固定收益/固收周报 四季度债市或呈现震荡格局 ——固收周报（2025.09.15-2025.09.19） ◼ 核心观点 利率债：国债收益率多数上行，期限利差走阔：2025 年 09 月 12 日- 2025 年 09 月 19 日期间，央行总计开展 22,068.00 亿元逆回购操作， 净投放 6,340.00 亿元。银行间资金价格上行，其中，DR001 上行 9.98BP 至 1.4644%；DR007 上行 5.21BP 至 1.5096%。利率债一级发行 6,645.39 亿元，净融资额为 4,664.25 亿元。国债现券收益率多数上行。国债 1 年期下行 1.00BP 至 1.3900%，3 年期、5 年期、7 年期、10 年期分别 上行 1.51BP、0.47BP、4.89BP、1.19BP 至 1.5124%、1.6186%、1.7934%、 1.8789%。10Y-1Y 期限利差从 46.70BP 走阔至 48.89BP。 信用债：信用债到期收益率上行：2025 年 09 月 15 日-2025 年 09 月 21 日期间，信用债一级新发行 1231 只（含同业存单），发行规模共 计 16,91 ...

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

9月19日，中国人民银行发布公告称，即日起，公开市场14天期逆回购操作调整为固定数量、利率 招标、多重价位中标。 中国人民银行表示，此次调整旨在保持银行体系流动性充裕，更好满足不同参与机构差异化资金需 求。14天期逆回购的操作时间和规模将根据流动性管理需要确定。 【纠错】 【责任编辑:邱丽芳】 专家认为，本次改为多重价位中标后，14天期逆回购不再有统一的中标利率，可充分发挥机构市场 化自主定价能力，更好反映机构差异化的资金需求。调整后，14天期逆回购操作将基于银行体系流动性 灵活开展，流动性管理将更加精准高效。同时，此举也有助于进一步强化7天期逆回购操作利率的政策 地位。（记者吴雨、任军） ...