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 maturity of reverse repo was 50 billion yuan, MLF invested 500 billion yuan, and MLF recovered 950 billion yuan; Last week, the central bank’s reverse repurchase operation was RMB 50 billion, and the reverse repurchase maturity was RMB 230 billion. There was no MLF / tmlf launch and no MLF / tmlf maturity. Shibor (3 months) closed at 2.492% last week, unchanged from the previous week; Interbank lending closed at 1.91% / 2.30% last week (1 day / 7 days), a change of 6 / – 7bp respectively compared with the previous week; The inter-bank pledged repo rate (1 day / 7 days) closed at 1.90% / 2.30% last week, with a change of 5 / 2bp compared with the previous week; the maturity yield of AAA + interbank certificate of deposit closed at 2.69% / 2.59% / 2.62% last week (1 month / 3 months / 6 months), with a change of 21 / 9 / 2bp compared with the previous week. Last week, the yield to maturity of treasury bonds (3 years / 5 years / 10 years) closed at 2.31% / 2.70% / 2.85%, an increase of 3.61 / – 2.01 / – 0.11bp respectively compared with the previous week. Last week, the yield to maturity of 3A corporate bonds (1 year / 5 years / 7 years) was 3.00% / 3.32% / 3.57%, a change of -2.41 / -1.72/2.43bp respectively compared with last week. Last week, the yield on maturity of medium and short-term notes (1 year / 3 years / 5 years) closed at 2.77% / 3.00% / 3.32%, a change of 0.50 / -2.84 / -1.63bp respectively compared with the previous week.
Last week, a total of 8 companies were listed on the IPO market, and the fund issuance slowed down slightly at the end of the year: last week, a total of 8 A-share companies were listed on the IPO market, including 2 on the main board, 4 on the gem and 2 on the science and Innovation Board, with a fund-raising scale of 37.083 billion yuan; Last week, a total of 11 A-share companies went public through IPO, with a fund-raising scale of 15.202 billion yuan. Based on the establishment date, a total of 10 common stock + partial stock / balanced hybrid + flexible allocation funds were issued last week, totaling 9.682 billion; The share issued last week was 18.951 billion.
The net reduction of industrial capital was 16.01 billion yuan, and the return to the North was stable: last week, the industrial capital increased by 1.498 billion yuan, decreased by 17.505 billion yuan, and decreased by 16.008 billion yuan; Last week, industrial capital increased by 1.175 billion yuan, decreased by 17.696 billion yuan, and decreased by 16.521 billion yuan. Last week, a total of 11.467 billion yuan flowed into Beijing and Shanghai, including 6.953 billion yuan from Shanghai Stock connect and 4.514 billion yuan from Shenzhen Stock connect; The funds flowing southward totaled 14.29 billion, including 5.794 billion from Shanghai Hong Kong stock connect and 8.496 billion from Shenzhen Hong Kong stock connect. 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.
Market activity: as of December 17, the balance of margin trading and securities lending was 1841.959 billion, accounting for 2.48% of the circulating market value of a shares; As of December 10, the balance of margin trading was 1842.345 billion, accounting for 2.46% of the circulating market value of a shares. Last week, the transaction volume of a was 5.82 trillion, with a daily average of 1164630 billion. As of December 17, the financing purchase accounted for 7.3%; Last week, a’s total turnover was 5.95 trillion, with a daily average of 1189.568 billion. As of December 10, financing purchases accounted for 7.4%.
Other indicators we focus on: as of December 19, the scale of equity financing in December was 185.558 billion yuan, including 64.986 billion yuan for the first time and 86.222 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, there were 4 listed companies in the M & a plan (3 passed and 1 failed), with a pass rate of 75%; in November, there were 4 listed companies in the M & a plan (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.
