华泰证券：股市流动性充裕仍是行情的主要驱动

Group 1 - The core viewpoint is that the A-share market has seen a significant increase in trading volume, driven by active trading funds and abundant market liquidity [1] - Financial data indicates a divergence in entity credit and M1 year-on-year, with traditional industries showing overall weakness; however, deposit data reflects signs of resident funds entering the market, suggesting that if the stock market can create a sustained profit effect, liquid deposits could be a potential incremental source of funds in the future [1] - Currently, the entry of resident funds into the market is primarily through leveraging existing funds, as evidenced by the sustained high activity of leveraged funds, an improvement in new account openings, public fund issuance, and private fund registrations, although the rate of increase is limited; ETFs have seen overall net outflows in the past month, with increasing industry differentiation [1] Group 2 - Foreign and insurance capital are also potential incremental sources of funds, with recent activity levels showing an increase [1] - The market trend is strong, and it is recommended to maintain a relatively high position in the market [1]