CITIC Securities: The fund interest rate continues to be loose, and insurance funds are steadily flowing in.

The research report from CITIC Securities pointed out that the interbank liquidity continued to be loose, with R007 and DR007 rates both declining by more than 10 basis points, while the yields of long and short-term government bonds rose slightly. The yield of US bonds rose significantly, leading to a widening of the China-US interest rate spread. In terms of micro-funds, 47.5 billion shares of new equity funds were established, with net inflows of -30.65 billion yuan in stock ETF funds, of which TMT-related ETFs had a net inflow of 1.48 billion yuan. The balance of insurance funds utilization increased by 1.6732 trillion yuan in the first quarter, with an increase in the allocation of stock funds, and the vice chairman of the China Securities Regulatory Commission recently stated that since the beginning of this year, long-term funds such as social security, insurance, and annuities have accumulated a net purchase of A shares exceeding 200 billion yuan. Margin funds saw a net inflow of 2.41 billion yuan, while southbound funds had a net outflow of -8.05 billion yuan, with a net inflow of 567.47 billion yuan so far this year.