Core Viewpoint - The article discusses the diminishing returns of news and rumors in the market, emphasizing that the impact of the same news decreases significantly after the first and second announcements, leading to a near-zero or even negative effect on the third and subsequent announcements [1]. Group 1: Market Conditions - The central bank conducted a net injection of 364.7 billion yuan through a 7-day reverse repurchase operation, with 161.2 billion yuan maturing today, indicating a balanced and slightly loose funding environment [2]. - The interbank funding rates remained stable, with DR001 around 1.37% and DR007 around 1.70% [2]. - The 10-year government bond yield fluctuated around 1.65%, with a monthly range of less than 5 basis points, reflecting a stable market sentiment [5]. Group 2: Economic Indicators - Industrial enterprise profit data for January to May showed a significant decline, with profit growth dropping to -9.1%, indicating worsening profit margins and collection periods [5]. - The article highlights the need for structural reforms to boost consumer confidence rather than merely preparing for potential external troubles, as suggested by a Cornell University professor [5]. Group 3: Investor Sentiment - A survey indicated that 70% of investors expect the 10-year government bond yield to reach a new low within the year, driven by the established tone of "moderate easing" [5]. - The market sentiment was influenced by the weak industrial profit data and a declining stock market, leading to fluctuations in bond market rates [4][5].

对于同一件传闻和新闻的利用，"只有再一再二，没有再三再四"。就是说，对于同一件事，效果最好的 是第一次，第二次效果还算行，但第三次效果就几乎没有了，至于第四次，再强烈再轰动，市场也早已 麻木了，边际效应已经递减为 0 ，甚至为负了。 ——笔记哥《应对》 【笔记20250418— "力保中国天天红"（+传下周一LPR降息+资金面均衡宽松=小下)】 资金面均衡宽松，长债收益率小幅下行。 央行公开市场开展2505亿元7天期逆回购操作，今日有285亿元逆回购到期，净投放2220亿元。 资金面均衡宽松，资金价格小幅上行，DR001在1.66%附近、DR007在1.69%附近。 | | | | 银行间资金 | (2025. 04. 18) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | ...