Financial market liquidity:
From November 29 to December 3, the central bank made a net investment in the open market and recovered 370 billion yuan, including 230 billion yuan of reverse repurchase, 400 billion yuan of reverse repurchase expired and 200 billion yuan of MLF returned.
Inter bank funds are slightly loose, and dr007 is down; In terms of treasury bond interest rate, the 10-year Treasury bond yield decreased slightly, while the term spread narrowed by 2.54bp.
Stock market liquidity:
The stock market liquidity showed a slight upward trend last week. In terms of financial capital, the net inflow of funds from Beishang last week was 15.117 billion (the net inflow from the previous value was 5.71 billion). In terms of industrial capital, the net reduction of industrial capital last week was 11.728 billion (the net reduction from the previous value was 17.023 billion), and the cumulative scale of IPO reached 9.153 billion (39.589 billion last month).
The change of capital inflow to the North has accelerated compared with the previous period. As of last Friday, In 2021, the cumulative net inflow of funds going north was 358.42 billion yuan (208.9 billion in 2020), with a net inflow of 15.117 billion yuan last week. In terms of industries, the top three industries with net inflow of funds from northbound since the beginning of this month are electrical equipment, electronics and banking; the top three industries with net outflow are nonferrous metals, media and communications. In terms of individual stocks, the top three stocks with the most net purchases of funds from northbound in a week are Gigadevice Semiconductor (Beijing) Inc(603986) 、 Wuxi Apptec Co.Ltd(603259) 、 Contemporary Amperex Technology Co.Limited(300750) ； The three stocks with the largest net sales are Cosco Shipping Holdings Co.Ltd(601919) , Nari Technology Co.Ltd(600406) , Tongwei Co.Ltd(600438) .
Overseas market liquidity:
Last week, the average US dollar / RMB central parity was 6.38, 6.40 in November, 6.42 in October, 6.46 in September, 6.47 in August and 6.46 in July. Last week, the US dollar index fell compared with last week, and the difference between the yield of 10-year US bonds and that of Chinese treasury bonds widened to 141bp.
Important macro data outside China:
National manufacturing PMI data: in November, the national manufacturing PMI was 50.1%, up 0.9 percentage points from October, the first rebound of PMI since April. By enterprise type, the PMI of large enterprises was 50.2%, down 0.1 percentage points from October; The PMI of medium-sized enterprises was 51.2%, up 2.6 percentage points from October; The PMI of small enterprises was 48.5%, up 1 percentage point from October.
Risk tip: the economic growth rate is lower than the expected risk. The public information used in the research report may be delayed or not updated in time.
