市场策略报告：高风偏资金流入放缓

Group 1: Fund Flow Review - This week, net financing outflow was 7.726 billion, with the financing transaction ratio dropping to approximately 8.17% [7][16] - Foreign capital saw a net inflow of 5.381 billion over four trading days, with the 30-day average net inflow trend upward, comparable to mid-June 2021 [8][16] - In terms of industry, northbound funds mainly increased positions in banking, food and beverage, and automotive sectors, while reducing positions in pharmaceuticals, media, and power equipment sectors [49][16] Group 2: Fund Market Review - Overall, ETF funds experienced net redemptions this week, with the major indices seeing net subscriptions for CSI 300 ETF (1.5 billion) and SSE Dividend ETF (190 million), while the top redemptions were for CSI 1000 ETF (-2.03 billion), ChiNext ETF (-1.74 billion), and SSE 50 ETF (-780 million) [27][31] - The issuance scale of funds decreased week-on-week, with equity and index funds issuing a total of 6.159 billion units, down by 0.695 billion units from the previous week [31][16] Group 3: Money Market Tracking - This week, funding prices rose significantly, with R001 and R007 closing at 2.17% and 2.81%, respectively, reflecting week-on-week changes of +27.39 basis points and +73.27 basis points [37][16] - The interest rate spread between R007 and DR007 widened to 0.80%, with a week-on-week change of +58.42 basis points, indicating an intensifying segmentation in the funding market [37][16] Group 4: Bond Market Tracking - In terms of government bonds, the long-term government bond yields decreased this week, with the 10-year and 2-year yields reported at 2.29% and 1.90%, respectively, reflecting week-on-week changes of -1.50 basis points and -7.74 basis points [83][16] - The spread between long-term and short-term government bonds widened to 0.39%, with a week-on-week change of +6.24 basis points [83][16] - For U.S. Treasury bonds, the long-term yields also saw a decline, with the 10-year and 2-year yields reported at 4.20% and 4.59%, respectively, with week-on-week changes of -2 basis points and 0 basis points [69][16]