1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report From November 10 - 14, 2025, the central bank conducted net injections through short - term reverse repurchases. On November 17, an 800 - billion - yuan 6 - month买断式 reverse repurchase operation was carried out, with a net injection of 500 billion yuan for the month. From November 10 - 16, the net payment scale of government bonds increased, the yield to maturity of inter - bank certificates of deposit fluctuated within a narrow range, and the average leverage ratio of the inter - bank bond market decreased slightly. From November 17 - 23, the expected net payment of government bonds is 410.57 billion yuan, and the maturity scale of inter - bank certificates of deposit is about 907 billion yuan. On November 14, the median durations of medium - long - term and short - term interest - rate style pure bond funds decreased week - on - week by 0.55 years and 0.85 years respectively [2]. 3. Summary by Relevant Catalogs 3.1 Funds - **Fund Injections**: From November 10 - 14, the central bank's 7 - day reverse repurchase had a net injection of 62.62 billion yuan. On November 17, an 800 - billion - yuan 6 - month买断式 reverse repurchase was conducted, with a net injection of 500 billion yuan for the month. The 12 - billion - yuan treasury cash fixed - term deposit will mature on November 20. The central bank's injection pattern is stable, which helps stabilize the market's expectation of the funds [6]. - **Fund Fluctuations and Interest Rate Changes**: From November 10 - 14, the average values of DR001 and R001 were 1.42% and 1.47% respectively, up 10.3 and 10.0 basis points compared to November 3 - 7. The average values of DR007 and R007 were 1.49% and 1.50% respectively, up 6.5 and 4.1 basis points compared to November 3 - 7. Tax payment and large - scale net payment of government bonds will affect liquidity [7]. - **Government Bond Net Payment**: From November 10 - 16, the net payment of government bonds was about 424.8 billion yuan, an increase of about 388 billion yuan compared to November 3 - 9. From November 17 - 23, the expected net payment is 410.57 billion yuan [2][7]. 3.2 Inter - bank Certificates of Deposit - **Yield Fluctuations**: As of November 14, 2025, the yields to maturity of 1 - month and 3 - month inter - bank certificates of deposit were 1.4950% and 1.5750% respectively, up 2.0 and 1.5 basis points compared to November 7. The yield to maturity of 1 - year inter - bank certificates of deposit was 1.6350%, up 0.5 basis points compared to November 7 [8]. - **Net Financing and Maturity Pressure**: From November 10 - 16, the net financing of inter - bank certificates of deposit was about - 4.16 billion yuan. From November 17 - 23, the expected maturity repayment is 907 billion yuan, with increased pressure on renewal [8]. 3.3 Institutional Behavior - **Leverage Ratio of the Inter - bank Bond Market**: From November 10 - 14, the average leverage ratio of the inter - bank bond market was 107.26%, lower than the 107.73% in the period from November 3 - 7 [9]. - **Duration Changes of Bond Funds**: On November 14, the median duration (MA5) of medium - long - term interest - rate style pure bond funds was 4.83 years, down 0.55 years week - on - week, at the 90.8% quantile since early 2022. The median duration (MA5) of short - term interest - rate style pure bond funds was 1.83 years, down 0.85 years week - on - week, at the 54.8% quantile since early 2022 [9].

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the central bank had a net injection of funds through short - term reverse repurchase. On October 27, it conducted a 900 billion yuan MLF operation, with a net MLF injection of 200 billion yuan in October. The overall liquidity situation was loose [2][6]. - The liquidity remained loose, but there was some volatility pressure at the end of the month. The central bank showed a clear attitude of caring for liquidity, with a continuous net injection of medium - and long - term liquidity. However, at the end of October, due to the overlap of tax payments and cross - month disturbances, the cross - month liquidity was expected to be generally stable but with some volatility compared to the mid - month level [7]. - The net payment scale of government bonds increased. From October 20 to October 26, 2025, the net payment scale of government bonds was about 214.2 billion yuan, an increase of about 74 billion yuan compared to the period from October 13 to October 19. From October 27 to November 2, the net payment scale of government bonds was expected to be 133.72 billion yuan [8]. - Most of the maturity yields of inter - bank certificates of deposit (NCDs) declined, while the 1 - year yield increased. The net financing amount of NCDs increased. From October 20 to October 26, 2025, the net financing amount of NCDs was about 345.4 billion yuan. From October 27 to November 2, the maturity repayment amount of NCDs was expected to be 564.3 billion yuan [9]. - The average leverage ratio of the inter - bank bond market decreased slightly. Based on the calculation results, the duration of medium - and long - term pure bond funds decreased, while the duration of short - term pure bond funds increased [10]. 3. Summary by Relevant Catalogs 3.1 Funds - **Central Bank Operations**: From October 20 to October 24, 2025, the central bank's 7 - day reverse repurchase had a net injection of 7.81 billion yuan. On October 23, it conducted a 12 billion yuan treasury cash fixed - deposit operation. In October, the MLF matured at 700 billion yuan, and on October 27, the central bank conducted a 900 billion yuan MLF operation, with a net MLF injection of 200 billion yuan. The two medium - and long - term liquidity tools, namely, the repurchase and MLF, had a total net injection of 600 billion yuan in October [6]. - **Liquidity Situation**: From October 20 to October 24, 2025, the average values of DR001 and R001 were 1.32% and 1.37% respectively, up 0.2 and 1.3 basis points compared to the period from October 13 to October 17. The average values of DR007 and R007 were 1.43% and 1.47% respectively, up 0.4 and down 0.4 basis points compared to the previous period. The overall liquidity was still relatively loose, but there was a slight increase in the weighted average rate of DR001 on October 24 [7]. - **Government Bond Net Payment**: From October 20 to October 26, 2025, the net payment scale of government bonds was about 214.2 billion yuan, with the net financing amount of national bonds about 77.5 billion yuan and that of local government bonds about 136.7 billion yuan. From October 27 to November 2, the net payment scale of government bonds was expected to be 133.72 billion yuan, with the net financing of national bonds about - 53.94 billion yuan and that of local government bonds about 187.66 billion yuan [8]. 3.2 Inter - bank Certificates of Deposit - **Maturity Yields**: As of October 24, 2025, the 1 - month and 3 - month maturity yields of NCDs were 1.4950% and 1.5900% respectively, down 1.0 and 0.4 basis points compared to October 17. The 1 - year maturity yield was 1.6750%, up 0.9 basis points compared to October 17 [9]. - **Net Financing Amount**: From October 20 to October 26, 2025, the net financing amount of NCDs was about 345.4 billion yuan, higher than the 222.7 billion yuan in the period from October 13 to October 19. From October 27 to November 2, the maturity repayment amount of NCDs was expected to be 564.3 billion yuan [9]. 3.3 Institutional Behavior - **Inter - bank Bond Market Leverage Ratio**: From October 20 to October 24, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.56%, slightly lower than the 107.69% in the period from October 13 to October 17 [10]. - **Duration of Pure Bond Funds**: On October 24, 2025, the median duration (MA5) of medium - and long - term interest - style pure bond funds was 4.79 years, down 0.53 years week - on - week, at the 79.1% quantile since the beginning of 2022. The median duration (MA5) of short - term interest - style pure bond funds was 2.53 years, up 0.26 years week - on - week, at the 83.9% quantile since the beginning of 2022 [10].

Key Points of the Report 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report analyzes the liquidity and institutional behavior in the bond market from October 13 - 26, 2025. It shows that the overall liquidity is loose, and it is expected to remain so before the tax period and cross - month disturbances. The government bond net payment scale increases, the inter - bank certificate of deposit (NCD) maturity yield rises, and the leverage ratio of the inter - bank bond market and the duration of pure bond funds both increase marginally [2][7]. 3. Summary by Related Catalogs **Funding Situation** - **Central Bank Operations**: From October 13 - 17, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 3479 billion yuan, and the treasury cash fixed - term deposit matured for 1500 billion yuan. On October 15, a 6000 - billion - yuan 6M outright reverse repurchase was carried out. In October, the outright reverse repurchase had a net injection of 4000 billion yuan, and the MLF is due for 7000 billion yuan this month [6]. - **Funding Rate**: Overnight and 7 - day funding rates are mostly lower. From October 13 - 17, the average values of DR001 and R001 were 1.31% and 1.36% respectively, and the average values of DR007 and R007 were 1.43% and 1.47% respectively. It is expected that the funding situation will remain relatively loose before the tax period and cross - month disturbances [7]. - **Government Bond Net Payment**: From October 13 - 19, the government bond net payment scale was about 1402 billion yuan, an increase of about 1395 billion yuan compared with October 9 - 12. From October 20 - 26, it is expected to be 1583.7 billion yuan [8]. **Inter - bank Certificate of Deposit (NCD)** - **Maturity Yield**: As of October 17, 2025, the 1M, 3M, and 1Y NCD maturity yields increased by 4.1, 3.8, and 1.6 basis points respectively compared with October 11 [9]. - **Net Financing Amount**: From October 13 - 19, the NCD net financing amount was about 2247 billion yuan. From October 20 - 26, the NCD maturity repayment amount is expected to be 6179 billion yuan. The NCD maturity scale in the fourth quarter is about 8.1 trillion yuan, and the pressure for renewal upon maturity gradually increases [9]. **Institutional Behavior** - **Leverage Ratio of Inter - bank Bond Market**: From October 13 - 17, the average leverage ratio of the inter - bank bond market was 107.78%, slightly higher than that from October 9 - 11 [10]. - **Duration of Pure Bond Funds**: On October 17, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 5.31 years, up 0.59 years week - on - week, and the median duration (MA5) of short - term interest - style pure bond funds was 2.27 years, up 0.51 years week - on - week [10].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - From September 22 - 26, 2025, the central bank net - withdrew funds through 7 - day reverse repurchase and conducted 14 - day reverse repurchase operations during the quarter - end period. MLF was incrementally renewed. The inter - bank funding market fluctuated significantly due to the quarter - end effect [2][6]. - The net payment scale of government bonds decreased from September 22 - 28, 2025, and the majority of inter - bank certificate of deposit (NCD) yields rose. The net financing of NCDs turned negative. The average leverage ratio of the inter - bank bond market increased, and the durations of medium - long - term and short - term interest - style pure bond funds both marginally increased [2][8][9]. 3. Summary by Sections 3.1 Funding Market - **Central Bank Operations**: From September 22 - 26, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 2594 billion yuan, 14 - day reverse repurchase was 9000 billion yuan, and MLF had a net injection of 3000 billion yuan. On September 29 and 30, 7 - day reverse repurchases totaling 5166 billion yuan were due, and on October 9, 7 - day reverse repurchases of 12325 billion yuan and 14 - day reverse repurchases of 3000 billion yuan were due [6]. - **Funding Rate Fluctuations**: From September 22 - 26, 2025, the average values of DR001 and R001 decreased by 5.0 and 5.5 basis points respectively compared to September 15 - 19, while the average values of DR007 and R007 increased by 1.9 and 9.9 basis points respectively. The funding market loosened from September 22 - 23, fluctuated significantly from September 24 - 25, and the funding rate dropped significantly on September 26 [7]. - **Government Bond Net Payment**: From September 22 - 28, 2025, the net payment of government bonds was about 716 billion yuan, a decrease of about 3764 billion yuan compared to September 15 - 21. From September 29 - 30, the expected net payment was 2121 billion yuan [7]. 3.2 Inter - bank Certificate of Deposits - **Yield Changes**: As of September 26, 2025, the yields of 1M, 3M, and 1Y NCDs increased by 7.5, 1.0, and 1.0 basis points respectively compared to September 19 [8]. - **Net Financing**: From September 22 - 28, 2025, the net financing of NCDs was about - 1782 billion yuan, turning negative from 1295 billion yuan in September 15 - 21. The expected maturity repayment from September 29 - October 5 was 1688 billion yuan, and the expected maturity in October was 18443 billion yuan, significantly lower than 35470 billion yuan in September [8]. 3.3 Institutional Behavior - **Leverage Ratio**: From September 22 - 26, 2025, the average leverage ratio of the inter - bank bond market was 107.65%, up from 107.32% in September 15 - 19 [9]. - **Bond Fund Duration**: On September 26, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 4.05 years, up 0.01 years week - on - week, at the 59.2% quantile since early 2022. The median duration (MA5) of short - term interest - style pure bond funds was 1.58 years, up 0.03 years week - on - week, at the 14.1% quantile since early 2022 [9].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - From September 15 - 19, 2025, the central bank net - injected liquidity during the tax period, and the 14 - day reverse repurchase was changed to "American tender". The money market tightened under the influence of the tax period, and there may still be some volatility pressure in the second half of September due to the cross - quarter effect [2][6][7] - From September 15 - 21, 2025, the net payment scale of government bonds increased, and the net payment scale of government bonds from September 22 - 28 is expected to be 413.9 billion yuan [8] - As of September 19, 2025, the maturity yields of inter - bank certificates of deposit (NCDs) increased overall, and the net financing amount of NCDs turned positive. The maturity repayment volume of NCDs from September 22 - 28 is expected to be 969.2 billion yuan, with increased pressure on renewal [9] - From September 15 - 19, 2025, the average leverage ratio of the inter - bank bond market decreased, and the durations of medium - long - term and short - term interest - style pure bond funds both decreased marginally [10] Summary by Directory 1. Money Market - From September 15 - 19, 2025, the central bank's 7 - day reverse repurchase injected 1.8268 trillion yuan and matured 1.2645 trillion yuan, and the treasury cash injected 150 billion yuan and matured 120 billion yuan, with a total net injection of 592.3 billion yuan. On September 15, a 600 - billion - yuan 6 - month outright reverse repurchase operation was carried out, with an incremental renewal of 300 billion yuan. From September 22 - 26, 2025, 1.8268 trillion yuan of 7 - day reverse repurchases and 300 billion yuan of MLF will mature [6] - On September 19, 2025, the central bank adjusted the 14 - day reverse repurchase operation to "fixed quantity, interest - rate tender, and multiple - price winning bids", which helps reduce bank liability costs and highlights the policy - rate position of the 7 - day reverse repurchase operation rate. It is expected that 14 - day reverse repurchases will be appropriately operated in late September to stabilize the money market [7] - From September 15 - 19, 2025, affected by the tax period, the average values of DR001 and R001 increased by 7.7 and 8.7 basis points respectively compared with September 8 - 12, and the average values of DR007 and R007 increased by 4.8 and 4.0 basis points respectively [7] 2. Government Bonds - From September 15 - 21, 2025, the net payment scale of government bonds was about 448 billion yuan, an increase of about 103.7 billion yuan compared with September 8 - 14. The net financing amount of treasury bonds was about 397.1 billion yuan, and that of local government bonds was about 50.9 billion yuan. From September 22 - 28, 2025, the net payment scale of government bonds is expected to be 41.39 billion yuan, with a net financing of about - 89.65 billion yuan for treasury bonds and about 131.04 billion yuan for local government bonds [8] 3. Inter - bank Certificates of Deposit (NCDs) - As of September 19, 2025, the maturity yields of 1 - month and 3 - month NCDs were 1.5750%, an increase of 2.4 and 1.5 basis points respectively compared with September 12, and the maturity yield of 1 - year NCDs was 1.6750%, an increase of 0.5 basis points compared with September 12 [9] - From September 15 - 21, 2025, the net financing amount of NCDs was about 134.4 billion yuan, compared with about - 468.3 billion yuan from September 8 - 14. The maturity repayment volume of NCDs from September 22 - 28 is expected to be 969.2 billion yuan, with increased pressure on renewal [9] 4. Institutional Behavior - From September 15 - 19, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.32%, compared with 107.37% from September 8 - 12. On September 19 and 12, the calculated leverage ratios were about 107.45% and 107.44% respectively [10] - Based on the calculation results, the durations of medium - long - term and short - term interest - style pure bond funds both decreased marginally. On September 19, 2025, the median duration (MA5) of medium - long - term interest - style pure bond funds was 4.04 years, a weekly decrease of 0.70 years, at the 58.7% quantile since the beginning of 2022; the median duration (MA5) of short - term interest - style pure bond funds was 1.56 years, a weekly decrease of 0.17 years, at the 12.2% quantile since the beginning of 2022 [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From August 4 to August 8, 2025, the central bank conducted a net withdrawal of funds through 7 - day reverse repurchase operations and carried out 700 billion yuan of 3 - month outright reverse repurchase operations. After the cross - month period, the funding rate declined. From August 4 to August 10, the net payment scale of government bonds increased, the overall yield to maturity of inter - bank certificates of deposit (NCDs) decreased, and the average leverage ratio in the inter - bank bond market increased. From August 11 to August 17, the expected net payment of government bonds is 360.1 billion yuan, and the maturity scale of NCDs is about 907.1 billion yuan [2]. - The outright reverse repurchase operation has more flexible timing compared to the medium - term lending facility (MLF). The central bank's operations in different months are to address various pressures on the liquidity, such as large - scale NCD maturities, tax payment months, and new bond issuance policies. The 6 - month outright reverse repurchase in August may be operated in the middle of the month to assist in stabilizing the funding situation during the tax payment period [7]. - The funding situation eased at the beginning of the month. From August 4 to August 8, the average values of DR001 and R001 decreased by 5.6 and 8.7 basis points respectively compared to the period from July 28 to August 1. The average values of DR007 and R007 decreased by 8.2 and 11.4 basis points respectively. In the future, the funding situation is expected to remain stable and loose overall, but the central bank's goal of preventing "idle funds" may limit the significant decline of the funding rate center [8]. Summary by Relevant Catalogs Funding Situation - **Outright Reverse Repurchase and 7 - day Reverse Repurchase**: From August 4 to August 8, 2025, the central bank's 7 - day reverse repurchase had a net withdrawal of 53.65 billion yuan. On August 8, it carried out 70 billion yuan of 3 - month outright reverse repurchase operations. The net investment of 3 - month outright reverse repurchase was 30 billion yuan. The maturity scales of 3 - month and 6 - month outright reverse repurchases in August are 40 billion and 50 billion yuan respectively [6]. - **Funding Rate**: From August 4 to August 8, the average values of DR001 and R001 were 1.31% and 1.35% respectively, down 5.6 and 8.7 basis points from July 28 - August 1. The average values of DR007 and R007 were 1.45% and 1.47% respectively, down 8.2 and 11.4 basis points from July 28 - August 1 [8]. - **Government Bond Net Payment**: From August 4 to August 10, the net payment scale of government bonds was about 37.06 billion yuan, an increase of about 8.3 billion yuan compared to July 28 - August 3. From August 11 to August 17, the expected net payment of government bonds is 36.01 billion yuan [8]. Inter - bank Certificates of Deposit (NCDs) - **Yield to Maturity**: As of August 8, 2025, the yields to maturity of 1 - month, 3 - month, and 1 - year NCDs were 1.4490%, 1.5300%, and 1.6175% respectively, down 4, 1, and 2 basis points from August 1 [9]. - **Net Financing Amount**: From August 4 to August 10, the net financing amount of NCDs was about 17.76 billion yuan, compared with about 1 billion yuan from July 28 to August 3. From August 11 to August 17, the expected maturity repayment amount of NCDs is 907.1 billion yuan, and the pressure of maturity renewal has increased compared to the previous week [9]. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From August 4 to August 8, the average calculated leverage ratio in the inter - bank bond market was 107.96%, up from the average of 107.63% from July 28 to August 1. On August 8 and August 1, the calculated leverage ratios were about 108.07% and 108.10% respectively [10].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - From July 28 to August 1, 2025, the central bank conducted a small - scale net injection of funds through 7 - day reverse repurchase operations. The liquidity situation showed minor fluctuations during the month - end transition but returned to stability afterward. From July 28 to August 3, the net payment scale of government bonds decreased, the yields of maturing inter - bank certificates of deposit (NCDs) declined overall, and the average leverage ratio in the inter - bank bond market remained basically stable. From August 4 to August 10, the expected net payment of government bonds is 33.9 billion yuan, and the maturing scale of NCDs is about 59.83 billion yuan [2]. - The central bank is expected to continue to support the liquidity situation. In August, with the maturity of MLF and outright reverse repurchase, considering the need to stabilize expectations, the central bank is likely to maintain its supportive stance towards the liquidity [5]. - The liquidity is expected to remain reasonably abundant in August, and the funding rates are likely to stay at a relatively low level. At the beginning of the month, the liquidity may experience seasonal easing, but attention should be paid to the issuance rhythm of government bonds and the large - scale maturity of NCDs during the month [6]. Summary by Relevant Catalogs 1. Funding Situation - **Central Bank Operations**: From July 28 to August 1, 2025, the central bank's 7 - day reverse repurchase operations had a net injection of 690 million yuan. From August 4 to August 8, 166.32 billion yuan of 7 - day reverse repurchases will mature. In July, the central bank injected 10 billion yuan of liquidity through MLF and 20 billion yuan through outright reverse repurchase. In August, 30 billion yuan of MLF and 90 billion yuan of outright reverse repurchase will mature [5]. - **Funding Rates**: From July 28 to August 1, the average values of DR001 and R001 decreased by 7.3 and 5.2 basis points respectively compared with the period from July 21 to July 25. The average values of DR007 and R007 decreased by 0.7 and increased by 2.8 basis points respectively. In July, the funding rates fluctuated significantly, and in August, they are expected to remain low, but it is difficult to decline further compared with early July [6]. - **Government Bond Net Payment**: From July 28 to August 3, the net payment of government bonds was about 28.76 billion yuan, 2.84 billion yuan less than the previous week. From August 4 to August 10, the expected net payment is 33.9 billion yuan [7]. 2. Inter - bank Certificates of Deposit (NCDs) - **Yields of Maturing NCDs**: As of August 1, 2025, the yields of 1M, 3M, and 1Y NCDs decreased by 7, 4, and 4 basis points respectively compared with July 25. The decline was due to the stabilization of funding rates and the partial recovery of the bond market [8]. - **Net Financing of NCDs**: From July 28 to August 3, the net financing of NCDs was about 1 billion yuan, turning positive from - 56.08 billion yuan in the previous week. From August 4 to August 10, the maturing repayment amount of NCDs is expected to be 59.83 billion yuan, with an increased pressure on renewal compared with the previous week [8]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From July 28 to August 1, the average calculated leverage ratio in the inter - bank bond market was 107.63%, basically the same as the previous week. On August 1 and July 25, the calculated leverage ratios were about 108.10% and 107.27% respectively [11].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - From July 14 - 18, 2025, the central bank conducted net 7 - day reverse repurchase operations, with 100 billion yuan of MLF maturing and 140 billion yuan of outright reverse repurchase operations. The funding situation tightened during the tax period. After the tax - period disturbance ends, the funding situation is expected to return to a stable state. [2][5][6] - From July 14 - 20, 2025, the net payment scale of government bonds increased, most of the maturity yields of inter - bank certificates of deposit (NCDs) declined, and the leverage ratio of the inter - bank bond market decreased. [2][6][7][8] - From July 21 - 27, 2025, the expected net payment of government bonds is 28.49 billion yuan, and the maturity scale of NCDs is about 107.65 billion yuan, with an increased pressure on maturity renewal compared to the previous week. [2][6][7] Summary by Directory Funding Situation - **Central Bank's Liquidity Injection**: From July 14 - 18, 2025, the central bank's reverse repurchase injected 172.68 billion yuan and withdrew 42.57 billion yuan. 10 billion yuan of MLF matured, and on July 15, an outright reverse repurchase operation of 140 billion yuan was carried out. From July 21 - 25, with over 2 trillion yuan of funds maturing, it may bring some pressure to the funding situation, but the central bank is expected to continue to support the funding situation. [5] - **Slight Convergence of Funding Situation**: From July 14 - 18, 2025, the average values of DR001 and R001 increased by 14.6 and 13.4 basis points respectively compared to July 7 - 11. The average values of DR007 and R007 increased by 5.8 and 3.2 basis points respectively. After the tax - period disturbance, the funding situation is expected to return to a stable state. [6] - **Increase in Net Payment Scale of Government Bonds**: From July 14 - 20, 2025, the net payment scale of government bonds was about 42.88 billion yuan, an increase of about 17.77 billion yuan compared to July 7 - 13. From July 21 - 27, 2025, the expected net payment scale of government bonds is 28.49 billion yuan. [6] Inter - bank Certificates of Deposit - **Most Maturity Yields Declined**: As of July 18, 2025, the 1 - month NCD maturity yield was basically the same as on July 11, while the 3 - month and 1 - year NCD maturity yields decreased by 2 and 1 basis points respectively compared to July 11. [7] - **Positive Net Financing Scale**: From July 14 - 20, 2025, the net financing amount of NCDs was about 14.44 billion yuan, turning positive from - 8.41 billion yuan in July 7 - 13. From July 21 - 27, 2025, the expected maturity repayment amount of NCDs is 107.65 billion yuan, with increased pressure on maturity renewal. [7] Institutional Behavior - **Decrease in Leverage Ratio of Inter - bank Bond Market**: From July 14 - 18, 2025, the average leverage ratio of the inter - bank bond market was 107.58%, lower than the 108.18% in July 7 - 11. [8]

Report Industry Investment Rating No relevant content provided. Core View of the Report In July 2025, liquidity is expected to remain relatively loose. From the perspective of bank assets and liabilities, July is not a traditional large credit month, and the maturity scale of inter - bank certificates of deposit (ICDs) in July is significantly lower than that in June. From the perspective of central bank liquidity injection, considering the external uncertainties caused by trade frictions, the central bank is expected to maintain a supportive attitude in terms of liquidity injection. However, the long - term bond yield is still at a relatively low level, and the leverage ratio in the inter - bank bond market has risen above 108% as the funding rate declines, so the room for further loosening of the funding situation is limited [8]. Summary by Relevant Catalogs 1. Funding Situation - **Central Bank's Net Injection**: From June 23 to June 27, 2025, the central bank's full - scale net injection was 126.72 billion yuan. The open - market reverse repurchase of 2027.5 billion yuan will expire from June 30 to July 4. In June, the MLF net injection was 11.8 billion yuan, and the net injection of outright reverse repurchase was 20 billion yuan [6]. - **Funding Rate**: From June 23 to June 27, 2025, the average values of DR001 and R001 were 1.37% and 1.44% respectively, with a decrease of 0.5 basis points and an increase of 0.6 basis points compared to June 16 - 20. The average values of DR007 and R007 were 1.65% and 1.82% respectively, with an increase of 12.8 basis points and 24.0 basis points compared to June 16 - 20 [7]. - **Government Bond Net Payment**: From June 23 to June 29, 2025, the government bond net payment scale was about 78.98 billion yuan, an increase of about 31.56 billion yuan compared to June 16 - 22. From June 30 to July 6, the government bond net payment scale is expected to be about - 0.594 billion yuan [7]. 2. Inter - bank Certificates of Deposit (ICDs) - **Yield Changes**: As of June 27, 2025, the maturity yields of 1M and 3M ICDs were 1.6650% and 1.6150% respectively, rising 4 basis points and 1 basis point compared to June 20, while the 1Y ICD yield was basically the same as that on June 20 [9]. - **Maturity Scale**: The ICDs have passed the peak maturity period. The maturity scale of ICDs in July is about 2.8 trillion yuan. From June 23 to June 29, 2025, the net financing of ICDs was about - 41.14 billion yuan [9]. 3. Institutional Behavior The leverage ratio in the inter - bank bond market increased. From June 23 to June 27, 2025, the average calculated leverage ratio in the inter - bank bond market was 108.45%, compared with 108.25% from June 16 to June 20 [10].

Report Industry Investment Rating No relevant content provided. Core View of the Report From June 9 - 13, 2025, the central bank slightly net - withdrew funds through 7 - day reverse repurchase but announced a 400 - billion - yuan outright reverse repurchase on June 16, showing its care for liquidity. The money market was loose with DR001 breaking below 1.40% during the week. From June 9 - 15, the net payment scale of government bonds decreased, most inter - bank certificate of deposit (NCD) yields declined, and the leverage ratio in the inter - bank bond market increased. Although there will be multiple tests on the money market in mid - to - late June, such as large NCD maturities, tax payment disturbances, MLF maturities, and cross - quarter funds, the money market is expected to remain relatively loose due to the central bank's care [2][7][8]. Summary by Relevant Catalogs 1. Money Market - **Central Bank's Liquidity Injection**: From June 9 - 13, 2025, the central bank injected 858.2 billion yuan and withdrew 930.9 billion yuan through reverse repurchases, with a net withdrawal of 72.7 billion yuan. 858.2 billion yuan of open - market reverse repurchases will mature from June 16 - 20. The central bank announced a 400 - billion - yuan outright reverse repurchase on June 16, resulting in a net injection of 20 billion yuan in June. On June 17, 182 billion yuan of MLF will mature. June 16 is the tax declaration deadline, followed by 2 days of tax payment disturbances [6]. - **Money Market Conditions**: From June 9 - 13, the average values of DR001 and R001 were 1.38% and 1.43% respectively, down 3.4 and 2.7 basis points compared to June 2 - 6. The average values of DR007 and R007 were 1.52% and 1.56% respectively, down 3.0 and 0.9 basis points. From June 9 - 12, DR001 broke below the 7 - day reverse repurchase rate of 1.40% [7]. - **Government Bond Net Payment**: From June 9 - 15, the government bond net payment scale was about 6.3 billion yuan, a decrease of about 69 billion yuan compared to June 2 - 8. Among them, the net payment of treasury bonds was about 41.5 billion yuan, and that of local government bonds was about - 35.1 billion yuan. From June 16 - 22, the government bond net payment scale is expected to be 433.4 billion yuan, with treasury bonds at about 265.9 billion yuan and local government bonds at about 167.5 billion yuan [7]. - **Outlook**: The money market in June is expected to remain stable. Despite multiple challenges in mid - to - late June, the money market is expected to remain relatively loose because of the central bank's care for liquidity [8]. 2. Inter - bank Certificates of Deposit (NCDs) - **Yield Changes**: As of June 13, 2025, the yields of 1 - month and 3 - month NCDs were 1.6327% and 1.6355% respectively, basically unchanged and down 2 basis points compared to June 6. The 1 - year NCD yield was 1.6700%, down 1 basis point compared to June 6 [9]. - **Maturity Scale**: From June 9 - 15, the net financing of NCDs was about - 162.3 billion yuan. From June 16 - 22, the expected maturity repayment of NCDs is 1.0216 trillion yuan, continuing the large - scale maturity trend [9]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From June 9 - 13, the average calculated leverage ratio in the inter - bank bond market was 108.03%, compared with 107.66% from June 3 - 6. On June 13 and June 6, the calculated leverage ratios were about 108.10% and 107.68% respectively [10].