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1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Friday's marginal tightening of funds and the central bank's "shortening and lengthening" operations do not indicate a marginal shift in the central bank's attitude. Since June, liquidity has been mainly characterized by easing, and the number of optimistic funding indicators has further increased in November. The central bank's easing is gradually being realized, and DR001 could move towards 7 - day OMO - 20BP. For certificates of deposit, continue with the current allocation and wait for the capital gain game space after the expectation of interest rate cuts rises [4][5]. - The marginal tightening of funds on Friday and the central bank's "shortening and lengthening" operations are due to frictions in fund delivery, not a change in the central bank's attitude. With OMO returning to net investment, the probability of stable low - level funding prices is higher. The "shortening and lengthening" operation does not represent a change in the central bank's attitude. The central bank's policy is supportive, and it is beneficial for banks' net interest margins and the stability of funding prices at a low level [4]. 3. Summary by Related Directory 3.1. 1. Loose Policy is Being Realized, and Funding Prices are Becoming More Optimistic - **Central Bank Operations**: The central bank adopted a "shortening and lengthening" approach. It carried out advance equal - volume roll - overs of repurchase agreements and continuously withdrew short - term liquidity while ensuring a proper level of overall liquidity. For example, on November 4, it announced bond - buying of 200 billion yuan in October, and on November 5, it advanced the equal - volume roll - over of the 70 - billion - yuan 3 - month repurchase agreement due on November 7 [14]. - **Fund Quantity**: The bank's net lending ability is closely linked to the central bank's operations. Institutions slightly increased leverage. After the fiscal support at the beginning of the month and the injection of liquidity through bond - buying, the net lending of state - owned and joint - stock banks continued to rise. Institutions increased leverage due to low funding prices, and the segmentation of non - bank funds remained at a low level [14]. - **Funding Prices**: The performance of funding price indicators is more optimistic. DR001 was mostly stable at 1.31%, Shibor 3M continued to decline, and DR007 started to approach the 7 - day OMO rate. Since October, the proportion of DR001 weighted around 1.31% has become more concentrated, Shibor 3M has been on a downward trend since the central bank announced "restarting bond - buying" on October 28, and DR007 has shown a trend of approaching the 7 - day OMO rate [16]. - **Reasons for Friday's Marginal Tightening of Funds**: The marginal tightening of funds on November 7 was due to the friction in fund delivery. Although the central bank advanced the roll - over of the 70 - billion - yuan 3 - month repurchase agreement, the large - scale withdrawal of 7 - day liquidity caused short - term disturbances, but this does not represent a change in the central bank's attitude [18]. - **Analysis of the "Shortening and Lengthening" Operation**: Different from the period of financial de - leveraging from 2016 to 2017, the current central bank's "shortening and lengthening" operation is to inject medium - and long - term liquidity while reducing the price of relevant liquidity tools, which is beneficial for banks' net interest margins and the stability of funding prices at a low level [20][21]. - **Certificate of Deposit Situation**: After the month - end, the selling pressure of small and medium - sized banks on certificates of deposit decreased significantly. Non - bank institutions such as money market funds and wealth management subsidiaries were more active in trading before the bond - buying announcement. In the future, the lower limit of certificates of deposit is constrained by the non - cut of policy interest rates, but it is difficult for 1 - year certificates of deposit to be significantly higher than 1.63%. The current level of certificates of deposit can continue to be allocated [23][24]. 3.2. 2. Weekly Tracking of Funds and Certificates of Deposit and Key Matters - **Central Bank**: This week, the central bank had a net withdrawal of 157.22 billion yuan from reverse repurchases and advanced the equal - volume roll - over of the 3 - month repurchase agreement. Next week, 49.58 billion yuan of short - term funds will mature, and there will be 100 billion yuan of repurchase agreement funds and 90 billion yuan of MLF due in November [32]. - **Government Bonds**: This week, the net financing of government bonds was 13.84 billion yuan, with a cumulative net financing of 1.15576 trillion yuan and a net financing progress of 83.4%, and a net payment of 3.68 billion yuan. Next week, the net financing will be 24.98 billion yuan, with a cumulative net financing of 1.17987 trillion yuan and a net financing progress of 85.1%, and a net payment of 36.92 billion yuan. There will be a 30 - year treasury bond issuance on November 14, and the issuance proportion of treasury bonds and local government bonds with a term of 10 years and above is about 31.03% and 73.00% respectively [32]. - **Bills**: After the month - end, the bill - boosting effect weakened, and bill interest rates generally increased. As of November 7, the 3 - month and 6 - month straight - discount and transfer - discount interest rates of state - owned and joint - stock banks all increased compared with October 31 [52]. - **Exchange Rate**: This week, the RMB depreciated by 0.13% against the US dollar. The swap points of USDCNH/USDCNY were around 1400 points/1300 points. The central bank's regulation of the exchange rate was weak, with the mid - price of the US dollar against the RMB slightly depreciating, and the counter - cyclical factor narrowing to around 358 pips [54][58]. - **Fund Supply and Demand**: The net lending of state - owned banks increased, the net lending of money market funds and wealth management subsidiaries decreased, and most non - bank institutions increased leverage. Except for insurance, the leverage ratios of other institutions increased. Overnight funding prices slightly increased, and the 7 - day funding price decreased. Except for the last trading day, the funding feeling was loose [60][73]. - **Certificates of Deposit - Primary Market**: This week, the net financing of certificates of deposit was 15.099 billion yuan, with an issuance progress of 18.6%. State - owned banks' net financing turned positive, while joint - stock banks' net financing turned negative. The weighted issuance duration of certificates of deposit increased, and the proportion of long - term certificate of deposit issuance by banks increased [78][80][82]. - **Certificates of Deposit - Secondary Market**: After the month - end, the selling pressure of banks on certificates of deposit decreased. Before the bond - buying announcement, trading activity was high, and non - bank institutions were strong buyers. After the announcement, trading activity and non - bank buying power decreased. This week, the yield of certificates of deposit fluctuated downward, and the 1 - year AAA certificate of deposit yield was 1.6300% [86][89]. 3.3. 3. Central Bank: Pay Attention to the Roll - Over of 6 - Month Repurchase Agreements - **This Week**: The central bank had a net withdrawal of 157.22 billion yuan from reverse repurchases, and advanced the equal - volume roll - over of the 3 - month repurchase agreement. The balance of reverse repurchases was 49.58 billion yuan as of November 7, still higher than the seasonal level [36]. - **Next Week**: 49.58 billion yuan of short - term funds will mature, and there will be 100 billion yuan of repurchase agreement funds and 90 billion yuan of MLF due in November [38]. 3.4. 4. Government Bonds: Next Week's Net Payment will Rise to 36.92 Billion Yuan - **This Week**: The net financing of government bonds was 13.84 billion yuan, with a cumulative net financing of 1.15576 trillion yuan and a net financing progress of 83.4%, and a net payment of 3.68 billion yuan [42]. - **Next Week**: The net financing will be 24.98 billion yuan, with a cumulative net financing of 1.17987 trillion yuan and a net financing progress of 85.1%, and a net payment of 36.92 billion yuan. The net financing progress of treasury bonds is 86.1% (higher than the historical average), and the issuance progress of new local government general bonds, new local government special bonds, and special refinancing bonds is 86.4%, 88.3%, and 94.4% respectively (lower than the historical average) [42][43]. 3.5. 5. Bills: The Bill - Boosting Effect Weakens, and Bill Interest Rates Generally Increase - After the month - end, the bill - boosting effect weakened, and bill interest rates generally increased. As of November 7, the 3 - month and 6 - month straight - discount and transfer - discount interest rates of state - owned and joint - stock banks all increased compared with October 31 [52]. 3.6. 6. Exchange Rate: The RMB Depreciates - This week, the RMB depreciated by 0.13% against the US dollar. The swap points of USDCNH/USDCNY were around 1400 points/1300 points. The central bank's regulation of the exchange rate was weak, with the mid - price of the US dollar against the RMB slightly depreciating, and the counter - cyclical factor narrowing to around 358 pips [54][58]. 3.7. 7. Market Fund Supply and Demand: The Net Lending of State - Owned Banks Continues to Recover - The net lending of state - owned banks increased, the net lending of money market funds and wealth management subsidiaries decreased, and most non - bank institutions increased leverage. Except for insurance, the leverage ratios of other institutions increased. Overnight funding prices slightly increased, and the 7 - day funding price decreased. Except for the last trading day, the funding feeling was loose [60][73]. 3.8. 8. Certificates of Deposit: The Net Financing of State - Owned Banks Turns Positive, and the Weighted Issuance Duration Increases - **Primary Market**: This week, the net financing of certificates of deposit was 15.099 billion yuan, with an issuance progress of 18.6%. State - owned banks' net financing turned positive, while joint - stock banks' net financing turned negative. The weighted issuance duration of certificates of deposit increased, and the proportion of long - term certificate of deposit issuance by banks increased [78][80][82]. - **Secondary Market**: After the month - end, the selling pressure of banks on certificates of deposit decreased. Before the bond - buying announcement, trading activity was high, and non - bank institutions were strong buyers. After the announcement, trading activity and non - bank buying power decreased. This week, the yield of certificates of deposit fluctuated downward, and the 1 - year AAA certificate of deposit yield was 1.6300% [86][89].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the bond market had little overall fluctuation. After large - scale banks started buying short - term bonds and the central bank announced the outright reverse repurchase in June, the bond market sentiment heated up, and the yield curve steepened. The 1Y Treasury yield dropped about 5bp to 1.41%, and the 10Y Treasury yield dropped 2bp to 1.65% [2][11]. - There are three details worthy of attention in this week's institutional behavior and capital situation: large - scale banks' bond purchases are not concentrated on the short - end; there is a structural differentiation in banks' capital lending; short - term certificates of deposit may be more cost - effective [2][12]. - The short - term market may be more driven by sentiment. Three variables need to be concerned about in the future: the sustainability of large - scale banks' bond purchases, the capital market fluctuations in June under the lending stratification, and the benefits to certificates of deposit from increased institutional behavior [4][14]. 3. Summary According to the Directory 3.1 This Week's Institutional Behavior Review: Three Details of Large - Scale Banks Buying Short - Term Bonds 3.1.1 Yield Curve - Treasury and China Development Bank (CDB) bond yields generally declined. For Treasury bonds, the 1Y yield dropped 5bp, the 3Y yield dropped 4bp, the 5Y yield dropped 2bp, the 7Y yield dropped 3bp, the 10Y yield dropped 2bp, the 15Y yield dropped 2bp, and the 30Y yield dropped 2bp. For CDB bonds, the 1Y yield dropped 3bp, the 3Y yield dropped 3bp, the 5Y yield dropped 3bp, the 7Y yield dropped 2bp, the 10Y yield dropped 1bp, the 15Y yield dropped 1bp, and the 30Y yield dropped 2bp [14][15]. 3.1.2 Term Spread - For Treasury bonds, the spread trend was differentiated, with the short - term spread narrowing and the long - term spread widening. For CDB bonds, the spread inversion eased, and the medium - term spread widened. The long - and medium - term spreads between Treasury and CDB bonds widened [18][19]. 3.2 Bond Market Leverage and Capital Situation 3.2.1 Leverage Ratio - From June 3 to June 6, 2025, the leverage ratio fluctuated and rose. As of June 6, the leverage ratio was about 107.14%, up 0.36pct from last Friday and down 0.02pct from this Tuesday [22]. 3.2.2 Average Daily Turnover of Pledged Repurchase - The average daily turnover of pledged repurchase increased compared with last week. From June 3 to June 6, the average daily turnover of pledged repurchase was about 7.5 trillion yuan, up 1.0 trillion yuan from last week. The average overnight turnover accounted for 87.48%, up 3.61pct [29][30]. 3.2.3 Capital Situation - From June 3 to June 6, the capital lending of banks first rose and then fell. The net lending of large - scale and policy banks was 4.25 trillion yuan on June 6. The main capital borrowers were funds, and the lending of money market funds fluctuated and declined. DR007 fluctuated and declined, and R007 continued to decline [34]. 3.3 Duration of Medium - and Long - Term Bond Funds 3.3.1 Median Duration Dropped to 2.76 Years - This week (June 3 - June 6), the median duration of medium - and long - term bond funds was 2.76 years (de - leveraged) and 2.96 years (leveraged). On June 6, the median duration (de - leveraged) was 2.76 years, down 0.01 years from last Friday [45]. 3.3.2 Duration of Interest - Rate Bond Funds Dropped to 3.67 Years - The median duration (leveraged) of interest - rate bond funds dropped to 3.67 years, down 0.16 years from last Friday; the median duration (leveraged) of credit - bond funds rose to 2.71 years, down 0.02 years from last Friday [48]. 3.4 Comparison of Category Strategies 3.4.1 Sino - US Yield Spread - The overall inversion of the Sino - US Treasury yield spread deepened. The 1Y spread inversion deepened 8bp, the 2Y spread inversion deepened 17bp, the 3Y and 5Y spread inversions deepened 19bp, the 7Y spread inversion deepened 16bp, the 10Y spread inversion deepened 12bp, and the 30Y spread inversion deepened 7bp [54]. 3.4.2 Implied Tax Rate - As of June 6, the 1Y and 3Y spreads between CDB and Treasury bonds widened, the 5Y and 15Y spreads narrowed, and the 7Y spread widened, while the 10Y and 30Y spreads changed less than 1bp [55]. 3.5 Changes in Bond Lending Balance - On June 6, the lending concentration of the active 10Y Treasury and 10Y CDB bonds increased, while that of the less - active 10Y Treasury, less - active 10Y CDB, and active 30Y Treasury bonds decreased. Among institutions, only the lending balance of small - and medium - sized banks decreased, while the others increased [56].

Report Title - "Bond Weekly Report: Certificate of Deposit Weekly Report (0526 - 0601): Cross - Half - Year Pressure is Controllable, Focus on Allocation Opportunities" [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - In June, pay attention to the roll - over pressure of certificates of deposit. Although the cross - half - year capital risk is limited, the supply - demand structure may weaken. Consider increasing allocation when the 1Y state - owned and joint - stock bank certificate of deposit pricing is above 1.7% [2][47] Summary by Directory Supply: Net Financing Declines, and Maturity Structure Lengthens - From May 26th to June 1st, the issuance scale of certificates of deposit was 66.95 billion yuan, and the net financing was - 1.677 billion yuan (compared with 2.49 billion yuan last week). The issuance proportion of state - owned banks increased from 42% to 55%, and that of joint - stock banks remained at 14%. The issuance proportion of 1Y certificates of deposit rose from 28% to 59%, and the weighted issuance maturity lengthened to 8.88 months (previously 6.20 months). From June 2nd to June 8th, the maturity scale decreased to 66.495 billion yuan, a week - on - week decrease of 1.222 billion yuan [2][5] Demand: Wealth Management is the Main Buyer in the Secondary Market, and the Primary Market Subscription Rate Declines Slightly - In the secondary market, wealth management products were the main buyers, with a weekly net purchase of 80.935 billion yuan. The net purchase of wealth management outsourcing (other products) increased from 32.957 billion yuan to 85.483 billion yuan, and state - owned banks' net purchase increased from 9.739 billion yuan to 37.575 billion yuan. In the primary market, the overall market subscription rate (15DMA) decreased slightly from about 93% to 91% [2][14] Valuation: Primary and Secondary Pricing Continues to Fluctuate at a High Level - In primary pricing, the pricing of joint - stock bank certificates of deposit fluctuated at a high level overall. The 1M pricing rose slightly to 1.67%, 3M, 6M, and 9M products increased by 0 - 2bp, and the 1Y product decreased by 1bp. The 1Y - 3M term spread of joint - stock banks narrowed by 1bp, at the 11% historical quantile. The 1Y credit spread between city commercial banks and joint - stock banks widened from 3.72bp to 13.00bp, and that between rural commercial banks and joint - stock banks widened from 3.45bp to 10.00bp. In secondary yields, the 1M yield of AAA - rated certificates of deposit decreased significantly, and the rest continued to fluctuate. The 1Y - 3M term spread widened, at the 14% historical quantile [2] Comparison: Cross - Half - Year Capital Risk is Limited, Focus on Roll - Over Situation - The spread between certificates of deposit and funds increased slightly. The spread between the 1Y AAA - rated certificate of deposit yield and DR007:15DMA widened from 9.77bp to 11.98bp, and that with R007:15DMA rose from 7.07bp to 8.27bp. The spread between certificates of deposit and treasury bonds widened slightly to 24.98bp, remaining at about the 5% quantile; the spread with China Development Bank bonds narrowed by 1bp to 17.50bp, and the quantile decreased to 13%. The spread between AAA short - and medium - term notes and certificates of deposit changed from an inverted 1.08bp to 1.77bp, and the quantile rose to around 7% [35]