流动性与仓位周观察：4月第1期：杠杆资金加速流出

Group 1 - The report indicates that the overall market liquidity has strengthened, with a net inflow of funds amounting to 46.46 billion yuan, despite a decrease in trading activity, as the total trading volume for the week was 4.54 trillion yuan, down from the previous week [8][9][11] - The net outflow of margin financing reached 193.49 billion yuan, while the trading volume of margin financing accounted for 8.75% of the total A-share trading volume [27][34] - The issuance scale of new equity funds was 4.87 billion yuan for IPOs and 69.67 billion yuan for refinancing, indicating a mixed demand for capital [36][39] Group 2 - The report highlights a significant net withdrawal of funds from the open market, totaling 5019 billion yuan, leading to a decrease in the yield spread between 10-year and 1-year government bonds [11][12] - The yield on 10-year government bonds decreased by 8 basis points, while the yield on 1-year government bonds fell by 5 basis points, resulting in a narrowing of the yield curve [11][12] - The market anticipates a 51% probability that the Federal Reserve will not cut interest rates in May, reflecting a shift in market expectations [19] Group 3 - The report notes a decline in turnover rates across major indices, with a corresponding decrease in trading volumes, indicating reduced trading activity among institutional investors [20][22] - The top five sectors where equity funds increased their positions included pharmaceuticals, banking, food and beverage, agriculture, and public utilities, while the sectors with the largest reductions included power equipment, household appliances, electronics, automotive, and non-ferrous metals [23][24] - The total number of ETF shares increased by 269.7 billion, with the broad-based index A500 ETF receiving the most inflow of funds [28][31]