1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - From July 7 to July 11, 2025, the central bank conducted a net withdrawal of funds through 7 - day reverse repurchase operations. The liquidity remained relatively loose but showed a marginal and slight tightening trend during the week. From July 7 to July 13, the net payment of government bonds increased, most of the yields to maturity of inter - bank certificates of deposit (NCDs) rose, and the leverage ratio in the inter - bank bond market decreased. From July 14 to July 20, the expected net payment of government bonds is 405.83 billion yuan, and the maturity volume of NCDs is about 802.8 billion yuan [2]. 3. Summary by Relevant Catalogs 3.1 Funds - **Central Bank Operations**: From July 7 to July 11, 2025, the central bank's reverse repurchase operations involved a release of 425.7 billion yuan and a withdrawal of 652.2 billion yuan, resulting in a net withdrawal of 226.5 billion yuan. From July 14 to July 18, 425.7 billion yuan of open - market reverse repurchases will mature. On July 15, 100 billion yuan of Medium - term Lending Facility (MLF) will mature, and considering the tax - payment deadline on the same day and subsequent tax - payment outflows, the central bank may conduct outright reverse repurchase operations [5]. - **Fund Rate Performance**: From July 7 to July 11, 2025, the average values of DR001 and R001 were 1.32% and 1.38% respectively, down 5.1 basis points and 19.9 basis points compared to June 30 - July 4. The average values of DR007 and R007 were 1.47% and 1.51% respectively, down 9.7 basis points and 13.2 basis points compared to June 30 - July 4. The significant decline in the weekly average of fund rates was mainly due to the cross - quarter effect in the previous week. Since July, the funds have been generally stable and loose, but in mid - July, affected by the upcoming tax - payment outflows, the fund rates increased slightly. On July 11, DR001 was 1.34%, about 3 basis points higher than on July 7 [6]. - **Government Bond Net Payment**: From July 7 to July 13, 2025, the net payment of government bonds was about 251.1 billion yuan, an increase of about 217 billion yuan compared to June 30 - July 6. Among them, the net financing of treasury bonds was about 139.9 billion yuan, and that of local government bonds was about 111.2 billion yuan. From July 14 to July 20, the expected net payment of government bonds is 405.83 billion yuan, including about 276.05 billion yuan of net treasury bond financing and about 129.78 billion yuan of net local government bond financing [7]. 3.2 Inter - bank Certificates of Deposit (NCDs) - **Yield to Maturity**: As of July 11, 2025, the yields to maturity of 1 - month, 3 - month, and 1 - year NCDs were 1.5195%, 1.5600%, and 1.6303% respectively, up 2, 3, and 4 basis points compared to July 4, 2025. During the week, as the funds tightened marginally, the primary issuance price of NCDs increased, and the secondary yields rose [8]. - **Net Financing and Issuance Rate**: From July 7 to July 13, 2025, the net financing of NCDs was about - 8.34 billion yuan, compared with about - 0.28 billion yuan from June 29 to July 6. From July 14 to July 20, the expected maturity repayment of NCDs is 802.8 billion yuan, with an increased roll - over pressure compared to the previous week. On July 11, 2025, the issuance rates of 1 - year NCDs for state - owned large - scale banks and joint - stock banks were 1.62% and 1.63% respectively, up from 1.59% on July 4 [8]. 3.3 Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From July 7 to July 11, 2025, the average calculated leverage ratio in the inter - bank bond market was 108.18%, compared with 108.53% from June 30 to July 4. On July 11 and July 4, the calculated leverage ratios in the inter - bank bond market were about 107.86% and 108.58% respectively [9].