Market sentiment was pessimistic last week. Last week, the average daily turnover rate of A shares was 0.57% (previous value: 0.61%); the average daily trading volume was 27.4 billion shares (previous value: 31.2 billion shares); the average daily trading volume was 276.4 billion yuan (previous value: 309.4 billion yuan). The proportion of financing and financing was 8.0% (previous value: 7.8%); the main board's daily active net selling averaged 15.93 billion yuan (previous value net selling: 230 million yuan); the small and medium-sized board's daily average active net selling was 5.01 billion (previous value net selling) The average daily active net selling on GEM was 3.91 billion yuan (the previous value was net selling of 150 million yuan). The number of new investors last week was 239,600 (previous value: 242,200). In terms of stock index futures positions, the Shanghai Stock Exchange 50 increased by 50.25% month-on-month (the previous value dropped 10.00%), the Shanghai and Shenzhen 300 increased by 86.62% month-on-month (the previous value dropped 9.72%), and the CSI 500 increased by 92.33% month-on-month (the previous value dropped 12.78%). Last week, 23.9 billion was lifted (previous value: 25.7 billion), and this week, 69.1 billion was lifted.

Last week, the net inflow of market funds was 7.9 billion yuan (the previous net inflow was 4.1 billion yuan). In terms of inflows: new public funds issued 733 million yuan (previous value 4.622 billion yuan). In terms of outflows: IPO financing scale was 1.633 billion yuan (previous value: 0 billion yuan); transaction fees had a net outflow of 3.424 billion yuan last week (previous value: 3.513 billion yuan); important shareholders had a net reduction in secondary market holdings of 671 million yuan (previous value: 0.31 billion yuan increase) Yuan): The overweighting industry is not obvious; the top three industries for underweighting are agriculture, forestry, animal husbandry and fishery (253 million yuan), medicine (158 million yuan, the previous increase was 76 million yuan), and commerce and retail (77 million yuan); mainland stocks Net sales were 905 million yuan (previously net purchases were 12.975 billion yuan). Looking at the industries to which the top ten active stocks belong, the top three industries with net purchases were catering and tourism (442 million yuan) and non-bank finance (390 million yuan). ), media (243 million yuan); the industries with net sales were medicine (721 million yuan), home appliances (452 ??million yuan, net buying at the previous value of 1.877 billion yuan), food and beverage (122 million yuan, net buying at the previous value) 3.21 billion yuan).

Macro liquidity: overall tightening. In terms of short-end interest rates, the net investment in open market operations last week was 176.5 billion yuan (the previous value was 0 billion yuan); DR007 and R007-DR007 increased month-on-month, of which DR007 closed at 2.65% (the previous value was 2.31%), and R007-DR007 It closed at 0.05% last week (previous value -0.04%). In terms of long-term interest rates, the 1-year, 5-year, and 10-year Treasury bond rates all increased. The 1-year government bond yield closed at 2.88% (previous value: 2.73%), the 5-year government bond yield closed at 3.38% last week (previous value: 3.29%), and the 10-year government bond yield closed at 3.65% (previous value) last week. value 3.55%).

Risk warning: 1. The U.S. financial market has increased volatility. 2. China’s tax cuts and other reforms fell short of expectations.