The main conclusions of this week’s liquidity weekly report are as follows:
The central bank hedged reverse repo in the same amount, and the capital interest rate decreased slightly: last week, the central bank’s reverse repo operation was 50 billion yuan, the reverse repo expired 230 billion yuan, and there was no MLF / tmlf launch or MLF / tmlf expiration; Last week, the central bank’s reverse repurchase operation was 230 billion yuan, the maturity of reverse repurchase was 400 billion yuan, and MLF recovered 200 billion yuan. Shibor (3 months) closed at 2.492% last week, down 0.70bp from the previous week; Interbank lending closed at 1.85% / 2.38% last week (1 day / 7 days), a change of – 11 / 6BP respectively compared with the previous week; The inter-bank pledged repo rate (1 day / 7 days) closed at 1.85% / 2.28% last week, with a change of – 10 / 12bp compared with the previous week; The maturity yield of AAA + interbank certificates of deposit closed at 2.48% / 2.50% / 2.59% last week (1 month / 3 months / 6 months), a change of 50 / – 1 / 0bp respectively compared with the previous week. Last week, the yield to maturity of treasury bonds (3 years / 5 years / 10 years) closed at 2.28% / 2.72% / 2.85%, an increase of 3.33/0.38 / – 1.62bp respectively compared with the previous week. Last week, the yield to maturity of 3A corporate bonds (1 year / 5 years / 7 years) was 3.03% / 3.34% / 3.55%, a change of -3.13 / – 5.40 / – 5.09bp respectively compared with the previous week. Last week, the yield on maturity of medium and short-term notes (1 year / 3 years / 5 years) closed at 2.77% / 3.03% / 3.34%, a change of -1.17 / – 2.85 / – 5.46bp respectively compared with the previous week.
Last week, a total of 11 companies were listed on the IPO market, and the fund issuance rhythm was stable: last week, a total of 11 A-share companies were listed on the IPO market, including 0 on the main board, 8 on the gem and 3 on the science and innovation board, with a fund-raising scale of 15.202 billion yuan; Last week, a total of six A-share companies went public through IPO, with a fund-raising scale of 6.603 billion yuan. Based on the establishment date, a total of 15 common stock + partial stock / balanced hybrid + flexible allocation funds were issued last week, totaling 18.951 billion; The share issued last week was 11.853 billion.
The net reduction of industrial capital was 13.8 billion yuan, and the net inflow in a single week to the North was nearly 50 billion yuan: last week, the industrial capital increased by 1.189 billion yuan, decreased by 17.309 billion yuan, and decreased by 16.12 billion yuan; Last week, the industrial capital increased by 1.319 billion yuan, decreased by 17.494 billion yuan, and decreased by 16.175 billion yuan. Last week, a total of 48.834 billion yuan flowed into Beijing and Shanghai, including 30.067 billion yuan from Shanghai Stock connect and 18.767 billion yuan from Shenzhen Stock connect; The funds flowing southward totaled 11.767 billion, including 5.044 billion from Shanghai Hong Kong stock connect and 6.723 billion from Shenzhen Hong Kong stock connect. Last week, a total of 15.117 billion yuan flowed into Beijing and Shanghai, including 11.57 billion yuan from Shanghai Stock connect and 3.547 billion yuan from Shenzhen Stock connect; The funds flowing southward totaled 6.732 billion, including 2.908 billion from Shanghai Hong Kong stock connect and 3.824 billion from Shenzhen Hong Kong stock connect.
In terms of market activity: as of December 10, the balance of margin trading and securities lending was 1842.345 billion, accounting for 2.46% of the circulating market value of a shares; As of December 3, the balance of margin trading was 1844.172 billion, accounting for 2.51% of the circulating market value of a shares. Last week, the transaction volume of a was 5.95 trillion, with a daily average of 1189.568 billion. As of December 10, the financing purchase accounted for 7.4%; Last week, the transaction volume of a was 5.77 trillion, with a daily average of 1154.52 billion. As of December 3, the financing purchase accounted for 7.3%.
Other indicators we focus on: as of December 12, the scale of equity financing in December was 99.255 billion yuan, including 21.535 billion yuan for the first time and 45.572 billion yuan for the additional issuance; In November, the scale of equity financing was 259.319 billion yuan, including initial issuance of 39.589 billion yuan and additional issuance of 1996.02 billion yuan. In December, 2 M & A plans were listed (2 passed and 0 failed), with a pass rate of 100%; In November, 4 M & A plans were listed (3 passed and 1 failed), with a pass rate of 75%.
Risk tip: monetary policy tightening, macroeconomic downside risk and overseas uncertainty escalation; This report is for market condition monitoring and does not constitute investment suggestions.
（ Tianfeng Securities Co.Ltd(601162) ）
