Financial market liquidity:
From November 22 to November 26, the central bank net invested 190 billion yuan in the open market, including 400 billion yuan of reverse repurchase, 210 billion yuan of reverse repurchase expired, and no MLF was invested.
Inter bank funds are slightly tight, and dr007 is upward; In terms of treasury bond interest rate, the 10-year Treasury bond yield decreased slightly, while the term spread narrowed by 1.10bp.
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 5.71 billion (the net inflow of previous value was 11.184 billion). In terms of industrial capital, the net reduction of industrial capital last week was 17.023 billion (the net reduction of previous value was 14.061 billion), and the cumulative scale of IPO reached 39.269 billion (the cumulative former value was 31.108 billion).
The change of capital inflow to the North has slowed down compared with the previous period. As of last Friday, In 2021, the cumulative net inflow of funds going north was 343.303 billion yuan (208.9 billion in 2020), with a net inflow of 5.71 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 chemical industry; the top three industries with net outflow are banks, household appliances and building materials. In terms of individual stocks, the top three stocks with the most net purchases of funds from northbound in a week are Contemporary Amperex Technology Co.Limited(300750) Kweichow Moutai Co.Ltd(600519) 、 Fangda Carbon New Material Co.Ltd(600516) ； The three stocks with the largest net sales are Inner Mongolia Yili Industrial Group Co.Ltd(600887) , China Merchants Bank Co.Ltd(600036) , Eve Energy Co.Ltd(300014) .
Overseas market liquidity:
Last week, the average US dollar / RMB central parity was 6.39, 6.42 in October, 6.46 in September, 6.47 in August, 6.46 in July and 6.13 in June. Last week, the US dollar index rose compared with last week, and the difference between the yield of 10-year US bonds and that of Chinese treasury bonds narrowed to 125bp.
Important macro data:
Profit data of industrial enterprises in October: in October 2021, the profit of Industrial Enterprises above designated size increased by 24.6% year-on-year, the cumulative profit of industrial enterprises from January to October increased by 42.2% year-on-year, and the month on month growth rate in October was 10.8%.
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.
