中国人民银行1月8日发布公告称，以固定利率、数量招标方式开展了99亿元7天期逆回购操作，操作利 率为1.4%。因当日无7天期逆回购到期、有11000亿元3个月期买断式逆回购到期，叠加当日等量续做的 买断式逆回购，最终实现净投放99亿元。专家认为，财政存款、信贷投放等多种因素叠加共振将影响1 月流动性，央行或将继续通过国债买卖、中期借贷便利（MLF）等多种政策工具保持流动性充裕，预 计资金面将延续宽松态势。（中证报） ...

● 本报记者 彭扬 中国人民银行1月8日发布公告称，以固定利率、数量招标方式开展了99亿元7天期逆回购操作，操作利 率为1.4%。因当日无7天期逆回购到期、有11000亿元3个月期买断式逆回购到期，叠加当日等量续做的 买断式逆回购，最终实现净投放99亿元。 专家认为，财政存款、信贷投放等多种因素叠加共振将影响1月流动性，央行或将继续通过国债买卖、 中期借贷便利（MLF）等多种政策工具保持流动性充裕，预计资金面将延续宽松态势。 多因素扰动流动性 1月4日-9日，央行公开市场迎来集中到期，其中有17937亿元逆回购与11000亿元买断式逆回购陆续到 期。针对1月8日到期的买断式逆回购，央行于当日等量续做，以此呵护市场流动性。 面对1月的流动性缺口，市场预期央行后续将加大政策工具运用力度，且操作有望更加积极，以维持资 金面稳定，预计资金利率波动将小于季节性。 "1月央行将综合运用买断式逆回购、MLF等货币政策工具，持续向市场注入中期流动性，这是2026年货 币政策延续'适度宽松'基调，保持流动性充裕的体现。"东方金诚首席宏观分析师王青说。 明明持相似观点，他认为，在货币政策"适度宽松"基调与"保持流动性充裕"的整体 ...

新华财经上海1月8日电进入2026年，资金市场延续跨年以来"波平浪静"的特征。央行在1月8日再次等量 续作3个月期买断式逆回购。多家机构表示，在"适度宽松"货币政策总基调下，预计2026年利率环境延 续相对稳定，"低波动"或成为2026年常态。 机构：预计2026年利率环境延续相对稳定 展望后市，中泰证券最新研报表示，从资金面上看，当前市场风险偏好仍处于较高水平。从宏观与流动 性环境看，全球流动性进一步宽松的预期。2026年货币环境或延续审慎偏宽，整体呈现"量宽价稳"的特 点。 （文章来源：新华财经） 央行再次等量续作3个月期买断式逆回购 多位业内人士表示，稳增长需求仍存，货币政策"适度宽松"的主基调未变，资金面低波状态大概率会延 续。国信证券分析师王开表示，当前格局延续"宽货币+宽信用"的组合，资金面趋紧风险较低，整体金 融条件仍对宏观与资产表现形成托底。 据华西证券统计，在各类货币政策工具协同调控下，资金利率回归低位运行状态，绝对水平逐步向政策 利率（OMO）附近收敛。以DR001为例，滚动60日标准差从一季度的4%以上逐步压缩至四季度的0.5% 左右，市场平稳性增强。 华西证券首席经济学家刘郁表示，从央 ...

新华财经北京1月8日电（王菁）债市周四（1月8日）明显回暖，期现券午后同步快速走强，国债期货主 力全线收涨，银行间现券收益率下行2BPs左右；公开市场单日净投放99亿元，短端资金利率有所回 升。 北美市场方面，当地时间1月6日，美债收益率涨跌不一，2年期美债收益率涨1.45BP报3.470%，3年期 美债收益率涨0.28BP报3.525%，5年期美债收益率跌0.52BP报3.703%，10年期美债收益率跌2.16BPs报 4.147%，30年期美债收益率跌3.17BPs报4.829%。 亚洲市场方面，日债收益率全线大幅回落，10年期和20年期日债收益率分别下行5.1BPs和2.4BPs，报 2.07%和3.072%。 欧元区市场方面，当地时间1月6日，10年期法债收益率跌3.1BPs报3.520%，10年期德债收益率跌3BPs 报2.811%，10年期意债收益率跌1.9BP报3.513%，10年期西债收益率跌1.9BP报3.250%。其他市场方 面，10年期英债收益率跌6.5个基点报4.415%。 【一级市场】 机构认为，目前债市缺少明显的方向性定调，随着年初关于基金赎回费等方向的影响渐弱之后，市场料 继续区 ...

中国人民银行1月7日消息，为保持银行体系流动性充裕，2026年1月8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11000亿元买 断式逆回购操作，期限为3个月（90天）。 Wind数据显示，1月8日将有11000亿元3个月期买断式逆回购到期。由此，央行1月8日开展11000亿元买断式逆回购操作，意味着当月3个月期买断式逆回 购等量续做，这也是该政策工具连续第三个月等量续做。 "3个月期买断式逆回购未加量续做，或与金融机构资金需求的期限结构有关，不代表央行降低流动性投放力度。"东方金诚首席宏观分析师王青表示。 在中信证券首席经济学家明明看来，2025年12月资金整体宽松，当下资金跨年压力告一段落，且距离春节流动性、季节性压力时段仍有时间，央行短期加 大流动性净投放的紧迫性并不强。 往后看，明明表示，在适度宽松的货币政策取向延续的环境下，考虑到2026年一季度信贷"开门红"的潜在影响，对于1月到期的6000亿元6个月期买断式逆 回购，预计央行可能采取净投放操作，补充商业银行中长期流动性。 王青表示，着眼于应对潜在的流动性收紧态势，央行大概率会继续通过买断式逆回购操作，向银行体系注入中期流动性，引 ...

【内容摘要】12月4日，央行公开市场继续净回笼，但资金面延续宽松，主要回购利率低位波动；债市延续下跌，主要期限利率债收益率全线上行；万科多 只债券继续下跌；碧桂园发行强制性可转债等境外债重组相关议案获股东大会通过；新世界发展公布交换要约最终结果，预计可削债近11.7亿美元；鹏博士 公告下属子公司未能如期支付美元债本息，债券余额约2.2亿美元；转债市场主要指数延续下行，个券多数下跌；海外方面，主要期限美债收益率全线上 行，除英国外，主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【中国人民银行等量续做3个月期买断式逆回购】12月4日，中国人民银行发布公开市场买断式逆回购招标公告。公告显示，为保持银行体系流动性充裕，12 月5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10000亿元买断式逆回购操作，期限为3个月（91天）。由于本月有10000亿元3个月 期买断式逆回购到期，因此在开展上述操作后，3个月期买断式逆回购将实现等量续做。 【潘功胜：不断增强央行政策利率的作用，收窄短期利率走廊的宽度】央行行长潘功胜在人民日报发表署名文章《构建科学稳健的货币政策体系和覆盖全面 的 ...

专家认为，12月流动性阶段性扰动主要来自三方面因素，包括政府债集中发行、中长期流动性回笼1.7 万亿元、个别时点存单单日到期规模较大等。 从政府债看，华西证券宏观联席首席分析师肖金川表示，12月政府债净发行规模或回落至年内低位。天 风证券固收首席分析师谭逸鸣表示，临近年末，财政支出往往对资金面形成支撑，今年政府债发行节奏 较去年同期相对前置，对应12月财政支出节奏或有提速。 "目前，央行中短期流动性的投放方式已经基本固定，即每月5日前后开展3个月期买断式逆回购、15日 前后开展6个月期买断式逆回购、25日开展MLF（中期借贷便利）操作。"招联首席研究员董希淼说，央 行通过MLF和买断式逆回购向银行体系注入中期流动性，有助于资金面保持较为稳定的充裕状态。 《2025年第三季度中国货币政策执行报告》提出，综合运用多种货币政策工具，保持流动性充裕。 中信证券首席经济学家明明表示，预计央行将进一步改善流动性环境，引导金融机构提升服务实体经济 的意愿。预计年末剩余时段央行大概率继续维持宽松的数量操作模式，资金面或维持相对稳健偏松态 势。 中国人民银行12月1日发布公告称，以固定利率、数量招标方式开展了1076亿元7天期 ...

Group 1: Report Industry Investment Rating - Not available Group 2: Core Views - The current low - level capital price reflects the central bank's intention, and the trigger may be the demand for capital protection before the Fourth Plenary Session or the demand for liquidity easing during the repeated Sino - US relations. Capital is expected to remain optimistic until at least the Fourth Plenary Session. It is recommended to allocate 1 - year certificates of deposit (CDs) at a yield above 1.68% [4]. - Considering the central bank's supportive attitude, the forward - looking net investment in outright reverse repurchases has kept the weighted price of DR001 stable at 1.31% since early October. The capital situation is expected to remain optimistic before the Fourth Plenary Session. The 1 - year CD with a current yield of 1.67% can be gradually allocated to obtain riding returns [23]. Group 3: Summary by Relevant Catalogs 1. Fund Super - expected Looseness - Last week, the central bank significantly "shortened the short - term and lengthened the long - term", and the capital felt loose. The DR001 capital price remained stable at around 1.31% throughout the week [10]. - The central bank's "shortening the short - term and lengthening the long - term" operation is obvious. On the one hand, it is beneficial to the stability of commercial banks' capital lending, and on the other hand, it helps the central bank strengthen the regulation of the short - term capital market. In October, the central bank continuously withdrew short - term liquidity, while the net investment of outright reverse repurchases reached the highest value since March [16]. - In October, the central bank increased the 3 - month and 6 - month outright reverse repurchases and advanced the investment rhythm, which increased commercial banks' willingness to lend and supported the current capital looseness [18]. - The increase in short - term CD prices is mainly due to supply - side factors. The current low - level capital price represents the central bank's intention. Since October 9, the weighted price of DR001 has been stable at 1.31% [21][22]. 2. Weekly Fund CD Tracking and Key Event Reminders - **Central Bank**: Last week, the central bank had a net withdrawal of reverse repurchases and invested 60 billion yuan in 6 - month outright reverse repurchases. Next week, 67.31 billion yuan of short - term funds will mature, and 130 billion yuan of outright reverse repurchase funds and 70 billion yuan of MLF will mature in October [28]. - **Government Bonds**: Last week, the net financing of government bonds was - 2.36 billion yuan, and the cumulative net financing was 1.15455 trillion yuan, with a net financing progress of 83.3%. Next week, the net financing of government bonds is expected to be 44.52 billion yuan, and the cumulative net financing will reach 1.19908 trillion yuan, with a net financing progress of 86.5%. The net payment will be 15.84 billion yuan. Structurally, replacement bonds are close to full issuance, and the issuance progress of new local government bonds is still slower than the seasonal average [28]. - **Bills**: The bill interest rate was oversupplied last week, and the bill interest rate generally increased [28]. - **Exchange Rate**: The RMB depreciated by 0.05% against the US dollar last week. The USDCNH/USDCNY swap points were around 1300/1200 points. The central bank's demand for exchange rate regulation was weak [28]. - **Funds**: The central bank continuously invested, and the net lending of state - owned banks continued to increase. The capital price decreased, the net lending of capital pass - through parties (money market funds + wealth management products) decreased, and the non - bank capital borrowing demand continued to increase. The capital stratification remained at a low level. In terms of leverage, the leverage ratio of commercial banks decreased, while the leverage ratios of other institutions increased. In terms of price perception, the decline of the GC series > the increase of the R series > the increase of the DR series > the decline of the Shibor, and the term and institutional stratification narrowed, and the capital felt loose [28]. - **CDs**: In the primary market, the net financing of bank CDs turned positive last week, and the weighted issuance duration also lengthened. In the secondary market, the activity of CDs continued to decline, the yield center was basically the same as before, and non - bank buying increased significantly. The 1 - year AAA CD yield is currently 1.6725% [28][69][80]. 3. Central Bank: 6 - month Outright Reverse Repurchase Investment of 60 Billion Yuan - Last week, the central bank had a net withdrawal of reverse repurchases and invested 60 billion yuan in 6 - month outright reverse repurchases. The OMO had a net withdrawal of 149.92 billion yuan. Next week, 67.31 billion yuan of short - term funds will mature, and 130 billion yuan of outright reverse repurchase funds and 70 billion yuan of MLF will mature in October [31][33]. 4. Government Bonds: Next Week's Net Payment to Rise to 15.84 Billion Yuan - Last week, the net financing of government bonds was - 2.36 billion yuan, and the cumulative net financing was 1.15455 trillion yuan, with a net financing progress of 83.3%. Next week, the net financing of government bonds is expected to be 44.52 billion yuan, and the cumulative net financing will reach 1.19908 trillion yuan, with a net financing progress of 86.5%. The net payment will be 15.84 billion yuan. Structurally, replacement bonds are close to full issuance, and the issuance progress of new local government bonds is still slower than the seasonal average. On October 20, a 149 - billion - yuan 10 - year treasury bond will be issued, and the peak of the government bond payment for the whole week will be on October 21, with an amount of 366.6 billion yuan [36][43]. 5. Bills: This Week's Bill Trend Generally Upward - The bill interest rate was oversupplied this week, and the bill trend generally increased. As of October 17, the 3 - month national - share direct discount rate, 3 - month national - share transfer discount rate, 6 - month national - share direct discount rate, and 6 - month national - share transfer discount rate were 0.57%, 0.43%, 0.75%, and 0.76% respectively, up 7BP, 8BP, 3BP, and 2BP from October 10 [45]. 6. Exchange Rate: RMB Exchange Rate Depreciated - The RMB depreciated by 0.05% against the US dollar this week. The USDCNH/USDCNY swap points were around 1300/1200 points. The central bank's demand for exchange rate regulation was weak. On October 17, the central parity rate of the US dollar against the RMB was 7.0949, and the inverse cycle factor was - 242pip. The central bank did not announce or issue offshore central bank bills this week [49][51][52]. 7. Market Capital Supply and Demand: Net Lending of State - owned Banks Continued to Recover - The central bank continuously invested, and the net lending of state - owned banks continued to increase. The capital price decreased, the net lending of capital pass - through parties (money market funds + wealth management products) decreased, and the non - bank capital borrowing demand continued to increase. The capital stratification remained at a low level. The leverage ratio of commercial banks decreased, while the leverage ratios of other institutions increased. The decline of the GC series > the increase of the R series > the increase of the DR series > the decline of the Shibor, and the term and institutional stratification narrowed, and the capital felt loose [54][61][67]. 8. CDs: Net Financing of State - owned Bank CDs Turned Positive, and the Weighted Issuance Duration Lengthened 8.1 Primary Issuance Market - The net financing of bank CDs turned positive last week, with a net financing scale of 22.466 billion yuan, and the average issuance interest rate decreased to 1.6315%. Next week, about 61.789 billion yuan of CDs will mature. Structurally, the net financing of state - owned bank CDs turned negative, and the weighted issuance duration lengthened. In terms of different entities, the net financing of national - share banks turned negative, the proportion increased, and the overall subscription success rate decreased. In terms of different terms, the weighted issuance duration of CDs increased to 6.07 months, and the proportion of long - term CD issuance by national - share banks decreased. In terms of price, the issuance interest rates of CDs at all terms decreased to varying degrees, with short - duration varieties declining more [69][73][75]. 8.2 Secondary Trading Market - The activity of CDs continued to decline last week, the yield center was basically the same as before, and non - bank buying increased significantly. The CD yield first increased and then decreased, and the weekly center increased by 0.03BP compared with last week, basically remaining the same. The bank system was a net seller as a whole, while non - banks except securities firms were net buyers, among which the strength of money market funds, wealth management products, and insurance significantly recovered. The 1 - year AAA CD yield is currently 1.6725% [80][83].

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.46%, the 10-year main contract up by 0.15%, the 5-year main contract increasing by 0.07%, and the 2-year main contract gaining 0.02% [1] - The yields on major interbank bonds mostly declined, with the 10-year China Development Bank bond "25国开15" yield down by 0.45 basis points to 1.9585%, the 10-year government bond "25附息国债11" yield down by 0.9 basis points to 1.7740%, the 30-year government bond "25超长特别国债02" yield down by 0.8 basis points to 2.1220%, and the 7-year government bond "25附息国债07" yield down by 1.75 basis points to 1.70% [1] Funding Conditions - The central bank announced a fixed-rate, quantity tender operation of 612 billion yuan for a 7-day reverse repurchase agreement on October 9, with a bid amount of 612 billion yuan and a winning amount of 612 billion yuan [2] - On the same day, 2,063.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 1,451.3 billion yuan [2] - The central bank also conducted its first buyout reverse repurchase operation in October, with a fixed quantity and interest rate tender for 1,100 billion yuan for a 3-month term (91 days) [2] - The funding conditions in the interbank market were relatively loose after the long holiday, with overnight repurchase rates for deposit institutions dropping by about 6 basis points to around 1.32% [2] Operational Recommendations - The economic indicators for September showed signs of recovery during the peak season, but structural supply-demand contradictions remain, with slow domestic demand recovery being a constraint [3] - The current monetary policy focuses on execution, and if the third-quarter GDP is weaker than expected, there may be a possibility of policy easing [3] - The bond market is expected to be influenced by fund redemption fee regulations and changes in market risk appetite, with potential policy expectations driving stock market performance until mid-October [3] - The current loose funding conditions and the normalization of the long-short interest rate spread may limit the extent of long bond declines, with a potential increase in allocation value if the 10-year government bond yield rises above 1.8% [3] - Short-term treasury bonds are expected to continue fluctuating within a range, with T2512's fluctuation range likely between 107.4 and 108.3, suggesting a wait-and-see approach for adjustment opportunities [3]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing liquidity in the banking system through reverse repurchase agreements, indicating a supportive monetary policy stance to stabilize the economy and promote lending [1][3][6]. Group 1: Reverse Repo Operations - On October 9, the PBOC conducted a 7-day reverse repo operation amounting to 612 billion yuan at a fixed rate of 1.40%, with a total of 20,633 billion yuan in reverse repos maturing that day, resulting in a net withdrawal of 14,513 billion yuan [1][2]. - A total of 26,600 billion yuan in reverse repos will mature in October, with 6,000 billion yuan maturing on October 10 [3]. Group 2: Monetary Policy Implications - The PBOC's decision to conduct a 11,000 billion yuan buyout reverse repo operation for three months (91 days) indicates an increase in medium-term liquidity support, which is expected to stabilize the funding environment [3][5]. - Analysts suggest that the PBOC's actions are aimed at ensuring sufficient liquidity in the banking system, supporting government bond issuance, and encouraging financial institutions to increase credit supply [5][6]. Group 3: Future Outlook - The liquidity gap in October is expected to be similar to that of September, but with potential adjustments in funding rates, which may decrease to levels seen in July and August [5]. - The PBOC plans to utilize various monetary policy tools to maintain liquidity and support economic recovery, aiming to align social financing growth with economic growth and inflation expectations [6].