Group 1 - The People's Bank of China (PBOC) announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, marking the first time such an operation was pre-announced and conducted at the beginning of the month [1] - The operation is aimed at addressing the upcoming maturity of 5 trillion yuan in 3-month and 7 trillion yuan in 6-month reverse repos, ensuring sufficient liquidity in the banking system [1] - Analysts suggest that this move signals the PBOC's commitment to maintaining reasonable liquidity levels in the market, especially in light of the high volume of interbank certificates of deposit maturing in June [1][2] Group 2 - June will see a record high of 4.18 trillion yuan in interbank certificates of deposit maturing, which could create liquidity pressures and price fluctuations in the market [2] - The second quarter has seen a rapid issuance of government bonds, which may further disrupt liquidity [2] - The PBOC has been actively managing market liquidity through various tools, including a net injection of 11,196 billion yuan in May, indicating a moderately loose monetary policy stance [2] Group 3 - CITIC Securities believes that reverse repurchase operations will work alongside Medium-term Lending Facility (MLF) to maintain reasonable liquidity levels [3] - MLF is expected to continue its net injection trend in June to counterbalance the pressure from government bond payments [3]

Core Viewpoint - The article discusses the impact of liquidity improvements on the secondary market, particularly focusing on the effects of lock-up expirations on stock prices in the context of the North Exchange market. Group 1: Market Liquidity and Trading Volume - The North Exchange market has seen a significant increase in trading volume, with daily transaction amounts often exceeding 20 billion yuan, indicating a capacity to absorb larger capital shocks [1]. - The liquidity improvement has changed the dynamics of how lock-up expirations affect stock prices, suggesting that traditional views may no longer apply [1]. Group 2: Pre-Expiration Stock Performance - During the period from March to August 2024, 33 companies experienced lock-up expirations, with 21 of them (63.64%) showing a greater decline than the North Exchange 50 index in the five trading days leading up to the expiration [2]. - The average decline of these companies was 1% more than the index, indicating weaker performance as the expiration date approached [2]. Group 3: Post-Expiration Stock Performance - After the expiration, only 15 out of the 33 companies (45%) had declines greater than the index in the subsequent five days, which is below 50% [2]. - The average decline for these companies post-expiration was 1.14%, which was less than the index's average decline of 1.36%, suggesting that the secondary market did not experience significant pressure following the expirations [2]. Group 4: Recent Market Conditions - In October 2024, with improved liquidity, 21 companies had 76% of them underperforming the index in the five days leading up to their expirations, with an average decline of 0.008% compared to a 6.27% increase in the index [3]. - Post-expiration, only 8 of the 21 companies underperformed the index, with an average return of 8.47%, outperforming the index's average return of 7.22% [3]. - This indicates that regardless of market liquidity levels, the pressure from lock-up expirations primarily occurs before the expiration date, with minimal impact afterward [3].

Group 1 - The core viewpoint is that the US dollar and US Treasury bonds are no longer considered safe-haven assets, and the dollar is expected to weaken in the coming years, potentially becoming a risk asset [1][2] - The market is experiencing a shift, leading to increased volatility, and while the dollar was previously strong, it is now facing challenges due to uncertainties such as tariffs [2] - Despite the weakening dollar, there is no recommendation against investing in US stocks; rather, it is suggested to preserve gains accumulated in the US stock market by reallocating funds to non-US assets [2] Group 2 - There is a significant influx of global capital into the Chinese capital markets, particularly the Hong Kong market, which has seen increased liquidity since September of last year [1][3] - The correlation between A-shares and precious metals has shifted, with both now behaving more like safe-haven assets, especially during downturns in the US stock market [3] - The Hong Kong Monetary Authority has reported a substantial increase in the base currency balance, leading to lower overnight rates and a surge of funds into the Hong Kong market, with estimates of $2 trillion to $3 trillion in overseas capital flowing in [3]

Core Viewpoint - The significant increase in Hong Kong IPOs this year is attributed to a combination of policy support, improved market conditions, and strategic moves by companies [1][2][3] Group 1: IPO Market Overview - As of May 28, 2023, 27 companies have successfully listed on the Hong Kong stock exchange, raising over 77 billion HKD, nearing the total for the entire previous year [1] - Notable IPOs include the successful fundraising of 177 billion HKD by Mixue Group and over 35 billion HKD by CATL, making it the second-largest IPO globally after Saudi Aramco [1] - There are currently 157 companies waiting to go public, with 18 projects seeking to raise over 5 billion HKD [1] Group 2: Policy and Market Environment - Policy support is fundamental to the IPO surge, with the Hong Kong Stock Exchange optimizing listing rules and introducing a "special line" for tech companies to submit applications confidentially [2] - The China Securities Regulatory Commission has implemented measures to facilitate mainland companies listing in Hong Kong, reducing the review time from 100 days to 60 days [2] - The introduction of the FINI settlement platform has improved the efficiency of new stock issuances [2] Group 3: Market Liquidity and Investment Trends - Since the fourth quarter of last year, the Hong Kong market has shown strong performance, with net inflows from southbound funds exceeding 600 billion HKD [2] - The average daily trading volume in Hong Kong has surpassed 240 billion HKD this year, nearly doubling from the previous year [2] - Hong Kong has become a hub for scarce technology and consumer stocks, with over 80% of the MSCI index comprising Hong Kong stocks, indicating a sustained trend of foreign capital inflow [2] Group 4: Internationalization of Chinese Enterprises - The internationalization of high-quality Chinese enterprises is accelerating, with Hong Kong serving as a key platform for global financing [3] - Companies are seeking offshore funding through Hong Kong to support overseas expansion, brand acquisitions, and supply chain development [3] - The improved IPO environment is leading to a structural upgrade in the supply of quality assets in Hong Kong, attracting long-term capital [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint - The report provides a detailed overview of the market liquidity situation on May 29, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] 3. Summary by Relevant Catalogs I. Plate Liquidity - There are figures showing the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate. Sources are from Flush and Huatai Futures Research Institute [4][5][8] II. Stock Index Plate - On May 29, 2025, the trading volume was 567.599 billion yuan, a +58.28% change from the previous trading day; the holding amount was 1003.599 billion yuan, a +10.07% change; the trading - holding ratio was 56.29%. There are also figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [1][5] III. Treasury Bond Plate - The trading volume was 420.655 billion yuan, a +56.67% change from the previous trading day; the holding amount was 762.259 billion yuan, a - 7.96% change; the trading - holding ratio was 57.35%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [1][5] IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal trading volume was 242.358 billion yuan, a +0.38% change from the previous trading day; the holding amount was 368.746 billion yuan, a +0.45% change; the trading - holding ratio was 93.71%. The precious metal trading volume was 446.18 billion yuan, a +13.42% change; the holding amount was 437.969 billion yuan, a - 2.06% change; the trading - holding ratio was 98.26%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [1][5] V. Energy Chemical Plate - The trading volume was 535.616 billion yuan, a +21.97% change from the previous trading day; the holding amount was 375.529 billion yuan, a +0.38% change; the trading - holding ratio was 114.82%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy chemical plate [1][5] VI. Agricultural Product Plate - The trading volume was 319.099 billion yuan, a +30.27% change from the previous trading day; the holding amount was 525.43 billion yuan, a +0.26% change; the trading - holding ratio was 51.08%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural product plate [1][5] VII. Black Building Materials Plate - The trading volume was 249.712 billion yuan, a +46.98% change from the previous trading day; the holding amount was 337.202 billion yuan, a +0.19% change; the trading - holding ratio was 79.42%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [2][5]

这周过完就是端午节了，A股即将迎来又一个具有强"窗口效应"的节假日——统计历史表现， 端午前后 股市普遍表现不佳 ，因而被股民们戏称为"端午劫"。 那咱北交所，会不会给大家包个翠绿的粽子呢？ 再看2023年，表现为节前涨、节后跌。拉长到2~3个月看， 这个端午假期充当了下跌"中继"的角色 。 ③在每个A股停盘、但全球市场开市的假期，市场都会博弈假期期间的全球事件影响，市值下半年开启 前，经济数据密集出炉，因此 端午的节假日效应较其他节假日更剧烈 。 当然，这些都是从某些角度去尝试解释端午节A股"包粽子"的现象，如果从情绪和交易的角度来看， 当 市场上信"窗口效应"的人够多，这个"窗口效应"就越有可能发生 ，不论底层逻辑立不立得住，我们都不 应该忽视其发生的概率，尤其是北交所这样的"交易市"和情绪"宣泄口"。 以北证50指数为例，去年端午前，指数一波下跌7.58%，节后涨了一周，随后继续下跌。不过当时北交 所整体在不断缩量、持续向下创新低， 也不能全部归结为端午窗口的原因 。 再往前，2022年的北交所和北证50指数的参考意义就比较小了，我们用 小盘成长（399376.SZ）和中证 2000（932000.CS ...

流动性日报 | 2025-05-27 市场流动性概况 2025-05-26，股指板块成交4450.00亿元，较上一交易日变动-19.53%；持仓金额9311.75亿元，较上一交易日变动 -5.15%；成交持仓比为47.63%。 国债板块成交2966.10亿元，较上一交易日变动-17.40%；持仓金额8238.61亿元，较上一交易日变动+0.10%；成交 持仓比为36.79%。 基本金属板块成交2064.03亿元，较上一交易日变动+20.33%；持仓金额3631.73亿元，较上一交易日变动+1.22%； 成交持仓比为71.72%。 贵金属板块成交5369.35亿元，较上一交易日变动-5.21%；持仓金额4706.07亿元，较上一交易日变动+0.59%；成交 持仓比为105.60%。 能源化工板块成交4401.22亿元，较上一交易日变动+18.50%；持仓金额3702.07亿元，较上一交易日变动-0.87%； 成交持仓比为91.09%。 农产品板块成交2531.86亿元，较上一交易日变动+3.89%；持仓金额5243.81亿元，较上一交易日变动+0.42%；成交 持仓比为41.80%。 黑色建材板块成交2328. ...

Core Viewpoint - The market liquidity is weakened due to the holiday effect, leading to suppressed fluctuations in the gold market [1]. Group 1 - The strongest short-term support level for spot gold is identified at 3318, which is a convergence point of multiple pivot levels [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the liquidity situation of various market sectors on May 23, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - On May 23, 2025, the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day of different sectors are shown. The sectors include stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2]. II. Stock Index Plate - Trading volume: 5530.11 billion yuan, a +25.87% change from the previous trading day - Holding amount: 9817.42 billion yuan, a +3.60% change from the previous trading day - Trading - holding ratio: 55.65% [1] III. Treasury Bond Plate - Trading volume: 3590.96 billion yuan, a +2.15% change from the previous trading day - Holding amount: 8230.68 billion yuan, a - 0.17% change from the previous trading day - Trading - holding ratio: 45.39% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: trading volume 1715.27 billion yuan, a - 3.40% change from the previous trading day; holding amount 3587.85 billion yuan, a - 0.05% change from the previous trading day; trading - holding ratio 65.31% - Precious metal: trading volume 5664.27 billion yuan, a +4.60% change from the previous trading day; holding amount 4678.28 billion yuan, a - 2.15% change from the previous trading day; trading - holding ratio 115.47% [1] V. Energy - Chemical Plate - Trading volume: 3714.07 billion yuan, a - 6.78% change from the previous trading day - Holding amount: 3734.72 billion yuan, a +1.62% change from the previous trading day - Trading - holding ratio: 76.26% [1] VI. Agricultural Product Plate - Trading volume: 2436.97 billion yuan, a - 7.35% change from the previous trading day - Holding amount: 5222.02 billion yuan, a - 0.54% change from the previous trading day - Trading - holding ratio: 42.31% [1] VII. Black Building Materials Plate - Trading volume: 1895.95 billion yuan, a +1.24% change from the previous trading day - Holding amount: 3316.51 billion yuan, a +0.77% change from the previous trading day - Trading - holding ratio: 61.39% [2]

Core Viewpoint - The Federal Reserve is encouraging financial institutions to actively use the Standing Repo Facility (SRF) to support effective monetary policy implementation and ensure market stability, despite current market liquidity being ample [1][3]. Group 1: SRF Adjustments - The existence of the SRF is aimed at supporting effective monetary policy and promoting market stability, reflecting the Federal Reserve's understanding of the current market environment and potential risks [3]. - The New York Fed will extend SRF operations from only the afternoon to include morning sessions, completing settlements on the same day, which is a significant step to enhance SRF effectiveness [3][4]. - This adjustment is expected to improve the efficiency of SRF usage and provide more flexibility for the Federal Reserve during the balance sheet normalization process [3][4]. Group 2: Market Implications - The adjustment of SRF operations may impact short-term interest rates, as the Federal Reserve aims to manage market liquidity and avoid significant rate fluctuations [4]. - The Federal Reserve's strategy to enhance SRF efficiency is intended to reduce reliance on its balance sheet while maintaining market stability during the normalization process [4]. - The effectiveness of these strategies will depend on market acceptance of SRF and the Federal Reserve's ability to manage market liquidity [4]. Group 3: Challenges Ahead - The Federal Reserve faces challenges in the balance sheet normalization process, with indications that money market liquidity may be tightening [3]. - As the Federal Reserve reduces reserves, upward pressure on money market rates may increase, posing greater challenges for financial institutions' asset-liability management and overall market stability [3]. - The focus will be on how the Federal Reserve balances market stability with the normalization of its balance sheet in the coming period [4].