SCS(SH:601555) Soochow Securities·2025-07-01 01:16Macro Liquidity and Fund Prices - The central bank's open market operations have increased, with a cumulative net injection of 1.37 trillion yuan, indicating strong support intentions[10] - The interbank liquidity has shown increased volatility as the quarter-end approaches, with money market rates rising[14] - Under the central bank's support, short-term bond yields have continued to decline, with 1-year and 10-year government bond yields down by 14 basis points and 7 basis points respectively[14] Micro Liquidity and A-share Market - A-shares have seen a significant increase in trading volume, with the average daily trading amount rising to 1.49 trillion yuan, an increase of 271.6 billion yuan from the previous period[18] - Retail investors' sentiment remains weak despite the recent "three consecutive days of gains," with retail net inflow decreasing by 402 billion yuan to 633 billion yuan[25] - Leverage funds have seen a substantial net inflow of 261 billion yuan, indicating a significant increase in market risk appetite[30] Fund Flows and Investment Trends - The net inflow of A-share funds was 938 billion yuan, primarily due to large-scale private placements in bank stocks, which had a limited impact on overall market liquidity[22] - The issuance of new equity funds was strong at 159 billion yuan, although this was a decrease of 97.7 billion yuan from the previous period[39] - ETF funds turned to a net outflow of 196 billion yuan, with the A500 ETF seeing a significant net subscription of 112.8 billion yuan[45] Risk Factors - Economic recovery may fall short of expectations, increasing market uncertainty[67] - Potential overseas recession could impact domestic exports and related supply chains[67] - Geopolitical events may pose unexpected risks to market stability[67]