股市流动性月报：两融余额大幅上升，基金发行显著回暖

Group 1 - The report indicates that the liquidity in the stock market improved in November, with a total fundraising amount of 19.2 billion yuan in the primary market, representing a month-on-month increase of 58.6% [3][21][22] - In the primary market, the IPO fundraising scale was 5.2 billion yuan, up 4.9% month-on-month, while the fundraising from additional share issuance reached 13.9 billion yuan, a significant increase of 96.1% [3][22] - The net reduction in shareholding by major shareholders in the secondary market was 28.6 billion yuan in November, which is an increase of 155.7 billion yuan compared to the previous month [3][28] Group 2 - The average daily trading volume in the A-share market was 1.9676 trillion yuan in November, a decrease of 2.3% compared to the previous month, but an increase of 122.4% year-on-year [3][35] - The issuance scale of equity funds reached a new high in nearly two years, with a total of 108.6 billion yuan in new fund issuance, an increase of 91.1 billion yuan month-on-month [3][39] - The stock investment ratio of open-end funds was 68.43% at the end of November, up from 67.37% at the end of October, indicating a stable investment stance [3][42] Group 3 - The margin financing and securities lending balance reached 1.8444 trillion yuan by the end of November, an increase of 135.5 billion yuan from the end of the previous month, reflecting a gradual warming of market sentiment [3][46] - The report anticipates that the liquidity environment in the A-share market is likely to continue improving, supported by the ongoing issuance of broad-based index funds and the significant increase in equity fund issuance [3][48][50]