Funding Supply - The newly established shares of equity public funds decreased significantly to 1.1 billion yuan, down from 9.5 billion yuan, representing a 29% percentile over the past three years[4] - The net inflow of margin financing increased to 7.9 billion yuan, compared to 6.9 billion yuan, maintaining a 72% percentile over the past three years[4] - The net subscription of stock ETFs was -18.1 billion yuan, marking a low of 6% over the past three years[4] Funding Demand - Equity financing rose to 5.7 billion yuan, reaching a 30% percentile over the past three years[4] - The net outflow of industrial capital increased to 4.6 billion yuan, representing a 56% percentile over the past three years[4] - The net inflow of southbound funds was 14.2 billion yuan, continuing a trend of over 10 billion yuan weekly for four consecutive weeks, with a 69% percentile over the past three years[4] Market Trends - The total market value of restricted shares released was 62.4 billion yuan, significantly up from 28.9 billion yuan, at a 56% percentile over the past three years[4] - The trading heat in the medical services sector rose to a high of 92%, while the military industry saw a significant drop of 14 percentage points to 77%[39][42] - The overall sentiment in ETF funding is at a low point, with a notable outflow indicating bearish market conditions[19]

Core Viewpoint - The article emphasizes that the issue is not about saving money, but rather about the correct order of saving, which is crucial for achieving true financial security [2][4]. Group 1: Importance of Emergency Fund - Establishing an emergency fund is essential to ensure basic living expenses are covered during unexpected events such as job loss or illness. It is recommended to save at least 3-6 months' worth of living expenses [4]. - For example, if monthly expenses are 5,000 yuan, one should set aside between 15,000 to 30,000 yuan in a readily accessible savings account or money market fund [4]. Group 2: Financial Security and Insurance - True financial security comes from liquidity rather than investment returns. Having adequate insurance coverage for health and accidents is crucial to prevent sudden financial distress [5]. - It is advised to avoid high-interest debts, as they can negate the benefits of saving. Prioritizing the repayment of high-interest debts is essential before focusing on savings [5]. Group 3: Investment and Risk Management - Investment should not be viewed as the only way to achieve financial success; rather, it should be approached cautiously to avoid significant losses. Ensuring a financial safety net before investing is critical [6]. - The article highlights that having an emergency fund and no debt allows individuals to face financial challenges with confidence, emphasizing the importance of a solid financial foundation [6][9]. Group 4: Financial Planning and Distribution - Proper allocation of funds is key to reducing anxiety about financial stability. The article suggests that many individuals struggle not due to low income, but because they do not know how to manage their money effectively [6][7]. - The focus should be on organizing finances in a structured manner rather than relying on sudden wealth to change one's financial situation [7].

Core Viewpoint - The People's Bank of China (PBOC) has recently implemented measures to strengthen counter-cyclical adjustments and support liquidity in the financial market, indicating a proactive approach to managing economic conditions [1] Group 1 - On May 15, the PBOC executed its first reserve requirement ratio (RRR) cut of 2025, injecting approximately 1 trillion yuan (about 140 billion USD) into the financial market [1] - On May 23, the PBOC conducted a 500 billion yuan (approximately 70 billion USD) operation of Medium-term Lending Facility (MLF) to continue providing liquidity [1] - Industry insiders anticipate that overall liquidity will remain stable in June, suggesting a positive outlook for the financial environment [1]

Group 1: Market Overview - The issuance scale of government bonds, local government bonds, and policy financial bonds last week was 371 billion, 105.5 billion, and 102.1 billion respectively, with net financing amounts of 195.6 billion, 67.2 billion, and -27.5 billion [1] - The total issuance scale of non-financial credit bonds was 163.7 billion, with a net financing amount of 3 billion [1] Group 2: Liquidity Tracking - Last week, the net withdrawal through reverse repos was 781.7 billion, with funds initially tightening and then loosening [3] - This week, there will be 836.1 billion in reverse repos and 125 billion in MLF maturing, while government bond issuance will accelerate alongside the release of 1 trillion in reserve requirement cuts [3] Group 3: Policy and Fundamentals - The central bank announced a reserve requirement cut of 50 basis points, a policy interest rate cut of 10 basis points, and a 25 basis point cut for structural tools [4] - In April, dollar-denominated exports increased by 8.1% year-on-year, exceeding expectations, while CPI was -0.1% and PPI was -2.7%, both in line with expectations [4] Group 4: Equity Market - A-shares rose again last week due to post-holiday effects, US-China negotiations, and the India-Pakistan conflict, with major indices recovering all losses since the trade war began in April [6] - The total A-share financing balance reached 1,797.138 billion, an increase of 5.833 billion compared to April 29 [6] Group 5: Debt Market Strategy Outlook - The first quarter monetary policy report indicates a shift towards encouraging banks to increase credit issuance, suggesting a continued loose liquidity environment [7] - The market is concerned about the impact of tariff shocks on exports, but there is a clear supportive policy stance expected to hedge against export declines [7]

[Table_Main] 证券研究报告 | 固定收益点评 2025 年 5 月 12 日 固定收益点评 证券分析师 吕品 资格编号：S0120524050005 邮箱：lvpin＠tebon.com.cn 严伶怡 资格编号：S0120524110003 邮箱：yanly＠tebon.com.cn 研究助理 货币资金面 请务必阅读正文之后的信息披露和法律声明 本周（5.6-5.9，下同）共有 16178 亿元逆回购到期。周二至周五央行分别投放逆 回购 4050、1955、1586、770 亿元，期间累计投放 8361 亿元逆回购，全周净回 笼流动性 7817 亿元。本周资金价格下行，截至 5 月 9 日，R001、R007、DR001、 DR007 分别为 1.52%、1.58%、1.49%、1.54%，较 4 月 30 日分别变动-33.21BP、 -25.91BP、-29.45BP、-25.77BP，分别位于 22%、9%、20%、3%历史分位数。 本周资金主要融出方净融入规模减少。本周资金主要融出方净融入规模减少。主要 融出机构（大行/政策行与股份行）全周（5.6-5.9）净融入-4639 亿元，与前一周 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 资金价格显著回落——流动性和机构行为周 度观察 报告要点 [Table_Summary] 2025 年 5 月 6 日-5 月 9 日，央行逆回购净回笼资金，随着央行宣布降准降息，资金利率整体 下行。2025 年 5 月 5 日-5 月 11 日，政府债小幅净偿还；同业存单净融资规模提升，同业存单 到期收益率整体明显下行；银行间债券市场杠杆率延续偏低表现，国有大行及政策行净融出规 模有所修复。2025 年 5 月 12 日-5 月 18 日政府债预计净融资 6453 亿元。 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 资金价格显著回落 2] ——流动性和机构行为周度 观察 分析师及联系人 [Table_Author] [Table_Summary2] 资金面 央行逆回购净回笼资金。2025 年 5 月 6 日-5 月 9 日，央行逆回购投放 8361 亿元、 ...

证 券 研 究 报 告 股票型ETF持续流出 ——流动性&交易拥挤度周报 2025年5月6日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 证券分析师：林昊 执业编号：S0360523070007 邮箱：linhao@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近3年分位 | | 偏股型公募新发份额 | 74 | 45 | 65% | | 两融资金净流入 | -12 | -154 | 13% | | 股票型ETF净申购 | -117 | -144 | 7% | | 上市公司回购 | 23 | 16 | 43% | | 合 计 | -54 | -252 | | | 资金需求 | | | | | 资金需求主体(亿元) | 上 期 ...

证 券 研 究 报 告 南向资金24/08以来首次净流出 ——流动性&交易拥挤度周报 2025年4月29日 | 证券分析师：姚佩 | 执业编号：S0360522120004 | 邮箱：yaopei@hcyjs.com | | --- | --- | --- | | 证券分析师：林昊 | 执业编号：S0360523070007 | 邮箱：linhao@hcyjs.com | 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近3年分位 | | 偏股型公募新发份额 | 39 | 74 | 81% | | 两融资金净流入 | -57 | -12 | 45% | | 股票型ETF净申购 | 350 | -124 | 8% | | 上市公司回购 | 19 | 23 | 63% | | 合 计 | 332 | -6 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints From April 21 to April 25, 2025, the central bank net - injected funds, and the capital interest rates generally declined; the net financing scale of government bonds decreased; the net financing scale of inter - bank certificates of deposit increased, and the maturity yields of inter - bank certificates of deposit slightly increased; the leverage ratio of the inter - bank bond market remained stable at a relatively low level, and the net lending scale of state - owned large - scale banks and policy banks slightly increased. From April 28 to May 4, 2025, the net financing of government bonds is expected to be 12.11 billion yuan [2]. 3. Summary by Directory 3.1 Funds - **Central Bank Net Investment**: From April 21 to April 25, 2025, the central bank's reverse repurchase investment was 88.2 billion yuan, and the repurchase was 80.8 billion yuan. The treasury fixed - deposit investment was 10 billion yuan, and the 1 - year medium - term lending facility (MLF) investment was 60 billion yuan, with a total net investment of 77.4 billion yuan. From April 28 to April 30, 2025, 50.45 billion yuan of open - market reverse repurchases will expire [6]. - **Capital Interest Rates**: From April 21 to April 25, 2025, the average values of DR001 and R001 decreased by 2.0 basis points compared with April 14 - April 18, 2025; the average values of DR007 and R007 decreased by 1.8 basis points and 1.2 basis points respectively. On April 25, with the 60 - billion - yuan MLF investment, the overnight capital interest rates DR001 and R001 both dropped below 1.60% [7]. - **Government Bond Net Financing**: From April 21 to April 27, 2025, the net repayment of government bonds was about 8.01 billion yuan, 87.8 billion yuan more than that from April 14 to April 20, 2025. From April 28 to May 4, 2025, the net financing of government bonds is expected to be about 12.11 billion yuan [8]. 3.2 Inter - bank Certificates of Deposit - **Maturity Yields**: As of April 25, 2025, the maturity yields of 1M and 1Y inter - bank certificates of deposit increased by 1 basis point compared with April 18, 2025, while the 3M yield was basically flat [9]. - **Net Financing**: From April 21 to April 27, 2025, the net financing of inter - bank certificates of deposit was about 18.76 billion yuan, compared with a net repayment of about 0.42 billion yuan from April 14 to April 20, 2025. From April 28 to May 4, 2025, the maturity repayment amount of inter - bank certificates of deposit is expected to be 33.53 billion yuan, lower than this week's 79.06 billion yuan [9]. 3.3 Institutional Behavior - **Leverage Ratio**: From April 21 to April 25, 2025, the average leverage ratio of the inter - bank bond market was 107.19%, basically the same as that from April 14 to April 18, 2025 [10]. - **Net Lending Scale**: On April 25, 2025, the net lending funds of state - owned large - scale banks and policy banks were about 2.93 trillion yuan, accounting for 53.3% of the total net lending. On April 18, 2025, the net lending scale was about 2.88 trillion yuan, accounting for 52.4% [10].

股票型ETF流入仍为主力 2025年4月21日 证券分析师:姚佩 证券分析师:林昊 执业编号: S0360522120004 执业编号: S0360523070007 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公司的客户使用。本公司不会因模收人炸到体报告而视其办客户。华创证券对这些信息制的降明性和完整性不作任何保证。报告中的内容和周见仅始参考。并不够成本公司对所述证券买 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 流动性&交易拥挤度周报 部箱: yaopei@hcyjs.com 部箱: linhao@hcyjs.com " 华创证券 证券研究报告 核心结论 证监会审核华创证券投资咨询业务资格批文号:证监许可（2009）1210 号 资金流动性：1）资金供给端，两融净流出大幅收缩，股票型ETF仍为净流入主力保持高位;2)资金需求端，股 权融资、南向资金回落，产业资本净增持规模缩小，整体需求端收缩。 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征指标来看，化工、轻 工、地产、半 ...