新华财经北京10月11日电（幸骊莎）人民银行11日开展1160亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日无逆回购到期，公开市场实现 净投放1160亿元。人民银行本周共进行11370亿元7天期逆回购操作，因本周有26633亿元逆回购到期，公开市场实现净回笼15263亿元。 上海银行间同业拆放利率（Shibor）短期品种连续下跌。具体来看，隔夜Shibor下跌0.50BP，报1.3140%；7天Shibo下跌4.80BP，报1.4030%；14天Shibor下跌 1.20BP，报1.4820%。 | | | | 2025-10-11 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 11 | O/N | 1.3140 | 0.50 | | 11 | 1W | 1.4030 | 4.80 | | 中 | 2W | 1.4820 | 1.20 | | 1 | 1 M | 1.5580 | 0.10 | | 1 | 3M | 1.5810 | 0.30 | | 1 | 6M | 1.6380 | 0.20 | | f ...

新华财经北京10月10日电（幸骊莎）人民银行10日开展4090亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有6000亿元14天期逆回购到 期，公开市场实现净回笼1910亿元。 上海银行间同业拆放利率（Shibor）全线下跌。具体来看，隔夜Shibor下跌0.30BP，报1.3190%；7天Shibo下跌4.40BP，报1.4510%；14天Shibor下跌3.20BP， 报1.4940%。 上海银行间同业拆放利率（10月10日） | | | | 2025-10-10 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 中 | O/N | 1.3190 | 0.30 | | 中 | 1W | 1.4510 | 4.40 | | 11 | 2W | 1.4940 | 3.20 | | 中 | 1M | 1.5590 | 0.80 | | 1 | 3M | 1.5780 | 0.10 | | 中 | 6M | 1.6360 | 0.20 | | 1 | 9M | 1.6660 | 0.20 | | 1 | 1Y | ...

中证转债指数收盘下跌0.45%，报485.62点，成交金额703.95亿元。惠城转债、恩捷转债、新致转债、 甬矽转债、亿纬转债跌幅居前，分别跌15.74%、9.17%、7.00%、6.50%、6.41%。中环转2、天路转债、 武进转债、东风转债、利民转债涨幅居前，分别涨20.00%、6.32%、5.86%、5.62%、5.51%。 【一级市场】 财政部2年、50年期国债加权中标收益率分别为1.4526%、2.2977%，全场倍数分别为2.48、3.62，边际 倍数分别为3.02、2.04。 新华财经北京10月10日电（王菁）债市周五（10月10日）重回弱势，国债期货全线收跌，银行间现券早 间持稳、午后收益率全线上行1BP左右；公开市场单日净回笼1910亿元，资金利率月初仍延续回落。 机构认为，节后债市再度偏弱震荡，机构目前关注十五五规划、公募销售新规落地、或机构行为冲击带 来超调时的小幅反击机会，随着四季度基本面对债市的定价权逐步提升，债市在四季度大概率存在修复 机会。 【行情跟踪】 国债期货收盘全线下跌，30年期主力合约跌0.49%报113.970，10年期主力合约跌0.06%报107.980，5年 期主力 ...

【操作建议】 基本面而言，9月经济前瞻指标呈现旺季回升迹象，但是供需结构性矛盾仍存，内需回升偏慢仍是约 束，货币政策当前以抓执行为主，如果三季度GDP弱于预期货币政策有加力可能。短期节后债市一方面 关注基金赎回费新规落地情况，二是关注市场风险偏好变化，10月中旬以前政策预期可能继续驱动股 牛，这种情形下债市情绪仍有可能受到风偏压制，如果出现超预期冲击也不排除出现超调。不过当前资 金面基调宽松和长短期限利差回归正常水平也制约长债下跌的幅度，如果10年期国债利率上行至1.8% 以上区间配置价值有所回升。短期期债预计继续区间震荡，T2512震荡区间可能在107.4-108.3，建议以 观望为主等待超调机会。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 央行公告称，10月9日以固定利率、数量招标方式开展了 ...

据中国人民银行（以下简称央行）官网消息，为保持银行体系流动性充裕，2025年10月9日， 央行将以固定数量、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（91天）。 10月9日，中国人民银行还以固定利率、数量招标方式开展了6120亿元7天期逆回购操作，投标量6120亿元，中标量6120亿元，操作 利率1.40%，与此前持平。据Wind数据，当日逆回购到期量高达20633亿元。 | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 6120亿元 | 6120亿元 | 市场分析认为，此举旨在应对资金面收紧压力，稳定市场预期。综合来看，10月政府债券还会进行较大规模发行；9月29日，国家发 展改革委宣布，当前正在加快推进5000亿元新型政策性金融工具相关工作，预计接下来会较大幅度拉动配套贷款投放。 东方金诚首席宏观分析师王青称，10月将有8000亿元3个月期买断式逆回购到期，由此央行10月9日开展11000亿元买断式逆回购操 作，意味着10月3个月期买断式逆回购加量续作3000亿元。此外，10月还有500 ...

10月9日，中国人民银行以固定利率、数量招标方式开展6120亿元7天期逆回购操作。由于当日有20633亿元逆回购到期，实现净回笼14513亿元。 | | | | 期限 | 操作利率 | 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 6120亿元 | 6120亿元 | 央行在9月30日提前预告称，10月9日，央行将以固定数量、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（91天）。 | | | 来源：央行网站 从逆回购到期情况看，10月10日还有6000亿元逆回购到期，本周逆回购到期量合计为2.66万亿元。 为保持银行体系流动性充裕，央行在国庆假期后首个工作日开展10月首次买断式逆回购操作。 央行货币政策委员会2025年第三季度例会提出，保持流动性充裕，引导金融机构加大货币信贷投放力度，使社会融资规模、货币供应量增长同经济增长、 价格总水平预期目标相匹配。 来源：央行网站 数据显示，10月将有8000亿元3个月期买断式逆回购到期。东方金诚首席宏观分析师王青表示，央行今日开展11000亿元买断式逆回购操作，意味着10月3 个 ...

10月9日，央行公开市场开展6120亿元7天期逆回购操作，操作利率1.40%。数据显示，今日20633亿元 逆回购到期。 ...

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 242.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 33.9 billion yuan due to 276.1 billion yuan maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for the 7-day tenor decreased by 11.80 basis points to 1.4050%, while the 14-day tenor increased by 17.50 basis points to 1.7020% [1] Interbank Repo Market - In the interbank repo market, the weighted average rates for DR001 and R001 increased by 7.5 basis points and 15.6 basis points, respectively, while DR007 and R007 rates decreased by 15.0 basis points and 25.8 basis points, respectively [4][5] - The transaction volume for DR001 and R001 decreased by 539.3 billion yuan and 1,191.7 billion yuan, while DR007 saw an increase of 109 billion yuan in transaction volume [4][5] Funding Market Conditions - The overall funding market showed a balanced state, with overnight rates for non-bank institutions around 1.50% and 7-day rates between 1.93% and 1.95% [7] - A total of 13 interbank certificates of deposit were issued on September 30, with an actual issuance amount of 3.78 billion yuan [7] Certificate of Deposit Market - The primary market for certificates of deposit was relatively active, with 1-month, 3-month, and 6-month rates declining by 3.5 basis points, 3 basis points, and 3 basis points, respectively [8] - The 1-year rate remained stable at around 1.68%, with the yield curve showing slight adjustments compared to the previous trading day [8] Government Bonds and Financial Policies - The National Development and Reform Commission, in conjunction with the Ministry of Finance, allocated 69 billion yuan in special long-term bonds to support the consumption upgrade policy, completing the annual target of 300 billion yuan [10] - The National Financial Regulatory Administration released guidelines for the high-quality development of health insurance, focusing on enhancing sustainability and regulatory oversight [10]

Group 1 - The Central Committee of the Communist Party of China is preparing for the 15th Five-Year Plan, with a meeting scheduled from October 20 to 23 [1] - The People's Bank of China (PBOC) has shifted its monetary policy focus from "implementing appropriate monetary easing" to "detailed implementation," indicating a shift towards execution rather than broad policy changes [1][2] - Economic indicators show that industrial added value increased by 6.2% year-on-year in the first eight months, while the service production index grew by 5.9%, suggesting that the economy is performing above the target growth rate of 5.0% [1] Group 2 - The narrowing net interest margin of commercial banks, which fell to a historical low of 1.42% in Q2, poses challenges for monetary easing as it may further compress banks' margins and increase operational pressures [2] - The PBOC emphasized the need to balance financial support for the real economy with maintaining the health of financial institutions, reflecting a cautious approach to monetary policy [2] - Recent adjustments in policy language indicate a focus on maintaining stability and predictability in monetary policy, with an emphasis on executing existing measures effectively [2][3] Group 3 - The PBOC is concentrating on maintaining ample liquidity in the market through various tools, including reverse repos and medium-term lending facilities [3] - Structural monetary policy tools are being utilized to support sectors such as technology innovation, consumption, small and micro enterprises, and foreign trade [3] - Coordination between fiscal and monetary policies is being strengthened, with discussions on government bond issuance and offshore RMB bond mechanisms, indicating a collaborative approach to economic management [3][4]

Group 1 - The People's Bank of China (PBOC) has increased liquidity injections since late September, indicating a clear intention to support the funding environment across the quarter [1] - On September 22, the PBOC restarted 14-day reverse repos with a scale of 300 billion yuan, followed by an increase to 600 billion yuan on September 26, and a total of 29,377 billion yuan injected from September 22 to September 29 [1] - The PBOC also conducted a 6,000 billion yuan Medium-term Lending Facility (MLF) operation on September 25, resulting in a net injection of 3,000 billion yuan for the month [1] Group 2 - Tianfeng Securities reports that the PBOC's increased liquidity measures have led to a stable funding environment, with expectations for continued stability into October despite potential liquidity disturbances [2] - October is anticipated to be a month of high fiscal revenue and low expenditure, with significant government bond issuance potentially tightening liquidity, although the amount of interbank certificates maturing is expected to be lower than in September [2] - The PBOC is likely to continue using various liquidity management tools in October to maintain ample market liquidity, suggesting limited upward pressure on major money market rates [2] Group 3 - There is a growing expectation in the market for the PBOC to resume government bond trading operations, which had been paused earlier this year to avoid impacting investor needs [3] - Regardless of whether government bond trading resumes, Tianfeng Securities believes that liquidity concerns are manageable due to the diverse range of monetary policy tools available to the PBOC [3] - The PBOC can effectively stabilize funding fluctuations by flexibly utilizing short, medium, and long-term liquidity injection tools such as reverse repos and MLF [3]