三季度以来，国内宏观调控力度加大，政策"组合拳"效果逐步显现，货币政策延续适度宽松基调， 为经济回升向好创造了适宜的货币金融环境。 在此背景下，中国外汇交易中心（以下简称"交易中心"）最新发布的数据显示，2025年三季度，银 行间本币市场资金面整体均衡，货币市场交易量及余额增加，主要回购利率下行；"反内卷"提升风险偏 好，A股表现强势，利率债增值税新规实施，公募基金费率新规征求意见等因素叠加影响，债券发行环 比增加，交易环比减少，长债收益率震荡上行，曲线走陡；利率互换曲线整体上移，成交环比增加。从 整体成交情况来看，银行间市场成交654.7万亿元，环比增长16.3%，同比增长17.7%。 资金利率全面下行 2025年三季度，央行综合运用多种货币政策工具，保持资金面平稳运行。三季度各月，央行均在公 开市场净投放资金，且中期借贷便利（MLF）与买断式逆回购两大工具各月均为提量续做，持续向市 场注入中长期流动性。 业内人士普遍认为，买断式逆回购操作形成"每月两次，提前公告"的常态化模式，有助于稳定市场 预期，提高政策透明度。此外，9月末，为应对跨季、跨国庆长假的资金需求，央行适时重启14天期逆 回购操作，并调整为" ...

Core Viewpoint - The article discusses the recent market fluctuations and the tendency of investors to engage in "revenge trading" after experiencing losses or missed opportunities, indicating a psychological response to market volatility [1]. Group 1: Market Conditions - The central bank conducted a 1,065 billion yuan 7-day reverse repurchase operation, with 770 billion yuan reverse repos maturing today, resulting in a net injection of 295 billion yuan [2]. - The interbank funding market showed a tightening trend in the morning, with the funding rates significantly rising; DR001 and DR007 increased by 22 basis points and 11 basis points, respectively, reaching around 1.63% [2]. - The bond market sentiment was cautious, with the 10-year government bond yield opening at 1.67% and peaking at 1.685%, reflecting a weak issuance sentiment for 20-year bonds [4]. Group 2: Trading Dynamics - The trading volume in the repo market showed a decline, with R001 at 59,107.07 million yuan, down by 6,446.34 million yuan, and R007 at 7,625.09 million yuan, up by 687.90 million yuan [3]. - The overall market saw a slight decline in stock prices, with the sentiment in the bond market remaining cautious and the funding rates fluctuating throughout the day [4]. - The article notes that each "rate cut" tends to create a feeling of "rate hike," indicating a cyclical nature of market reactions to monetary policy changes [5].