新华财经北京8月26日电 中国人民银行26日公告，以固定利率、数量招标方式开展了4058亿元逆回购操 作，操作利率为1.40%，继续与此前持平；鉴于当日有5803亿元逆回购到期，公开市场净回笼短期流动 性1745亿元。 此外，26日有3000亿元中期借贷便利（MLF）到期，不过人民银行已于25日提前开展了6000亿元操 作，意味着本月MLF净投放量达3000亿元，为连续第六个月加量续做。 "再结合买断式逆回购净投放情况，人民银行在8月中期流动性净投放规模达到6000亿元，是今年2月以 来最大规模净投放，继续展现了适度宽松的货币政策取向。"中国民生银行首席经济学家温彬说。 往后看，受访人士预计，鉴于7月信贷、社零、投资增速等均有放缓，近期票据利率也仍然呈现下行态 势，且考虑到8月、9月政府债发行继续放量，中国人民银行要维持适宜的金融环境，流动性依然可以保 持乐观。 温彬还提到，鉴于当前货币政策重心正转向"落实落细"，更关注政策执行效果和灵活应对。短期内降准 概率应该不大，中国人民银行更可能通过买断式逆回购和MLF等政策工具保持市场流动性充裕，后续 MLF或还会加量续做，多种工具结合，使得市场流动性持续处于稳中偏 ...

流动性日报 | 2025-08-25 市场流动性概况 2025-08-22，股指板块成交8185.21亿元，较上一交易日变动+4.39%；持仓金额13414.97亿元，较上一交易日变动 +5.26%；成交持仓比为61.06%。 国债板块成交6171.78亿元，较上一交易日变动-9.94%；持仓金额7858.56亿元，较上一交易日变动-0.51%；成交持 仓比为78.89%。 基本金属板块成交3584.56亿元，较上一交易日变动+2.07%；持仓金额4907.25亿元，较上一交易日变动-0.76%；成 交持仓比为95.63%。 贵金属板块成交2129.09亿元，较上一交易日变动+8.38%；持仓金额4191.23亿元，较上一交易日变动+0.87%；成交 持仓比为60.36%。 能源化工板块成交4675.39亿元，较上一交易日变动-6.83%；持仓金额4273.47亿元，较上一交易日变动+0.92%；成 交持仓比为91.10%。 农产品板块成交3461.34亿元，较上一交易日变动+3.74%；持仓金额5763.24亿元，较上一交易日变动-0.94%；成交 持仓比为57.37%。 黑色建材板块成交2598.17亿元 ...

与此同时，央行也在着力平抑市场波动。中国民生银行首席经济学家温彬表示，6月以来，央行一方面 在每次开展买断式逆回购和MLF操作之前会发布操作数量和操作期限的公告，另一方面会在每月月初 整合披露上月中央银行贷款、公开市场业务等货币政策工具的流动性投放情况，总体上更有利于传递政 策信号，平抑市场波动。 数据显示，本周（8月25日至29日）公开市场将有20770亿元逆回购到期，同时将有3000亿元中期借贷便 利（MLF）以及9000亿元买断式逆回购到期。 专家表示，8月以来，央行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，后续央行将继续通过多种货币政策工具，加强对市场流动性 的调节。 加量续做MLF Wind数据显示，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。此外，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，根据央行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，这是央行连续 ...

● 本报记者 彭扬 数据显示，本周（8月25日至29日）公开市场将有20770亿元逆回购到期，同时将有3000亿元中期借贷便 利（MLF）以及9000亿元买断式逆回购到期。 专家表示，8月以来，央行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，后续央行将继续通过多种货币政策工具，加强对市场流动性 的调节。 加量续做MLF Wind数据显示，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。此外，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，根据央行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，这是央行连续第六个月加量续做MLF。 8月以来，央行多次投放中长期流动性，呵护流动性意图明显。"尽管8月并非传统缴税大月，但逆回购 投放规模基本与7月税期持平。（下转A02版） （上接A01版）中长期流动性方面，8月买断式逆回购、MLF净投放均为3000亿元，超7月规模。此外， 不同于7月买 ...

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 ...

8月22日，央行发布公告称，为保持银行体系流动性充裕，2025年8月25日，中国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（中期借贷便利）操作，期限为1年期。 《中国经营报》记者注意到，由于8月份MLF到期为3000亿元，这意味着实现净投放达到3000亿元，符 合市场预期，也是连续第六个月加量续做。有关数据显示，考虑到截至8月22日，央行还开展了3000亿 元买断式逆回购净投放，这意味着8月中期流动性净投放总额达6000亿元，相当于上月的2倍，为2025年 2月以来最大规模净投放。 展望未来，王青表示，在上半年宏观经济稳中偏强，三季度外部波动及经济增长动能变化有待进一步观 察的背景下，短期内降准的概率较小，央行更可能通过MLF和买断式逆回购等政策工具保持市场流动 性充裕。预计未来MLF还会加量续做，并结合买断式逆回购操作，持续向市场注入中期流动性。 记者注意到，8月份央行两次开展买断式逆回购，为市场注入中期流动性：8日8日央行开展7000亿元3个 月期买断式逆回购后，随后8月15日再开展5000亿元6个月期买断式逆回购。而8月分别有4000亿元3个月 期和5000亿元6个月期买断 ...

招联首席研究员、上海金融与发展实验室副主任董希淼对《金融时报》记者表示，考虑到8-9月再一次 迎来年内政府债券发行高峰，本月内央行两次开展买断式逆回购操作，连续多次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，更好满足政府债券发行等对市场流动性的需求。 "预计未来一段时间，央行将继续通过多种货币政策工具，加强对中短期市场流动性的调节，保持流动 性充裕，进一步实施好适度宽松的货币政策。"董希淼表示。 8月22日，央行发布公告称，为保持银行体系流动性充裕，2025年8月25日(周一)，中国人民银行将以固 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。 "本月有3000亿元MLF到期，这意味着8月央行MLF净投放达到3000亿元，符合预期，为连续第六个月 加量续作。"东方金诚首席宏观分析师王青表示，考虑到截至8月22日，央行还开展了3000亿元买断式逆 回购净投放，这意味着8月中期流动性净投放总额达6000亿元，相当于上月的2倍。 ...

Summary of Key Points 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View The report presents the market liquidity situation on August 20, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials sectors, as well as their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - Provides data on the trading volume, holding amount, and trading - holding ratio of various sectors, and their changes compared with the previous trading day, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials sectors [1][2] II. Stock Index Plate - On August 20, 2025, the trading volume was 7988.73 billion yuan, a +20.55% change from the previous trading day; the holding amount was 13042.25 billion yuan, a +5.40% change; the trading - holding ratio was 61.01% [1] III. Treasury Bond Plate - On August 20, 2025, the trading volume was 6811.35 billion yuan, a +1.40% change from the previous trading day; the holding amount was 7939.97 billion yuan, a -1.62% change; the trading - holding ratio was 85.67% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: On August 20, 2025, the trading volume was 4609.23 billion yuan, a +26.01% change from the previous trading day; the holding amount was 4936.47 billion yuan, a -2.64% change; the trading - holding ratio was 113.62% [1] - Precious metal: On August 20, 2025, the trading volume was 2727.21 billion yuan, a +48.25% change from the previous trading day; the holding amount was 4205.49 billion yuan, a -0.96% change; the trading - holding ratio was 87.95% [1] V. Energy Chemical Plate - On August 20, 2025, the trading volume was 6065.40 billion yuan, a +32.41% change from the previous trading day; the holding amount was 4176.58 billion yuan, a -2.00% change; the trading - holding ratio was 128.89% [1] VI. Agricultural Product Plate - On August 20, 2025, the trading volume was 3822.27 billion yuan, a +8.91% change from the previous trading day; the holding amount was 5888.62 billion yuan, a -3.97% change; the trading - holding ratio was 58.38% [1] VII. Black Building Materials Plate - On August 20, 2025, the trading volume was 4074.99 billion yuan, a +27.15% change from the previous trading day; the holding amount was 3791.84 billion yuan, a -3.75% change; the trading - holding ratio was 101.71% [2]

Report Summary 1) Report Industry Investment Rating Not provided in the given content. 2) Core View of the Report The report presents the market liquidity situation on August 18, 2025, including the trading volume, holding amount, and trading - holding ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials sectors, as well as their changes compared with the previous trading day [1][2]. 3) Summary by Relevant Catalogs I. Plate Liquidity The report shows the trading volume, holding amount, and trading - holding ratio of various sectors and their changes compared with the previous trading day. The stock index sector had a trading volume of 843.847 billion yuan, a holding amount of 1291.566 billion yuan, and a trading - holding ratio of 64.97%, with a trading volume change of +11.33% and a holding amount change of +6.79% compared with the previous trading day. The treasury bond sector had a trading volume of 678.306 billion yuan, a holding amount of 831.298 billion yuan, and a trading - holding ratio of 83.14%, with a trading volume change of +40.81% and a holding amount change of +1.42%. The basic metal sector had a trading volume of 405.897 billion yuan, a holding amount of 513.179 billion yuan, and a trading - holding ratio of 100.78%, with a trading volume change of - 4.72% and a holding amount change of +0.11%. The precious metal sector had a trading volume of 190.488 billion yuan, a holding amount of 426.647 billion yuan, and a trading - holding ratio of 53.02%, with a trading volume change of - 24.01% and a holding amount change of - 1.80%. The energy chemical sector had a trading volume of 463.258 billion yuan, a holding amount of 427.233 billion yuan, and a trading - holding ratio of 95.44%, with a trading volume change of - 8.21% and a holding amount change of - 0.90%. The agricultural product sector had a trading volume of 405.612 billion yuan, a holding amount of 611.646 billion yuan, and a trading - holding ratio of 59.40%, with a trading volume change of +18.19% and a holding amount change of +0.91%. The black building materials sector had a trading volume of 389.852 billion yuan, a holding amount of 396.071 billion yuan, and a trading - holding ratio of 90.50%, with a trading volume change of +10.32% and a holding amount change of +0.02% [1][2]. II. Stock Index Plate The trading volume of the stock index sector was 843.847 billion yuan, with a change of +11.33% compared with the previous trading day; the holding amount was 1291.566 billion yuan, with a change of +6.79%; and the trading - holding ratio was 64.97% [1]. III. Treasury Bond Plate The trading volume of the treasury bond sector was 678.306 billion yuan, with a change of +40.81% compared with the previous trading day; the holding amount was 831.298 billion yuan, with a change of +1.42%; and the trading - holding ratio was 83.14% [1]. IV. Basic Metal and Precious Metal (Metal Plate) The basic metal sector had a trading volume of 405.897 billion yuan, with a change of - 4.72% compared with the previous trading day; the holding amount was 513.179 billion yuan, with a change of +0.11%; and the trading - holding ratio was 100.78%. The precious metal sector had a trading volume of 190.488 billion yuan, with a change of - 24.01% compared with the previous trading day; the holding amount was 426.647 billion yuan, with a change of - 1.80%; and the trading - holding ratio was 53.02% [1]. V. Energy Chemical Plate The trading volume of the energy chemical sector was 463.258 billion yuan, with a change of - 8.21% compared with the previous trading day; the holding amount was 427.233 billion yuan, with a change of - 0.90%; and the trading - holding ratio was 95.44% [1]. VI. Agricultural Product Plate The trading volume of the agricultural product sector was 405.612 billion yuan, with a change of +18.19% compared with the previous trading day; the holding amount was 611.646 billion yuan, with a change of +0.91%; and the trading - holding ratio was 59.40% [1]. VII. Black Building Materials Plate The trading volume of the black building materials sector was 389.852 billion yuan, with a change of +10.32% compared with the previous trading day; the holding amount was 396.071 billion yuan, with a change of +0.02%; and the trading - holding ratio was 90.50% [2].

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！ 8月18日，目前投资者情绪上升较快，市场后续是否存在过热可能？慢牛行情后续将会如何演化？新浪 财经连线前券商首席经济学家@李大霄 为投资者解析"3700点何去何从">>视频直播 对于当下市场流动性水平，李大霄指出，我的思路是这样的：量小，就是底部；量大，就不是一个很好 的进场位置。这次的成交量顶部是3.2万亿到3.4万亿。当成交量超过2万亿时，这个时候是开户比较活跃 的阶段，是增量资金入场的时期。 很多人到了3700点左右，会跑到券商那边找回密码，查一查自己之前买了什么股票。比如之前套牢了5 年的人，他们经历了5年的痛苦，现在又回到3700点，就赶紧卖掉。这种人是比较多的。就像之前我们 说的，在2024年10月8日，部分人会在3674点左右买股票，那个时候的点位是3670点左右。为什么会有 一些小的震荡呢？因为这些人套牢了10个月，非常痛苦。突然之间，3674点回来了，正好解套了，这帮 人就纷纷解套离场。 2021年3700点附近的人，套牢了5年，他们无论如何都要跑。要不然，他们担心再次套牢5年，那怎么活 呀。所以这帮在2021年被套了 ...