中信证券：过去几年重小轻大、规避机构持仓票的策略模式可能不再成立

Group 1 - The report from CITIC Securities highlights three liquidity characteristics observed in domestic and overseas markets [1] - Characteristic one indicates a clear divergence in ETF fund flows, with broad-based ETFs decreasing while industry and thematic ETFs are increasing, reflecting a trend of institutional allocation favoring high-quality stocks [1] - Characteristic two suggests that the market may be entering the final round of intensive subscription and redemption for actively managed public funds since 2021, with core assets held by institutions expected to gradually alleviate redemption pressure [1] - Characteristic three points out the coexistence of high debt funding rates and passive interest rate cuts in overseas markets, indicating a shift in China's manufacturing sector towards gaining pricing power and improving profit margins in the long term [1]