7月第一期：流动性与仓位周观察

Market Overview - The overall trading volume in the A-share market decreased to CNY 3.05 trillion, down from the previous week, with a turnover rate of 4.50%[15] - The net outflow of funds in the market totaled CNY 111.09 billion, indicating weakened liquidity[15] Liquidity Analysis - The central bank's open market operations resulted in a net withdrawal of CNY 740 billion last week[17] - The 10-year government bond yield increased by 7 basis points, while the 1-year yield decreased by 1 basis point, leading to an expansion of the yield curve spread[17] Fund Flows - Northbound funds experienced a net outflow of CNY 139.47 billion, with a cumulative net inflow of CNY 115.32 billion for the year[50] - The issuance scale of equity funds was CNY 11.02 billion, a decrease from the previous week[15] Sector Performance - The top five sectors for increased positions in equity funds were pharmaceuticals (+0.32%), non-ferrous metals (+0.23%), real estate (+0.21%), banking (+0.12%), and retail (+0.09%)[46] - The sectors with the largest reductions were electronics (-0.26%), power equipment (-0.26%), computers (-0.18%), home appliances (-0.18%), and machinery (-0.17%)[46] IPO and Refinance Activity - Last week, there were 2 IPOs raising CNY 13.42 billion and 1 refinancing raising CNY 18 billion[104] - The total amount of restricted shares released was CNY 691.49 billion, with the largest releases in pharmaceuticals, computers, and public utilities[91]