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 ...