流动性和机构行为跟踪：资金宽松，但杠杆下降

格隆汇2025-04-13

主要观点资金价格下行。R001收于1.64%（前值1.66%），DR001收于1.62%（前值1.62%）。R007收于1.70%（前值1.74%），DR007收于1.65%（前值1.70%）。DR007与7天OMO利差收于15.34bp。6M国股银票转贴利率收于1.15%（前值1.07%）。央行公开市场业务净回笼资金。本周央行逆回购投放4742亿元，逆回购到期7634亿元，国库现金定存到期...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2527195538?lang=zh_CN&edition=full","thumbnail":"https://img3.gelonghui.com/dc540-2b69fe1c-ee42-460f-bfc7-141513a7702f.jpg?guru_height=875&guru_width=1280","is_english":false,"pubTime":"2025-04-13 13:04","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2527195538","market":"sg","top_or_hot":-1,"title":"流动性和机构行为跟踪：资金宽松，但杠杆下降","media":"格隆汇","content":"<div>\n<p>主要观点资金价格下行。R001收于1.64%（前值1.66%），DR001收于1.62%（前值1.62%）。R007收于1.70%（前值1.74%），DR007收于1.65%（前值1.70%）。DR007与7天OMO利差收于15.34bp。6M国股银票转贴利率收于1.15%（前值1.07%）。央行公开市场业务净回笼资金。本周央行逆回购投放4742亿元，逆回购到期7634亿元，国库现金定存到期...</p>\n\n<a href=\"https://www.gelonghui.com/p/2034408\">网页链接</a>\n\n</div>\n","source":"gelonghui_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>流动性和机构行为跟踪：资金宽松，但杠杆下降</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n流动性和机构行为跟踪：资金宽松，但杠杆下降\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-13 13:04 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/p/2034408><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>主要观点资金价格下行。R001收于1.64%（前值1.66%），DR001收于1.62%（前值1.62%）。R007收于1.70%（前值1.74%），DR007收于1.65%（前值1.70%）。DR007与7天OMO利差收于15.34bp。6M国股银票转贴利率收于1.15%（前值1.07%）。央行公开市场业务净回笼资金。本周央行逆回购投放4742亿元，逆回购到期7634亿元，国库现金定存到期...</p>\n\n<a href=\"https://www.gelonghui.com/p/2034408\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4512","symbol_name":"苹果概念","start_time":0,"source_url":"https://www.gelonghui.com/p/2034408","article_id":"2527195538","we_media_id":null,"thumbnails":["https://img3.gelonghui.com/dc540-2b69fe1c-ee42-460f-bfc7-141513a7702f.jpg?guru_height=875&guru_width=1280"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2527195538","pubTimestamp":1744520688,"columns":[],"sourceInfo":{"source_id":"gelonghui_highlight","name":"格隆汇"},"weMediaInfo":null,"summary":"机构小幅降杠杆。","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4512":"苹果概念","MMM":"3M","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","BK4588":"碎股","BK4206":"工业集团企业","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)"},"translate_title":"Liquidity and Institutional Behavior Tracking: Funds Easy, But Leverage Declines","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMM":0.9},"content_text":"主要观点资金价格下行。R001收于1.64%（前值1.66%），DR001收于1.62%（前值1.62%）。R007收于1.70%（前值1.74%），DR007收于1.65%（前值1.70%）。DR007与7天OMO利差收于15.34bp。6M国股银票转贴利率收于1.15%（前值1.07%）。央行公开市场业务净回笼资金。本周央行逆回购投放4742亿元，逆回购到期7634亿元，国库现金定存到期1500亿元，合计净回笼4392亿元。存单到期收益率大幅下行。存单到期收益率来看，本周3M收益率下行5.26bp收于1.74%，6M收益率下行6.00bp收于1.74%，1Y收益率下行6.00bps收于1.74%。本周1年存单与7天OMO利差收窄6.00bp至23.50bp。10年、30年国债分别下行6.12bp、4.25bp至1.66%、1.86%。存单发行利率继续下行，发行结构仍以1Y期限为主。本周存单净融资1253亿元（前值1660亿元），国有行、股份行、城商行、农商行1年存单发行利率分别收于1.75%、1.77%、1.85%、1.86%，较上一周分别-11.00bp、-11.55bp、-12.36bp、-10.93bp。发行结构来看，本周3M存单发行 1637亿元，6M期限发行690亿元，1Y期限发行4052亿元，占比分别为23.97%、10.10%、59.35%。下周政府债券净发行和净缴款增加。本周国债净发行-2725亿元，地方债净发行1639亿元，政府债券合计净发行-1086亿元，净缴款合计-4206亿元。下周预计国债净发行3400亿元，地方债净发行1227亿元，合计4627亿元，净缴款合计7044亿元。机构小幅降杠杆。质押式回购交易量回落至6.02万亿。本周银行间市场杠杆率收于107.09%（前值107.75%）。风险提示：赎回事件超预期，资金面收紧，统计存在偏差。一、资金面二、同业存单三、机构行为风险提示赎回事件超预期，资金面收紧，统计存在偏差。本文节选自国盛证券研究所于2025年4月12日发布的研报《资金宽松，但杠杆下降——流动性和机构行为跟踪》，分析师：杨业伟 S0680520050001 朱美华 S0680522070002","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2527195538","isCrawlerRequest":true}