CITIC Securities: The overall Intrerest Rate of remaining time funds is expected to remain stable this year

Golden Ten Data on November 14, CITIC Securities pointed out that since October, there have been several changes in the capital side, and the capital price center has stabilized as a whole with interest rate cuts, but the phenomenon of non-bank liquidity stratification has reappeared, and the Intrerest Rate of interbank certificates of deposit has remained at a high level. Considering the high possibility of additional financial issuance during the year, compared with the "lessons from the past" of extremely tight funds at the end of 2023, and from multiple perspectives of market supply and demand, we believe that the overall intrerest rate of funds in the rest of the year is expected to remain stable, and there may be pulse fluctuation at key time points such as cross-month, cross-year, and payment, but the probability of a sharp increase is limited, and the non-bank liquidity stratification has improved compared with the decline in October. At the same time, the loose capital is expected to be further transmitted to the short- and medium-term bond market.