流动性7月第3期：融资买入额回落，短端利率下行

Macro Liquidity - During the week of July 15-19, the 2-year government bond yield decreased while the 10-year yield increased, widening the yield spread to 0.6533%[16] - The central bank's net cash injection was 12,400 billion CNY, with a net withdrawal of 30 billion CNY in July MLF[16] - The 10-year U.S. Treasury yield rose by 0.07 percentage points to 4.25%, while the dollar index increased to 104.37[20] Market Liquidity - In July 2024, the number of newly established public funds was 49, with a total issuance of 27.498 billion units, averaging 561 million units per fund[24] - The number of newly established ETFs increased to 90 in the first seven months of 2024, compared to 71 in the same period of 2023, with total issuance of approximately 49.3 billion units[29] - Northbound capital saw a net outflow of 19.323 billion CNY during the week, with all styles experiencing outflows, particularly in the consumer sector[36] Financing and Fundraising - In July, there were 3 IPOs raising a total of 2.14 billion CNY, accounting for 21.9% of total fundraising, while private placements raised 4.119 billion CNY, making up 42.2%[47] - The average financing buy amount decreased by 6.85% week-on-week, representing a slight decline in its proportion of total A-share trading volume[42] - The total margin financing balance was 1.44 trillion CNY, down 1.33% from the previous week[42]