"综合看，2月央行通过买断式逆回购和MLF操作，累计净投放中期流动性9000亿元。"招联首席经济学 家董希淼说。 中国人民银行在2月25日开展了4095亿元7天期逆回购操作和6000亿元中期借贷便利(MLF)操作，当日有 4000亿元逆回购和3000亿元MLF到期，由此公开市场实现净投放3095亿元。专家表示，面对近期流动 性集中回笼，央行灵活适度加大流动性投放，保持资金面平稳。后续央行仍将继续综合运用公开市场操 作等多种货币政策工具，呵护流动性处于合理充裕水平。 MLF连续第12个月加量续做 在央行2月MLF操作落地后，当月MLF实现净投放3000亿元，为连续第12个月加量续做，加量规模小于 上月的7000亿元。此前央行已在2月4日和2月13日开展8000亿元和10000亿元买断式逆回购，分别实现净 投放1000亿元和5000亿元，超过预期。 在华福证券研究所所长助理、固收首席分析师李一爽看来，尽管2月24日至2月28日期间央行政策工具到 期规模较大，但在政府债净缴款规模下降、2月税期走款规模相对有限、春节假期后现金回流、MLF超 额续做等因素的共同支撑下，预计资金面整体仍将维持平稳。 2月中期流动性净投放 ...

"以上因素都会在一定程度上带来资金面收紧效应，央行2月加量续做MLF，延续较大规模中期流动性净 投放，能够有效应对潜在的流动性收紧态势，引导资金面处于较为稳定的充裕状态。"王青说，这在助 力政府债券发行，引导银行稳固信贷支持力度的同时，也在释放数量型政策工具持续加力信号，显示货 币政策延续支持性立场。 "综合看，2月央行通过买断式逆回购和MLF操作，累计净投放中期流动性9000亿元。"招联首席经济学 家董希淼说。 2月中期流动性净投放规模虽略低于上月的1万亿元，但继续处于偏高水平。东方金诚首席宏观分析师王 青认为，今年新增地方政府债务限额已提前下达，财政继续前置发力，这意味着尽管2月存在春节长假 因素，但仍有较大规模政府债券发行。此外，2025年10月5000亿元新型政策性金融工具投放完毕，加之 2026年1月央行结构性货币政策工具降息、加量、扩围，会带动今年一季度信贷较大规模投放。 中国人民银行在2月25日开展了4095亿元7天期逆回购操作和6000亿元中期借贷便利（MLF）操作，当 日有4000亿元逆回购和3000亿元MLF到期，由此公开市场实现净投放3095亿元。专家表示，面对近期 流动性集中回笼，央行 ...

此次业务落地，是两地农商银行立足地方、资源共享、优势互补的重要成果，不仅实现了资金资源与流 动性需求的精准对接，更打通了区域农村金融机构同业协作的新路径。在服务地方金融发展的过程中， 两家银行以实际行动探索中小金融机构协同发展模式，为激活区域金融市场流动性、提升整体金融服务 质效树立了可借鉴、可复制的实践标杆。 未来，姜堰农商银行将继续坚守服务地方、服务实体经济的初心，以此次合作为新起点，持续深化与同 业机构的交流协作，不断拓宽合作领域、丰富合作内涵，以源源不断的金融活水精准浇灌地方经济高质 量发展沃土。王芳 近日，姜堰农商银行与兴化农商银行携手合作，成功落地首笔规模3000万元的隔日债券借贷业务，标志 着姜堰农商银行在金融市场业务创新、流动性管理及同业协同领域迈出坚实一步，为区域农村金融机构 深化合作注入了新的活力。 本次业务中，姜堰农商银行作为债券融出方，向兴化农商银行精准提供3000万元标的债券支持，双方严 格遵循银行间市场交易规则，业务期限为隔日到期。该笔业务作为银行间债券市场高效、灵活的短期流 动性调节工具，实现了风险可控、收益稳健、操作规范的多重目标，是双方专业化、精细化金融管理能 力的集中体现。 ...

新华财经上海2月25日电受央行公开市场操作提振，25日银行间市场资金面在税期走款和节后资金收敛 双重压力下表现平稳有序，上海国际货币经纪有限责任公司编制的CNEX资金面情绪指数日内快速回 落，反映出资金面紧张情绪得到明显缓解。 在金融市场的日常监测中，资金面情绪指数是一个重要的"体温计"。该指数采用与PMI类似的0至100刻 度形式呈现，50为供需均衡线，数值超过50表明资金面趋于紧张。截至25日收盘，CNEX全市场资金面 情绪指数出现三连降，收报48，较早盘下跌4点，显示节后资金紧张情绪快速消退，市场心态趋于平稳 宽松。 细分来看，大型银行、中小银行及非银机构的资金面情绪指数分别报46、49和48，均较早盘各跌4点， 表明各类金融机构对资金面的预期普遍转向乐观，跨节后的流动性担忧得到有效缓解。 此外，央行于2月25日通过香港金融管理局债务工具中央结算系统（CMU）债券投标平台，以利率招标 方式发行了2026年第一期和第二期央行票据。其中，300亿元3个月期央票中标利率1.53%，200亿元1年 期央票中标利率1.47%。 华安证券首席投顾郑虹表示，结合本月早些时候开展的买断式逆回购操作，2月份央行通过"ML ...

图片来源：中国人民银行网站 此前，央行已在2月4日和2月13日开展8000亿元和10000亿元买断式逆回购，分别实现净投放1000亿元和5000亿元，超过预期。 中国人民银行网站2月24日消息，为保持银行体系流动性充裕，2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。 数据显示，2月MLF到期3000亿元，因此将实现净投放3000亿元，为连续第12个月加量续做，加量规模小于上月的7000亿元。 "综合来看，2月央行通过买断式逆回购、MLF操作，累计净投放中期流动性9000亿元。"招联首席经济学家董希淼表示。 在董希淼看来，2月仍是银行信贷投放较为集中的月份，市场对流动性需求仍较强；叠加春节假期影响，2月税期顺延至2月24日，以及7天期、14天期逆回 购到期量较大，或放大月末资金波动。央行在春节假期后加量续做MLF，有助于保持流动性充裕、维护金融市场稳定。 此外，2025年10月5000亿元新型政策性金融工具投放完毕，加之2026年1月结构性货币政策工具降息、加量、扩围，会带动今年一季度信贷较大规模投 放。"央行在2月加量续做MLF，延 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a reverse repurchase operation of 1 trillion yuan to maintain liquidity in the banking system, with a maturity of 6 months [1][2]. Group 1 - On February 13, 2026, the PBOC will implement a fixed quantity, interest rate tender, multi-price bidding method for the reverse repurchase operation [1][2]. - This operation will result in a net injection of 500 billion yuan, considering that 500 billion yuan of the same maturity tools are maturing this month [2]. - Combined with an earlier operation on February 4, which injected a net 100 billion yuan, the total net liquidity injection for the month through reverse repos alone will be 600 billion yuan [2].

Core Viewpoint - The People's Bank of China (PBOC) is implementing significant liquidity injections through reverse repos to maintain a stable financial environment ahead of the Spring Festival, indicating a supportive monetary policy stance for economic recovery [1][3][4]. Group 1: Liquidity Operations - In February, the PBOC announced a 10 trillion yuan reverse repo operation scheduled for February 13, with a six-month term, to ensure ample liquidity in the banking system [1]. - The total mid-term liquidity maturing in February amounts to 15 trillion yuan, including 7 trillion yuan in three-month reverse repos, 5 trillion yuan in six-month reverse repos, and 3 trillion yuan in Medium-term Lending Facility (MLF) [1][2]. - The PBOC has already conducted an 8 trillion yuan three-month reverse repo operation on February 4, resulting in a net liquidity injection of 1 trillion yuan, leading to a total net injection of 6 trillion yuan for the month [2]. Group 2: Economic Context and Implications - Analysts suggest that the PBOC's actions are aimed at supporting key projects and maintaining economic momentum, especially with the early issuance of local government bonds and increased loan disbursements expected in the first quarter [3]. - The increase in reverse repo operations reflects a response to heightened liquidity demand due to seasonal factors like the Spring Festival and increased cash withdrawals [3][4]. - The PBOC's strategy indicates a continuation of a supportive monetary policy, with expectations of further liquidity support through MLF and government bond transactions in February [4]. Group 3: Policy Outlook - The recent increase in reverse repo net injections suggests a reduced likelihood of immediate interest rate cuts, as the PBOC is currently in an observation phase following a series of structural policy measures [5]. - Analysts believe that the substantial liquidity injections lessen the urgency for a comprehensive reserve requirement ratio (RRR) cut, although it remains a potential tool in the PBOC's policy arsenal [6].

Group 1 - The People's Bank of China (PBOC) announced a reverse repurchase operation of 1 trillion yuan to maintain ample liquidity in the banking system [1] - The operation will be conducted on February 13, 2026, with a term of 6 months (182 days) [1] - The reverse repurchase will utilize a fixed quantity, interest rate bidding, and multiple price level bidding method [1]

Recent Events - The most notable event in the public fund market is the "Debang Fund Incident," which highlights the phenomenon of rapid inflow of funds due to online influencers, significantly diluting the returns for existing fund shareholders. This has sparked widespread discussions on the compliance of fund marketing and liquidity management [2] Stock Performance - New fund issuance has increased, with 43 new funds scheduled for issuance from February 9 to the end of February, involving multiple fund companies such as Southern, Guangfa, and Yongying, indicating an active market supply of products [3] - The ETF market continues to expand, with the total scale of domestic ETFs expected to exceed 6 trillion yuan by the end of 2025, reflecting a 62% annual growth rate. The proportion of ETFs in the A-share circulating market has also significantly increased, indicating a growing preference for passive investment tools [3] - Notably, the Ruiyuan Growth Value Mixed Fund, managed by Fu Pengbo, has removed large subscription restrictions starting February 9, attracting market attention [3] Institutional Perspectives - Fund advisory institutions have been actively adjusting their portfolios to optimize asset allocation. Data shows that over 170 advisory portfolios made adjustments in January 2026, with a primary focus on increasing allocations to A-shares (especially undervalued value-type funds) and bond assets [4] - Some institutional views suggest that despite recent market adjustments, the equity premium rate remains near historical averages, providing a "valuation buffer" and maintaining an optimistic outlook for the year's performance [4]

Report Industry Investment Rating - The investment rating for the bond futures in the macro and finance sector is "volatile" [1] Core Viewpoints of the Report - On Friday, the main contracts of bond futures opened higher across the board and fluctuated upwards throughout the day, with the 30-year variety showing stronger performance. The 1-year inflation expectation in the US dropped from 4% to a 13-month low of 3.5%. The official manufacturing PMI in January was 49.3%, falling back below the boom-bust line. The bond futures may fluctuate in the short term, and trading investors are advised to conduct band operations [1][2] Summary by Relevant Catalogs Market Review - On Friday, the main contracts of bond futures opened higher across the board and fluctuated upwards throughout the day. The 30-year bond futures main contract TL2603 rose 0.42%, the 10-year T2603 rose 0.08%, the 5-year TF2603 rose 0.03%, and the 2-year TS2603 rose 0.02%. The Wind All A index opened lower, rose in the morning session, and slightly declined in the afternoon, closing down 0.19% from the previous trading day, forming a small Yang line with an upper shadow, with a trading volume of 2.16 trillion yuan, a slight contraction compared to the previous trading day's 2.19 trillion yuan [1][2] Important Information - Open market: On Friday, the central bank conducted 31.5 billion yuan of 7-day reverse repurchase operations and 300 billion yuan of 14-day reverse repurchase operations. With 477.5 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 146 billion yuan. - Money market: On Friday, the overnight interbank funding market rate remained flat compared to the previous trading day. The weighted average of DR001 throughout the day was 1.32%, and that of DR007 was 1.48%. - Cash bond market: On Friday, the closing yields of interbank government bonds declined compared to the previous trading day. The yield to maturity of the 2-year government bond dropped 0.37 BP to 1.36%, the 5-year dropped 1.34 BP to 1.56%, the 10-year dropped 0.67 BP to 1.81%, and the 30-year dropped 2.00 BP to 2.25%. - US policy: The US President signed an executive order to impose tariffs on countries trading with Iran, but no new tariffs have been added for now. The US and Iran held "very good talks," and the US will negotiate with Iran again next week. - US inflation expectation: The 1-year inflation expectation in the US dropped from 4% to a 13-month low of 3.5% [1] Market Logic - In January, the official manufacturing PMI was 49.3%, falling back below the boom - bust line, with the new order index at 49.2%, indicating a decline in manufacturing market demand. The business activity index of the construction industry in January was 48.8%, and that of the service industry was 49.5%, remaining below the boom - bust line for the third consecutive month. The Ministry of Finance stated that in 2026, the fiscal deficit, total debt, and total expenditure will be maintained at a necessary level. The central bank governor said that there is still room for reserve requirement ratio cuts and interest rate cuts this year [1][2] Trading Strategy - Trading investors are advised to conduct band operations [2]