Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From November 3 - 7, 2025, the central bank conducted a net withdrawal of funds through short - term reverse repurchases and carried out a 700 billion yuan 3M outright reverse repurchase on November 5. From November 3 - 9, 2025, the net payment scale of government bonds decreased, the 1M maturity yield of inter - bank certificates of deposit (NCDs) increased while the 3M - 1Y yields were relatively stable, and the average leverage ratio of the inter - bank bond market slightly increased. From November 10 - 16, 2025, the expected net payment of government bonds is 369.2 billion yuan, and the maturity scale of NCDs is about 751.8 billion yuan. On November 7, 2025, the median durations of medium - long - term and short - term interest - style pure bond funds increased by 0.06 years and 0.09 years respectively on a weekly basis [2]. Summary by Directory 1. Funding Situation - **Central Bank Operations**: From November 3 - 7, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 157.22 billion yuan. On November 5, a 700 billion yuan 3M outright reverse repurchase was carried out, and the 3M outright reverse repurchase was renewed at the same amount this month [6]. - **Funding Rates**: From November 3 - 7, 2025, the average values of DR001 and R001 were 1.32% and 1.37% respectively, down 7.3 and 7.8 basis points compared to October 27 - 31. The average values of DR007 and R007 were 1.42% and 1.46% respectively, down 10.4 and 11.5 basis points compared to October 27 - 31. From November 3 - 6, the weighted average rate of DR001 was stable around 1.31%, and it increased marginally on November 7, possibly due to the 700 billion yuan outright reverse repurchase maturing on November 10 [7]. - **Government Bond Net Payment**: From November 3 - 9, 2025, the net payment scale of government bonds was about 36.8 billion yuan, about 96.9 billion yuan less than that from October 27 - November 2. The net financing of treasury bonds was about 24.9 billion yuan, and that of local government bonds was about 11.9 billion yuan. From November 10 - 16, 2025, the expected net payment of government bonds is 369.2 billion yuan, with treasury bond net financing of about 195.9 billion yuan and local government bond net financing of about 173.3 billion yuan [7]. 2. Inter - bank Certificates of Deposit - **Maturity Yields**: As of November 7, 2025, the 1M and 3M maturity yields of NCDs were 1.4750% and 1.5600% respectively, up 7.0 and 0.5 basis points compared to October 31. The 1Y maturity yield was 1.6300%, up 0.2 basis points compared to October 31 [8]. - **Net Financing**: From November 3 - 9, 2025, the net financing of NCDs was about 151 billion yuan. From November 10 - 16, 2025, the expected maturity repayment of NCDs is 751.8 billion yuan, and the maturity renewal pressure has increased [8]. 3. Institutional Behavior - **Inter - bank Bond Market Leverage Ratio**: From November 3 - 7, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.73%, compared with 107.36% from October 27 - 31 [9]. - **Bond Fund Durations**: On November 7, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 5.38 years, up 0.06 years on a weekly basis, at the 96.5% quantile since early 2022. The median duration (MA5) of short - term interest - style pure bond funds was 2.69 years, up 0.09 years on a weekly basis, at the 99.5% quantile since early 2022 [9].

赵增辉 马月 SAC：S0490524080003 SAC：S0490525080001 SFC：BVN394 丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 同业存单利率下降，利率债基久期提升——流动 性和机构行为周度观察 报告要点 [Table_Summary] 2025 年 10 月 27 日-10 月 31 日，央行短期逆回购净投放资金，10 月 MLF 净投放 2000 亿元； 税期及跨月影响下资金面短期波动。2025 年 10 月 27 日-11 月 2 日，政府债净缴款规模减少， 同业存单到期收益率整体下行，银行间债券市场杠杆率均值小幅下降。2025 年 11 月 3 日-11 月 9 日，政府债预计净缴款-382 亿元，同业存单到期规模约为 3769 亿元。2025 年 10 月 31 日，测算中长期、短期利率风格纯债基久期中位数周度环比分别上升 0.66 年、上升 0.20 年。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 同业存单利率下降，利率债基久 ...