预计央行将以与买断式逆回购和MLF净投放的配合为主，整体仍保持流动性"不满不溢"，不会形成明显 的货币进一步宽松预期。 11月4日，中国人民银行发布2025年10月中央银行各项工具流动性投放情况。其中，公开市场国债买卖 净投放200亿元。这意味着10月央行已恢复2025年1月以来暂停的国债买卖，当月向银行体系注入长期流 动性200亿。 在10月27日举行的2025金融街论坛年会上，央行行长潘功胜宣布，目前，债市整体运行良好，将恢复公 开市场国债买卖操作。 综合市场分析来看，央行重启国债买卖操作既有利于支持实体经济，加强货币与财政政策协同，也有利 于释放流动性，稳定市场预期。 操作规模200亿元 去年8月，央行开始在二级市场开始国债买卖操作，截至去年12月，共累计买入1万亿元国债。此后在今 年年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，央行表示暂停国债买卖操作。 11月4日，央行发布的10月中央银行各项工具流动性投放情况显示，公开市场国债买卖净投放200亿元。 对此，中信证券首席经济学家明明认为，一方面，国债买卖净买入的操作模式体现了央行呵护市场流动 性和稳定债市预期的操作目标；另一方面，200亿 ...

Core Viewpoint - The People's Bank of China (PBOC) announced the resumption of open market operations for government bonds, leading to strong market expectations for liquidity easing [1][3]. Group 1: Market Reactions - Following the announcement, government bond yields fell, with 10-year and 30-year yields dropping over 5 basis points in a single day, resulting in a significant increase in bond prices [4]. - The stock market also reacted positively, as liquidity easing typically indicates more available funds, potentially shifting some capital from the bond market to the stock market, particularly benefiting interest-sensitive sectors like technology and consumer goods [6]. Group 2: Operational Context - The resumption of bond buying is a flexible adjustment by the PBOC based on market conditions, with previous operations having provided significant liquidity support, totaling 1 trillion yuan by December 2024 [3]. - The PBOC's operations are not unlimited; they will adjust based on the demand for base currency, market supply and demand, and changes in the yield curve, with historical net purchases typically ranging from 100 billion to 300 billion yuan per month [6]. Group 3: Policy Implications - The decision reflects a coordinated approach between monetary and fiscal policies, as the government has issued a significantly higher volume of debt this year, particularly local government bonds, increasing market supply pressure [8]. - The resumption of bond purchases is expected to provide liquidity support for government debt issuance, lower financing costs, and strengthen the pricing benchmark for government bonds, aligning with the PBOC's stance on maintaining relatively loose social financing conditions [8]. Group 4: Broader Economic Impact - For the general public, the decline in government bond yields may lead to lower returns on low-risk financial products, prompting investors to adjust their asset allocations towards equities [8]. - Enhanced liquidity in the banking sector could result in lower interest rates for loans, benefiting individuals and businesses with financing needs, while improved liquidity conditions may stimulate consumption and employment, fostering a positive economic cycle [8]. Group 5: Market Participants' Focus - Bond traders will closely monitor the direction and scale of PBOC operations, while stock investors will need to observe the effectiveness of liquidity transmission to the real economy [10]. - International investors may view this move as a signal of deeper engagement in the Chinese bond market, potentially increasing the attractiveness of renminbi assets [10].