Core Viewpoint - The article emphasizes the opportunity for investors to engage in government bond reverse repos before the New Year holiday, highlighting the potential for earning additional interest during this period [1]. Summary by Sections - **Investment Timing**: Investors are encouraged to act before the holiday, as demand for funds typically increases, leading to higher prices for funds. This is particularly relevant for short-term government bond reverse repos, which can yield extra interest during the holiday [1]. - **Holiday Schedule**: The New Year holiday spans three days (January 1-3, 2026), with the stock market reopening on January 5. By strategically timing their operations, investors can maximize interest earnings [1]. - **Interest Calculation**: If investors choose a 1-day reverse repo on December 30, they can earn interest for 5 days, with funds available on December 31 and accessible on January 5. For 2-day, 3-day, and 4-day reverse repos, investors can earn interest for 6 days, but funds will only be available after the holiday [2][4]. - **Missed Opportunities**: It is crucial to note that if investors miss the opportunity to act on December 30 and instead operate on December 31, they will not earn interest during the holiday period [3]. - **Interest Accrual Table**: A detailed table outlines the participation dates, types of reverse repos, interest days, and availability of funds, providing clarity on potential earnings [4].

临近 2026 年元旦小长假，沪深交易所国债逆回购收益率又开始大幅上涨，在计息天数方面也迎来比较好 的窗口期。 根据沪深交易所国债逆回购计息规则测算，今天（ 2025 年 12 月 29 日）和明天（ 2025 年 12 月 30 日） 或是本次小长假前较好的国 债逆回购操作时间窗口，能享受相对较多的计息天数，其中在今天操作 3 天期至 7 天期的国债逆回购，计息天数均达到 7 天。 沪深交易所多个期限国债逆回购收益率大涨 今天上午，沪深交易所国债逆回购收益率大幅拉升，多个期限的国债逆回购品种年化收益率突破2%。 行情数据显示，今天上午，沪市1天期、2天期、3天期、4天期、7天期国债逆回购品种均强劲上涨，沪市2天期国债逆回购品种盘中最高年 化收益率达到2%，涨幅超过20%；沪市3天期、4天期国债逆回购品种盘中最高年化收益率均超过2%，创出近期新高；沪市7天期国债逆回 购品种盘中年化收益率最高达2.150%。 深市1天期、2天期、3天期、4天期、7天期国债逆回购品种也有类似的表现，其中，除1天期品种外，其他品种盘中最高年化收益率均超过 2%。 | | | | 上交所回购 | | | --- | --- | -- ...

Core Viewpoint - The yield rates for government bond reverse repos on the Shanghai and Shenzhen exchanges have significantly increased ahead of the National Day holiday in 2025, creating a favorable window for investors to engage in these transactions [1][2][5]. Summary by Sections Yield Increase - The yield rates for the 1-day government bond reverse repo (GC001) on the Shanghai exchange surged by over 40%, reaching nearly 2%, marking a two-month high. Similarly, the Shenzhen exchange's 1-day reverse repo saw a rise exceeding 50% [2]. - Other maturities, including 2-day and 3-day reverse repos, also experienced substantial increases, with yields rising over 30% across various products [5][6]. Timing and Strategy - September 29, 2025, is identified as the optimal day for executing reverse repos due to favorable interest calculation days, with 1-day repos yielding 9 days of interest and 2 to 7-day repos yielding 10 days [7][8]. - If transactions are delayed until September 30, 2025, the interest calculation days drop to just 1 day, making it less advantageous [7]. Historical Context - Historically, significant yield increases of over 10% have been observed near quarter-end, year-end, and major holidays, although overall yields have trended lower in recent years [8][9]. Investment Considerations - Government bond reverse repos are considered low-risk investments, particularly suitable for investors with cash in stock accounts, especially given the low average yields of money market funds [9]. - The average annualized yield of over 900 money market funds is approximately 1.3%, with some funds, like Tianhong Yu'ebao, recently hitting record lows [9]. Operational Guidelines - Investors can choose between Shanghai and Shenzhen markets based on which offers higher yields for the same maturity [10]. - Various maturities are available, including 1-day to 182-day options, allowing investors to select based on their cash flow needs [11]. - The process for executing reverse repos involves selling rather than buying, with many brokerage platforms providing user-friendly interfaces for transactions [12][13].

【导读】节前国债逆回购红包"开抢" 别看国债逆回购听起来复杂，但实际操作起来相对简单，只要有一个股票账户就行。投资者只需要在交 易时段，从交易菜单栏进入交易页面，即可直接点击"国债逆回购"按钮开始操作。接下来选择一个品 种，选择一个利率，填写投资金额，点击下单按钮即可。 沪市和深市都有国债逆回购业务，按期限划分，分为1天期、2天期、3天期、4天期、7天期、14天期、 28天期、91天期、182天期等9个期限的品种。对大部分股票投资者来说，日常只需参与1天期的国债逆 回购交易即可，确保次一交易日盘前资金已处于可用状态，不影响股票操作。目前，国债逆回购交易时 间已经延迟到15点30分。所以，每天收盘后，用闲置资金做一天期逆回购，既不影响第二天资金交易， 还能享受夜间收益。 节假日前夕往往是做国债逆回购的好时机。由于临近月末、季末、节假日，各方对资金需求增多，推动 国债逆回购收益率上行。 需要注意的是，虽然国债逆回购的收益率像股票一样是实时变化的，但实际计息是按照卖出的那一刻来 计算。比如，沪市1天期的国债逆回购收益率突然飙到4%，投资者在这一时刻卖出国债逆回购，就能享 受4%的收益率，就算收盘时收益率回落到3%， ...

Core Viewpoint - The upcoming National Day holiday presents an opportunity for investors to utilize idle funds through government bond reverse repos, allowing them to earn interest during the holiday period [1][3]. Group 1: Investment Strategy - Investors can execute a one-day reverse repo on September 29 to earn interest for nine days, with funds available for withdrawal before the market opens on October 9 [1][3][5]. - The best time to operate a one-day reverse repo is on September 29, as it allows investors to maximize interest earnings during the holiday [4][5]. - Companies are also engaging in government bond reverse repos to manage idle funds effectively, with several firms announcing plans to invest significant amounts in reverse repos [9]. Group 2: Operational Insights - The process of executing a government bond reverse repo is straightforward, requiring only a stock account and a few simple steps to place an order [8]. - Investors should be aware of the timing of their transactions, as reverse repo rates may drop significantly in the afternoon, suggesting that placing orders earlier in the day could be beneficial [6][8]. - It is advisable for investors to avoid common pitfalls, such as placing large orders at once, which can lead to missed opportunities due to fluctuating rates [12][13].