资金供需：二级市场可跟踪资金净流入规模扩大。融资余额上升，融资资金净买入34.2亿元；ETF净流 入560.8亿元；新成立偏股类公募基金份额增加。重要股东净减持规模上升，公布的计划减持规模扩 大。 智通财经APP获悉，招商证券发布研报称，从历史经验看，岁末年初时段市场风格会呈现出明显的防御 性特征，大盘价值风格占优，而中证1000代表的小微盘风格则相对承压。临近年末，机构投资者面临年 度业绩考核与结算，其投资行为会趋于保守，风险偏好明显降低。进入1月后，市场进入上市公司年报 业绩预告的密集披露期，业绩不确定性成为市场担忧的重点。由于小微盘股的业绩波动风险相对更大， 资金进一步流向基本面更为稳健的大盘蓝筹股，这使得大盘价值风格得以延续。此外，年初险资等长期 资金在"开门红"阶段有较强的配置需求，其偏好也集中于低估值的大盘价值板块，为该风格提供了增量 资金支持。 货币政策与利率：上周(12/15-12/19)央行公开市场净投放2190亿元，未来一周将有4575亿元逆回购、 3000亿元MLF、1200亿元国库现金定存到期。货币市场利率下行，短、长端国债收益率下行，同业存 单发行规模扩大，发行利率涨跌不一。截至12 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing a stable and continuous monetary policy framework that will guide financial market operations during the 15th Five-Year Plan period [1] Monetary Policy Framework - The "scientific and stable" monetary policy aims to balance short-term and long-term goals, economic growth and risk prevention, as well as internal and external factors [1] - The central bank's liquidity toolbox is well-stocked, with a reasonable distribution of terms, allowing for both short-term and long-term liquidity adjustments [2] Liquidity Tools and Mechanisms - The central bank has shifted its focus from quantity targets to interest rate levels, indicating a reduced emphasis on the monetary supply's direct control [2] - Different liquidity tools serve distinct purposes, with reserve requirement ratio (RRR) adjustments being used more cautiously compared to other tools [3] Interest Rate Mechanism - The central bank will adjust the timing of MLF operations to follow LPR announcements, reinforcing the significance of the 7-day reverse repurchase rate as a policy interest rate [3] - The transmission mechanism of monetary policy is structured as "economic growth - policy interest rate - market interest rate," with the 7-day reverse repurchase rate becoming a key determinant for 10-year government bond yields [5] Economic Indicators and Policy Signals - Historical data shows that each round of RRR cuts corresponds with a decline in government bond yields, indicating that RRR adjustments signal policy easing [4] - The frequency of interest rate cuts is lower than that of RRR cuts, suggesting a more cautious approach by the central bank regarding interest rate adjustments [6]

Group 1 - The S&P 500 index increased by 3.52%, indicating a strong performance in the U.S. stock market [6] - The Hang Seng Tech Index rose by 6.18%, reflecting positive sentiment in the technology sector [6] - Major European indices also showed gains, with the Euro Stoxx 50 and the German DAX index increasing by 2.12% and 1.81% respectively [6] Group 2 - U.S. Treasury yields experienced fluctuations, with the 2-year Treasury yield rising by 2.57% [9] - The 10-year Treasury yield also saw an increase of 2.29%, suggesting a shift in investor sentiment [9] - The 30-year Treasury yield rose by 1.50%, indicating a broader trend in long-term interest rates [9]