Market Performance - The majority of government bond futures closed higher, with the 10-year main contract up by 0.15% and the 5-year main contract up by 0.13% [1] - The yield on the 30-year government bond "25超长特别国债02" decreased by 1.5 basis points to 2.0790%, while the 10-year government bond "25附息国债11" yield fell by 1.6 basis points to 1.7840% [1] Funding Situation - The central bank conducted a 287 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with a net injection of 40 billion yuan for the day [2] - The interbank market saw an increase in overnight repurchase weighted rates above 1.44%, indicating a tightening funding situation despite the central bank's liquidity injections [2] Operational Suggestions - Despite a tightening funding situation, the bond market is showing signs of recovery due to improved cost-effectiveness and expectations of renewed bond purchases by the central bank [3] - The bond market remains uncertain, with factors such as market risk appetite and potential policy changes influencing future stability [3]

Core Viewpoint - The revised Anti-Money Laundering Law will take effect on January 1, 2025, and aims to enhance compliance and international assessment responses in the financial sector [1] Group 1: Regulatory Changes - The People's Bank of China, along with the National Financial Regulatory Administration and the China Securities Regulatory Commission, has drafted the "Customer Due Diligence and Customer Identity Information and Transaction Record Retention Management Measures (Draft for Comments)" to implement the new law [1] - Financial institutions must obtain approval from the board of directors or senior management when establishing agency relationships with foreign financial institutions or providing domestic securities and futures trading for foreign brokerage firms or their clients [1] Group 2: Due Diligence Requirements - Financial institutions are required to ensure that the entrusted agency conducts due diligence on clients directly using agency accounts and must provide relevant due diligence information upon request [1] - Financial institutions are prohibited from establishing agency relationships with shell banks and must ensure that the entrusted agency does not provide accounts for shell banks [1]

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].