【操作建议】 【市场表现】 国债期货收盘多数上涨，30年期主力合约持平，10年期主力合约涨0.15%，5年期主力合约涨0.13%，2 年期主力合约涨0.04%。银行间主要利率债收益率普遍下行，30年期国债"25超长特别国债02"收益率下 行1.5bp报2.0790%，盘中一度上行1.6bp触及2.11%；10年期国开债"25国开15"收益率下行1.6bp报 1.9270%，10年期国债"25附息国债11"收益率下行1.6bp报1.7840%，盘中一度上行1bp触及1.81%。 【资金面】 央行公告称，9月16日以固定利率、数量招标方式开展了2870亿元7天期逆回购操作，操作利率1.40%， 投标量2870亿元，中标量2870亿元。数据显示，当日2470亿元逆回购到期，据此计算，单日净投放400 亿元。央行近期适度增大向市场投放流动性，有助于资金面平稳，不排除本月MLF加量续做的可能， 国债买卖操作也有望重启。资金面方面，税期走款，银行间市场周二资金面维持收敛状态，存款类机构 隔夜回购加权利率续升至1.44%上方；非银机构以存单和信用债为抵押拆借隔夜资金，报价升至1.5%左 右，较上个交易日继续攀高。央行买断式 ...

北京商报讯（记者 宋亦桐）8月4日，据中国人民银行官网消息，新修订的《反洗钱法》于2025年1月1 日起正式施行。为落实《反洗钱法》有关要求，有效应对反洗钱国际评估，中国人民银行会同国家金融 监督管理总局、中国证券监督管理委员会起草了《金融机构客户尽职调查和客户身份资料及交易记录保 存管理办法（征求意见稿）》（以下简称《征求意见稿》）现向社会公开征求意见。 《征求意见稿》指出，金融机构与境外金融机构建立代理行或者类似业务关系，或者接受委托为境外经 纪机构或其客户提供境内证券期货交易时，应当获得董事会或者向董事会负责的高级管理层的批准。金 融机构应当确保委托行对直接使用代理行账户的客户开展尽职调查，并能够应金融机构要求提供相关客 户尽职调查信息。金融机构不得与空壳银行建立代理行或者类似业务关系，同时应当确保委托行不提供 账户供空壳银行使用。 ...

Core Viewpoint - The article discusses the achievements and future plans of the "Data Element ×" three-year action plan, emphasizing the integration of data elements into financial technology and capital markets to enhance financial services and promote green finance initiatives [1][4]. Group 1: Financial Technology Development - The People's Bank of China (PBOC) will formulate a new financial technology development plan to deepen the application of financial technology in digital transformation [2][7]. - The PBOC aims to enhance financial service levels and risk resistance through best practices in data governance, sharing, application, and protection [4][7]. - A focus on financial data management and application will be implemented as part of the 2022-2025 financial technology development plan [4][5]. Group 2: Data Elements in Capital Markets - The China Securities Regulatory Commission (CSRC) views data elements as a new productive force and is advancing their integration and innovative application in capital markets [3][8]. - A joint pilot program between the CSRC and the National Data Bureau will explore 13 pilot business directions in eight provinces and cities, with 11 pilot projects already selected [8][9]. - The CSRC emphasizes the importance of data in optimizing resource allocation and supporting economic transformation [8][10]. Group 3: Innovation and Environmental Focus - The "Data Element ×" competition aims to leverage multi-dimensional data to assess environmental and social risks associated with financial activities, promoting resource allocation towards green and low-carbon sectors [3][12]. - The competition includes topics such as AI in capital market governance and enhancing financial services through data analysis [10][11]. - The CSRC encourages participants to address financing challenges faced by the real economy through innovative data applications [11]. Group 4: Risk Management and Data Security - The PBOC has released guidelines for data security management in financial institutions to ensure compliance and protect data rights [6][7]. - Emphasis is placed on using big data and AI for precise risk monitoring and management in the securities and futures sectors [13]. - The goal is to break down "data silos" and enhance the effectiveness of market regulation [13].

Core Viewpoint - The "Data Element ×" initiative aims to enhance the integration of data elements into financial services and capital markets, promoting digital transformation and innovation in the financial sector [1][2]. Group 1: Financial Technology Development - The People's Bank of China (PBOC) will formulate a new financial technology development plan and issue policy documents to promote the digital and intelligent transformation of finance through financial technology [2][4]. - The PBOC emphasizes improving financial service levels and risk resistance capabilities, guiding financial institutions to explore best practices in data governance, sharing, application, and protection [3][4]. - A comprehensive implementation of the 2022-2025 financial technology development plan will be promoted, focusing on enhancing financial data management and application [3][4]. Group 2: Data Elements in Capital Markets - The China Securities Regulatory Commission (CSRC) views data elements as a new productive force and is advancing their deep integration and innovative application in capital markets [5][6]. - A joint pilot work plan for "Data Element × Capital Market" was issued, outlining 13 pilot business directions and selecting 11 pilot projects across eight provinces and cities [5][6]. - The CSRC aims to leverage data elements to optimize service processes and improve service quality in the securities and futures industries, addressing financing challenges faced by the real economy [7]. Group 3: Security and Data Management - The PBOC has released data security management measures to ensure the lawful protection of business data and promote its development and utilization [4]. - Guidelines for data capability construction in the financial industry have been implemented, focusing on data sharing, application integration, privacy protection, and quality management [4]. - The PBOC will continue to enhance data management and security measures to ensure the safe application of financial data [4].

Report Summary 1. Core View - The central bank maintains a prudent monetary policy stance, using various tools to keep the liquidity of the banking system abundant. The transformation of the monetary policy framework is an ongoing process that will be continuously evaluated and improved [4]. - The 2025 Lujiazui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. The domestic factors driving the stock index are weak, and overseas uncertainties remain. The stock index is expected to be weakly volatile in the short term [6]. 2. Market Data Summary 2.1 Macro - financial Data - Interest rates: DRO01 closed at 1.37 with a - 0.06bp change; DR007 at 1.54 with a 1.75bp change; GC001 at 1.28 with a - 34.50bp change; GC007 at 1.56 with a - 8.00bp change; SHBOR 3M at 1.63 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. Bond yields: 1 - year treasury at 1.36 with a 0.25bp change; 5 - year treasury at 1.48 with a 0.45bp change; 10 - year treasury at 1.64 with a 0.50bp change; 10 - year US treasury at 0.00 with a - 1.00bp change [3]. - Central bank operations: The central bank conducted 2035 billion yuan of 7 - day reverse repurchase operations, with 1193 billion yuan of reverse repurchases maturing, resulting in a net injection of 842 billion yuan [3]. - This week, 8582 billion yuan of reverse repurchases are due in the central bank's open - market operations, with 2025 billion yuan due on Friday [4]. 2.2 Stock Index Data - Index closing prices: CSI 300 closed at 3843, down 0.82%; SSE 50 at 2666, down 0.54%; CSI 500 at 5677, down 1.20%; CSI 1000 at 6048, down 1.42%. Futures closing prices: IF当月 at 3840, down 0.8%; IH当月 at 2659, down 0.7%; IC当月 at 5678, down 1.0%; IM当月 at 6050, down 1.2% [5]. - Trading volume and open interest: IF trading volume was 117508, up 11.2%; IF open interest was 242993, up 2.0%; IH trading volume was 56937, up 17.6%; IH open interest was 83607, up 2.8%; IC trading volume was 105878, up 19.0%; IC open interest was 227844, up 4.0%; IM trading volume was 228414, up 21.4%; IM open interest was 336516, up 4.5% [5]. - The total trading volume of the Shanghai and Shenzhen stock markets was 12506 billion yuan, an increase of 596 billion yuan from the previous day. Most industry sectors declined, while the mining, petroleum, and gas industries strengthened [5]. 2.3 Futures Contract Premium and Discount - IF: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 25.56%, 14.64%, 7.96%, and 5.59% respectively [7]. - IH: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 86.54%, 21.40%, 7.13%, and 3.69% respectively [7]. - IC: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 6.23%, 13.18%, 12.05%, and 10.35% respectively [7]. - IM: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 13.13%, 16.03%, 15.89%, and 13.75% respectively [7]. 3. Event Summary - The 2025 Lujiazui Forum focused on promoting financial opening and enhancing the support of the financial market to industries, but did not significantly address further monetary policy tightening or equity market rescue tools [6].