再说做法——美银同时预计，美联储会推出为期1至2周的定期回购操作，用来应付年末流动性的季节性紧张，这类操作可能以SRF利率持平或高出5个基点 来定价，目的非常务实，是在削掉年末的尾部风险，别把它想象成长期方案，这是临时雨伞。 别急着笑，这450亿不是随口说说，它有数学，有逻辑，Cabana把数字拆开说清楚，一点儿也不含糊200亿，是应付负债自然增长的刚需，250亿，是弥补此 前"过度缩表"造成的准备金流失，合计450亿，至少持续六个月，好像并非是临时抱佛脚，而是打算当成常态操作来做。 回购市场给了最直观的证据，SOFR和TGCR这些看着拗口的利率，最近几个月频繁冲破政策利率走廊的上限，隔夜利率像被扎了风筝线，往上窜，这说明 什么，不言自明——银行体系的准备金，从"充裕"走向"充足"，甚至可能进一步走向"稀缺"，而这是美联储难以长期容忍的，因为传导机制会被削弱，利率 信号会变形，政策效果会打折。 有人会说，这不过是技术性调节，有啥大惊小怪，难道要把买国债说成救市吗？错了，技术性背后是制度性转向，买国库券不是把印钞机开回去，而是调整 货币政策工具包的重心，是在用资产负债表来做利率管理的配套工作，是在说"单靠利率， ...

| | | | 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 | 全融稳定 | 调查统计 | 银行会计 | 支付体系 | | 全融科技 | | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反进钱 | 党建工作 | | | 服务互动 | 政务公开 网送文告 | 政策解读 办事大厅 | 公告信息 在线申报 | 图文直播 下载中心 | 央行研究 网上调查 | 音頻视频 意见征集 | 市场动态 金融知识 | 网上展厅 关于我们 | 报告下载 | 报刊年整 | | 2025年8月14日 星期四 首页 逆回购业务公告 | | | | | 我的位置:首页 > 货币政策司 > 货币政策工具 > 公开市场业务 > 公开市场买断式 情输入搜索关 ...

Core Viewpoint - Vanke has successfully sold all 72.956 million shares of treasury stock within three trading days, raising a total of 479 million yuan, with an average transaction price of 6.57 yuan per share, significantly lower than the repurchase price range of 17.01 to 18.27 yuan per share from 2022, indicating a valuation restructuring in the real estate industry and Vanke's liquidity pressures [2][5][6]. Group 1: Stock Sale Details - The stock sale was completed from June 10 to June 12, with a total of 72.956 million A-shares sold [2]. - The total funds raised from the sale amounted to 479 million yuan, with an average price of 6.57 yuan per share, and a price range during the sale from 6.48 to 6.72 yuan [2][5]. - The shares sold represent 0.61% of Vanke's total share capital, which was originally repurchased under a plan approved in March 2022 [5]. Group 2: Financial Context - The treasury stock was repurchased at a cost of 1.292 billion yuan, with the repurchase price significantly higher than the current sale price, reflecting a price difference exceeding 60% [5]. - Vanke's financial situation is under pressure, with a projected total revenue of 343.176 billion yuan for 2024, a year-on-year decline of 26.32%, and a net profit loss of 49.478 billion yuan [7]. - The company's asset-liability ratio stands at 73.66%, indicating high leverage [7]. Group 3: Strategic Measures - Vanke is implementing a comprehensive plan for business restructuring and risk mitigation, focusing on cost-cutting and core business operations [8]. - In the first quarter of 2025, Vanke delivered 10,400 housing units, achieving sales of 34.92 billion yuan, with a repayment rate exceeding 100% [8]. - The company has received substantial support from its largest shareholder, Shenzhen Metro Group, which has provided a total of 14.852 billion yuan in loans this year to assist with debt repayments [8].