations are expected to result in a net injection of 500 billion yuan, the highest monthly net injection since February [4] - The PBOC is likely to continue using both buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, although the scale of liquidity injection may decrease compared to previous months [4]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 800 billion yuan reverse repurchase operation on November 17, 2025, to maintain ample liquidity in the banking system, indicating a supportive monetary policy stance aimed at stabilizing growth and expectations [1][2]. Group 1: Monetary Policy Actions - The PBOC will implement a fixed-quantity, interest-rate bidding, multi-price reverse repurchase operation of 800 billion yuan with a term of 6 months (182 days) [1]. - In November, there are 700 billion yuan of 3-month reverse repos and 300 billion yuan of 6-month reverse repos maturing, with the PBOC having already conducted an equal amount of 3-month reverse repos on November 5 [1]. - The PBOC has established a monthly funding injection model, conducting 3-month reverse repos around the 5th, 6-month reverse repos around the 15th, and 1-year Medium-term Lending Facility (MLF) around the 25th [1]. Group 2: Market Implications - The injection of medium-term liquidity through reverse repos helps maintain a stable and ample funding environment, supporting government bond issuance and encouraging financial institutions to increase credit supply [2]. - The PBOC's larger-scale continuation of reverse repos signals a sustained use of quantity-based policy tools, reinforcing a supportive monetary policy stance [2]. - There is an expectation of a small increase in MLF operations, with 900 billion yuan of MLF maturing in November, indicating a comprehensive approach to liquidity management by the PBOC [2].

Group 1 - The domestic market interest rates showed a trend of short-term strength and long-term weakness last week, with short-term rates rising due to increased funding demand near the end of October, while overall financing demand growth declined, leading to a decrease in medium- and long-term rates [1] - As of October 31, the Shanghai Interbank Offered Rate (Shibor) for overnight, 1-week, and 3-month periods were reported at 1.321%, 1.439%, and 1.596%, respectively, showing increases of 0.1, 2.5, and 0.2 basis points compared to October 24 [1] - The People's Bank of China (PBOC) increased the amount of reverse repos to stabilize the peak funding demand at the end of the month, conducting a total of 20,680 billion yuan in reverse repos while 8,672 billion yuan matured, releasing 12,008 billion yuan in liquidity [1] Group 2 - For the upcoming week, domestic market interest rates are expected to show short-term weakness and long-term strength, as short-term funding demand is anticipated to decrease, leading to a potential drop in short-term rates [2] - The easing of China-U.S. trade tensions is expected to restore market confidence, and as the year-end approaches, medium- and long-term rates are likely to strengthen slightly [2]

Core Viewpoint - The central bank has signaled a commitment to maintaining liquidity stability by increasing the medium-term lending facility (MLF) by 900 billion yuan, marking the eighth consecutive month of such actions in 2023 [1] Group 1: Central Bank Actions - On October 27, the central bank conducted a substantial increase in MLF, totaling 900 billion yuan, indicating ongoing efforts to support liquidity [1] - The central bank's actions are seen as a balance between "risk prevention" and "stabilizing expectations," suggesting a cautious approach to monetary policy [1] - The announcement to resume open market operations for government bonds on the same day led to a significant decline in bond yields [1] Group 2: Market Implications - The coordinated use of multiple monetary tools is expected to ensure a smooth transition across the month-end period, contributing to a generally stable liquidity environment [1] - The overall liquidity condition is anticipated to remain "stable with a slight easing" as a result of these measures [1]

Core Viewpoint - The People's Bank of China (PBOC) has implemented a net injection of 200 billion yuan through a one-year Medium-term Lending Facility (MLF) operation, marking the continuation of a trend of increasing liquidity support for the economy over the past eight months [3][4][5]. Group 1: MLF Operations and Liquidity - In October, the PBOC conducted a total of 9,000 billion yuan in MLF operations, with 7,000 billion yuan maturing, resulting in a net injection of 2,000 billion yuan [3][4]. - The MLF net injection in October was slightly lower than the 3,000 billion yuan seen in August and September, but the overall long-term liquidity injection remained stable [4][5]. - The total net liquidity injection for October reached 6,000 billion yuan, including 4,000 billion yuan from reverse repos [4]. Group 2: Economic Context and Government Debt - The liquidity measures are partly in response to a significant tax period and month-end pressures, which are expected to create substantial strain on the financial system [6]. - The PBOC's actions are also aimed at supporting the issuance of government bonds, with an anticipated net financing of over 1 trillion yuan in October due to ongoing local government debt issuance [7]. - The coordination between monetary and fiscal policies is emphasized, as the PBOC's liquidity support is intended to facilitate government bond issuance and meet the financing needs of enterprises and households [7]. Group 3: Future Monetary Policy Outlook - The PBOC is expected to maintain a moderately accommodative monetary policy stance into the fourth quarter, with a focus on quantity-based monetary tools [10]. - The upcoming maturity of MLF and reverse repos, totaling 5.6 trillion yuan and 1.9 trillion yuan respectively, may lead to further liquidity measures, including potential reserve requirement ratio cuts or bond purchases [11]. - Overall, market liquidity is projected to remain stable and ample, with limited upward pressure on interest rates as the year-end approaches [11].

Core Viewpoint - The People's Bank of China (PBOC) has continued to implement a net injection of liquidity through MLF operations, indicating a supportive monetary policy stance amid ongoing government bond issuance and economic challenges [1][2][3]. Group 1: MLF Operations and Liquidity Injection - On October 27, the PBOC conducted a 900 billion yuan MLF operation, marking the eighth consecutive month of increased MLF operations [1][2]. - With 700 billion yuan of MLF maturing in October, the net injection for the month will reach 200 billion yuan, maintaining a high level of liquidity [1][2]. - The total net liquidity injection for October, including 4 trillion yuan from reverse repos, will amount to 600 billion yuan, consistent with the previous month [1][2][3]. Group 2: Government Bond Issuance and Economic Support - The current period is characterized by significant government bond issuance, with an additional 500 billion yuan of local government debt planned for October to address existing debt and stimulate effective investment [1][2]. - Analysts expect that the net financing scale of government bonds in October will still reach 1 trillion yuan [2][3]. Group 3: Future Monetary Policy Outlook - Looking ahead to the fourth quarter, there is a possibility that the PBOC may implement a reserve requirement ratio (RRR) cut or increase bond purchases to further release liquidity [5][6]. - The necessity for stable growth has increased, and the PBOC aims to align monetary supply growth with economic growth and inflation expectations [5][6]. - The market liquidity is expected to remain stable and abundant before the end of the year, with limited upward pressure on market interest rates [5][6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic bond market is generally weak, with most yields of inter - bank market bonds rising, and long - term bonds performing poorly. The bond market is expected to fluctuate for some time, and its performance depends on the stock market, Sino - US talks, and the implementation of new regulations on fund redemptions [3]. - The Fed cut interest rates by 25 basis points as expected, and the central bank continued to increase the volume of MLF for the 8th consecutive month. Although the manufacturing PMI in September improved, it was still below the boom - bust line. The CPI in September increased by 0.1% month - on - month and decreased by 0.3% year - on - year, while the core CPI's year - on - year increase expanded for the 5th consecutive month. The new social financing in September was slightly lower than the seasonal level, and the M2 growth rate expanded due to the "migration of RMB deposits". The LPR remained unchanged as expected [4]. 3. Section Summaries 3.1 Market Review - The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures all declined. The 30 - year main contract fell 0.25%, the 10 - year main contract (T2512.CFE) dropped 0.06% to 108.005, the 5 - year main contract (TF2512.CFE) decreased 0.05% to 105.615, and the 2 - year main contract (TS2512.CFE) fell 0.01% to 102.332 [3][7]. 3.2 Fundamental Analysis - The inter - bank market's funds remained balanced and stable, with the overnight repurchase rate of deposit - taking institutions stable at around 1.32%. The Fourth Plenary Session of the 20th CPC Central Committee is favorable for the stock market, but there are few direct economic stimulus policies, so the pressure on bonds is not significant [3]. - On October 27, the central bank conducted 900 billion yuan of 1 - year MLF operations. Since 700 billion yuan of MLF matured in October, the net MLF investment this month reached 200 billion yuan, marking the 8th consecutive month of increased MLF operations [3]. 3.3 Basis Analysis - The basis of the TS main contract is 0.0123, indicating that the spot is at a premium to the futures, which is bullish. The basis of the TF main contract is - 0.0168, meaning the spot is at a discount to the futures, which is bearish. The basis of the T main contract is 0.0235, and the basis of the TL main contract is 0.2081, both showing that the spot is at a premium to the futures, which are bullish [3]. 3.4 Inventory Analysis - The balances of deliverable bonds for the TS, TF, and T main contracts are 1.3594 trillion, 1.4935 trillion, and 2.3599 trillion respectively, which is neutral [3]. 3.5 Technical Analysis - The TS, TF, and T main contracts are all trading below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4]. 3.6 Position Analysis - The net position of the TS main contract is long, and the long position is increasing. The net position of the TF main contract is long, and the long position is increasing. The net position of the T main contract is long, but the long position is decreasing [4].