炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在温彬看来，7月份经济数据中社零和投资增速回落，近期票据利率仍然呈现下行态势，且考虑到8月份 至9月份政府债发行继续放量，央行要维持适宜的金融环境，流动性依然可以保持乐观。 股市慢牛来了，你准备好了吗？备好账户跟进牛市，更有五大福利领取>> 责任编辑：张文 从本月来看，央行还在8月8日开展了7000亿元3个月期买断式逆回购操作、在8月15日开展了5000亿元6 个月期买断式逆回购操作，累计12000亿元，对冲到期的9000亿元买断式逆回购，实现净投放3000亿 元。 天风证券固收首席分析师谭逸鸣认为，8月份买断式逆回购、MLF净投放均为3000亿元，超7月份规 模，而且呵护节奏更为前置。不同于7月份买断式逆回购集中于月中投放、MLF投放和到期集中在同一 天的情形，8月份买断式逆回购两个期限品种分别于月初、月中时点投放，MLF投放前置于回笼。 回顾7月份，当月MLF和买断式逆回购分别净投放1000亿元、2000亿元。民生银行首席经济学家温彬对 《证券日报》记者表示，央行8月份中期流动性净投放规模达到6000亿元，相当于7月份的2倍，展现适 ...

多种工具协同维护市场稳定 现阶段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投放力度。央行持续注入中期流动性，体现了货币政策与财政政策之间的 协调配合，有助于推动宽信用进程，更好满足企业和居民的融资需求。受市场预期变化以及股市走强等因素影响，近期中长端市场利率普遍上行，银行体系 流动性有所收紧，央行通过MLF等政策工具加大资金投放，有助于稳定市场预期，保持市场流动性充裕。 8月以来，央行在流动性管理方面展现出明显的呵护意图。数据显示，本周公开市场将有20770亿元逆回购到期，同时还有3000亿元中期借贷便利以及9000亿 元买断式逆回购到期。央行通过两次开展买断式逆回购操作，连续多次开展逆回购操作实现净投放，并开展MLF操作，以保持银行体系流动性充裕。 加量续做MLF释放政策信号 8月25日至29日分别有2665亿元、5803亿元、6160亿元、2530亿元、3612亿元逆回购到期。本周还将有3000亿元MLF、5000亿元6个月期买断式逆回购、 4000亿元3个月期买断式逆回购到期。为保持流动性充裕，央行8月22日公告，8月25日开展6000亿元MLF操作。此次操作将净投放3000亿元 ...

北京商报讯（记者 廖蒙）8月中国人民银行中期借贷便利（MLF）操作再度加量。根据人民银行官网，为保持银行体系流动性充裕，2025年8月25日人民银 行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 期。 除了通过MLF投放中期流动性外，人民银行在8月8日、8月15日分别开展了7000亿元、5000亿元买断式逆回购操作。截至8月22日，当月买断式逆回购实现 北京商报记者进一步对比发现，在5月降准释放长期流动性约10000亿元之后，近三个月公开市场中期流动性持续处于净投放状态，且8月净投放规模显著扩 大。 另据Wind数据，在8月25日—29日的一周里，人民银行公开市场将有20770亿元逆回购到期、3000亿元MLF到期，以及5000亿元6个月期、4000亿元3个月期 买断式逆回购到期。按照对应数据计算，本月MLF操作实现净投放3000亿元。自2025年3月开始，人民银行连续第六个月加量续作MLF，整体符合市场预 东方金诚首席宏观分析师王青从三方面分析了原因。王青指出，现阶段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投放力 度。人民银行持续注入中期流动性 ...

◎记者 张欣然 央行下周将开展6000亿元中期借贷便利（MLF）操作，8月MLF净投放将达3000亿元，为连续6个月"加 量续作"。叠加3000亿元买断式逆回购，8月中期流动性净投放总规模已达6000亿元，为今年2月以来的 单月新高。 业内人士表示，此举释放出货币政策操作继续维持宽松、呵护信贷和市场预期的信号。展望后市，年内 降准空间有限，政策重心或转向"落实落细"，在保持流动性充裕的同时，更注重灵活落地与精准传导。 8月央行MLF净投放3000亿元 央行8月22日宣布，将于8月25日开展6000亿元MLF操作。由于本月MLF到期量为3000亿元，这意味着8 月将实现MLF净投放3000亿元。结合此前已开展的3000亿元买断式逆回购，8月中期流动性净投放总额 达6000亿元，是7月的两倍。 业内人士认为，MLF持续加量，反映出货币政策在稳定市场预期、支持信贷投放方面的积极取向。 东方金诚首席宏观分析师王青表示，自5月降准释放约1万亿元长期流动性后，近3个月中期流动性持续 保持净投放。其中，8月净投放规模显著扩大，主要有三方面原因： 一是现阶段处于政府债券持续发行高峰期，同时监管层也在引导金融机构加大货币信贷投 ...

Group 1 - The People's Bank of China (PBOC) announced a 500 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of 6 months (182 days) starting from August 15, 2025 [1] - On August 8, the PBOC conducted a 700 billion yuan reverse repurchase operation with a term of 3 months (91 days) [1] - The total liquidity injection through reverse repurchase operations in August is expected to be 300 billion yuan, as stated by the chief macro analyst at Dongfang Jincheng [1] Group 2 - Since August 5, the PBOC has been conducting net withdrawals in the open market, but the overall liquidity remained loose in the first half of the month [2] - The PBOC's choice to maintain a net injection through reverse repurchase operations signals a relatively loose monetary policy, which is beneficial for maintaining liquidity amid high government bond issuance [2] - This approach is expected to support the process of broad credit expansion and strengthen counter-cyclical adjustments [2]

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain liquidity in the banking system, including a 500 billion yuan reverse repo operation, which aligns with market expectations and aims to support the economy during a period of significant government bond issuance and maturing deposits [3][4]. Group 1: PBOC Operations - On August 15, the PBOC will conduct a 500 billion yuan, 6-month reverse repo operation to ensure ample liquidity in the banking system [3]. - This operation follows a previous 700 billion yuan, 3-month reverse repo conducted on August 8, bringing the total reverse repo operations for the month to an excess of 300 billion yuan [3]. - The PBOC's actions are designed to offset maturing reverse repos, with 4 billion yuan of 3-month and 5 billion yuan of 6-month reverse repos set to mature in August [3]. Group 2: Market Analysis - Analysts suggest that the PBOC's increased reverse repo operations signal a relatively loose monetary policy, especially compared to the 200 billion yuan net injection in June and July [4]. - The timing of these operations is closely linked to the peak period for government bond issuance and significant maturing deposits, with expectations for a recovery in credit in August despite previous negative credit growth [4]. - It is anticipated that the PBOC will continue to rely on medium-term lending facilities (MLF) and reverse repos to maintain liquidity, rather than reducing reserve requirements or resuming government bond trading in the short term [4].

Core Viewpoint - The People's Bank of China (PBOC) is conducting a 500 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, signaling a continuation of supportive monetary policy measures [1] Group 1: Monetary Policy Actions - On August 15, the PBOC will implement a fixed-quantity, interest-rate bidding, multi-price reverse repurchase operation amounting to 500 billion yuan with a term of 182 days [1] - The central bank is expected to continue injecting medium-term liquidity through Medium-term Lending Facility (MLF) and reverse repos, especially during a peak period of government bond issuance [1] Group 2: Market Liquidity Outlook - The overall market liquidity in August is not expected to follow the tightening trend observed since late July, with the sustainability of rising market interest rates needing further observation [1] - Given the relatively strong macroeconomic performance in the first half of the year and uncertainties in external conditions and economic growth momentum in the third quarter, the likelihood of a reserve requirement ratio (RRR) cut or resuming government bond trading in the short term is low [1]

Group 1 - The three major indices opened higher on August 12, with the ChiNext Index (399006.SZ) rising by 0.26% during the session [1] - Among the ChiNext Index constituent stocks, Xiechuang Data surged over 6%, while Shenghong Technology and Kunlun Wanwei increased by over 4%, and Lepu Medical and Xinyi Sheng rose by over 3% [1] - The ChiNext ETF Tianhong (159977) rose by 0.28%, with a trading volume of 4.1363 million yuan and a real-time premium rate of 0.03% [1] Group 2 - As of August 11, the ChiNext ETF Tianhong (159977) had a total circulation of 3.441 billion shares and a circulation scale of 8.492 billion yuan, with a year-to-date increase of 12.02% in net value [1] - The total margin balance of ChiNext stocks reached 405.212 billion yuan, an increase of 3.772 billion yuan from the previous trading day, with the financing balance at 403.970 billion yuan, up by 3.734 billion yuan [1] - The ChiNext Index is a key index of the Shenzhen Stock Exchange, consisting of 100 representative stocks from emerging industries and high-tech enterprises, reflecting the operational status of the ChiNext market [2] Group 3 - According to a report from CITIC Securities, the A-share market continues to face some resistance for short-term upward movement, but remains in a bull market continuation phase, with pullbacks providing good allocation opportunities [2] - The report highlights that recent improvements in overseas conditions and potential changes in the Federal Reserve's personnel may enhance market expectations for interest rate cuts, benefiting emerging market stocks, particularly Hong Kong stocks [2] - The acceleration of industry rotation suggests a focus on low-positioned niche segments in new tracks [2]

Market Overview - The A-share market is currently experiencing a "systematic slow bull" trend, with expectations for continued strong performance in the domestic market due to accumulating positive factors [1][2][8] - The recent increase in margin trading balances, reaching a ten-year high, indicates a rising risk appetite among individual investors, supporting the bullish sentiment [1][15] Investment Strategies - Investors are advised to focus on sectors with strong performance potential, such as defense, robotics, and new consumption, while being cautious of short-term trading difficulties [4][6][12] - A balanced approach is recommended, maintaining current positions while waiting for mid-term opportunities, particularly in sectors benefiting from policy support and economic recovery [8][14] Sector Analysis - Key sectors to watch include pharmaceuticals, AI computing, and semiconductor industries, which are expected to show resilience and growth potential [7][10][12] - The manufacturing sector, particularly in machinery and electronics, is highlighted for its competitive edge and potential for recovery in exports [10][11] Economic Indicators - July's export data showed a year-on-year increase of 7.2%, reflecting the resilience of China's foreign trade amid a complex international environment [11] - The Consumer Price Index (CPI) showed signs of recovery, with a month-on-month increase of 0.4%, indicating a gradual improvement in domestic consumption [11][12] Market Sentiment - The overall market sentiment remains optimistic, with expectations for a continuation of the bull market, although some analysts caution about potential short-term corrections due to macroeconomic factors [5][7][8] - The return of active investment strategies is noted, with a significant proportion of actively managed funds outperforming the market, indicating a shift in investor confidence [9]

Market Overview - The A-share market saw a broad increase last week, with the Shanghai Composite Index surpassing 3600 points, reaching a new high for the year; the Shanghai Composite, Shenzhen Component, and ChiNext Index rose by 2.11%, 1.25%, and 0.49% respectively [1] - Key sectors leading the gains included defense and military, non-ferrous metals, and machinery equipment, while pharmaceuticals, computers, retail, and social services experienced declines [1] Upcoming Economic Data - Focus this week includes the release of key economic data such as the US July CPI and PPI, speeches from several Federal Reserve officials, a meeting between US and Russian leaders on August 15, and China's July social financing, retail sales, and industrial output data [1] Investment Strategies - Citic Strategy emphasizes the need for caution in high-valuation sectors, suggesting a focus on five strong industry trends (non-ferrous, communication, innovative pharmaceuticals, gaming, and military) while avoiding speculative trading [3] - Shenwan Hongyuan Strategy notes that while investor expectations for a bull market remain high, short-term market resistance includes economic slowdown expectations and the need for a clear bull market narrative [3] - Tianfeng Strategy highlights the strong performance of A-shares and the inflow of funds, indicating a potential overheating in market sentiment [4] - Xinda Strategy predicts a bull market phase driven by policy and capital, with expectations of increased retail investment in the stock market [5] - Huaxi Strategy points to diverse sources of incremental capital entering the market, including institutional and retail investors, and anticipates a continued upward trend in A-shares [6] - Xingzheng Strategy discusses the return of active investment in China, with a notable increase in the proportion of actively managed funds outperforming benchmarks [8] - Guotai Junan Strategy suggests that the current bull market is in a mid-stage, with potential for sector rotation and continued upward movement despite short-term resistance [9] - Guosheng Strategy indicates a wait-and-see approach, anticipating a breakthrough in market performance as supply and demand dynamics evolve [10] - Zhongtai Strategy asserts that current market adjustments are due to structural shifts rather than a peak in the market cycle, maintaining a focus on technology and dividend-paying sectors [11]