流动性7月第3期：央行万亿净投放有望改善流动性预期

Core Insights - The central viewpoint indicates that the central bank's net injection of 1.2 trillion yuan is expected to improve liquidity expectations, with a notable increase in financing buy-ins and significant net inflows from southbound funds [1][2]. Macro Liquidity - Domestic liquidity saw a decline in both 2-year and 10-year government bond yields, with the yield spread widening. The central bank's open market net injection was 1.2011 trillion yuan, while 3,000 million yuan was withdrawn through MLF in July [2][12]. - Internationally, the 2-year U.S. Treasury yield decreased while the 10-year yield increased, leading to a rise in the dollar index. The 10-year U.S. Treasury yield rose to 4.44%, and the dollar index reached 98.46, with the China-U.S. 10-year bond yield spread widening to -2.77% [2][17]. Market Liquidity - Public funds: In July 2025, 71 new funds were established, with 39 being equity funds, totaling approximately 11.6 billion shares issued [3][22]. - ETF funds: 15 new equity ETFs were established in July 2025, with a total issuance of 6.8 billion shares [3][25]. - Southbound funds: There was a significant net inflow of southbound funds, totaling 735.9 billion yuan year-to-date, with major inflows into non-bank financials, pharmaceuticals, and consumer services [3][32][34]. - Margin financing: The average financing buy-in amount was 148.8 billion yuan, reflecting a 6.3% increase week-on-week, with significant net inflows in the computer, machinery, and electronics sectors [4][39]. Fundraising - In July, there were 4 IPOs raising approximately 22.1 billion yuan, with total equity financing around 43.4 billion yuan [4][45].