流动性11月第2期：美元指数延续强势，新发股票型基金份额创新高

Macro Liquidity - The 2-year and 10-year government bond yields in China decreased, with the 10Y-2Y yield spread rising to 0.6914%[14] - The People's Bank of China injected a net of 187.1 billion yuan into the market, while the MLF net withdrawal in November was 1.45 trillion yuan[14] - The 10-year U.S. Treasury yield rose to 4.43%, and the U.S. dollar index strengthened to 106.68[20] Market Liquidity - A total of 52 new funds were established in November, with 29 being equity funds, marking the highest monthly issuance since June 2015 at approximately 76 billion yuan[5] - The number of newly established ETFs decreased year-on-year, with 134 ETFs created in 2024, compared to 139 in 2023, totaling 85.9 billion yuan in issuance[27] - Southbound capital saw a net inflow of approximately 332 billion yuan last week, with a total net inflow of 605.1 billion yuan year-to-date[6] Financing and Fundraising - The average financing purchase amount was 223.3 billion yuan, down 13.7% week-on-week, with a total margin balance of approximately 1.84 trillion yuan[42] - In November, there were 3 IPOs raising 1.25 billion yuan, while the total equity financing scale was about 15.8 billion yuan[48] - The net inflow in the electronics sector was the highest at approximately 71.8 billion yuan, followed by computers at 64.4 billion yuan[44] Risk Factors - Economic recovery may be weaker than expected, potentially impacting overall economic performance[50] - The pace of overseas interest rate cuts may not meet expectations, affecting global capital flows and investor risk appetite[50]