央行公告，为保持银行体系流动性充裕，2025年11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10000亿元MLF操作，期限为 1年期。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融 ...

中国人民银行11月14日消息，为保持银行体系流动性充裕，11月17日（下周一），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8000亿元买断式逆回购操作，期限为6个月（182天）。 | | | 图片来源：中国人民银行网站 专家表示，上述操作意味着11月6个月期买断式逆回购加量续做5000亿元，符合市场预期。 11月5日，央行开展了7000亿元3个月期买断式逆回购操作，由于当月有7000亿元到期量，因此，11月3个月期买断式逆回购相当于 等量续做。把此次央行操作跟上次操作结合在一起看，11月3个月和6个月两个期限品种的买断式逆回购合计加量续做5000亿元， 加量规模较上月高1000亿元。 "央行日前发布的2025年第三季度中国货币政策执行报告提出，'保持流动性充裕'以及'持续营造适宜的货币金融环境'，也体现了央 行呵护流动性的政策意图。"明明说。 东方金诚首席宏观分析师王青表示，这也是央行连续第6个月通过买断式逆回购向市场注入中期流动性。 王青进一步分析，这背后的主要原因在于，一方面，10月安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投 资，这意味着年底前会加发5000亿元地方 ...

Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a recent increase of 0.07%, indicating a recovery in the bond market supported by improved liquidity and favorable policy expectations [1][2]. Group 1: Market Performance - As of November 7, 2025, the 30-year Treasury ETF has a trading volume of 3.93% and a transaction value of 1.294 billion yuan, with an average daily transaction of 9.544 billion yuan over the past month [1]. - The latest scale of the 30-year Treasury ETF reached 32.854 billion yuan, with a total of 275 million shares [1]. - The ETF has experienced continuous net inflows over the past three days, totaling 847 million yuan, with a peak single-day net inflow of 527 million yuan [1]. Group 2: Market Sentiment and Expectations - The bond market is expected to maintain a warming trend towards the end of the year, driven by ample liquidity and a recovery in market sentiment [1]. - Historical patterns suggest that the fourth quarter typically sees better performance in the bond market, supported by expectations of interest rate cuts and proactive positioning by institutions [2]. - The People's Bank of China has indicated a resumption of government bond buying operations, which is expected to positively influence market sentiment [2]. Group 3: Index and Investment Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds [2]. - This index serves as a benchmark for performance comparison and investment in long-term government bonds [2].

Core Viewpoint - The central bank is set to inject 700 billion yuan through a buyout-style reverse repurchase operation, marking one of the largest operations this year, aimed at ensuring liquidity in the market for three months [1][3]. Group 1: Central Bank Operations - The operation has a term of 91 days, indicating a focus on maintaining stable liquidity through the year-end [3]. - The use of multiple price bidding allows more institutions to access funds, enhancing the distribution of liquidity [3]. - The buyout-style reverse repurchase provides greater flexibility in fund usage, showcasing a strategic approach to liquidity management [3]. Group 2: Market Implications - The liquidity injection is expected to lead to three major benefits: increased cash availability for banks, enhanced lending capacity, and alleviated pressure on the bond market, potentially stabilizing yields [3]. - The stock market sentiment is likely to improve, particularly benefiting sectors sensitive to funding [3]. - Investment focus can be directed towards banks and brokerage sectors, as well as real estate and infrastructure chains that are sensitive to funding rates [3].

注：文章只是个人的投资记录，不作投资推荐，也不推荐任何人入市。股市风险极大，一般人切莫进入。 今天，A股创出10年新高，盘中离4000点只有1点之遥。 不出意外的话，明天盘中应该可以触及4000点，甚至有可能短暂超越4000点。总之，不管明天会不会破4000点，这轮牛市铁定破4000点。 个人觉得，市场在这个点位进行休息和整固，还是很有必要。走得太快、太急，反而不一定走得好、走得远。 遥想国庆后大跌，我撰文《 我说，"这一轮如果真的跌出恐慌盘来，那就是倒车接人的黄金坑。"预言"这一次倒车，可能将会是4000点前最后一次倒车了。" 可市场走出来的结果，比我这个乐观主义者还要乐观。 我撰文的当天，市场便走出一个深V，见到这波调整的最低点。 10月13日之后，市场就再也没有回到这个低点。 这次调整，其实我是有预料的，可重仓的我没有做高抛低吸。事后，我家那口子也不明白，问我为什么不做一个短线赚笔快钱？ 我相信，这也是很多人常犯的毛病，这里多扯几句。 不是我不想赚这笔钱，而是市场中血的教训告诉我，在逻辑没破、目标没有达到之前，不要盲动。 既然你觉得自己买的票是星辰大海，还远远没有涨到头，何必在乎这一点点蝇头小利。 为了 ...

Group 1 - The People's Bank of China (PBOC) announced a 600 billion yuan reverse repurchase operation for six months, indicating a net injection of 400 billion yuan for the month, continuing a five-month trend of increasing reverse repos [1] - The PBOC has been using reverse repos since last October to address long-term funding gaps, and has improved the timeliness of information disclosure regarding these operations since June [1] - In October, despite a total of 1.3 trillion yuan maturing, the PBOC is expected to conduct a total of 1.7 trillion yuan in reverse repos, indicating a commitment to maintaining liquidity [1] Group 2 - The PBOC's monetary policy committee emphasized the need to "maintain ample liquidity," with expectations for continued support through various monetary policy tools in the fourth quarter [2] - The Medium-term Lending Facility (MLF) has seen an increase for seven consecutive months, providing stability for financial institutions amid pressure on net interest margins [2] - There is a growing expectation for the PBOC to restart public market transactions of government bonds, which could help boost market confidence [2]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 600 billion yuan reverse repurchase operation on October 15, 2025, to maintain ample liquidity in the banking system, marking the fifth consecutive month of increased reverse repo operations [1][3]. Group 1: Reverse Repo Operations - On October 15, the PBOC will conduct a fixed quantity, interest rate tender, multi-price reverse repurchase operation amounting to 600 billion yuan with a term of 6 months (182 days) [1][4]. - Cumulatively, the PBOC will have conducted 1.7 trillion yuan in reverse repurchase operations in October, despite 1.3 trillion yuan in maturing amounts, indicating a proactive approach to liquidity management [3][4]. - The PBOC's continuous reverse repo operations since last October aim to fill the medium to long-term funding gap, with a focus on stabilizing market expectations [1][4]. Group 2: Monetary Policy and Market Impact - The PBOC's monetary policy committee emphasized maintaining ample liquidity during its third-quarter meeting, suggesting ongoing support for the market through various monetary policy tools in the fourth quarter [3][4]. - Analysts expect that if funding pressures increase in October, the PBOC may continue to increase the volume of Medium-term Lending Facility (MLF) operations, which have already seen seven consecutive months of increased issuance [4]. - The potential resumption of government bond trading by the PBOC is viewed positively by market participants, as it may help boost market confidence amid a generally weak sentiment in the bond market [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Overseas macro: The US government is in a shutdown, and Japan is likely to have its first female prime minister. A shutdown over 15 days may affect the release of important economic data. If Koike Sanae is elected, it may impact Sino - Japanese relations and market risk preference [7]. - Domestic macro: The domestic economy continues to stabilize. The manufacturing PMI is 49.8, up 0.4 percentage points month - on - month. The non - manufacturing PMI drops 0.3 points to 50.0. During the holiday, consumption and travel were active [7]. - Asset view: In October, domestic assets benefit from policy expectations and ample liquidity. Overseas, the focus is on the Fed's October rate cut and the BoJ's inaction. The weak - dollar trend continues but with a slower slope. In the fourth quarter, maintain the asset allocation order of equities > commodities > bonds [7]. 3. Summary by Related Catalogs 3.1 Financial Market - **Stock Index Futures**: All major stock index futures showed gains. The CSI 300 futures had a daily, weekly, monthly, quarterly, and year - to - date increase of 1.54%, 1.54%, 1.54%, 1.54%, and 19.59% respectively. The Shanghai 50 futures, CSI 500 futures, and CSI 1000 futures also had positive performances [3]. - **Treasury Bond Futures**: Most treasury bond futures had small increases, except for the 2 - year treasury bond futures with a year - to - date decline of 0.56% [3]. - **Foreign Exchange**: The US dollar index was flat on the day, with different trends in other currency pairs. For example, the euro - US dollar exchange rate remained unchanged on the day, while the US dollar - Japanese yen exchange rate had a weekly increase of 3.52% [3]. - **Interest Rates**: Some interest rates had minor changes, such as the 10 - year Chinese treasury bond yield decreasing by 2.7 bp [3]. 3.2 Hot Industries - Industries like construction, steel, and non - ferrous metals had positive daily, weekly, monthly, quarterly, and year - to - date performances. For example, the non - ferrous metals index had a year - to - date increase of 33.42% [3]. - Some industries such as food and beverage, automotive, and defense and military had mixed performances, with some showing daily declines but positive long - term trends [3]. 3.3 Overseas Commodities - **Energy**: Crude oil futures (NYMEX WTI and ICE Brent) had small daily increases but year - to - date declines. Natural gas prices were mostly down, with NYMEX natural gas having a daily decline of 5.14% [3]. - **Precious Metals**: Gold and silver had significant year - to - date increases, with COMEX gold up 53.85% year - to - date [3]. - **Non - ferrous Metals**: Most non - ferrous metals showed positive long - term trends, but some had daily fluctuations [3]. - **Agricultural Products**: Agricultural products had diverse performances. For example, CBOT soybeans had a year - to - date increase of 1.96%, while ICE 2 - cotton had a year - to - date decline of 5.03% [3]. 3.4 Other Commodities - **Shipping**: The container shipping route to Europe had a significant daily decline of 50.38% [4]. - **Precious Metals**: Gold and silver continued to show positive trends, with silver having a year - to - date increase of 49.52% [4]. - **Non - ferrous Metals and New Materials**: Copper, tin, and other metals had positive price movements, while some like alumina had a weak fundamental situation [4]. - **Black Building Materials**: Most black building materials showed a mixed performance, with some like iron ore having a positive year - to - date performance and others like silicon iron having a decline [4]. - **Energy and Chemicals**: Crude oil had a year - to - date decline of 15.88%. Most chemical products showed a trend of price fluctuations and were in a state of supply - demand adjustment [4]. - **Agricultural Products**: Some agricultural products like soybeans and peanuts had different price trends, with peanuts having a year - to - date decline of 2.83% [4]. 3.5 Market Outlook by Sector - **Financial**: Stock markets had a shrinking - volume rebound, and bond markets remained weak. Stock index futures were expected to rise in a volatile manner, while bond futures were expected to be volatile [8]. - **Precious Metals**: Driven by dovish expectations, the prices of gold and silver were expected to rise in a volatile manner [8]. - **Shipping**: Attention was paid to the rate of freight price decline, and the container shipping route to Europe was expected to be volatile [8]. - **Black Building Materials**: A negative feedback was difficult to form, and the sector was expected to remain volatile before the holiday [8]. - **Non - ferrous Metals and New Materials**: Supply disruptions continued to ferment, and most metals were expected to be volatile, with some like copper expected to rise in a volatile manner [8]. - **Energy and Chemicals**: The crude oil market continued to be volatile, and the chemical market was mainly for hedging and arbitrage, with most products expected to be volatile [10]. - **Agriculture**: Affected by Argentina's tariff policy, oilseeds and meal were hit. Most agricultural products were expected to be volatile [10].

Group 1 - The People's Bank of China conducted a reverse repurchase operation of 1.1 trillion yuan to maintain liquidity in the banking system [1] - The operation was executed using a fixed quantity, interest rate bidding, and multiple price levels [1] - The term of the reverse repurchase operation is set for 3 months (91 days) [1]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity through various monetary policy tools to ensure a stable financial environment, especially ahead of the National Day holiday and the end of the quarter [1][2][3] Group 1: Liquidity Operations - On September 29, the PBOC conducted a 7-day reverse repurchase operation amounting to 288.6 billion yuan, resulting in a net injection of 48.1 billion yuan after 240.5 billion yuan matured on the same day [1] - The PBOC has increased liquidity injections, with significant operations including 30 billion yuan and 60 billion yuan in 14-day reverse repos on September 22 and September 26, respectively, and a 60 billion yuan medium-term lending facility operation on September 25, netting 30 billion yuan [2] - The early implementation of liquidity measures is aimed at ensuring a smooth transition of liquidity before and after the holiday, preventing unexpected fluctuations in the market [2] Group 2: Future Expectations - Experts anticipate that the liquidity gap in October will be similar to that of September, but with a potential decrease in the central rate of funding due to expected resumption of government bond trading and lower rates compared to the third quarter [3] - The PBOC's governor emphasized the importance of using various monetary policy tools to maintain ample liquidity, support consumption, and enhance effective investment, thereby stabilizing the financial market and the RMB exchange rate [3] - The PBOC's monetary policy committee has indicated a focus on ensuring liquidity remains abundant and aligning the growth of social financing and money supply with economic growth and price level expectations [3]