1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From January 19 - 23, 2026, the central bank's short - term reverse repurchase had a net injection of 22.95 billion yuan, the treasury cash fixed - deposit matured at 15 billion yuan, and the January MLF had a net injection of 70 billion yuan. The government bond net payment scale increased, the inter - bank certificate of deposit (CD) maturity yield declined, and the average inter - bank bond market leverage ratio decreased slightly during January 19 - 25, 2026. From January 26 - February 1, 2026, the government bond is expected to have a net payment of 51.5 billion yuan, and the CD maturity scale is about 42.84 billion yuan. On January 23, 2026, the median durations of medium - long - term and short - term interest - style pure bond funds decreased by 0.62 years and 0.26 years week - on - week respectively [1]. 3. Summary by Relevant Categories Funds - **Central bank operations**: From January 19 - 23, 2026, the central bank's 7 - day reverse repurchase had a net injection of 22.95 billion yuan, the treasury cash fixed - deposit matured at 15 billion yuan, and the MLF had a net injection of 70 billion yuan. In total, the central bank's outright reverse repurchase and MLF had a combined net injection of 100 billion yuan in January 2026 [5]. - **Fund interest rates**: From January 19 - 23, 2026, the average values of DR001 and R001 were 1.37% and 1.43% respectively, up 0.6 basis points and basically unchanged compared with January 12 - 16, 2026. The average values of DR007 and R007 were 1.49% and 1.54% respectively, down 1.6 basis points and 1.4 basis points compared with January 12 - 16, 2026. The main influencing factor for the week was the high tax payment scale. Future factors disturbing the funds include high government bond net payment, funds entering the cross - month stage, and the continuous "good start" of bank credit consuming bank excess reserves [6]. - **Government bond net financing**: From January 19 - 25, 2026, the government bond net financing was about 24.65 billion yuan, an increase of about 29.5 billion yuan compared with January 12 - 18, 2026. From January 26 - February 1, 2026, the government bond net financing is expected to be about 51.503 billion yuan [7]. Inter - bank Certificates of Deposit - **Maturity yield**: As of January 23, 2026, the 1M and 3M CD maturity yields were 1.4950% and 1.5750% respectively, down 2.5 basis points and 2.0 basis points compared with January 16, 2026. The 1Y CD maturity yield was 1.5950%, down 3.0 basis points compared with January 16, 2026. The decline in CD interest rates may be due to the slight warming of the bond market sentiment at the beginning of 2026 and better bank deposit absorption at the beginning of the year, reducing the supply pressure [8]. - **Net financing**: From January 19 - 25, 2026, the CD net financing was about - 11.81 billion yuan. From January 26 - February 1, 2026, the CD maturity repayment amount is expected to be 42.84 billion yuan, with the maturity renewal scale decreasing [8]. Institutional Behavior - **Inter - bank bond market leverage ratio**: From January 19 - 23, 2026, the average calculated inter - bank bond market leverage ratio was 107.81%, compared with 107.88% from January 12 - 16, 2026 [9]. - **Bond fund duration**: On January 23, 2026, the median duration (MA5) of medium - long - term interest - style pure bond funds was 4.33 years, down 0.62 years week - on - week, at the 79.3% quantile since the beginning of 2022. The median duration (MA5) of short - term interest - style pure bond funds was 1.61 years, down 0.26 years week - on - week, at the 27.8% quantile since the beginning of 2022 [9].

Report Highlights - 2025 Dec 15 - 19, the central bank's short - term reverse repurchase had a small net withdrawal of funds. From Dec 15 - 21, the net payment scale of government bonds increased compared with the previous week, most of the maturity yields of inter - bank certificates of deposit (CDs) declined, and the average leverage ratio of the inter - bank bond market increased. From Dec 22 - 28, the expected net payment of government bonds is 30.66 billion yuan, and the maturity scale of inter - bank CDs is about 88.22 billion yuan. On Dec 19, the median durations of medium - long - term and short - term interest - style pure bond funds decreased by 0.20 years and increased by 0.04 years week - on - week respectively [2]. Core Viewpoints - The central bank carried out a small - scale net withdrawal of reverse repurchase funds and restarted the 14 - day reverse repurchase to deal with the cross - year funds. The decline in DR001 weighted average interest rate was supported by year - end fiscal expenditures, and the decline in bond yields was related to the pricing of loose funds. The net financing scale of government bonds increased slightly, and the net payment of government bonds will have a greater impact on the capital side in the future. Most of the maturity yields of inter - bank CDs declined, and the net financing amount remained negative. The average leverage ratio of the inter - bank bond market increased, and the durations of medium - long - term and short - term pure bond funds changed in different directions [6][7][8]. Summary by Section Funds - **Central Bank Operations**: From Dec 15 - 19, the central bank's 7 - day and 14 - day reverse repurchases had a net withdrawal of 1.1 billion yuan. From Dec 22 - 26, 7 - day reverse repurchases worth 45.75 billion yuan, medium - term lending facilities (MLF) worth 30 billion yuan, and treasury cash fixed deposits worth 12 billion yuan will mature [6]. - **Fund Interest Rates**: From Dec 15 - 19, the average values of DR001 and R001 were 1.27% and 1.35% respectively, down 1.5 and 1.0 basis points compared with Dec 8 - 12; the average values of DR007 and R007 were 1.44% and 1.51% respectively, down 1.1 and up 1.4 basis points compared with Dec 8 - 12. The continuous decline of DR001 was supported by fiscal expenditures, and the decline of bond yields on Dec 18 and 19 might be due to the lagged pricing of loose funds [7]. - **Government Bond Financing**: From Dec 15 - 21, the net payment scale of government bonds was about 1.606 billion yuan, an increase of about 130 million yuan compared with Dec 8 - 14. From Dec 22 - 28, the expected net payment scale of government bonds is 30.66 billion yuan, and the impact on the capital side will increase [7]. Inter - bank Certificates of Deposit - **Maturity Yields**: As of Dec 19, the maturity yields of 1M and 3M inter - bank CDs were 1.6125% and 1.5950% respectively, down 0.2 and 2.0 basis points compared with Dec 12; the 1Y maturity yield was 1.6350%, down 2.5 basis points compared with Dec 12. The decline was due to previous adjustments, expectations of interest rate cuts in early 2026, and the pricing of continuous loose funds [8]. - **Net Financing Amount**: From Dec 15 - 21, the net financing amount of inter - bank CDs was about - 6.71 billion yuan. From Dec 22 - 28, the expected maturity repayment amount is 88.22 billion yuan, and the scale of rolling over at maturity decreased marginally but remained at a high level [8]. Institutional Behavior - **Leverage Ratio**: From Dec 15 - 19, the average leverage ratio of the inter - bank bond market was 107.92%, higher than 107.54% in Dec 8 - 12 [9]. - **Duration of Bond Funds**: On Dec 19, the median duration of medium - long - term interest - style pure bond funds decreased by 0.20 years week - on - week to 4.71 years, at the 87.3% quantile since early 2022; the median duration of short - term interest - style pure bond funds increased by 0.04 years week - on - week to 1.54 years, at the 22.1% quantile since early 2022 [9].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - From November 24 - 28, 2025, the central bank had a net 7 - day reverse repurchase fund withdrawal, a treasury cash fixed - deposit injection of 12 billion yuan, and an MLF operation of 100 billion yuan. From November 24 - 30, 2025, the net government bond payment scale decreased compared to the previous week, most inter - bank certificate of deposit (NCD) maturity yields rose slightly, and the average leverage ratio of the inter - bank bond market increased. On November 28, 2025, the median durations of medium - long - term and short - term interest - style pure bond funds decreased week - on - week by 0.55 years and 0.08 years respectively [2]. Summary by Directory 1. Funds - In November 2025, the net MLF injection was 10 billion yuan. From November 24 - 28, the central bank's 7 - day reverse repurchase had a net withdrawal of 16.42 billion yuan, treasury cash fixed - deposit injection was 12 billion yuan, and MLF had a net injection of 10 billion yuan. From December 1 - 5, 2025, 151.18 billion yuan of 7 - day reverse repurchases will mature. In total, the net injection of outright reverse repurchases in November was 50 billion yuan, and the net MLF injection was 10 billion yuan, with the combined net injection scale remaining stable month - on - month. In December, the maturity scales of 3M and 6M outright reverse repurchases are 100 billion yuan and 40 billion yuan respectively, and 30 billion yuan of MLF will mature [6]. - The overall funds situation was loose. From November 24 - 28, 2025, the average values of DR001 and R001 were 1.31% and 1.39% respectively, down 11.7 and 10.1 basis points compared to November 17 - 21; the average values of DR007 and R007 were 1.46% and 1.53% respectively, down 3.5 basis points and up 1.0 basis point compared to November 17 - 21. On the 28th, the weighted average rate of DR001 was closer to 1.30% and broke through 1.30% intraday [7]. - The net government bond financing scale decreased. From November 24 - 30, 2025, the net government bond payment scale was about 32.89 billion yuan, about 8.17 billion yuan less than November 17 - 23, including about 3.91 billion yuan of net treasury bond financing and about 28.98 billion yuan of net local government bond financing. From December 1 - 7, 2025, the expected net government bond payment scale is 8.66 billion yuan, including about - 5 billion yuan of net treasury bond financing and about 13.66 billion yuan of net local government bond financing [7]. 2. Inter - bank Certificates of Deposit (NCDs) - Most NCD maturity yields rose slightly. As of November 28, 2025, the 1M and 3M NCD maturity yields were 1.4450% and 1.5750% respectively, down 4.5 basis points and up 0.2 basis points compared to November 21; the 1Y NCD maturity yield was 1.6400%, up 0.5 basis points compared to November 21 [8]. - The net NCD financing amount remained negative. From November 24 - 30, 2025, the net NCD financing amount was about - 24.25 billion yuan, compared to about - 37.4 billion yuan from November 17 - 23. From December 1 - 7, 2025, the expected NCD maturity repayment amount is 44.88 billion yuan, with a significantly reduced roll - over pressure compared to the previous week. The NCD maturity scale in December is about 3.7 trillion yuan, which is relatively high [8]. 3. Institutional Behavior - The average leverage ratio of the inter - bank bond market increased. From November 24 - 28, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.32%, compared to 107.15% from November 17 - 21. On November 28 and 21, the calculated leverage ratios were about 107.02% and 107.31% respectively [9]. - Based on the calculation results, the durations of medium - long - term and short - term interest - style pure bond funds decreased marginally. On November 28, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 3.68 years, down 0.55 years week - on - week, at the 60.3% quantile since early 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.56 years, down 0.08 years week - on - week, at the 23.2% quantile since early 2022 [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From November 17 to 21, 2025, the central bank conducted net 7 - day reverse repurchase operations and had 12 billion yuan of treasury cash fixed - deposits mature. The government bond net payment scale decreased slightly in the week of November 17 - 23 compared to the previous week. The yield of maturing inter - bank certificates of deposit (ICDs) remained stable overall, and the average leverage ratio in the inter - bank bond market was basically stable. The estimated median durations of medium - long - term and short - term interest - rate style pure bond funds decreased by 0.60 years and 0.20 years respectively on a weekly basis as of November 21, 2025 [2]. Summary by Directory 1. Funding Situation - **Central Bank Operations**: From November 17 to 21, 2025, the central bank conducted 167.6 billion yuan of 7 - day reverse repurchases, with 112.2 billion yuan maturing, resulting in a net injection of 55.4 billion yuan, and 12 billion yuan of treasury cash fixed - deposits matured. From November 24 to 28, 112.2 billion yuan of 7 - day reverse repurchases will mature, 12 billion yuan of treasury cash fixed - deposits will be operated on the 24th, and 90 billion yuan of medium - term lending facilities (MLF) will mature on the 25th [6]. - **Funding Rate Fluctuations**: From November 17 to 21, 2025, the average values of DR001 and R001 were 1.43% and 1.49% respectively, up 0.9 and 1.9 basis points compared to November 10 - 14. The average values of DR007 and R007 were 1.50% and 1.52% respectively, up 0.8 and 1.5 basis points compared to November 10 - 14. The funding rate was high at the beginning of the week and then decreased, mainly due to factors such as high government bond net payment, tax payments, and frozen funds from new stock listings on the Beijing Stock Exchange. Towards the end of November, the impact of government bond payments on the funding situation is expected to be low, but the impact of cross - quarter funding needs attention [7]. - **Government Bond Net Financing**: From November 17 to 23, 2025, the government bond net payment scale was about 41.057 billion yuan, a decrease of about 1.42 billion yuan compared to November 10 - 16. The net financing of treasury bonds was about 29.533 billion yuan, and that of local government bonds was about 11.524 billion yuan. From November 24 to 30, the government bond net payment scale is expected to be 23.38 billion yuan, with treasury bond net financing at about - 5.61 billion yuan and local government bond net financing at about 28.99 billion yuan [7]. 2. Inter - bank Certificates of Deposit - **Yield Stability**: As of November 21, 2025, the maturing yields of 1 - month and 3 - month ICDs were 1.4900% and 1.5735% respectively, down 0.5 and 0.2 basis points compared to November 14. The 1 - year ICD maturing yield remained unchanged at 1.6350% compared to November 14 [8]. - **Net Financing**: From November 17 to 23, 2025, the net financing of ICDs was about - 37.32 billion yuan, compared to about - 4.27 billion yuan in the week of November 10 - 16. Although the net financing was negative, the actual issuance scale was not low due to the high maturing scale. The estimated maturing repayment of ICDs from November 24 to 30 is 80.2 billion yuan, down from 90.7 billion yuan in the previous week, indicating a reduced pressure on roll - over [8]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From November 17 to 21, 2025, the estimated average leverage ratio in the inter - bank bond market was 107.15%, compared to 107.16% in the week of November 10 - 14. The estimated leverage ratios on November 21 and November 14 were about 107.31% and 107.15% respectively [9]. - **Duration of Bond Funds**: As of November 21, 2025, the estimated median duration (MA5) of medium - long - term interest - rate style pure bond funds was 4.23 years, down 0.60 years on a weekly basis, at the 79.8% percentile since early 2022. The estimated median duration (MA5) of short - term interest - rate style pure bond funds was 1.63 years, down 0.20 years on a weekly basis, at the 30.0% percentile since early 2022 [9].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report From November 10 - 14, 2025, the central bank conducted net injections through short - term reverse repurchases. On November 17, an 800 - billion - yuan 6 - month买断式 reverse repurchase operation was carried out, with a net injection of 500 billion yuan for the month. From November 10 - 16, the net payment scale of government bonds increased, the yield to maturity of inter - bank certificates of deposit fluctuated within a narrow range, and the average leverage ratio of the inter - bank bond market decreased slightly. From November 17 - 23, the expected net payment of government bonds is 410.57 billion yuan, and the maturity scale of inter - bank certificates of deposit is about 907 billion yuan. On November 14, the median durations of medium - long - term and short - term interest - rate style pure bond funds decreased week - on - week by 0.55 years and 0.85 years respectively [2]. 3. Summary by Relevant Catalogs 3.1 Funds - **Fund Injections**: From November 10 - 14, the central bank's 7 - day reverse repurchase had a net injection of 62.62 billion yuan. On November 17, an 800 - billion - yuan 6 - month买断式 reverse repurchase was conducted, with a net injection of 500 billion yuan for the month. The 12 - billion - yuan treasury cash fixed - term deposit will mature on November 20. The central bank's injection pattern is stable, which helps stabilize the market's expectation of the funds [6]. - **Fund Fluctuations and Interest Rate Changes**: From November 10 - 14, the average values of DR001 and R001 were 1.42% and 1.47% respectively, up 10.3 and 10.0 basis points compared to November 3 - 7. The average values of DR007 and R007 were 1.49% and 1.50% respectively, up 6.5 and 4.1 basis points compared to November 3 - 7. Tax payment and large - scale net payment of government bonds will affect liquidity [7]. - **Government Bond Net Payment**: From November 10 - 16, the net payment of government bonds was about 424.8 billion yuan, an increase of about 388 billion yuan compared to November 3 - 9. From November 17 - 23, the expected net payment is 410.57 billion yuan [2][7]. 3.2 Inter - bank Certificates of Deposit - **Yield Fluctuations**: As of November 14, 2025, the yields to maturity of 1 - month and 3 - month inter - bank certificates of deposit were 1.4950% and 1.5750% respectively, up 2.0 and 1.5 basis points compared to November 7. The yield to maturity of 1 - year inter - bank certificates of deposit was 1.6350%, up 0.5 basis points compared to November 7 [8]. - **Net Financing and Maturity Pressure**: From November 10 - 16, the net financing of inter - bank certificates of deposit was about - 4.16 billion yuan. From November 17 - 23, the expected maturity repayment is 907 billion yuan, with increased pressure on renewal [8]. 3.3 Institutional Behavior - **Leverage Ratio of the Inter - bank Bond Market**: From November 10 - 14, the average leverage ratio of the inter - bank bond market was 107.26%, lower than the 107.73% in the period from November 3 - 7 [9]. - **Duration Changes of Bond Funds**: On November 14, the median duration (MA5) of medium - long - term interest - rate style pure bond funds was 4.83 years, down 0.55 years week - on - week, at the 90.8% quantile since early 2022. The median duration (MA5) of short - term interest - rate style pure bond funds was 1.83 years, down 0.85 years week - on - week, at the 54.8% quantile since early 2022 [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From November 3 - 7, 2025, the central bank conducted a net withdrawal of funds through short - term reverse repurchases and carried out a 700 billion yuan 3M outright reverse repurchase on November 5. From November 3 - 9, 2025, the net payment scale of government bonds decreased, the 1M maturity yield of inter - bank certificates of deposit (NCDs) increased while the 3M - 1Y yields were relatively stable, and the average leverage ratio of the inter - bank bond market slightly increased. From November 10 - 16, 2025, the expected net payment of government bonds is 369.2 billion yuan, and the maturity scale of NCDs is about 751.8 billion yuan. On November 7, 2025, the median durations of medium - long - term and short - term interest - style pure bond funds increased by 0.06 years and 0.09 years respectively on a weekly basis [2]. Summary by Directory 1. Funding Situation - **Central Bank Operations**: From November 3 - 7, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 157.22 billion yuan. On November 5, a 700 billion yuan 3M outright reverse repurchase was carried out, and the 3M outright reverse repurchase was renewed at the same amount this month [6]. - **Funding Rates**: From November 3 - 7, 2025, the average values of DR001 and R001 were 1.32% and 1.37% respectively, down 7.3 and 7.8 basis points compared to October 27 - 31. The average values of DR007 and R007 were 1.42% and 1.46% respectively, down 10.4 and 11.5 basis points compared to October 27 - 31. From November 3 - 6, the weighted average rate of DR001 was stable around 1.31%, and it increased marginally on November 7, possibly due to the 700 billion yuan outright reverse repurchase maturing on November 10 [7]. - **Government Bond Net Payment**: From November 3 - 9, 2025, the net payment scale of government bonds was about 36.8 billion yuan, about 96.9 billion yuan less than that from October 27 - November 2. The net financing of treasury bonds was about 24.9 billion yuan, and that of local government bonds was about 11.9 billion yuan. From November 10 - 16, 2025, the expected net payment of government bonds is 369.2 billion yuan, with treasury bond net financing of about 195.9 billion yuan and local government bond net financing of about 173.3 billion yuan [7]. 2. Inter - bank Certificates of Deposit - **Maturity Yields**: As of November 7, 2025, the 1M and 3M maturity yields of NCDs were 1.4750% and 1.5600% respectively, up 7.0 and 0.5 basis points compared to October 31. The 1Y maturity yield was 1.6300%, up 0.2 basis points compared to October 31 [8]. - **Net Financing**: From November 3 - 9, 2025, the net financing of NCDs was about 151 billion yuan. From November 10 - 16, 2025, the expected maturity repayment of NCDs is 751.8 billion yuan, and the maturity renewal pressure has increased [8]. 3. Institutional Behavior - **Inter - bank Bond Market Leverage Ratio**: From November 3 - 7, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.73%, compared with 107.36% from October 27 - 31 [9]. - **Bond Fund Durations**: On November 7, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 5.38 years, up 0.06 years on a weekly basis, at the 96.5% quantile since early 2022. The median duration (MA5) of short - term interest - style pure bond funds was 2.69 years, up 0.09 years on a weekly basis, at the 99.5% quantile since early 2022 [9].