流动性周报：利率震荡上行，汇率维持稳定-2025-03-17

Investment Rating - The industry rating is "Recommended," indicating that analysts predict the industry will perform better than the benchmark index over the next 12 months [38]. Core Insights - The financial market is currently experiencing a tight liquidity environment, with the central bank conducting a net withdrawal of funds amounting to 251.7 billion yuan through 7-day reverse repos as of March 14 [1]. - Short-term interest rates have seen slight increases, with the SHIBOR overnight rate at 1.81%, reflecting a rise of 1.0 basis points compared to the previous week [1]. - The average yield on 1-year and 10-year government bonds has increased to 1.56% and 1.83%, respectively, with week-over-week changes of 0.8 basis points and 3.2 basis points [1]. Summary by Sections Financial Market Overview - As of March 14, the primary market raised 15.4 billion yuan through IPOs and additional offerings, an increase of 5.8 billion yuan from the previous week [2]. - The average daily trading volume in the secondary market was 1.66 trillion yuan, a decrease of 2.9% from the previous week [2]. - The financing balance rose by 0.9% to 1.92 trillion yuan compared to the previous week [2]. Global Liquidity - The US dollar index decreased slightly to 103.7, down 0.2% from the previous week, while the RMB exchange rate remained stable at 7.17 [2]. - US Treasury yields for 1-year and 10-year bonds were recorded at 4.09% and 4.31%, with changes of +4.0 basis points and -1.0 basis points, respectively [2].