1. Last week's market review
1. Review of the equity market last week
Last week (2024/06/24-2024/06/28, the same below), A-shares fluctuated and pulled back, and the bond market continued to rise. The performance of the major indices for the week was as follows: the Shanghai Composite Index fell 1.03%, the Shenzhen Component Index fell 2.38%, the ChiNext Index fell 4.13%, and the STAR 50 fell 6.10%. In terms of other broad-based indices: the CSI 500 Index fell 3.13%, the CSI 1000 Index fell 3.15%, the CSI 300 Index fell 0.97%, and the Shanghai Composite 50 Index fell 0.17%. In terms of industry sectors, 31 Shenwan first-class industries, 3 industries rose and 28 industries fell. The three industries with the largest declines were real estate, power equipment and trade and retail, with declines of -4.75%, -3.62% and -3.55% respectively. The three industries with the largest increases were banks, public utilities, and petroleum and petrochemicals, with increases of 1.98%, 1.00%, and 0.93% respectively. The style index all fell except for the stable style, and the changes in financial style, cyclical style, consumption style, growth style, and stable style were -0.62%, -1.42%, -2.29%, -2.75%, and 1.15% respectively. In terms of daily turnover and trading volume, last week, the average daily turnover was 666.1 billion yuan. In terms of northbound funds, the total net outflow was 11.762 billion yuan in the five days of actual trading last week, the net outflow of Shanghai-Hong Kong Stock Connect was 2.831 billion yuan, and the net outflow of Shenzhen-Hong Kong Stock Connect was 8.930 billion yuan.
2. Review of the bond market last week
(1) Review of liquidity and funding
Last week, the central bank put a net 352 billion yuan of money in open market operations. Last week, 755 billion yuan of currency was put into the currency, and 403 billion yuan of currency was withdrawn.
上周利率走势多数上涨，银行间质押式回购利率1D、7D、14D、1M分别变动33.15BP、14.54BP、0.18BP、-7.51P，存款机构间质押式回购利率1D、7D、14D、1M[1]分别变动-6.26BP、15.90BP、-2.59BP、-207.50BP。
(2) Review of the secondary market
上周各期限利率债到期收益率全数下跌。 从收益率曲线变化来看，上周6M、1Y、3Y、5Y、10Y国债到期收益率分别变动-6.15BP、-5.35BP、-8.48BP、-4.88BP、-4.64BP；6M、1Y、3Y、5Y、10Y国开债到期收益率分别变动-2.38BP、-5.75BP、-5.46BP、-5.23BP、-3.67BP。 从期限利差来看，国债10Y-1Y利差环比变动-1.83BP，国开债10Y-1Y利差环比变动-2.97BP。
Credit spreads on short- and medium-term notes rose. Last week, the credit spreads of AAA-rated 1-year, 3-year and 5-year credit spreads changed by 6.05BP, 4.56BP and 2.11BP respectively compared with the previous period. AA+ grade 1-year, 3-year and 5-year credit spreads changed by 4.98BP, 4.01BP and 3.77BP respectively from the previous period; AA-rated 1-year, 3-year and 5-year credit spreads changed by 6.04BP, 3.02BP and 3.81BP respectively from the previous period.
Credit spreads of urban investment bonds mostly rose. Last week, AAA-rated 6-month, 1-year and 3-year credit spreads changed by 1.06BP, 4.05BP and 5.28BP respectively from the previous period; AA+ grade 6-month, 1-year and 3-year credit spreads changed by 0.44BP, 3.91BP and 4.38BP respectively from the previous period; AA-rated 6-month, 1-year and 3-year credit spreads changed by -1.99BP, 4.87BP and 5.89BP respectively from the previous period.
(3) The performance of major indices in the bond market
Major indices in the bond market rose last week. The specific performance of the major indices last week was as follows: China Bond Composite Index changed by 0.27%, China Bond Corporate Bond Index changed by 0.03%, China Securities Convertible Bond Index changed by 0.46%, China Bond Total Index changed by 0.39%, China Bond Total Index changed by 0.132%, China Bond Financial Bond Index changed 0.24%, and China Bond Credit Bond Index changed by 0.04%.
2. Review of public fund products
1. The situation of new fund products last week
Last week, a total of 25 funds were established, with 29.119 billion shares issued. Last week, there were 4 bond funds with 19.152 billion shares issued, 5 hybrid funds with 3.158 billion shares, 15 equity funds with 6.209 billion shares issued, and 1 REITS fund with 600 million shares issued. Last week's new fund issuance breakdown:
2. The overall situation of public fund products
According to Wind statistics, as of June 28, 2024, there were 12,028 domestic public funds, with a net asset value of 292647 billion yuan. From the perspective of various types of funds, there are 2,480 equity funds, with a net asset value of 2,861.3 billion yuan; There were 4,621 mixed funds with a net asset value of 3,483.9 billion yuan; There were 3,663 bond funds with a net asset value of 9,688.4 billion yuan; The number of money market funds was 370, with a net asset value of 124905 billion yuan; There are 297 QDII funds with a net asset value of 419.8 billion yuan; 499 FOF funds with a net asset value of 148.4 billion yuan; 58 alternative investment funds with a net asset value of 49.8 billion yuan; There are 39 REITs funds with a net asset value of 119.2 billion yuan.
3. Review of the mutual fund market last week
1. Money market funds
Last week, money market funds rose by 3bp from 118.02% to 118.17%.
2. Fixed income funds
The fixed income fund index rose last week. The index performance of various types of fixed income funds is as follows: short-term pure bond fund index change of 0.09%, medium and long-term pure bond fund index change of 0.17%, bond index change of 0.20%.
3. Mixed funds
Mixed fund indices mostly fell last week. The index performance of various types of mixed funds is as follows: the index change of hybrid bond secondary fund is -0.04%; Partial Debt Hybrid Fund Index Change -0.16%; The index of hybrid bond primary fund changed by 0.17%; Partial debt hybrid FOF index change -0.19%; Equity Mixed Fund Index Change -2.09%; Equity Mixed FOF Fund Index Change -1.05%.
4. Equity funds
All indexes of equity funds fell. The index performance of various types of equity funds is as follows: the index change of convertible bond funds is -0.04%; Common Equity Fund Index Change -2.15%; Equity index fund index change -2.11%; Equity funds changed -2.12%.
Note: [1] According to the data of China Money Network, the latest data of DR1M this week is as of June 25, 2024.