Wind数据显示，下周央行公开市场将有13236亿元逆回购到期，其中，周一至周三分别到期4823亿元、 3125亿元、5288亿元，周四和周五无逆回购到期。此外，周四还将有11000亿元买断式逆回购到期，周 五将有600亿元国库现金定存到期。 （文章来源：第一财经） ...

Core Viewpoint - The recent auction results for the Central Treasury Cash Management Commercial Bank Time Deposits indicate a trend of declining interest rates, reflecting a stable market liquidity environment [7][9]. Group 1: Auction Results - The 11th auction resulted in a total bid amount of 120 billion yuan, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at an interest rate of 1.73%, which is a decrease of 3 basis points from the previous auction [3][7]. - The 12th auction had a total bid amount of 80 billion yuan, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [6][7]. Group 2: Interest Rate Trends - The overall trend for the interest rates of the Central Treasury Cash Management Time Deposits has been downward throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in the latest auction [7][8]. - The interest rate for the 1-month deposit has seen fluctuations, with a peak of 2.08% in March and a low of 1.76% in October [8]. Group 3: Regulatory Framework - The Ministry of Finance and the People's Bank of China issued new rules in October 2025 to optimize the operation mechanism of the Central Treasury Cash Management Time Deposits, enhancing the coordination between fiscal and monetary policies [9][10]. - The new rules specify that the time deposits can have various maturities, generally within 1 year, and are subject to competitive bidding for interest rates [9].

Core Viewpoint - The latest results of the Central Treasury Cash Management Commercial Bank Time Deposit bidding for the 11th and 12th periods have been announced, indicating a trend of declining interest rates in the treasury cash deposit market [1][6]. Group 1: Bidding Results - The total amount awarded for the 11th period is 120 billion, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at an interest rate of 1.73%, which is a decrease of 3 basis points from the previous rate [2][6]. - The total amount awarded for the 12th period is 80 billion, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [5][6]. Group 2: Interest Rate Trends - The overall trend in interest rates for treasury cash deposits has been downward throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in November [6][7]. - The 1-month treasury cash deposit rates have shown fluctuations, with a peak of 2.08% in March and a low of 1.76% in October [6][7]. Group 3: Regulatory Framework - The Ministry of Finance and the People's Bank of China issued new rules in October 2023 to optimize the treasury cash management process, enhancing the coordination between fiscal and monetary policies [8]. - The new rules specify that the central treasury cash management time deposits are to be conducted through a competitive bidding system, with various terms available for deposits [8][9].

Core Viewpoint - The People's Bank of China (PBOC) has announced the results of the latest treasury cash management deposit bidding, indicating a decrease in the 1-month deposit rate by 3 basis points to 1.73% [2][6]. Group 1: Bidding Results - The total amount for the 11th phase of the treasury cash management deposit is 120 billion, with a maturity of 1 month, starting from November 24, 2025, and maturing on December 22, 2025, at a rate of 1.73% [3][6]. - The total amount for the 12th phase of the treasury cash management deposit is 80 billion, with a maturity of 21 days, starting from November 24, 2025, and maturing on December 15, 2025 [5][6]. Group 2: Rate Trends - The bidding results show a trend of declining rates for treasury cash management deposits throughout the year, with the 1-month deposit rate decreasing from 2% in February to 1.73% in November [6][7]. - The 1-month deposit rate has seen fluctuations, with an increase to 2.08% in March, followed by a decrease of 30 basis points to 1.78% in July, and further declines in subsequent months [6][7]. Group 3: Regulatory Framework - The Ministry of Finance and the PBOC issued new rules on October 10, 2023, to optimize the treasury cash management deposit bidding process, enhancing coordination between fiscal and monetary policies [8]. - The rules specify that treasury cash management deposits are to be placed in commercial banks, with the banks required to pledge sufficient collateral to receive deposits and pay interest to the Ministry of Finance [8].

Core Points - The People's Bank of China and the Ministry of Finance conducted a tender for the 2025 Central Treasury Cash Management time deposits on November 24, 2025, with a total amount of 120 billion yuan [1] - The interest rate for this tender was set at 1.73%, a decrease from the previous rate of 1.76% [1] - The deposits will have an interest start date of November 24, 2025, and a maturity date of December 22, 2025 [1]

Core Points - The Ministry of Finance and the People's Bank of China conducted a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit on November 24, 2025, with a total bid amount of 120 billion yuan and a winning interest rate of 1.73% [1][2]. Summary by Category - **Tender Details** - Total bid amount: 120 billion yuan [2] - Start date: November 24, 2025 [2] - Maturity date: December 22, 2025 [2] - Winning interest rate: 1.73% [1][2]

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]