渤海证券研究所晨会纪要（2025.04.15）-20250415

Macro and Strategy Research - The scale of corporate bond financing has decreased, with March social financing increasing by over 1 trillion yuan year-on-year for the fourth consecutive month, primarily supported by government bond financing and on-balance sheet credit financing [2] - Corporate short-term loans have significantly increased year-on-year, with a net increase of 460 billion yuan in March, while medium and long-term loans showed a slight decrease, indicating a preference for short-term loans due to high bond financing costs [2][3] - M1 year-on-year growth has rebounded, likely due to accelerated fiscal fund disbursement, enhancing the liquidity of private sector demand [3] - Overall, March financial data shows improvements in both total and structural aspects, with notable increases in social financing and M1 growth, although medium and long-term loans still require further stimulation [3] Fund Research - The market saw significant net inflows into broad-based indices led by the CSI 300, with a net inflow of over 98 billion yuan, while the CSI A500 index experienced a net outflow of approximately 3.97 billion yuan [5][7] - The average net value of bond funds increased by 0.16%, while FOF and equity funds performed poorly, with the average net value of quantitative funds dropping by 3.99% [6][7] - The active equity fund position increased to 80.96%, up by 2.8 percentage points from the previous period, indicating a rising confidence in equity markets [6]