20240716-东吴证券-证券Ⅱ行业月报_日均股基成交额触底_IPO市场现回暖信号_12页_700kb

证券行业月报摘要

市场回顾

1. 市场表现：
2024年6月，股市整体下行，债市相对强劲。主要股指普遍下跌，沪深300、科创50和创业板等均出现较大跌幅。

2. 资金流动：
6月市场资金持续净流出，尤其电子、电力设备、计算机等板块流出明显。北向资金当月净流出444.45亿元。

交易情绪分析

1. 开户趋势：
6月新增A股账户数同比下降38%，环比下降15%，显示市场投资信心不足。

2. 成交额与换手率：
日均股基成交额同比下降63.4%，换手率环比下降0.28%，为连续第4个月下滑，反映市场交易活跃度不足。

行业概况

1. IPO与再融资：
一级市场方面，IPO募资额环比显著回升，但相比于年初仍有所下降。

2. 两融余额：
两融交易余额继续压降，融券余额下降显著，市场融资热情低迷。

3. 资管规模：
截至2024年5月，券商及公募基金规模同比增长，私募基金规模同比下降。

4. 股票质押：
待购回股票质押金额小幅增长，表明市场部分企业仍有融资需求。

总体而言，当前市场表现出资金流出、成交萎缩、交易情绪疲软的态势。尽管IPO等一级市场业务有所回暖，但整体市场仍面临较大下行压力。

March 2024 (English version)

Industry Monthly Report Summary

Market Review

1. Market Performance:
In June 2024, the stock market saw an overall downturn, with government bonds showing relative strength. Primary indexes, such as the CSI 300 and STAR 50, experienced significant declines.

2. Capital Flows:
The market saw sustained net capital outflows, especially in sectors like electronics, power equipment, and computing. The Northbound capital flow was negative by the end of the month.

Trading Sentiment Analysis

1. Account Opening Trends:
The number of new A-share accounts added in June experienced a significant drop both year-on-year and month-on-month.

2. Trading Volume & Turnover:
The average daily stock fund trading value in June fell by 63.4% compared to the same period last year. The A-share turnover rate has declined for four consecutive months, reflecting weakened market activity.

Industry Overview

1. IPOs & Re-finance:
In the primary market, IPO fundraising amounts saw a significant rebound month-on-month but remained lower year-on-year.

2. Stock Pledge Financing:
The stock pledge financing balance continued to shrink, with the most significant decline in the short selling portion, indicating reduced investor willingness to borrow for stock purchases.

3. Asset Management Scale:
As of May 2024, both securities firm and public fund scales grew year-on-year, while private fund scale experienced a noted decline.

4. Equity Repurchase:
The initial transaction amount for equity repurchasing slightly increased, indicating a continued, cautious demand for financing from some companies.

Overall, the market exhibits a trend of capital outflows, declining trading volumes, and subdued investor sentiment. Although IPO activities have recovered somewhat, the broader market continues to face significant downward pressure.