【导读】央行公布最新国库现金定存招投标结果，1年期下降3个BP 国库现金定存最新招投标情况，来了！ | 名称 | 中标总量 | 起息日 | 到期日 | 中标利率 | | --- | --- | --- | --- | --- | | 2025年中央国库现金 | | 2025年 | 2025年 | | | 管理商业银行定期存款 | 1200亿元 | | | 1. 73% | | | | 11月24日 | 12月22日 | | | (十一期) | | | | | 11月24日，央行官网公布2025年中央国库现金管理商业银行定期存款第十一期、第十二期招投标结果。 | | | | 名称 | 中标总量 | 起息日 | 到期日 | | --- | --- | --- | --- | | 2025年中央国库现金 管理商业银行定期存款 | 800亿元 | 2025年 | 2025年 | | | | 11月24日 | 12月15日 | | (十二期) | | | | 财政部、中国人民银行于2025年11月24日以利率招标、单一价位中标方式进行了2025年中央国库现金管理商业银行定期存款（十一期）招投标。该期中标 总量为1200 ...

【导读】央行公布最新国库现金定存招投标结果，1年期下降3个BP 国库现金定存最新招投标情况，来了！ 11月24日，央行官网公布2025年中央国库现金管理商业银行定期存款第十一期、第十二期招投标结果。 | 名称 | 中标总量 | 起息日 | 到期日 | 中标利率 | | --- | --- | --- | --- | --- | | 2025年中央国库现金 管理商业银行定期存款 | | 2025年 | 2025年 | | | | 1200亿元 | | | 1. 73% | | | | 11月24日 | 12月22日 | | | (十一期) | | | | | | 名称 | 中标总量 | 起息日 | 到期日 | | --- | --- | --- | --- | | 2025年中央国库现金 | | 2025年 | 2025年 | | 管理商业银行定期存款 | 800亿元 | | | | | | 11月24日 | 12月15日 | | (十二期) | | | | 财政部、中国人民银行于2025年11月24日以利率招标、单一价位中标方式进行了2025年中央国库现金管理商业银行定期存款（十一期）招投标。该期中标 总量为 ...

【导读】央行公布最新国库现金定存招投标结果， 1 年期下降 3 个 BP 中国基金报记者 晨曦 国库现金定存最新招投标情况，来了！ 11 月 24 日，央行官网公布 2025 年中央国库现金管理商业银行定期存款第十一期、第十二 期招投标结果。 | 名称 | 中标总量 | 起息日 | 到期日 | 中标利率 | | --- | --- | --- | --- | --- | | 2025年中央国库现金 管理商业银行定期存款 | | 2025年 | 2025年 | | | | 1200亿元 | | | 1. 73% | | | | 11月24日 | 12月22日 | | | (十一期) | | | | | | 名称 | 中标总量 | 起息日 | 到期日 | | --- | --- | --- | --- | | 2025年中央国库现金 管理商业银行定期存款 | 800亿元 | 2025年 | 2025年 | | | | 11月24日 | 12月15日 | | (十二期) | | | | 财政部、中国人民银行于 2025 年 11 月 24 日以利率招标、单一价位中标方式进行了 2025 年中央国库现金管理商业银行定 ...

北京商报讯（记者 岳品瑜 实习生 岳雯艳）据人民银行官网公布，财政部、人民银行于2025年11月24日 以利率招标、单一价位中标方式进行了2025年中央国库现金管理商业银行定期存款（十一期）招投标。 中标总量1200亿元，起息日为2025年11月24日，到期日为2025年12月22日。中标利率为1.73%，而上一 期为1.76%。 ...

智通财经APP获悉，11月24日，财政部、中国人民银行于2025年11月24日以利率招标、单一价位中标方式进行了2025年中央国库现金管理商业银行定期存款 (十一期)招投标。中标总量1200亿元，2025年11月24日起息，2025年12月22日到期，中标利率1.73%。 | 名称 | 中标总量 | 起息日 | 到期日 | 中标利率 | | --- | --- | --- | --- | --- | | 2025年中央国库现金 | | 2025年 | 2025年 | | | 管理商业银行定期存款 | 1200亿元 | | | 1.73% | | | | 11月24日 | 12月22日 | | | (十一期) | | | | | 本文编选自"中国人民银行官网"，智通财经编辑：徐文强。 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - The stock index is expected to continue its volatile pattern with support at the bottom and pressure on the upside. Short - term market differences are expected to be gradually digested during the index's volatile adjustment, and a new driving force is awaited for the index to rise further [6]. 3. Summary by Related Content 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.53% with a 1.66bp increase, DR007 at 1.52% with a 0.03bp increase, GC001 at 1.69% with a 35.50bp increase, GC007 at 1.56% with a 5.50bp increase, SHBOR 3M at 1.58% unchanged, LPR 5 - year at 3.50% unchanged, 1 - year treasury at 1.40% with a - 0.10bp change, 5 - year treasury at 1.54% unchanged, 10 - year treasury at 1.80% with a 0.05bp increase, and 10 - year US treasury at 4.13% with a - 1.00bp change [3]. - **Open - Market Operations**: Last week, the central bank conducted 1.122 trillion yuan of reverse repurchase operations, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. This week, 1.122 trillion yuan of reverse repurchases will mature, and 12 billion yuan of treasury cash deposits will mature on Thursday [3][4]. 3.2 Stock Index Market - **Index Performance**: The CSI 300 fell 0.65% to 4568, the SSE 50 fell 0.3% to 3003, the CSI 500 fell 1.17% to 7151, and the CSI 1000 fell 1% to 7448. The trading volume of the Shanghai and Shenzhen stock markets was 1.9261 trillion yuan, a slight increase of 15.3 billion yuan from the previous day. Most industry sectors closed lower, with Internet services, cultural media, and education sectors leading the gains, and coal, battery, steel, fertilizer, energy metals, shipping ports, precious metals, and non - ferrous metals sectors leading the losses [5]. - **Futures Contracts**: IF volume increased by 6.6% to 121,863, and its open interest increased by 2.2% to 278,688; IH volume decreased by 4.3% to 54,759, and its open interest decreased by 3.4% to 97,691; IC volume increased by 15% to 134,440, and its open interest increased by 3.3% to 254,019; IM volume increased by 10.4% to 217,767, and its open interest increased by 19% to 362,020 [5]. - **Premium and Discount**: IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 3.75%, 3.40%, 2.96%, and 3.43% respectively; IH's were - 2.36%, 2.12%, 0.88%, and 1.07% respectively; IC's were - 3.03%, 11.73%, 10.63%, and 11.05% respectively; IM's were 4.08%, 15.22%, 13.31%, and 12.89% respectively [7].

Core Insights - The central point of the article is the recent operations of the central bank in the open market, specifically focusing on reverse repos and the net liquidity injection into the market [1] Group 1: Central Bank Operations - This week, the central bank conducted reverse repo operations amounting to 11,220 billion yuan, with 4,958 billion yuan of reverse repos maturing [1] - The net liquidity injection for the week was 6,262 billion yuan [1] Group 2: Upcoming Maturities - Next week, there will be 11,220 billion yuan of reverse repos maturing, with specific maturities scheduled from Monday to Friday: 1,199 billion yuan, 4,038 billion yuan, 1,955 billion yuan, 1,900 billion yuan, and 2,128 billion yuan respectively [1] - Additionally, there will be 1,200 billion yuan of treasury cash deposits maturing next Thursday [1]

Core Points - The People's Bank of China and the Ministry of Finance conducted a tender for the central treasury cash management time deposits, with a total winning bid amount of 120 billion yuan and a winning interest rate of 1.76% [1] Group 1 - The tender took place on October 23, 2025, with the interest start date also on October 23 and the maturity date set for November 20 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The stock index trend continues to be bullish, but the policy aims to guide the A-share market to run in a "slow bull" pattern. It is recommended to adjust and go long, and control positions before the holiday. The market has policy expectations for the "922" press conference, and last year's similar press conference launched a series of policy "combinations." Last week, positive factors were mainly overseas, with positive signals from Sino-US economic and trade talks and the Fed's first interest rate cut this year being beneficial to A-shares, while domestic economic data was poor, increasing the necessity of promoting consumption, stabilizing the real estate market, and expanding fiscal policies [7] 3. Summary by Relevant Catalogs Market Data - **Interest Rates**: DRO01 closed at 1.46 with a -4.83bp change, DR007 at 1.51 with a -4.70bp change, GC001 at 1.40 with a 17.50bp change, GC007 at 1.55 with an 8.00bp change, SHBOR 3M at 1.56 with a 0.60bp change, LPR 5-year at 3.50 with a 0.00bp change, 1-year treasury at 1.41 with a 0.62bp change, 5-year treasury at 1.62 with a 2.97bp change, 10-year treasury at 1.88 with a 2.54bp change, and 10-year US treasury at 4.14 with a 3.00bp change [4] - **Stock Index Futures**: On September 22, the closing prices and changes of stock index futures were as follows:沪深300 closed at 4502 with a 0.08% change, IF当月 at 4510 with a 0.5% change, 上证50 at 2910 with a -0.11% change, IH当月 at 2918 with a 0.3% change, 中证500 at 7170 with a -0.41% change, IC当月 at 7182 with a 0.1% change, 中证1000 at 7438 with a -0.51% change, IM当月 at 7448 with a -0.1% change. The trading volume and open interest of IF decreased by 25.9 and 11.0 respectively, IH by 33.1 and 16.6, IC by 20.6 and 9.2, and IM by 25.7 and 10.1 [6] - **Stock Market Review**: The previous day's closing, 沪深300 fell 0.21% to 4523.3, 上证50 fell 0.5% to 2947.8, 中证500 rose 0.75% to 7191, 中证1000 rose 0.92% to 7483.6. The trading volume of the two markets reached 31352 billion, a significant increase of 7584 billion. Most industry sectors fell, while the automobile service and tourism hotel sectors strengthened, and the precious metals, energy metals, non-ferrous metals, real estate services, diversified finance, small metals, and securities sectors led the decline [6] - **Open Market Operations**: Last week, the central bank had 12645 billion yuan of reverse repurchases and 1200 billion yuan of treasury cash fixed deposits due. It conducted 18268 billion yuan of reverse repurchase operations, 1500 billion yuan of treasury cash fixed deposit operations, and 6000 billion yuan of outright reverse repurchase operations, with a net full - caliber injection of 11923 billion yuan. This week, 18268 billion yuan of reverse repurchases will mature, and 3000 billion yuan of MLF will mature on September 25 [4][5] Market Expectations - The market has policy expectations for the "922" press conference. Last year's similar press conference launched a series of policy "combinations" including comprehensive reserve requirement ratio cuts, interest rate cuts, stock repurchase re - loans, and securities - fund - insurance company swap facilities [7] Ascending and Descending Water Conditions - The ascending and descending water conditions of stock index futures contracts are as follows: IF升贴水 for the next - month contract is 4.65%, the current - quarter contract is 3.42%, and the next - quarter contract is 2.77%; IH升贴水 for the next - month contract is - 1.67%, the current - quarter contract is - 0.52%, and the next - quarter contract is - 0.38%; IC升贴水 for the next - month contract is 12.79%, the current - quarter contract is 10.66%, and the next - quarter contract is 9.85%; IM升贴水 for the next - month contract is 17.81%, the current - quarter contract is 13.64%, and the next - quarter contract is 12.51% [8]

Core Viewpoint - The article discusses the current financial market conditions, highlighting the stability of the LPR and its implications for the stock and bond markets, as well as the overall liquidity situation in the banking sector [1][4]. Group 1: Monetary Policy and Market Reactions - The April LPR quotation remains unchanged, aligning with market expectations, which has led to a strong performance in the stock market [2][3]. - The bond market shows a noticeable upward trend in long-term bond yields, with the 10-year government bond yield fluctuating around 1.663% [3][4]. - The central bank conducted a net injection of 233 billion yuan through reverse repos, indicating a tightening liquidity environment as tax payments are processed [1][2]. Group 2: Market Data and Trends - The weighted average rate for R001 increased by 65 basis points to 1.74%, while R007 remained stable at 1.73% [2]. - The total transaction volume in the repo market reached approximately 62.7 billion yuan, with a slight increase of 2.08 billion yuan compared to the previous period [2]. - The stock market is experiencing a "see-saw" effect with the bond market, as the liquidity tightening is impacting bond yields while supporting stock prices [3][4].