广发流动性跟踪周报（3月第2期）：两融规模再创新高、南下流入放量-2025-03-19

Group 1: Market Liquidity Tracking - The IPO scale last week was 2.2 billion, an increase from 1.7 billion the previous week, indicating a rise of 4.71 million [12] - The total margin financing balance increased by 182 billion, reaching approximately 1,917.47 billion [16] - The net inflow of southbound funds from Hong Kong was 576 billion last week, compared to 332 billion the previous week, totaling 908.09 billion for March [22] Group 2: Investor Sentiment - The proportion of financing transactions was 9.65%, up from 9.43% the previous week, indicating a slight increase in market activity [30] - The average daily turnover rate was 1.75%, slightly higher than the previous week's 1.72%, suggesting stable trading sentiment [30] - Institutional funds saw a net outflow of 126 billion, contrasting with a net inflow of 5.31 billion the previous week [31] Group 3: Other Key Indicators - The total value of restricted stock unlocks was 332 billion last week, unchanged from the previous week, with an expected unlock of 122 billion this week [33] - The central bank's open market operations and MLF net withdrawal amounted to 1,917 billion last week, with a reverse repurchase net withdrawal of 2,517 billion [36] - The M2 growth rate remained stable at 7.00%, while M1 saw a slight increase of 0.10% year-on-year [36]