投资咨询业务资格：证监许可【2012】31号 【国债周报（TL&T&TF&TS)】 债期短期重点关注两会 樊梦真 从业资格证号：F3035483 投资咨询证号 ：Z0014706 报告日期：2026-3-2 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点 周度行情一览 • 本周国债期货呈现先扬后抑、整体震荡的格局。春节假期后的首个交易日，市场延续节前暖意，国债期货全线收涨。然而，涨势未能持续，2月26日市场情绪逆 转，各期限合约全线下跌，30年期主力合约大幅下挫0.53%至112.09元，10年期合约下跌0.10%至108.37元。至本周最后一个交易日，市场有所企稳，除30年期 合约微跌0.07%外，其余期限合约均小幅收涨。本周行情清晰地体现了不同资金属性的行为差异。周初的上涨主要由银行配置盘驱动。数据显示，银行体系负债 端依然充裕，而1月信贷"开门红"成色不足，导致盈余资金转向债券市场，形成了"配置牛"的底层逻辑。然而，随着收益率接近市场预期的下限，叠加两会 临近带来的不确定性，基金、券商的止盈情绪显著升温，成为周中市 ...

Core Viewpoint - The People's Bank of China has released data indicating significant growth in the bond market and futures trading for 2025, highlighting increased financing and participation from foreign institutions [1] Group 1: Bond Futures Market - In 2025, the transaction volume of the government bond futures market is projected to reach 97 trillion yuan, an increase of 43.9% compared to 2024 [1] - By the end of 2025, the open interest in government bond futures is expected to be 648,000 contracts, reflecting a 30.4% increase from the end of 2024 [1] - The closing price of the 10-year government bond futures main contract is anticipated to be 107.9 yuan, a decrease of 1.0% from the end of 2024 [1] Group 2: Bond Market Financing - In 2025, net financing for government bonds is projected to be 13.8 trillion yuan, an increase of 2.5 trillion yuan compared to 2024 [1] - Net financing for corporate bonds is expected to reach 2.4 trillion yuan, an increase of 482.3 billion yuan from 2024 [1] - By the end of 2025, the total custody balance in the bond market is forecasted to be 196.7 trillion yuan [1] Group 3: Foreign Participation - As of the end of 2025, the custody balance of foreign institutions in the Chinese bond market is expected to be 3.5 trillion yuan, accounting for 1.8% of the total custody balance [1] - In 2025, the cumulative issuance of Panda bonds is projected to be 183.06 billion yuan, with 56 new foreign institutions entering the interbank bond market [1]

Core Viewpoint - The People's Bank of China reports significant growth in the bond futures market and overall bond financing for 2025, indicating a robust outlook for the debt market in China [1] Group 1: Bond Futures Market - In 2025, the transaction volume of the government bond futures market is projected to reach 97.0 trillion yuan, an increase of 43.9% compared to 2024 [1] - By the end of 2025, the open interest in government bond futures is expected to be 64.8 million contracts, reflecting a 30.4% increase from the end of 2024 [1] - The closing price of the 10-year government bond futures main contract is anticipated to be 107.9 yuan, a decrease of 1.0% from the end of 2024 [1] Group 2: Bond Market Financing - In 2025, net financing for government bonds is projected to be 13.8 trillion yuan, an increase of 2.5 trillion yuan compared to 2024 [1] - Net financing for corporate bonds is expected to reach 2.4 trillion yuan, an increase of 482.3 billion yuan from 2024 [1] - By the end of 2025, the total custody balance in the bond market is forecasted to be 196.7 trillion yuan [1] Group 3: Foreign Participation - As of the end of 2025, the custody balance of foreign institutions in the Chinese bond market is expected to be 3.5 trillion yuan, accounting for 1.8% of the total custody balance [1] - In 2025, the cumulative issuance of Panda bonds is projected to be 183.06 billion yuan, with 56 new foreign institutions entering the interbank bond market [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Although the change of the Federal Reserve Chairman has caused a huge shock in the market, its direct impact on the domestic bond market is relatively limited. The intensified volatility of the equity market may push the short - term risk preference to decline, reducing the capital diversion pressure on the bond market. Coupled with the fact that the PMI in January returned to the contraction range, indicating that the weak economic recovery trend continues. In the context of limited external shocks and the interweaving of internal sentiment and fundamentals, the bond market may return to a volatile pattern after a short - term recovery [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T主力收盘价108.260，环比上涨0.02%，成交量72474，环比减少6023；TF主力收盘价105.905，环比上涨0.06%，成交量60771，环比增加3421；TS主力收盘价102.414，环比上涨0.03%，成交量32791，环比减少883；TL主力收盘价111.960，环比下跌0.1%，成交量94907，环比减少21790 [2] 3.2 Futures Spread - TL2603 - 2606价差为 - 0.14，环比上涨0.00；T03 - TL03价差为 - 3.70，环比上涨0.11；T2603 - 2606价差为0.01，环比下跌0.03；TF03 - T03价差为 - 2.36，环比上涨0.03；TF2603 - 2606价差为 - 0.03，环比上涨0.01；TS03 - T03价差为 - 5.85，环比上涨0.01 [2] 3.3 Futures Position - T主力持仓量253976，环比下跌0.01；T前20名多头241088，环比下跌0.02；T前20名空头238457，环比增加1819；T前20名净空仓2219，环比增加2574；TF主力持仓量134147，环比增加3608；TF前20名多头142860，环比增加3929；TF前20名空头136970，环比增加5885；TF前20名净空仓 - 5890，环比减少1956；TS主力持仓量61998，环比减少1616；TS前20名多头59586，环比增加96；TS前20名空头52590，环比增加94；TS前20名净空仓 - 6996，环比增加2；TL主力持仓量127313，环比减少2868；TL前20名多头142289，环比增加839；TL前20名空头140314，环比减少2272；TL前20名净空仓 - 1975，环比增加3111 [2] 3.4 Top Two CTD (Net Price) - 250018.IB(6y）净价100.6082，环比上涨0.0216；250025.IB(6y）净价99.0955，环比上涨0.0323；250014.IB(4y）净价100.1151，环比上涨0.0173；240020.IB(4y)净价100.8844，环比上涨0.0205；250017.IB(2y)净价100.1168，环比上涨0.0239；240022.IB(2y)净价100.156，环比上涨0.0046；210005.IB(17y)净价126.3679，环比下跌0.1100；210014.IB(18y)净价123.215，环比下跌0.1100 [2] 3.5 Active Treasury Bonds - 1y收益率1.2950%，环比上涨0.50bp；3y收益率1.3950%，环比持平；5y收益率1.5725%，环比持平；7y收益率1.6875%，环比上涨1.05bp；10y收益率1.8100%，环比上涨0.90bp [2] 3.6 Short - term Interest Rates - 银质押隔夜利率1.3228%，环比下跌4.16bp；Shibor隔夜利率1.3170%，环比下跌4.80bp；银质押7天利率1.4833%，环比下跌0.59bp；Shibor7天利率1.4880%，环比上涨0.30bp；银质押14天利率1.5600%，环比上涨3.10bp；Shibor14天利率1.5110%，环比上涨0.20bp [2] 3.7 LPR Interest Rates - 1y LPR利率3.00%，环比持平；5y LPR利率3.5%，环比持平 [2] 3.8 Open Market Operations - 发行规模1055亿，到期规模4020亿，净回笼2965亿，利率1.4%，期限7天 [2] 3.9 Industry News - 商务部等九单位启动2026“乐购新春”春节特别活动，时间为2月15至23日；1月北京、上海二手房成交量同比增幅均超20%，深圳二手房成交环比增长16%，同比增长7%，杭州二手房成交环同比明显增长，重点城市新房市场表现相对平淡；中共中央、国务院批复同意《现代化首都都市圈空间协同规划（2023－2035年）》 [2] 3.10 Key Points of Attention - 2/2 23:00关注美国1月ISM制造业指数；2/5 21:15关注欧洲央行利率决议 [3]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the short - term, the Treasury bond futures market is expected to continue the volatile pattern and it is difficult to form a unilateral trend. The current market has both long and short factors. On one hand, institutional allocation demand and the risk - hedging property of RMB assets support the market, especially for ultra - long - term varieties. On the other hand, stock market performance, policy expectations, and changes in supply - demand relations will jointly affect market fluctuations. In the medium - to - long - term, the bond market trend depends on the sustainability of economic recovery, the actual strength of fiscal policy, and the subsequent direction of monetary policy. If economic data such as inflation continues to pick up and more regions are able to expand their balance sheets after debt resolution, the possibility of interest rates rising after reaching the bottom will increase [4][6] 3. Summary by Relevant Catalogs 3.1 Main Viewpoints - Last week, the Treasury bond futures market showed differentiation between long and short ends. The ultra - long - end center slowly declined with the TL main contract down 0.34% for the week, the 10 - year main contract steadily rose slightly with a weekly gain of about 0.11%, and the medium - and short - term maturities changed little. Market fluctuations were mainly in equities and commodities. The turning point of risk assets on Friday was due to factors like the Iranian situation, new Fed candidates, US policy shutdown risk, and risks in the US stock market during the earnings season. Domestic bonds were less affected by other major asset classes. The central bank continuously released liquidity through reverse repurchase, with a total of 176.15 billion yuan in reverse repurchase operations for the week, achieving a net injection after offsetting maturities. The 7 - day reverse repurchase rate remained stable at 1.40%, and the weighted average DR007 rate fluctuated around the policy rate, keeping the funds reasonably abundant. The marginal weakness of the ultra - long end might be due to some long - position funds taking profits at the beginning of the week, causing the TL2603 contract to correct. However, the long - term allocation demand from the "good start" dividend - insurance sales of insurance institutions and the inflow of foreign risk - hedging funds supported the price to stabilize around 112 yuan [4] 3.2 Liquidity Tracking - The content mainly presents various charts related to liquidity, including open - market operations (volume and price), medium - term lending facilities (volume and price), deposit - based pledged repurchase, SHIBOR, Shanghai Stock Exchange pledged repurchase rate, bond - pledged repurchase rate, R007&DR007 spread and trading volume, inter - bank certificate of deposit issuance rate, excess reserve ratio, LPR, deposit reserve ratio, Treasury bond yields, Treasury bond term spreads, US Treasury bond yields, and US Treasury bond term spreads. But there is no specific text summary of these data [8][9][11] 3.3 Treasury Bond Futures Arbitrage Indicator Tracking - The content shows various indicators of Treasury bond futures arbitrage, including basis, net basis, implied repo rate (IRR), and implied interest rate for 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures contracts in the current quarter. But there is no specific text analysis of these indicators [38][41][48]

国债期货日报 2026/1/29 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.250 | 0.06% T主力成交量 | 83851 | -3528↓ | | | TF主力收盘价 | 105.875 | 0.01% TF主力成交量 | 61278 | 5250↑ | | | TS主力收盘价 | 102.394 | 0% TS主力成交量 | 27838 | -1924↓ | | | TL主力收盘价 | 112.170 | 0.07% TL主力成交量 | 83695 | 24158↑ | | 期货价差 | TL2603-2606价差 | -0.11 | +0.03↑ T03-TL03价差 | -3.91 | -0.02↓ | | | T2603-2606价差 | 0.02 | -0.00↓ TF03-T03价差 | -2.35 | -0.01↓ | | | TF2603-2606价差 | -0.04 | +0.01↑ TS03-T03价差 | -5.80 | 0. ...

1. Report Industry Investment Rating - The investment rating for the treasury bond futures is "volatile" [1] 2. Core View of the Report - Treasury bond futures are expected to be volatile in the short - term, and the impact of the stock index should be continuously monitored. Traders are advised to conduct band - trading operations [1][2] 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday, most of the main contracts of treasury bond futures opened lower, rose unilaterally in the morning session, and fluctuated narrowly horizontally in the afternoon. As of the close, the 30 - year treasury bond futures main contract TL2603 fell 0.09%, the 10 - year T2603 rose 0.01%, the 5 - year TF2603 rose 0.05%, and the 2 - year TS2603 rose 0.03% [1] - On Friday, the Wande A - share index opened slightly higher, then fell back to the previous closing level and fluctuated narrowly until the close. It closed down 0.17% from the previous trading day, forming a small negative line. The trading volume was 3.06 trillion yuan, slightly higher than the previous trading day's 2.94 trillion yuan [2] 3.2 Important Information - Open market: On Friday, the central bank conducted 86.7 billion yuan of 7 - day reverse repurchase operations, with 34 billion yuan of reverse repurchases maturing on the same day, resulting in a net injection of 52.7 billion yuan [1] - Money market: On Friday, short - term interest rates in the inter - bank money market declined. The weighted average of DR001 was 1.32% for the whole day, compared with 1.37% in the previous trading day; the weighted average of DR007 was 1.44% for the whole day, compared with 1.50% in the previous trading day [1] - Cash bond market: On Friday, the closing yields of inter - bank treasury bonds declined compared with the previous trading day. The yield to maturity of 2 - year treasury bonds fell 1.98 basis points to 1.40%, the 5 - year fell 1.81 basis points to 1.61%, the 10 - year fell 1.20 basis points to 1.84%, and the 30 - year fell 0.22 basis points to 2.30% [1] - On January 16, the State Council executive meeting pointed out that it is necessary to implement a special action to boost consumption, release the integrated effect of policies, combine people's livelihood improvement and consumption promotion, enhance residents' endogenous consumption power, and play the fundamental role of consumption in driving economic growth. It also mentioned accelerating the cultivation of new growth points in service consumption, supporting new business forms, models and scenarios, increasing the supply of high - quality services, and improving the long - term mechanism for promoting consumption [1] 3.3 Market Logic - In December, the social financing scale increased by 2.2075 trillion yuan, with a market expectation of 1.8 trillion yuan, a year - on - year decrease of 646.2 billion yuan. The RMB loans in the credit caliber increased by 910 billion yuan, with a market expectation of 680 billion yuan, a year - on - year decrease of 80 billion yuan. Both the social financing and credit data in December were better than market expectations [1][2] - At the end of December, M2 increased by 8.5% year - on - year, with a market expectation of 7.9%; M1 increased by 3.8% year - on - year, in line with market expectations. China's export amount in December denominated in US dollars increased by 6.6% year - on - year, better than the estimated 2.2%. China's CPI and core CPI both rose 0.2% month - on - month in December, and PPI rose 0.2% month - on - month, indicating a mild recovery in inflation [1][2] - The central bank announced that starting from January 19, 2026, it will lower the re - loan and rediscount rates by 0.25 percentage points, and stated that there is still room for reserve requirement ratio cuts and interest rate cuts throughout the year [2] 3.4 Trading Strategy - Traders are advised to conduct band - trading operations [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On December 26, 2025, the treasury bond futures market declined across the board, showing a pattern of long - term weakness and short - term stability. The 30 - year main contract (TL2603) led the decline, hitting the largest single - day decline since December 18. The 10 - year (T2603), 5 - year (TF2603), and 2 - year (TS2603) contracts fell slightly, with limited short - end declines supported by loose liquidity. The total market turnover was 281.724 billion yuan, and the 30 - year contract turnover was 107.144 billion yuan, accounting for 38% of the total market, indicating that the ultra - long end remained the core of capital game [11]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: On December 26, 2025, the ten - year treasury bond (T2603) futures contract opened lower at 108.200 yuan, showed a volatile trend during the day, with an intraday low of 108.195 yuan. The daily K - line closed positive, with a trading volume of 67,379 lots and an open interest of 253,517 lots [2]. - **Variety Price**: Among the 12 treasury bond futures contracts, the prices of the two - year treasury bond contracts (TS2603, TS2606, TS2609) showed a pattern of near - term low and long - term high; the prices of the five - year treasury bond contracts (TF2603, TF2606, TF2609) showed a pattern of near - term high and long - term low; the prices of the ten - year treasury bond contracts (T2603, T2606, T2609) showed a long - term low pattern; the prices of the thirty - year treasury bond contracts (TL2603, TL2606, TL2609) showed a near - term low pattern. The open interest of the ten - year treasury bond (T2603) contract was the highest among all contracts [3][5]. 3.2 Spot Market - On December 26, 2025, the People's Bank of China conducted 93 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40% through quantity tender. The maturity amount was 56.2 billion yuan, resulting in a net injection of 36.8 billion yuan [6]. 3.3 Related Information - Technical Analysis - For the ten - year treasury bond (T2603) futures contract, the daily K - line closed positive, with an intraday high of 108.330 yuan. The MACD indicator continued to run with a golden cross near the zero - axis, and the trading volume was greater than the previous day [9].

1. Report's Industry Investment Rating - The investment rating for the bond futures in the macro and financial sector is "oscillating slightly bullish" [1] 2. Core View of the Report - The latest macro - economic data shows that stabilizing growth remains the main theme of the Q4 macro - economy. With the central bank's monetary policy adjustment and the continuous loosening of funds near the end of the year, bond futures may oscillate slightly up in the short - term [2] 3. Summary by Related Contents 3.1 Market Performance - On Wednesday, most of the main contracts of bond futures opened slightly lower and fluctuated narrowly horizontally throughout the day. The 30 - year bond futures main contract TL2603 rose 0.02%, the 10 - year T2603 rose 0.02%, the 5 - year TF2603 fell 0.01%, and the 2 - year TS2603 remained flat [1] - On Wednesday, the Wande All - A Index opened roughly flat, fluctuated horizontally throughout the day, rose slightly in the morning session, continued to rise slightly in the afternoon session and then moved sideways, closing with a small positive line, up 0.89% from the previous trading day, with a trading volume of 1.90 trillion yuan, showing little change from the previous trading day's 1.92 trillion yuan [2] 3.2 Important Information - **Open Market Operations**: On Wednesday, the central bank conducted 260 billion yuan of 7 - day reverse repurchase operations, with 468 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 208 billion yuan [1] - **Money Market**: On Wednesday, the overnight interest rate in the inter - bank money market remained low. The weighted average of DR001 was 1.26% throughout the day (1.27% in the previous trading day), and the weighted average of DR007 was 1.38% (1.41% in the previous trading day) [1] - **Cash Bond Market**: On Wednesday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared with the previous trading day. The yield to maturity of the 2 - year treasury bond dropped 1.01 BP to 1.34%, the 5 - year rose 0.34 BP to 1.60%, the 10 - year rose 0.04 BP to 1.84%, and the 30 - year dropped 0.30 BP to 2.22% [1] - **Real Estate Policy**: On December 24th, four departments in Beijing jointly issued a notice to optimize and adjust real - estate policies, aiming to stabilize market expectations and stimulate reasonable housing demand [1] - **Monetary Policy Meeting**: The central bank's Monetary Policy Committee's Q4 2025 meeting stated that China's economy is generally stable with progress, but still faces challenges such as a prominent supply - demand imbalance. It is necessary to continue implementing a moderately loose monetary policy, strengthen counter - cyclical and cross - cyclical adjustments, and maintain ample liquidity [1][2] - **MLF Operations**: On December 25th, the central bank will conduct 400 billion yuan of 1 - year MLF operations. With 300 billion yuan of MLF maturing in December, there will be a net injection of 100 billion yuan, marking the 10th consecutive month of increased MLF roll - overs. In addition, the central bank has also made a net injection of 200 billion yuan through outright reverse repurchases in December, resulting in a net injection of 300 billion yuan of medium - term liquidity in December [2] - **US Unemployment Data**: The number of initial jobless claims in the US last week was 214,000, lower than the forecast of 223,500. The number of continuing jobless claims in the week ending December 13th was 1.923 million, higher than the forecast of 1.9 million [2] 3.3 Market Logic - In November, fixed - asset investment decreased by 2.6% year - on - year, and social retail sales increased by 1.3% year - on - year, both lower than market expectations. The export growth rate in November was 5.9%, exceeding market expectations. China's CPI and core CPI both dropped 0.1% month - on - month in November, while PPI rose 0.1% month - on - month, indicating a moderate inflation level [2] 3.4 Trading Strategy - For trading - type investors, it is recommended to conduct band operations [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 22 - 23, the Central Enterprise Leaders' Meeting was held in Beijing. Li Qiang pointed out that the "15th Five - Year Plan" period is crucial for laying the foundation and making all - out efforts to basically achieve socialist modernization. Central enterprises should align with the Party Central Committee's decisions and play important roles in infrastructure construction and ensuring the autonomy and controllability of the industrial chain [2] - On December 23, treasury bond futures strengthened collectively, with TS, TF, T, and TL main contracts rising by 0.07%, 0.17%, 0.26%, and 0.89% respectively. The weighted average rate of DR007 dropped to around 1.41%. The December LPR remained stable for seven consecutive months. The domestic economic fundamentals in November showed a marginal slowdown in industrial growth and social retail, continued negative growth in fixed - asset investment, and stable unemployment. Financial data was structurally differentiated, with the increase in social financing exceeding expectations under the boost of direct financing, but weak credit, mainly dragged down by household loans, and weak medium - and long - term investment demand from enterprises. Overseas, the US November core CPI growth was at its lowest since 2021, with mixed employment data. Overall, the domestic economic endogenous momentum still needs to be boosted. The December Central Economic Work Conference and Politburo Meeting sent positive signals, and the market expects interest rates to oscillate downward [4] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Quotes - T main contract closed at 108.220, up 0.26%; trading volume was 98,526, an increase of 13,433 [2] - TF main contract closed at 106.025, up 0.17%; trading volume was 78,932, an increase of 14,747 [2] - TS main contract closed at 102.526, up 0.07%; trading volume was 35,332, a decrease of 611 [2] - TL main contract closed at 112.830, up 0.89%; trading volume was 140,734, an increase of 27,611 [2] 3.1.2 Futures Spreads - TL2603 - 2606 spread was - 0.17, up 0.05; T03 - TL03 spread was - 4.61, down 0.61 [2] - T2603 - 2606 spread was 0.00, up 0.02; TF03 - T03 spread was - 2.19, down 0.07 [2] - TF2603 - 2606 spread was 0.00, up 0.00; TS03 - T03 spread was - 5.69, down 0.18 [2] - TS2603 - 2606 spread was - 0.04, up 0.00; TS03 - TF03 spread was - 3.50, down 0.10 [2] 3.1.3 Futures Positions - T main contract open interest was 241,505, an increase of 15,119. The top 20 long positions were 199,301, an increase of 10,195; the top 20 short positions were 215,566, an increase of 15,505; the net short position of the top 20 was 16,265, an increase of 5,310 [2] - TF main contract open interest was 152,762, an increase of 10,973. The top 20 long positions were 130,017, an increase of 8,449; the top 20 short positions were 148,704, an increase of 12,868; the net short position of the top 20 was 18,687, an increase of 4,419 [2] - TS main contract open interest was 78,913, an increase of 2,453. The top 20 long positions were 63,714, an increase of 1,589; the top 20 short positions were 73,422, an increase of 2,328; the net short position of the top 20 was 9,708, an increase of 739 [2] - TL main contract open interest was 145,354, an increase of 540. The top 20 long positions were 132,116, an increase of 1,311; the top 20 short positions were 142,694, an increase of 4,588; the net short position of the top 20 was 10,578, an increase of 3,277 [2] 3.2 Treasury Bond Market 3.2.1 CTD Bonds - The clean prices of several CTD bonds such as 250018.IB, 220025.IB, etc. all increased to varying degrees [2] 3.2.2 Active Treasury Bonds - Yields of 1 - year and 3 - year active treasury bonds remained unchanged, while yields of 5 - year, 7 - year, and 10 - year bonds increased by 0.50bp, 0.70bp, and 0.85bp respectively [2] 3.3 Interest Rates 3.3.1 Short - term Interest Rates - The overnight silver - pledged repo rate was 1.2547%, down 19.53bp; the overnight Shibor was 1.2720%, unchanged [2] - The 7 - day silver - pledged repo rate was 1.3800%, up 3.00bp; the 7 - day Shibor was 1.3990%, down 1.80bp [2] - The 14 - day silver - pledged repo rate was 1.6400%, up 1.00bp; the 14 - day Shibor was 1.5770%, down 3.90bp [2] 3.3.2 LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged [2][3][4] 3.4 Open Market Operations - The issuance scale of reverse repurchase was 59.3 billion yuan, the maturity scale was 135.3 billion yuan, and the interest rate was 1.4% for 7 days, with a net withdrawal of 76 billion yuan [2] 3.5 Key Events and Data to Watch - On December 23 at 21:30, the US Q3 core PCE price index and Q3 real GDP data will be released [4] - On December 25, Christmas, US, Hong Kong, European, and South Korean stocks will be closed, and Brent crude oil futures trading will be suspended [4]