流动性10月第3期：中美国债利差走阔，融资余额持续走高

Macro Liquidity - The 2-year government bond yield decreased to 1.4975%, while the 10-year yield increased to 2.1539%, resulting in a widening yield spread of 0.6564%[7] - The central bank's net cash injection in the open market was 1.9571 trillion yuan, with a net withdrawal of 89 billion yuan in October MLF[7] - The 10-year U.S. Treasury yield rose to 4.25%, and the dollar index increased to 104.32, leading to a widening of the China-U.S. 10-year bond yield spread to -2.10%[10] Market Liquidity - A total of 904 new funds were established from January to October 2024, compared to 973 in the same period of 2023, with total issuance of 863.6 billion units[12] - In October 2024, 33 new funds were launched, with 17 being equity funds, totaling approximately 1.218 billion units issued, accounting for 12.32% of the total[12] - The number of newly established ETF funds increased to 124 in 2024, compared to 116 in 2023, with 6.57 million units issued in October[14] Southbound Capital - Southbound capital saw a net inflow of approximately 33.5 billion yuan last week, with a total net inflow of 528.1 billion yuan year-to-date[17] - The technology, consumer, cyclical, and financial sectors all experienced net inflows, with consumer style seeing the highest net inflow of 150.7 billion yuan[18] Margin Financing - Margin financing purchases averaged 191.1 billion yuan last week, an increase of 18% week-on-week, with the total margin balance reaching approximately 1.66 trillion yuan[20] - The electronics sector had the highest net margin purchases at around 48.2 billion yuan, followed by non-bank financials at 32.5 billion yuan[21] Fundraising - In October, there were 7 IPOs raising a total of 3.38 billion yuan, while the total equity financing scale for the month reached 10.68 billion yuan[22] - 7 companies participated in private placements in October, raising a total of 4.85 billion yuan[22] Risk Warning - Economic recovery may be weaker than expected, and overseas interest rate cuts may not proceed as anticipated, potentially affecting global capital flows and investor risk appetite[23]