流动性6月第4期：中美10年国债利差再走阔，北向资金持续净流出

Group 1: Macro Liquidity - The 2-year and 10-year government bond yields in China decreased, with the yield spread between the two widening slightly. The 2-year yield fell by 0.0582 percentage points to 1.6335%, and the 10-year yield decreased by 0.0513 percentage points to 2.2058% [57] - The central bank's net cash injection in the open market was 352 billion yuan, while the MLF net withdrawal for June was 55 billion yuan [57] Group 2: Market Liquidity - In the first half of 2024, a total of 624 new funds were established, compared to 604 in the same period of 2023, with total issuance reaching 660.1 billion units, up from 511.9 billion units in 2023 [48] - In June, 119 new funds were established, with a total issuance of approximately 175.2 billion units, and the proportion of bond funds increased compared to the previous month [48] Group 3: ETF Funds - In the first half of 2024, the number and issuance of newly established ETF funds increased year-on-year, with 85 new ETF funds established compared to 58 in the first half of 2023, totaling approximately 47.2 billion units [48] - In June, 13 new ETF funds were established, with a total issuance of 6.169 billion units, and the average issuance was 475 million units [48] Group 4: Northbound Capital - Northbound capital experienced a net outflow of 11.76 billion yuan, with the cyclical sector showing a slight net inflow, while consumption, technology, and financial sectors recorded net outflows [49][31] - Year-to-date, as of June 28, the net inflow of northbound capital was 38.58 billion yuan, with cumulative net inflows since inception reaching approximately 1.81 trillion yuan [31] Group 5: Margin Financing - The financing buy-in amount decreased, accounting for a smaller proportion of A-share trading volume, with an average financing buy-in of 50.7 billion yuan, down 12.83% week-on-week [49] - As of June 28, the margin financing balance was 1.48 trillion yuan, a decrease of 1.5% from the previous period [49] Group 6: Fundraising - In June, there were 6 IPOs, with a total fundraising amount of 5.308 billion yuan, which accounted for 36.7% of the total fundraising [10] - The total equity financing scale in June was 14.467 billion yuan, with 6 companies participating in private placements, raising a total of 7.158 billion yuan, accounting for 49.5% of the total fundraising [10]