人民银行重启国债买卖后，债券市场表现平稳。Wind数据显示，11月11日开盘，债券市场各国债品种收益率全线下行，10年期国债收益率一度降至1.80%下 方。当日午后，各国债品种收益率表现不一，截至当日收盘，10年期国债收益率报1.8040%，较前一交易日下行0.1个基点。分析人士预计，市场主要受监管 政策、资金流向以及股市外溢影响等因素扰动，年内债市利率可能以区间震荡为主。 | 利率债二级 | - NCD二级 基准 ◎ 前收 | | --- | --- | | | 2Y 2 3Y 3Y 5Y 7 7 7 7 | | | 1.4000 1.8 | | 国债 | 20 0 0.50 A0.40 70.25 70.25 70.25 70.35 250 250019.IB 250017.IB 250015.IB 250003.IB 250018.IB | | | 1.5200 | | 国开 | | | | 250206.IB 250202.IB 230208.IB 250208.IB 220220.IB 250 | | | 1.5350 1.6400 -- 1.6900 -- 1.6900 -- 1.8550 1.8 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed trading of government bonds, leading to a stable performance in the bond market, with yields showing mixed movements across different maturities [1][3][4]. Market Performance - On November 11, the bond market saw a decline in yields, with the 10-year government bond yield dropping to 1.8040%, down 0.1 basis points from the previous trading day [1][3]. - The 30-year government bond yield increased by 0.6 basis points to 2.1525%, while the 5-year yield decreased by 0.25 basis points to 1.5250% [3]. - The overall bond market has remained stable since the beginning of November, with the PBOC's net purchase of government bonds amounting to 20 billion yuan in October [3][4]. PBOC's Actions and Market Impact - The PBOC's resumption of government bond trading is aimed at supporting year-end fiscal liquidity and enhancing control over the yield curve, with a relatively small net purchase scale of 20 billion yuan [4][5]. - Analysts suggest that the PBOC's actions are not intended to significantly lower interest rates but rather to guide market expectations without causing excessive market reactions [4][5]. Future Outlook - The bond market is expected to experience a range-bound fluctuation, influenced by regulatory policies, capital flows, and spillover effects from the stock market [1][6]. - Investment strategies may focus on leveraging interest rate strategies in a relatively stable funding environment, while investors are advised to remain cautious and attentive to policy developments [6].

由于10月份将有5000亿元6个月期买断式逆回购到期，这意味着此次操作后当月6个月期买断式逆回购加 量续作1000亿元，这也是中国人民银行已连续第五个月开展买断式逆回购加量续作。 据中国人民银行网站10月14日消息，为保持银行体系流动性充裕，2025年10月15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6000亿元买断式逆回购操作，期限为6个月（182天）。 据公开信息，买断式逆回购是中国人民银行2024年10月推出的新工具，是在央行每日根据一级交易商需 求连续开展7天期逆回购操作的基础上，额外投放的中长期资金。买断式逆回购可以使央行可以更加及 时、精准地调节市场流动性。 ...

记者从中国人民银行了解到，为保持银行体系流动性充裕，中国人民银行于10月15日以固定数量、利率 招标、多重价位中标方式开展6000亿元买断式逆回购操作，期限为6个月（182天）。 买断式逆回购是中国人民银行2024年10月推出的新工具，是在央行每日根据一级交易商需求连续开展7 天期逆回购操作的基础上，额外投放的中长期资金。买断式逆回购可以使央行可以更加及时、精准地调 节市场流动性。 （文章来源：央视新闻） 由于10月份将有5000亿元6个月期买断式逆回购到期，这意味着此次操作后当月6个月期买断式逆回购加 量续作1000亿元，这也是中国人民银行已连续第五个月开展买断式逆回购加量续作。 ...

|2025年10月15日星期三| NO.1 中国人民银行将开展6000亿元买断式逆回购操作 点评：中泰证券非银分析师葛玉翔对《每日经济新闻》记者表示，随着保险股业绩对权益市场弹性的逐 步兑现和释放，"慢牛"行情下上市险企估值与业绩双击可期。 为保持银行体系流动性充裕，2025年10月15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6000亿元买断式逆回购操作，期限为6个月（182天）。 点评：中国人民银行开展6000亿元买断式逆回购操作意在保证银行体系的流动性充裕，这是央行工具箱 中常用来调节市场流动性的手段。此举可能反映出央行对当前流动性情况的仔细权衡，也可能预示对未 来经济不确定性的预防性应对。 NO.2 银行板块延续强势 10月14日，银行板块延续昨日强势，城商行方向领涨，重庆银行涨超6%，江苏银行、厦门银行、沪农 商行、农业银行、南京银行、中信银行均涨超2%。 点评：银行板块的持续强势表现特别体现在重庆银行的涨幅上，体现出市场对城商行业务模式及地域性 经济增长潜力的认可。城商行作为区域性银行，能够利用地方特有的经济优势实现差异化竞争，吸引投 资者关注。同时，银行倾向于稳定的盈利能力使 ...

Group 1 - The People's Bank of China (PBOC) conducted a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months (91 days) [1] - This operation serves as a continuation of a similar scale reverse repurchase that recently matured and aims to support liquidity needs during the peak of government bond issuance in September and the maturity of interbank certificates of deposit [1] - Analysts expect the PBOC to conduct a second 6-month reverse repurchase operation in mid-September and to utilize various monetary policy tools to enhance short- and medium-term liquidity [1] Group 2 - The financial institution analyst noted that fiscal spending at the end of August supports a seasonal easing of the funding environment, with a smaller scale of government bond payments expected this month [2] - Following a reserve requirement ratio cut in May, the average reserve requirement ratio for financial institutions in China stands at 6.2%, which is relatively high compared to major economies [2] - The PBOC's monetary policy report indicates a commitment to implementing a moderately accommodative monetary policy, with expectations for further reserve requirement ratio cuts and long-term liquidity injections in the fourth quarter [2]