Macro market:
[central bank] from December 20 to December 24, the central bank restarted the 14 day reverse repo operation after more than two months, and carried out the combined operation of 10 billion yuan for 7 days and 14 days for five consecutive days, with a net investment of 50 billion yuan throughout the week. This week, 50 billion yuan of reverse repo will expire in the central bank’s open market, of which 10 billion yuan will expire from Monday to Friday; In addition, 70 billion yuan of treasury cash was due on Wednesday. It is expected that near the next year, the central bank will continue to be in the state of net investment.
[finance] from December 20 to December 24, a total of 15 interest rate bonds were issued in the Monday market, with a total issuance of 150.7 billion yuan, a month on month decrease of 307.2 billion yuan. Among them, the issuance of book entry treasury bonds was 110 billion yuan, a month on month decrease of 96 billion yuan; The issuance of government financial bonds was 30.5 billion yuan, a decrease of 32.5 billion yuan month on month; The issuance of local bonds was 10.2 billion yuan, a month on month decrease of 178.7 billion yuan. There is no planned issuance of government bonds this week, and local bonds are planned to issue 18 billion yuan, a slight rise month on month. In the secondary market, treasury bond futures closed up across the board. Except for one-year varieties, the yield of treasury bonds decreased in all terms.
[finance] from December 20 to December 24, the overall capital interest rate showed a downward trend. The mean value of R001 decreased by 28bp to 1.85%, and the mean value of R007 decreased by 16bp to 2.20%; The average value of dr001 decreased by 29BP to 1.78%, and the average value of dr007 decreased by 20bp to 1.98%. 3mshibor’s interest rate continued to rise, 3M’s certificate of deposit issuance interest rate fluctuated upward, and 1m, 3M and 1y rediscount interest rates of state-owned bank notes first went down and then up, and fell to a historical low on December 3, among which 1m and 3M rediscount interest rates were as low as nearly 0%.
[enterprise] during the week from December 20 to December 24, the primary market of main varieties of credit bonds issued a total of 187.61 billion yuan, matured 234.72 billion yuan, and the net supply decreased by 47.115 billion yuan, Compared with 45.852 billion yuan in the previous trading week (from 13th to 17th), the turnover of main credit bonds (corporate bonds, corporate bonds, medium notes and short-term financing) in the secondary market totaled 553.512 billion yuan, compared with the previous week (from the 13th to the 17th) the turnover of 543.698 billion yuan increased by 9.815 billion yuan. Meanwhile, the yield of inter-bank corporate bonds remained downward as a whole during the week. The grade spread expanded or remained flat during the week, while the term spread showed differentiation.
[residents] during the week from December 20 to December 24, the first-hand transaction area of key cities in China was – 3.5% year-on-year and + 30.2% month on month; Among them, the first tier cities were + 35.6%, the second tier cities were + 36%, and the third tier cities were + 15.8%. The new land supply area of 100 cities was 2.16 million square meters, and the overall inventory was basically the same as last week. Among them, 284900 square meters of newly added land supply in first tier cities, with an average price of 3577 yuan / square meter; 319800 square meters of new land supply in second tier cities; The new land supply in the third tier cities is 1.8396 million square meters, with an average price of 2182 yuan / square meter. In the week, the central bank, the China Banking and Insurance Regulatory Commission and other institutions encouraged high-quality real estate enterprises to merge and acquire high-quality projects of problematic real estate enterprises in the form of notices and symposiums, required to meet the reasonable financing needs of real estate enterprises, did not blindly cut off loans to venture enterprises, marginal boosted the real estate market and reshaped confidence. Meanwhile, the turnover of hot cities in the three batches of centralized land supply has improved compared with the second batch, indicating that the liquidity of real estate enterprises has improved in essence.
