流动性12月第3期：南下金融，融资科技

Domestic Liquidity - The yield on 2-year and 10-year government bonds continued to decline, with the yield spread increasing to 0.6312%[11] - The central bank's net withdrawal from the open market was 430.2 billion yuan, and the MLF net withdrawal was 1.45 trillion yuan[35] Fundraising and Market Activity - In December, 8 companies conducted IPOs, raising approximately 4.4 billion yuan[73] - A total of 64 new funds were established in December, with 23 being equity funds, raising a total of 9.6 billion yuan[72] ETF Market - The number of newly established ETFs in 2024 remained the same as in 2023, with 157 ETFs launched, including 9 equity ETFs in December, which issued 3.03 billion shares[19] - The total scale of ETF equity funds was 2.9168 trillion yuan, with a trading volume accounting for 15.5% of the total scale, down by 3.4 percentage points[20] Southbound Capital - Southbound capital saw a net inflow of 243 billion yuan last week, with a total net inflow of 715.6 billion yuan for the year, marking a historical high[46] - The banking sector had the largest net inflow of 7.61 billion yuan, followed by telecommunications and retail, while media and consumer services saw significant outflows[23] Margin Financing - Margin financing buy-in amounts decreased, accounting for a lower proportion of A-share trading volume, with an average buy-in of 135.4 billion yuan, down 24.3% week-on-week[32] - The total margin financing balance was approximately 1.89 trillion yuan, showing a slight increase of 0.04%[60]