Macro market:
[central bank] on November 25, the central bank launched a seven-day reverse repurchase operation of 100 billion yuan by means of interest rate bidding, and the bid winning interest rate was 2.20%, which was the same as the last bid winning interest rate. As 50 billion yuan of reverse repurchase expired on that day, the central bank realized a net investment of 50 billion yuan.
[finance] on November 25, the main contracts of various varieties of treasury bond futures fluctuated in a narrow range. As of the afternoon closing, the ten-year main contract rose 0.06%; The five-year main contract rose 0.05%; The main force in the two-year period rose by 0.02%. Most of the yields of major interest rate bonds declined. The yield of 10-year Guokai active bond 21 Guokai 10 rose 0.05bp to 3.233%, and the yield of 5-year Guokai active bond 21 Guokai 03 fell 1.5bp to 2.9225%; The yield of 10-year Treasury active bond 21 interest bearing treasury bond 09 decreased by 0.5bp to 2.885%, and the yield of 5-year Treasury active bond 21 interest bearing treasury bond 11 decreased by 1.75bp to 2.685%.
[finance] on November 25, most money market interest rates rose slightly, and the inter-bank capital market as a whole continued to be loose. The one-day interbank borrowing between banks and depositors was reported at 1.8401%, up 3.32 basis points; The 7-day report was 2.3004%, up 17.6 basis points; The 14 day report was 2.4665%, up 1.79 basis points; The one-month report was 2.7254%, up 18.35 basis points. The one-day varieties of inter bank pledged repo were reported at 1.8253%, up 4.55 basis points; The 7-day report was 2.2461%, up 0.87 basis points; The 14 day report was 2.3865%, down 2.84 basis points; The one-month report was 2.40%, down 21.2 basis points.
[enterprise] on November 25, the yield of credit bonds showed differentiation within the day, with a transaction of nearly 120 billion yuan throughout the day. A total of 1396 inter-bank and exchange credit bonds (corporate bonds, corporate bonds, medium-sized notes, short-term financing and directional instruments) were traded, with a total turnover of 118.814 billion yuan. Among them, 719 credit bonds rose, 133 credit bonds were flat, and 490 credit bonds fell. Among them, housing related financing recovered, and the debt financing instruments of real estate companies ushered in intensive registration.
[residents] on November 25, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was + 9% and the area of commercial housing transactions was + 6% compared with the previous day; The number of commercial housing transactions in second tier cities was + 10% and the area of commercial housing transactions was + 15% compared with the previous day; The number of commercial housing transactions in the third tier cities was + 161% compared with the previous day, and the transaction area of commercial housing was + 98% compared with the previous day. Recent focus: the market continues to be in a stagflation environment, focusing on the central bank's structural monetary policy in the fourth quarter
