流动性10月第2期：国债利差边际走扩，南下累计净流入走高

Macro Liquidity - The yields of 2-year and 10-year government bonds in China decreased, with the yield spread marginally widening to 0.6161% as of October 18 [8][11] - The People's Bank of China conducted a net withdrawal of 301.5 billion yuan in the open market, with a net withdrawal of 789 billion yuan in MLF for October [8][9] - The 10-year U.S. Treasury yield remained stable at 4.08%, while the dollar index increased to 103.46, leading to a slight widening of the China-U.S. 10-year government bond yield spread to -1.96% [12][11] Market Liquidity - In the public fund sector, 892 new funds were established from January to October 2024, with a total issuance of 856.6 billion units, compared to 973 funds and 813.1 billion units in the same period of 2023 [14][16] - The number of newly established ETF funds increased, with 122 ETFs launched from January to October 2024, compared to 116 in the same period of 2023, totaling 77 billion units issued [16][17] - Southbound capital saw a net inflow of approximately 224 billion yuan in the week of October 14-18, with a total net inflow of 494.6 billion yuan year-to-date [22][23] Fundraising Activities - In October, there were 4 IPOs raising a total of 1.59 billion yuan, while the total equity financing scale for the month reached 4.35 billion yuan [25][26] - Five companies participated in private placements in October, raising a total of 2.76 billion yuan [25][26]