Core Viewpoint - The People's Bank of China (PBOC) conducted a net cash injection of 50.7 billion yuan on the day of the market operation, while achieving a net withdrawal of 226.5 billion yuan for the week [1]. Group 1: Market Operations - On July 11, the PBOC carried out a 7-day reverse repurchase operation amounting to 84.7 billion yuan, with 34 billion yuan of 7-day reverse repos maturing on the same day, resulting in a net injection of 50.7 billion yuan [1]. - For the week, the PBOC executed a total of 425.7 billion yuan in reverse repos, while 652.2 billion yuan of reverse repos matured, leading to a net withdrawal of 226.5 billion yuan [1]. Group 2: Reverse Repo Details - The reverse repos maturing on July 11 amounted to 34 billion yuan, while the reverse repos conducted on the same day totaled 84.7 billion yuan [4]. - The reverse repos maturing on July 10 were 57.2 billion yuan, with 90 billion yuan conducted on that day [4]. - The reverse repos maturing on July 9 were 98.5 billion yuan, with 75.5 billion yuan conducted [4].

证券研究报告 2025 年 07 月 11 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3509.68 | 0.48 | | 深证成指 | 10631.13 | 0.47 | | 创业板指 | 2189.58 | 0.22 | | 科创 50 | 979.99 | -0.32 | | 北证 50 | 1408.17 | -0.16 | | 沪深 300 | 4010.02 | 0.47 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681788 | 529616 | 12.56 | 1.30 | | 深证成指 | 232819 | 191695 | 20.73 | 2.19 | | 创业板指 | 61372 | 48797 | 28.72 | 3.98 | | 科创 50 | 34292 | 22774 | 53.23 | 4.13 | | 北证 50 ...

中国央行逆回购操作当日实现净投放328亿元 金十数据7月10日讯，中国央行今日开展900亿元7天期逆回购操作，因今日有572亿元7天期逆回购到期，当日实现净投放328亿 元。看公开市场资金流向，到"数据库-中国央行数据"查看>> | 日期 | 类别(全部) | 量(亿) | 期限 | 利率 | | --- | --- | --- | --- | --- | | 2025-07-10 | 逆回购到期 | 572 | 7天 | | | 2025-07-10 | 逆回购 | 900 | 7天 | 1 | | 2025-07-09 | 逆回购到期 | 985 | 7天 | | | 2025-07-09 | 逆回购 | 755 | 7天 | 1 | | 2025-07-08 | 逆回购到期 | 1310 | 7天 | | | 2025-07-08 | 逆回购 | 690 | 7天 | 1 | | 2025-07-07 | 逆回购到期 | 3315 | 7天 | | | 2025-07-07 | 逆回购 | 1065 | 7天 | 1 | | 2025-07-04 | 逆回购到期 | 5259 | 7天 | | | -- ...

人民银行9日开展755亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有985亿元7天期逆回购到期，公开市场实现净回笼230亿元。 上海银行间同业拆放利率（Shibor）延续窄幅波动。具体来看，隔夜Shibor上涨0.10BP，报1.3130%；7天Shibor上涨0.90BP，报1.4640%；14天Shibor下跌 0.50BP，报1.4950%。 | | | | 2025-07-09 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | f | O/N | 1.3130 | 0.10 | | fr | 1W | 1.4640 | 0.90 | | t | 2W | 1.4950 | 0.50 | | 金 | 1M | 1.5390 | 0.70 | | ↑ | 3M | 1.5620 | 0.80 | | t | 6M | 1.5930 | 0.40 | | t | 9M | 1.6070 | 0.20 | | | 1Y | 1.6130 | 0.10 | 上海银行间同业拆放利率（7月9日） 银行间质押式回购市场方面，短 ...

投资咨询业务资格:证监许可【2012】31号 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | | 2025/7/9 | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 | | | | | | | | (bp) | | | DR001 | 1.31 | 0.01 | DR007 | 1.46 | -0.25 | | हूं | GC001 | 1.50 | 1.00 | GC007 | 1.52 | 1.50 | | E | SHBOR 3M | 1.57 | -0.90 | LPR 5年 | 3.50 | 0.00 | | 市 | 1年期国债 | 1.36 | 1.00 | 5年期国债 | 1.48 | 0.85 | | 场 | 10年期国债 | 1.64 | 0.35 | 10年期美债 | 0.00 | -435.00 | 回顾:央行昨日开展了690亿元7天期逆回购操作,操作利率 ...

上海银行间同业拆放利率（Shibor）延续窄幅波动。具体来看，隔夜Shibor与前日持平，报1.3120%；7天Shibor下跌0.30BP，报1.4550%；14天Shibor上涨 0.60BP，报1.5000%。 | | | | 2025-07-08 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 价 | O/N | 1.3120 | 0.00 | | 中 | 1W | 1.4550 | 0.30 | | � | 2W | 1.5000 | 0.60 | | � | 1M | 1.5460 | 1.10 | | 中 | 3M | 1.5700 | 0.90 | | ゃ | 6M | 1.5970 | 0.30 | | 价 | 9M | 1.6090 | 0.30 | | 价 | 1Y | 1.6120 | 0.40 | 新华财经北京7月8日电（刘润榕）人民银行8日开展690亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有1310亿元7天期逆回购到期，公开市场实 现净回笼620元。 上海银行间同业拆放利率（7月8日） ...

新华财经北京7月7日电人民银行7日开展1065亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有3315亿元7天期逆回购到期，公开市场实现净回笼 2250元。 上海银行间同业拆放利率（Shibor）窄幅波动。具体来看，隔夜Shibor下跌0.10BP，报1.3120%；7天Shibor上涨3.50BP，报1.4580%；14天Shibor下跌 2.90BP，报1.4940%。 | | | | | 2025-07-07 11:00 | | --- | --- | --- | --- | --- | | | 期限 | Shibor(%) | | 涨跌(BP) | | ゃ | O/N | 1.3120 | | 0.10 | | 中 | 1W | 1.4580 | | 3.50 | | ゃ | 2W | 1.4940 | | 2.90 | | や | 1M | 1.5570 | | 2.40 | | 中 | 3M | 1.5790 | | 1.80 | | ゃ | 6M | 1.6000 | | 1.10 | | ゃ | 9M | 1.6120 | | 0.90 | | 金 | 1Y | 1.6160 | V ...

新华财经北京7月7日电（刘润榕）人民银行7日开展1065亿元7天期逆回购操作，操作利率持平1.40%； 鉴于当日有3315亿元7天期逆回购到期，公开市场实现净回笼2250元。 上周（6月30日-7月4日）央行公开市场净回笼流动性13753亿元，单日净回笼规模均高于2500亿元水 平。跨半年当日资金面明显收紧，7月1日以后尽管央行逆回购持续大额净回笼，但资金利率迅速回落且 分层也有所改善，隔夜、7天资金利率双双创下年内新低。 尽管央行净回笼步调加速，但资金面仍呈季节性转松态势。隔夜资金利率下探至OMO利率以下，R001 由周一（6月30日）的2.30%连续下行至周五（7月4日）的1.37%，跌破OMO利率，且低于跨季前一周 1.44%的平均水平；DR001由1.51%下行至1.31%，逐步逼近1.30%一线，同样较跨季前一周1.37%的资金 中枢进一步走低。7天资金价格也回落至1.5%水平以下，R007由2.01%降至1.49%，DR007同样由1.92% 下行至1.42%。 本周（7月7日-11日）逆回购到期规模下降至6522亿元；政府债整体净缴款规模将上升至2511亿元，且 主要集中在周一；且7月7日为上旬 ...

Group 1 - The People's Bank of China (PBOC) conducted a 340 billion yuan reverse repurchase operation today, resulting in a net withdrawal of 4,919 billion yuan due to 5,259 billion yuan of reverse repos maturing on the same day [1][3] - For the week, the PBOC executed 6,522 billion yuan in reverse repurchase operations, leading to a total net withdrawal of 13,753 billion yuan, as 20,275 billion yuan of reverse repos matured during the week [1][4] - The reverse repurchase operations have a maturity period of 7 days and an interest rate of 1.4% [3][4]

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.40%, the 10-year main contract increasing by 0.14%, the 5-year main contract up by 0.07%, and the 2-year main contract gaining 0.03% [1] - Major interbank bond yields declined, with the 30-year government bond yield down by 0.75 basis points to 1.8435%, the 10-year policy bank bond yield down by 0.7 basis points to 1.7110%, the 10-year government bond yield down by 0.6 basis points to 1.6365%, and the 2-year government bond yield down by 0.85 basis points to 1.3575% [1] Funding Conditions - The central bank announced a 985 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with the full amount being successfully bid [2] - On the same day, 3,653 billion yuan in reverse repos matured, resulting in a net withdrawal of 2,668 billion yuan [2] - The overnight pledged repo rate slightly declined, remaining around 1.36%, while the 7-day pledged repo rate decreased by 4 basis points [2] - The latest transaction for one-year interbank certificates of deposit from major banks was around 1.6%, down by approximately 2 basis points from the previous day [2] - Non-bank institutions experienced a significant decrease in financing costs, indicating a continuation of a loose funding environment in the short term [2] Operational Recommendations - The funding environment remains loose at the beginning of the month, with government bond futures continuing to rebound [3] - The central bank's June monetary policy tool operations did not include government bond transactions, leading to a generally strong sentiment in the futures market, although there is a lack of momentum for a breakthrough at previous highs [3] - Future focus should be on whether funding rates can further decline and the subsequent fundamental conditions [3] - For government bond futures strategy: it is recommended to appropriately allocate long positions during adjustments, with attention to profit-taking near previous highs, while monitoring economic data and funding trends [3] - For curve strategy: there is potential to consider steepening [3]