1. 公开市场操作 央行 公告称， 11 月 19 日以固定利率、数量招标方式开展了 3105 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3105 亿元，中标量 3105 亿元。 Wind 数据显示，当日 1955 亿元 逆回购到期 ，据此计算，单日净投放 1150 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 中国银行间市场周三资金面紧张态势有所缓和，税期走款影响逐渐减弱，存款类机构隔夜回购加权利率回落逾 10bp 至 1.42% 附近。匿名点击（ X-repo ） 系统上，隔夜报价亦降至 1.42% ；非银机构质押信用债融入隔夜资金，报价在 1.53%-1.55% 一线。交易员指出，缴税影响仍是短期性因素，在 央行 灵活 呵护之下，资金面还会维持稳中偏松大局。至月底前市场流动性料重回均衡偏松状态。 海外方面，最新美国隔夜融资担保利率为 4.00% 。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日小幅下行。 （IMM） （*数据来源：Wind-同业存 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 10, with a fixed rate and quantity tendering, amounting to 119.9 billion yuan at an interest rate of 1.40%, with the same amount being the bid and awarded [1] - On the same day, 78.3 billion yuan of reverse repos matured, resulting in a net injection of 41.6 billion yuan [1] Group 2: Liquidity Conditions - The central bank's open market operations shifted to a slight net injection, but previous large-scale net withdrawals continued to exert pressure, tightening interbank market liquidity [3] - Overnight repurchase rates for deposit-taking institutions rose over 15 basis points to 1.48%, while anonymous X-repo system rates jumped to 1.55% with limited supply [3] - Non-bank institutions borrowed overnight funds using pledged credit bonds, with rates rising to the range of 1.52%-1.56% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks remained stable at around 1.63% [7] Group 4: Government Bond Futures - The closing prices for government bond futures showed a 0.22% increase for the 30-year main contract, a 0.01% increase for the 10-year main contract, a 0.02% increase for the 5-year main contract, and stability for the 2-year main contract [12] Group 5: Policy Measures - The State Council issued measures to promote private investment, including 13 targeted policy initiatives to encourage private capital participation in key sectors like railways and nuclear power, and to protect the rights of private enterprises [13] - The National Financial Regulatory Administration released a draft for public consultation on the management of bank and insurance institution licenses, aiming to improve administrative processes and protect market entities' rights [13] Group 6: Global Macro Developments - The U.S. Senate passed a temporary funding bill to prevent government shutdowns, providing funding until January 30, 2026 [16] - The White House announced a joint statement on U.S.-Thailand trade, including tariff adjustments and commitments for Thailand to purchase approximately $2.6 billion worth of U.S. agricultural products annually [16]

Group 1: Open Market Operations - The central bank announced a 287 billion yuan 7-day reverse repurchase operation on September 16, with a fixed rate of 1.40%, resulting in a net injection of 40 billion yuan for the day after accounting for 247 billion yuan of reverse repos maturing [1][2]. Group 2: Funding Conditions - The interbank market maintained a tightening state, with the overnight repo weighted average rate rising nearly 3 basis points to above 1.44%. Overnight funding supply was unstable above 1.5%, with non-bank institutions borrowing overnight funds at around 1.5% [3]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit was at 1.68%, showing a slight increase from the previous day [7]. Group 4: Bond Market Overview - Most major interest rate bonds in the interbank market saw a decline in yields, while government bond futures closed mostly higher, with the 10-year main contract rising by 0.15% [9][13]. Group 5: Recent Policy Measures - The Ministry of Commerce and other departments released policies to expand service consumption, proposing 19 measures to enhance service supply and meet diverse consumer needs [14]. Group 6: Global Macro Developments - Japan's chief negotiator announced a reduction in U.S. tariffs on Japanese automobiles to 15% starting September 16. The Bank of Korea's monetary policy committee discussed the need to consider household debt growth and trade negotiations with the U.S. in future policy decisions [16][17]. Group 7: Bond Issuance Updates - The Ministry of Finance plans to issue 30 billion yuan of 91-day discount treasury bonds on September 17, while the China National Railway Group will issue 25 billion yuan of railway construction bonds [18].

// 债市综述 // 1. 公开市场操作 央行 5 月 19 日以固定利率、数量招标方式开展了 1350 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1350 亿元，中标量 1350 亿元。 Wind 数据显示，当日 430 亿元逆回购到期，据此计算，单日净投放 920 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 存款类机构隔夜和七天质押式回购利率双降，前者下行超 9 个 bp ，后者下行近 4 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.31% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.69% 附近，较上日变化不大。 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.37% （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | // 债券大事 // 1. 台积电计划发行 141 亿元新台 ...