Market Performance - The majority of government bond futures closed higher, with the 30-year main contract down 0.10% at 111.960 yuan, the 10-year main contract up 0.02% at 108.260 yuan, the 5-year main contract up 0.06% at 105.905 yuan, and the 2-year main contract up 0.03% at 102.414 yuan [1] - The yields on major interbank bonds showed mixed movements, with the 10-year China Development Bank bond "25国开15" yield rising by 0.30 basis points to 1.9610%, while the 10-year government bond "25附息国债16" yield fell by 0.30 basis points to 1.8120%, and the 30-year government bond "25超长特别国债06" yield decreased by 0.15 basis points to 2.2500% [1] Funding Conditions - The central bank announced a 1,055 billion yuan 7-day reverse repurchase operation on February 3, with a fixed rate of 1.40%, and the full bid amount was accepted [2] - On the same day, 4,020 billion yuan of reverse repos matured, resulting in a net withdrawal of 2,965 billion yuan [2] - The overall funding conditions in the interbank market remained stable, with the weighted average rate of DR001 dropping about 5 basis points to around 1.31% [2] News Updates - The central bank reported liquidity injection for January 2026, with a net withdrawal of 79 billion yuan from the Standing Lending Facility (SLF), a net injection of 700 billion yuan from the Medium-term Lending Facility (MLF), and a net injection of 1,744 billion yuan from the Pledged Supplementary Lending (PSL) [3] - The central bank will conduct an 8,000 billion yuan buyout reverse repurchase operation on February 4, with a term of 3 months (91 days), aiming for a net injection of 1,000 billion yuan after accounting for 7,000 billion yuan of 91-day reverse repos maturing on the same day [3] Operational Suggestions - The recent rebound in the equity market has slightly suppressed long bond sentiment, but the central bank's announcements of 1,000 billion yuan bond purchases and a 1,000 billion yuan net injection through buyout reverse repos support expectations for a loose funding environment [4] - In the absence of further catalysts, the 10-year bond yield may continue to fluctuate within the 1.8%-1.85% range, while the T2603 contract may oscillate between 108-108.3 [4] - It is suggested to maintain range trading strategies and consider narrowing the spread between ultra-long bonds and other varieties, especially with the seasonal rise in funding rates before the Spring Festival [4]

"当前，逆回购、MLF、国债买卖等保障日常的流动性供给，SLF可向有需要的银行提供临时的流 动性支持，各类再贷款对应结构性的流动性供给。总体看，我国流动性工具体系已较为完整，基本覆盖 了国际通行的流动性工具范围。"业内人士表示，"这套相互配合、各有侧重的立体化工具体系，有力保 障了流动性的充裕，充分体现了我国货币政策调控的专业性与有效性，为经济高质量发展营造了适宜的 流动性环境。" 对于下一步政策思路，董希淼预计，2月份仍然是银行信贷投放较为集中的月份，叠加春节之前取 现因素影响，市场对流动性需求增加。他分析认为，央行已经建立起了一套流动性管理工具"组合拳"， 预计可通过各种工具的配合使用，有效应对财政税收、政府债券发行等短期波动，保持货币市场运行整 体平稳，短端货币市场利率围绕政策利率中枢小幅波动，银行体系流动性保持充裕。 中信证券首席经济学家明明表示，1月份国债净买入规模1000亿元，1月份央行买断式逆回购加上 MLF净投放规模达到1万亿元，流动性整体稳中偏松。2月份，资金面临跨节和现金扰动双重压力，预 计后续可能综合运用多种工具，保持流动性充裕。 2月3日，中国人民银行官网公布，为保持银行体系流动性充裕 ...

综合来看，2月中长期流动性合计到期15000亿元，其中3个月期、6个月期买断式逆回购到期规模分别为 7000亿元、5000亿元，中期借贷便利（MLF）到期规模为3000亿元。而2月4日央行将开展8000亿元买 断式逆回购操作，实现净投放1000亿元。 2月3日，中国人民银行官网公布，为保持银行体系流动性充裕，2月4日，中国人民银行将以固定数量、 利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为3个月（91天）。 "当前，逆回购、中期借贷便利（MLF）、国债买卖等保障日常的流动性供给，常备借贷便利（SLF） 可向有需要的银行提供临时的流动性支持，各类再贷款对应结构性的流动性供给。总体看，我国流动性 工具体系已较为完整，基本覆盖了国际通行的流动性工具范围。"业内人士解释，"这套相互配合、各有 侧重的立体化工具体系，有力保障了流动性的充裕，充分体现了我国货币政策调控的专业性与有效性， 为经济高质量发展营造了适宜的流动性环境。" 对于下一步政策思路，董希淼预计，2月仍然是银行信贷投放较为集中的月份，叠加春节之前取现因素 影响，市场对流动性需求增加。他分析称，央行已经建立起了一套流动性管理工具组合拳， ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system by conducting a 800 billion yuan reverse repo operation with a three-month term, marking the first increase in this type of operation since November 2025 [1][3]. Group 1: Liquidity Operations - On February 4, the PBOC will conduct a reverse repo operation of 800 billion yuan, with a term of 91 days, to inject medium-term liquidity into the banking system [1][3]. - The PBOC's liquidity injection aims to stabilize the funding environment ahead of the Spring Festival, as February is typically a month with concentrated bank credit issuance [4][5]. - The total medium to long-term liquidity maturing in February is 15,000 billion yuan, including 7,000 billion yuan in three-month reverse repos and 5,000 billion yuan in six-month reverse repos [3][4]. Group 2: Market Impact and Expectations - The net injection from the reverse repo operation will be 1,000 billion yuan, as 7,000 billion yuan in three-month reverse repos will mature on the same day [3]. - Analysts expect that the PBOC will continue to conduct six-month reverse repos around February 15, potentially maintaining or increasing the amount injected [4]. - The PBOC is also expected to conduct Medium-term Lending Facility (MLF) operations around February 25, likely maintaining or increasing the amount as well [4].

2月3日，中国人民银行公布2026年1月中央银行各项工具流动性投放情况。数据显示，1月，中期借贷便 利（MLF）净投放7000亿元，常备借贷便利（SLF）净回笼79亿元，抵押补充贷款（PSL）净投放1744 亿元，其他结构性货币政策工具净投放641亿元。公开市场操作方面，1月，公开市场国债买卖净投放 1000亿元，7天期逆回购净投放1678亿元，中央国库现金管理净回笼600亿元，其他期限逆回购净投放 1000亿元。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中金点睛 结构性货币政策中与房地产和基建更相关的PSL总量相比2024年已经大幅下降、近期止跌，2026年的方 向可能更加重视科技创新、绿色发展、服务业发展以及帮助民营企业等。2025年1季度，央行结构性货 币政策工具总量为5.9万亿元[3]，相比2024年4季度下降了4000亿元。此后，央行不再继续公布结构性货 币政策总量工具的总体数据。根据我们的跟踪，市场非常熟悉、曾经在棚改货币化、政策性开发性金融 工具中起到重要作用的抵押补充贷款（PSL）余额整体上是在下降的（图表2），2025年12月抵押补充 贷款余额为1.02万亿元，相比去年同期2.36万亿元下降了1.34万亿元。2025年4季度以来降幅有所放缓、 环比开始持平，可能与新一轮政策性开发性金融工具落地有关。 从这次宣布的政策来看，结构性货币政策工具围绕"五篇大文章"进一步落地，在养老金融领域拓展服务 消费与养老再贷款的支持领域，在科技金融领域"将科技创新和技术改造再贷款额度从8000亿元增加至 1.2万亿元"，在绿色金融领域"拓展碳减排支持工具的支持领域"。在普惠金融领域尤其重 ...

核心观点 锚定经济结构性矛盾，精准落地结构性货币政策工具。此次结构性货币政策利率调整，既是对中央经济工 作会议精神的快速响应，也是破解我国当前经济结构性矛盾的关键抓手。结构性货币政策多年来持续加码， 以抵押补充贷款（PSL）利率调整为例，自 2022 年以来其利率已累计调降过 3 次，从最初的 2.80%逐步降 至 2025 年 5 月的 2.00%，此次再次调降至 1.75%。这一持续调降的背后，是政策对重点领域支持的连贯性， 以增强市场预期稳定性。这既畅通了货币政策传导机制，缓解了重点领域与薄弱环节的融资压力，又从根 本上防范总量宽松可能带来的风险积累，充分彰显结构性货币政策在平衡稳增长与调结构中的核心作用。 证券研究报告 | 2026年01月15日 银行业点评 精准滴灌，稳定银行息差预期 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 田维韦 | 021-60875161 | tianweiwei@guosen.com.cn | 执证编码：S0980520030002 | | ...

Core Insights - The People's Bank of China reported a net liquidity injection of 802.8 billion yuan for December 2025, indicating a proactive monetary policy stance to support the economy [1] Group 1: Liquidity Injection Details - Medium-term lending facility (MLF) provided a liquidity injection of 400 billion yuan, with a net injection of 100 billion yuan after 300 billion yuan was withdrawn [1] - Standing lending facility (SLF) contributed a net injection of 71 billion yuan, with 100 billion yuan injected and 29 billion yuan withdrawn [1] - There was no injection from the pledged supplementary lending (PSL), resulting in a net withdrawal of 56 billion yuan [1] - Other structural monetary policy tools saw a net injection of 159.4 billion yuan, with 638.9 billion yuan injected and 479.5 billion yuan withdrawn [1] Group 2: Open Market Operations - In the open market operations, the 7-day reverse repos resulted in a net injection of 81.9 billion yuan, with 35,361 billion yuan injected and 34,542 billion yuan withdrawn [1] - Other term reverse repos achieved a net injection of 400 billion yuan, with 18,000 billion yuan injected and 14,000 billion yuan withdrawn [1] - The net injection from government bond transactions in the open market was 50 billion yuan, while central treasury cash management contributed a net injection of 10 billion yuan [1] - The required reserve ratio remained unchanged during the month [1]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for December 2025, indicating a mixed approach to monetary policy with both net injections and withdrawals across various tools. Group 1: Central Bank Lending - The Standing Lending Facility (SLF) had a net injection of 7.1 billion yuan [1] - The Medium-term Lending Facility (MLF) saw a net injection of 100 billion yuan [1] - The Pledged Supplementary Lending (PSL) experienced a net withdrawal of 5.6 billion yuan [1] - Other structural monetary policy tools had a net injection of 159.4 billion yuan [1] Group 2: Open Market Operations - The 7-day reverse repurchase agreements had a net injection of 81.9 billion yuan [1] - Other term reverse repurchase agreements had a net injection of 400 billion yuan [1] - The net injection from open market treasury bond transactions was 50 billion yuan [1] - The central treasury cash management had a net injection of 10 billion yuan [1]

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for December 2025, indicating a net liquidity injection across various monetary policy tools, which reflects the central bank's efforts to manage liquidity in the financial system [1][2]. Group 1: Central Bank Loans - The net injection from the Standing Lending Facility (SLF) was 7.1 billion yuan [1][2] - The net injection from the Medium-term Lending Facility (MLF) was 100 billion yuan [1][2] - The net withdrawal from the Pledged Supplementary Lending (PSL) was 5.6 billion yuan [1][2] - Other structural monetary policy tools saw a net injection of 159.4 billion yuan [1][2] Group 2: Open Market Operations - The net injection from the 7-day reverse repos was 81.9 billion yuan [1][2] - The net injection from other term reverse repos was 400 billion yuan [1][2] - The net injection from open market treasury transactions was 50 billion yuan [1][2] - The net injection from central treasury cash management was 10 billion yuan [1][2]