流动性3月第2期：美元指数破百，南向资金净流入传媒较多

Core Insights - The report indicates that the 2-year and 10-year government bond yields in the US have risen, leading to an increase in the US dollar index and an expansion of the yield spread between Chinese and US 10-year government bonds [1][2] - There has been a significant net inflow of southbound funds, particularly into the media sector, with a total net inflow of 181.5 billion yuan year-to-date [3][4] Macro Liquidity - Domestic liquidity saw an increase in the 2-year and 10-year government bond yields, with the 10-year and 2-year bond yield spread widening. The People's Bank of China conducted a net withdrawal of 251.1 billion yuan in the open market, with no MLF operations in March [2][13] - Internationally, the 2-year and 10-year US Treasury yields also increased, with the 10-year yield reaching 4.28% and the dollar index rising to 100.50 [2][17] Market Liquidity - Public funds: In March 2026, 42 new funds were established, including 19 equity funds, with a total issuance of approximately 49.6 billion units [3][24] - ETF funds: 11 new equity ETFs were established in March 2026, with a total issuance of about 4.5 billion units [3][27] - Southbound funds: There was a significant net inflow of southbound funds, with the media sector receiving the largest inflow of approximately 6.05 billion yuan, followed by oil and petrochemicals and automotive sectors [3][40] Financing and Fundraising - Margin financing: The average financing purchase amount was 233.5 billion yuan, down 3.0% week-on-week, with the total margin balance at approximately 2.65 trillion yuan [4][46] - Fundraising: In March, there was 1 IPO raising approximately 1.2 billion yuan, and a total of 95 billion yuan was raised through equity financing [4][50]