Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that interbank liquidity has been higher than the same period last year, with fluctuations in funding rates influenced by various factors including tax periods and asset maturities [4][12] - The report highlights that the liquidity indicators for banks show improvement, particularly in the usage of interbank certificates of deposit, which have been positively affected by recent monetary policy adjustments [5][16] - The report suggests that while short-term deposit rate cuts may tighten the liability side for banks, the long-term outlook indicates a decrease in funding costs, with specific banks recommended for attention [6][30] Summary by Relevant Sections Industry Basic Situation - The closing index is at 4459.7, with a 52-week high of 4670.31 and a low of 3132.76 [1] Interbank Liquidity Performance Review - From June 29 to August 5, the interbank funding center was above last year's level, with rapid fluctuations in rates due to various market conditions [12][15] Monitoring of Bank Liquidity Indicators - The usage of interbank certificates of deposit has improved, with most national banks showing better conditions compared to previous periods [5][16] - The excess reserve ratio was recorded at 1.7% in June 2025, higher than the same period in the past two years, indicating a recovery in liquidity [20][21] Investment Recommendations - The report recommends focusing on specific banks such as Bank of Communications and Chengdu Bank due to expected improvements in their performance [6][30] - It also highlights that some joint-stock banks are likely to exceed performance expectations, suggesting attention to China Merchants Bank, Industrial Bank, and CITIC Bank [6][30]

（原标题：银行流动性：2025年4月中非央行每日注资额创历史新高） 面临法定准备金缴存困难的银行机构数量在三个月内从3家增至5家。为缓解失衡，BEAC动用了所 有再融资工具，包括增加流动性注入操作短期调节操作规模，增加通过专项再融资窗口投放额度等。虽 然这些干预措施避免了信贷急剧紧缩，但暴露出地区银行业金融平衡的脆弱性。中期来看，若货币政策 支持部分退出，可能削弱银行对实体经济（尤其是中小企业）的融资能力，并引发流动性风险。 "EcoMatin"网站7月10日报道，在中非经济与货币共同体（CEMAC）银行业资金平衡压力持续加大 的背景下，中非国家银行（BEAC）于2025年4月加大了货币市场干预力度。根据该行7月3日发布的货 币政策报告显示，央行日均向银行系统注入的流动性规模达到12,161亿中非法郎（约合21.8亿美元）， 较三个月前的11,278亿中非法郎（约合20.2亿美元）增长7.8%，这一举措旨在缓解结构性银行流动性短 缺。 数据显示，2025年1月至4月期间，CEMAC银行体系的毛储备金（未计入货币政策操作前）下降 11.0%（减少1,032亿中非法郎），至2025年4月仅剩8,373亿中非法郎（ ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【宏观】非农数据高于预期，美联储或更偏观望——2025年5月美国非农数据点评兼光大宏观周报（2025- 06-07） 2025年6月3日-2025年6月6日，我国已上市公募REITs二级市场价格整体呈现上行趋势：加权REITs指数收 于142.42，本周回报率为1.74%。与其他主流大类资产相比，回报率由高至低排序分别为：原油>可转债> 黄金>REITs>A股>美股>纯债。本周主力净流入总额为905万元，市场交投热情有所增长。 （张旭） 2025-06-07 您可点击今日推送内容的第3条查看 2025年5月美国新增就业高于市场预期，失业率也稳定在4.2%，显示美国就业市场相对稳健。其中，5月 底美国迎来阵亡将士纪念日， ...