流动性12月第2期：美债利率抬升，南下资金流向金融

Group 1: Macro Liquidity - The 2-year and 10-year government bond yields in China continued to decline, with the 10-year yield falling to 1.7771% and the 2-year yield to 1.1770%, resulting in a narrowing yield spread of 0.6001% [18][22][24] - The People's Bank of China conducted a net cash injection of 188.4 billion yuan in the open market, while MLF saw a net withdrawal of 14.5 billion yuan [18][22] - In the U.S., the 10-year Treasury yield rose to 4.40%, and the dollar index increased to 106.94, leading to a marginal widening of the China-U.S. 10-year bond yield spread to -2.62% [22][24] Group 2: Market Liquidity - In December 2024, 38 new public funds were established, including 14 equity funds, with a total issuance of 675 million units [5][32] - The number of newly established ETF funds in 2024 decreased year-on-year, with 150 new ETFs launched compared to 157 in 2023, and 4 new equity ETFs in December with an issuance of 15.3 million units [5][32] - Southbound capital saw a net inflow of approximately 198 billion yuan in the week of December 9-13, with a total net inflow of 691.3 billion yuan for the year, marking a historical high [5][37] Group 3: Margin Financing - The average margin buying amount increased to 178.9 billion yuan, up 12.4% week-on-week, with the total margin balance reaching approximately 1.88 trillion yuan [46][47] - The sectors with the highest net margin financing were media (approximately 3.37 billion yuan), machinery (approximately 2.85 billion yuan), and food and beverage (approximately 1.92 billion yuan), totaling about 8.14 billion yuan [47] - The margin financing balance for the electronics sector was approximately 210.9 billion yuan, accounting for 3.01% of its market capitalization [47] Group 4: Fundraising - In December, 5 companies conducted IPOs, raising approximately 3.26 billion yuan, while the total equity financing scale for the month was 27.15 billion yuan [52][53] - A total of 8 listed companies participated in private placements in December, raising a total of 21.3 billion yuan [52][53]