The main conclusions of this week's liquidity weekly report are as follows:
The central bank maintained the equal hedging rhythm of reverse repo, and the capital interest rate decreased as a whole: last week, the central bank's reverse repo operation was 50 billion yuan, the reverse repo expired 40 billion yuan, and there was no MLF / tmlf launch or MLF / tmlf expiration; Last week, the central bank's reverse repurchase operation was 40 billion yuan, and the reverse repurchase maturity was 700 billion yuan. There was no MLF / tmlf release or MLF / tmlf maturity. Shibor (3 months) closed at 2.50% last week, unchanged from the previous week; Interbank lending closed at 2.27% / 2.39% last week (1 day / 7 days), a change of 38 / 2bp respectively compared with the previous week; The inter-bank pledged repo rate (1 day / 7 days) closed at 2.26% / 2.34% last week, with a change of 38 / 21bp respectively compared with the previous week; The maturity yield of AAA + interbank certificates of deposit closed at 2.37% / 2.44% / 2.53% last week (1 month / 3 months / 6 months), with a change of 21 / 2 / - 1bp respectively compared with the previous week. Last week, the yield to maturity of treasury bonds (3 years / 5 years / 10 years) closed at 2.19% / 2.59% / 2.79%, a change of -3.59 / - 5.42 / - 2.86bp respectively compared with the previous week. Last week, the yield to maturity of 3A corporate bonds (1 year / 5 years / 7 years) was 2.89% / 3.23% / 3.53%, a change of -1.83 / - 1.92 / - 2.12bp 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 2.65% / 2.89% / 3.23%, a change of -5.71 / - 1.86 / - 1.71bp respectively compared with the previous week. Last week, a total of 7 companies were listed on the IPO market, and the fund issuance recovered slightly: last week, a total of 7 A-share companies were listed on the IPO market, including 1 on the main board, 3 on the gem and 3 on the science and innovation board, with a fund-raising scale of 17.627 billion yuan; Last week, a total of four A-share companies went public through IPO, with a fund-raising scale of 61.632 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 11.66 billion; The share issued last week was 2.397 billion.
The net reduction of industrial capital was 13.77 billion yuan, and the funds going north maintained a stable inflow: last week, the industrial capital increased by 1.652 billion yuan, decreased by 15.421 billion yuan, and decreased by 13.769 billion yuan; Last week, the industrial capital increased by 2.283 billion yuan, decreased by 5.442 billion yuan, and decreased by 3.160 billion yuan. Last week, a total of 7.445 billion yuan flowed into Beijing and Shanghai, including 7.465 billion yuan from Shanghai Stock connect and 20 million yuan from Shenzhen Stock connect; The funds flowing southward totaled 12.527 billion, including 7.34 billion from Shanghai Hong Kong stock connect and 5.187 billion from Shenzhen Hong Kong stock connect. Last week, a total of 6.203 billion yuan flowed into Beijing and Shanghai, including 6.853 billion yuan from Shanghai Stock connect and 650 million yuan from Shenzhen Stock connect; Southward capital inflows totaled 4.906 billion, including 3.435 billion from Shanghai Hong Kong stock connect and 1.471 billion from Shenzhen Hong Kong stock connect.
In terms of market activity: as of January 14, the balance of margin trading and securities lending was 1809.974 billion, accounting for 2.50% of the circulating market value of a shares; As of January 7, the balance of margin trading and securities lending was 1814.599 billion, accounting for 2.47% of the circulating market value of a shares. Last week, the transaction volume of a was 5.38 trillion, with a daily average of 1075.194 billion. As of January 14, the financing purchase accounted for 6.7%; Last week, a's total turnover was 4.91 trillion, with a daily average of 1227.519 billion. As of January 7, financing purchases accounted for 6.9%.
Other indicators we focus on: as of January 16, the scale of equity financing in January was 163.014 billion yuan, including 87.220 billion yuan for the first time and 21.852 billion yuan for the additional issuance; In December, the scale of equity financing was 259.331 billion yuan, including 86.170 billion yuan for initial issuance and 125.248 billion yuan for additional issuance. As of January 14, there were 0 m & A plans listed in January (0 passed and 0 failed), with a pass rate of 0%; In December, 5 M & A plans were listed (4 passed and 1 failed), with a pass rate of 80%; 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.
