固收-近期资金面跟踪更新 20260107 摘要 2025 年资金面呈现前紧后松格局，一季度偏紧，二三四季度相对宽松。 一季度末 MLF 净投放转正释放暖意，5 月央行双降应对外部扰动，6 月 资金利率趋稳，7-11 月整体宽松，DR001 加权利率在 1.31 附近波动。 数据口径调整将大行、政策行及股份行合并为大型银行，城商行、农商 行等合并为中小型银行，影响现券交易和大行融出资金体量的观察，但 新指标体系仍具参考意义。 农商行业务在收益率修复时倾向于兑现浮盈，过去几年久期逐渐拉长， 但受监管限制和自身久期上限影响，未来将更关注收益兑现而非继续拉 长久期，降准降息预期可能引发业务调整。 2025 年下半年，央行通过逆回购、买断式逆回购等操作管理流动性， 应对增值税改革、北交所打新、税期走款等因素的影响，保持资金面总 体稳定。 2026 年初流动性预期相对乐观，春节时间点偏后，季节性错位影响使 得 1 月份情况稍好，央行若保持支持，大概率不会出现 2025 年一季度 那种明显收紧情况。 Q&A 近期资金面的整体情况如何？ 近期资金面相对宽松，春节在 2 月中旬，因此 1 月份的发债量不大，银行吸存 款情况较 ...

PRESS RELEASE Courbevoie, France – January 07, 2026 Half-year report on the liquidity contract Under the liquidity contract entrusted by Bureau Veritas to Rothschild Martin Maurel, as at the date of December 31, 2025, the following assets were included in the liquidity account: 0 Bureau Veritas share 10,905,867 euros in cash In the second half-year of 2025, the following transactions took place: Shares purchased: 3,031,487 shares (8,026 transactions) for a total of 82,209,497.39 euros Shares sold: 3,046,4 ...

Key Takeaways BROS ended Q3 2025 with about $706M in liquidity, split between cash and an undrawn revolver.BROS faces rising coffee costs, higher California labor taxes and added expenses from new market entries.BROS keeps CapEx at $240M-$260M, aided by build-to-suit leases holding average shop costs near $1.4M.Dutch Bros Inc. (BROS) is entering its next phase of expansion with a notably stronger liquidity profile, a factor that could prove increasingly important as cost volatility persists across the resta ...

VANCOUVER, BC / ACCESS Newswire / December 30, 2025 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCID:TGIFF) provides the following update regarding its unsecured convertible debentures issued in 2024 (the "2024 Debentures").Debenture Conversion StatusAs of December 22, 2025, the conversion deadline set out in the debenture agreement, an aggregate of $1,035,000 of debentures were converted into units of the Company. Following these conversions, $1,563,000 of debentures remain o ...

The move is aimed at encouraging banks to lower lending rates and boost credit demand.Liquidity has remained in deficit since mid-December, forcing banks to borrow daily from RBI - a sign of tight conditions that have constrained lenders from reducing rates despite a 25-basis-point policy rate cut by the central bank earlier this month."To ensure that banking system liquidity surplus stays at 1% of NDTL on a consistent basis until March 2026, there could be space for additional ₹1 lakh crore of OMO (open m ...

Key TakeawaysThe UK Debt Management Office (DMO) announced plans for £303.7 billion in gross gilt issuance for 2025/26, an increase from previous estimates, with a notable shift in the composition of gilt sales.US economic data revealed initial jobless claims fell to 216,000 for the week ending November 22, while durable goods orders rose by 0.5% in September, exceeding expectations.China Vanke is proposing to extend 2 billion yuan in bonds maturing on December 15, highlighting continued liquidity pressures ...

Financial Performance - GAAP net loss was $95 million, or $007 per share[4] - Distributable loss was $215 million, or $015 per share[4] - Distributable earnings prior to realized gains and losses were $59 million, or $004 per share[4] Loan Portfolio - Total loan commitments were $45 billion as of September 30, 2025, compared to $50 billion as of June 30, 2025[6] - The weighted average all-in yield was 67%[6] - Floating rate loans comprised 97% of the portfolio[6] - Senior loans also represented 97% of the portfolio[6] Loan Resolution - During the quarter, four loans were resolved, totaling $7160 million of UPB[4] - Year-to-date, 18 loans were resolved, totaling $22 billion of UPB, with $808 million in partial loan repayments[4] Liquidity and Leverage - Total available liquidity increased to $385 million as of November 4, 2025, including $340 million in cash[4, 15] - Unfunded loan commitments decreased to $348 million as of September 30, 2025, an ~82% reduction from December 31, 2022[4, 21] - Net debt to equity ratio decreased to 19x[4] - Total leverage ratio decreased to 24x[4] Risk Management - Risk rated 5 loans had a total UPB of $978 million, with an average specific CECL reserve of 172%[4, 38] - Risk rated 4 loans had an average general CECL reserve of 99%[4, 41]

Core Insights - Visa Inc. has launched a pilot program through its Visa Direct platform allowing businesses to use stablecoins for cross-border payouts, enhancing payment modernization efforts following the GENIUS Act [1][4] - The initiative addresses liquidity management issues in international payments, providing a more efficient system for companies managing large payouts [2] - Visa's approach allows businesses to prefund transactions with stablecoins, which are treated as cash reserves, ensuring recipients receive funds in local fiat currency [3] Business Impact - The pilot program is expected to strengthen Visa's position in cross-border flows, increase participation in digital asset infrastructure, and boost transaction volumes [4] - Visa processed 65.4 billion transactions in the last reported quarter, reflecting a 10% year-over-year growth [4] Competitive Landscape - Competitors like Mastercard and American Express are also advancing in the stablecoin space, with Mastercard announcing end-to-end capabilities for stablecoin transactions and American Express launching a crypto-linked credit card [5][6] Financial Performance - Visa shares have increased by 10.7% year-to-date, outperforming the broader industry but lagging behind the S&P 500 Index [7][9] - The forward price-to-earnings ratio for Visa is 27.19, above the industry average of 20.21, with a projected EPS growth of 13.7% for fiscal year 2025 [10][12]

Core Insights - The article highlights a significant shift in financial strategy among mid-sized companies, indicating that working capital is now viewed as a growth engine rather than merely a buffer [1] Group 1: Working Capital Insights - The findings are based on insights from over 1,400 CFOs and Treasurers across 10 industries and 23 countries [1] - Companies are increasingly leveraging digital tools to enhance their working capital management [1]

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced measures to further support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [1][2]. Group 1: Support for Foreign Institutional Investors - The announcement allows all types of foreign institutional investors, including central banks, sovereign wealth funds, commercial banks, and asset management firms, to participate in bond repurchase transactions in the interbank bond market [3]. - As of August 2025, there are 1,170 foreign institutions from 80 countries and regions holding approximately 4 trillion RMB in Chinese bonds, indicating a growing demand for liquidity management through bond repurchase [2]. Group 2: Operational Changes - The new operational model will align with international practices by allowing the transfer and usability of the underlying bonds in repurchase agreements, which is expected to enhance overall market liquidity [4]. - A transitional period of 12 months will be provided for institutions already engaged in bond repurchase transactions to adapt to the new model [5]. Group 3: Risk Management and Regulatory Compliance - The measures emphasize a balance between openness and security, with a focus on transaction, custody, settlement, and exchange rate management to ensure a closed-loop fund management system [5]. - Foreign institutional investors must comply with existing regulations regarding fund and account management when conducting transactions in the interbank bond market [6].