国金证券：北上资金的反复可能阶段成为市场交易层面的扰动

Group 1 - The market trading activity has rebounded, with the volatility of indices such as the SSE 50, CSI 300, and STAR 50 increasing, while other major broad-based indices have declined [1] - After the holiday, margin trading and personal ETFs have become the main sources of incremental capital in the market, indicating a shift in investor behavior [1] - The fluctuations in northbound capital may serve as a disturbance in market trading dynamics, and there is a need to monitor the sustainability of margin trading replenishment going forward [1]