20230626-华鑫证券-专题报告_北向资金小幅净流出_两融环比减少_14页_1mb

Summary of Market Liquidity and Fund Flow Analysis (As of June 26, 2023)

This report analyzes market conditions, focusing on funds, pressures, monetary injections, and prices. Key highlights include slight net outflows in certain areas and tightening liquidity.

• Incremental Funds: New fund issuance increased to 652.9 billion shares, while financing and margin lending saw a decrease in balances by 1,378 billion yuan.
• Funds Outflow: Secondary market net减持 reached 654.7 billion yuan, and stock channel net outflows totaled 346 billion yuan, amid high lock-up sales.
• Monetary Injection: Public market operations involved a net 4,100 billion yuan, and MLF rates were lower than previous levels, with money supply metrics declining.
• Market Prices: Short-term interest rates and bond yields significantly rose, while wealth management product yields decreased by 1 basis point. Overall liquidity is tight.