央行公开市场开展1417亿元7天期逆回购操作，今日有3551亿元逆回购到期，净回笼2134亿元。 资金面边际收敛，资金利率平稳，DR001在1.33%附近，DR007在1.41%附近。 不要凭历史数据，甚至"感觉"去简单地拍点位，而是要建立自己的投资体系，用分析框架体系在左侧分析市场，用投资策略体系在右侧应对市场。 ——笔记哥《应对》 【笔记20251107— 4000点的空气（-传赎回新规周末发文+进出口数据偏弱-资金面边际收敛=微上)】 资金面边际收敛，长债收益率微幅上行。 -------------------------- | | | | 银行间资金 | (2025. 11. 07) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 1.39 | | | 1. 75 ...

Core Viewpoint - The article emphasizes the importance of not assuming that past market patterns will repeat, as this can lead to significant risks, particularly in the context of a potential "retail investor" market phase [1] Market Performance - The stock market showed strong performance, with the index rising above 3900 points in the afternoon session, despite minor disturbances from rumors regarding fund redemption regulations [6][7] - The bond market remained resilient, with the 10-year government bond yield slightly increasing to 1.758% [5][6] Monetary Policy and Market Conditions - The central bank conducted a 7-day reverse repurchase operation of 43.5 billion yuan, resulting in a net injection of the same amount into the market [3] - The overall funding environment is described as balanced and slightly loose, with the DR001 and DR007 rates around 1.31% and 1.42%, respectively [3] Economic Indicators - Inflation and financial data for September met expectations, contributing to a stable market reaction [5] - The market's response to recent economic announcements, including inflation data, was minimal, indicating a cautious sentiment among investors [6][7]