Core Viewpoint - The article discusses the recent market fluctuations and the tendency of investors to engage in "revenge trading" after experiencing losses or missed opportunities, indicating a psychological response to market volatility [1]. Group 1: Market Conditions - The central bank conducted a 1,065 billion yuan 7-day reverse repurchase operation, with 770 billion yuan reverse repos maturing today, resulting in a net injection of 295 billion yuan [2]. - The interbank funding market showed a tightening trend in the morning, with the funding rates significantly rising; DR001 and DR007 increased by 22 basis points and 11 basis points, respectively, reaching around 1.63% [2]. - The bond market sentiment was cautious, with the 10-year government bond yield opening at 1.67% and peaking at 1.685%, reflecting a weak issuance sentiment for 20-year bonds [4]. Group 2: Trading Dynamics - The trading volume in the repo market showed a decline, with R001 at 59,107.07 million yuan, down by 6,446.34 million yuan, and R007 at 7,625.09 million yuan, up by 687.90 million yuan [3]. - The overall market saw a slight decline in stock prices, with the sentiment in the bond market remaining cautious and the funding rates fluctuating throughout the day [4]. - The article notes that each "rate cut" tends to create a feeling of "rate hike," indicating a cyclical nature of market reactions to monetary policy changes [5].

资金面全天偏紧，资金价格再走高，DR001上至1.95%附近、DR007上至2.06%附近。 | | | | 银行间资金 | (2025. 02. 20) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 威尚利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 2.08 | 7 | | 3.13 | 23 | 42295.74 | 975. 40 | 82. 47 | | R007 | 2.16 | 8 | | 2. 50 | -5 | 7287. 15 | -1128. 45 | 14. 21 | | R014 | 2.27 | র্ব | | 3. 30 | 70 | 1587. 81 | 292. 31 | 3.10 | | R1M | 2. 07 | | 11 | 2. 70 | -60 | 64.63 | ~17,37 ...