流动性12月第4期：12月IPO量价齐升

Macro Liquidity - The 2-year government bond yield increased to 1.1320%, while the 10-year yield decreased to 1.6929%, resulting in a narrowing yield spread of 0.5609%[9] - The central bank's net withdrawal from the open market was 798.2 billion CNY, and the MLF net withdrawal was 1.15 trillion CNY[2] - The 10-year U.S. Treasury yield rose to 4.62%, and the dollar index increased to 108.02, with the China-U.S. 10-year bond yield spread widening to -2.93%[12][13] Market Liquidity - In December, 110 new funds were established, with 49 being equity funds, totaling 1.493 trillion units issued, and 280 billion units for equity funds alone, accounting for 18.7%[21][22] - A total of 21 new equity ETFs were launched in December, with 103.2 billion units issued, contributing to a total of 169 new ETFs in 2024, up from 157 in 2023[23][24] - Southbound capital saw a net inflow of 154 billion CNY last week, with a total net inflow of 731 billion CNY for the year, marking a historical high[33][34] Financing and IPOs - The average financing purchase amount was 131.8 billion CNY, down 2.6% week-on-week, with a total margin balance of approximately 1.88 trillion CNY[40] - In December, 11 companies conducted IPOs, raising approximately 9.3 billion CNY, while the total equity financing scale reached about 45.2 billion CNY[44]