流动性｜资金利率中枢再度下移

证券研究报告 请阅读最后一页的重要声明！分析师孙彬彬SAC证书编号：S0160525020001sunbb@ctsec.com分析师隋修平SAC证书编号：S0160525020003suixp@ctsec.com分析师汪梦涵SAC证书编号：S0160525030003wangmh01@ctsec.com相关报告1.《老供给与新需求，结构蕴含机遇——转债半年度策略》2025-06-122.《信用|从银行年报看信用变化》2025-06-123.《利率｜当低存款利率遇上定存到期高峰》2025-06-11 谨请参阅尾页重要声明及财通证券股票和行业评级标准1资金利率中枢再度下移...........................................................................................................................52周度资金存单跟踪和关键点提示...........................................................................................................93央行：公布4000亿元6个月期买断式回购招标...............................................................................104政府债：下周政府债净缴款下降至1036亿元...................................................................................115票据：需求修复，票据利率下行.........................................................................................................146汇率：统计期升值，人民币即期汇率录得7.18.................................................................................147市场资金供需：国有行融出抬升，非银提高杠杆.............................................................................158CD：国有行负债端压力缓解，存单收益率下行...............................................................................198.1一级发行市场：本周国有行净融资继续为负，发行利率下降....................................................198.2二级交易市场：活跃度上抬，银行增持意愿弱，非银介入强....................................................229风险提示.................................................................................................................................................23图1.本周央行投放情况.................................................................................................................................5图2.本周国有行融出情况.............................................................................................................................5图3.本周非银融入情况.................................................................................................................................6图4.本周资金体感情况.................................................................................................................................6图5.本周资金绝对价格情况.........................................................................................................................6图6.本周资金相对价格情况.........................................................................................................................6图7. 5月新增信贷录得2012年以来最低值.................................................................................................7图8.买断回购从净回笼转为净投放.............................................................................................................7图9.央行公开市场操作积极程度提前.........................................................................................................7图10.资金波动区间的季度调整规律...........................................................................................................7图11.国有行存单净融资已经两周转负.......................................................................................................8图12.过去一周二级存单并未交易资金利好...............................................................................................8图13.多数非银当前存单二级市场净买入超过往年...................................................................................8图14.当前存单蓄力，收益率处于平台期...................................................................................................8图15.一周资金和存单关键点跟踪...............................................................................................................9图16.下周资金扰动因素.............................................................................................................................10内容目录图表目录 2 谨请参阅尾页重要声明及财通证券股票和行业评级标准3图17.央行周度操作和资金价格走势.........................................................................................................11图18.逆回购存量仍旧高于季节性.............................................................................................................11图19.统计期短期资金到期情况.................................................................................................................11图20.统计期或有中长期资金到期情况.....................................................................................................11图21.政府债净融资和缴款情况.................................................................................................................12图22.政府债净融资进度.............................................................................................................................12图23.结构视角政府债净融资量和进度情况.............................................................................................12图24.国债净融资进度.................................................................................................................................13图25.地方政府债净融资进度.....................................................................................................................13图26.政府债发行和缴款日历.....................................................................................................................13图27.票据绝对利率走势.......................................................................................................