[Table_Stock] China A-share strategy [Table_Industry] Equity Strategy Three rivers, one rising tide We track three liquidity flows poised to drive the market's rally further as a key macro indicator flashes green [TABLE_SUMMARY] A key macro indicator (M2-TSF growth spread) is flashing green for equities We view M2 growth as a proxy for money supply and total social financing (TSF) growth as a proxy for the real economy's demand for capital. A widening positive spread between the two (M2 growing faster than ...