天风证券：酝酿新一轮交易脉冲

Group 1: Public Funds - In November, the newly established equity public fund shares reached 716.44 billion, an increase of 168.21 billion from the previous month, placing it in the 94.44 percentile over the past three years [12][73] - The new issuance of active equity funds in November was 255.00 billion, up by 96.12 billion month-on-month, while passive equity funds saw an increase of 288.92 billion, up by 63.54 billion [13][73] - The net subscription for stock ETFs in November was 177.00 billion, a decrease of 335.87 billion from the previous month, with broad-based ETFs being the main direction of fund outflow [17][73] Group 2: Private Securities Funds - The scale of private securities funds in October was 7.01 trillion, showing a significant increase compared to September [24][68] - The number of newly issued stock products in October was 995, a decrease of 53 from September, indicating a slight downward trend [24][68] - The average position of private equity long-only indices in September was 66.22%, up 2.40 percentage points from August, reflecting a rising trend in market risk appetite [26][68] Group 3: Northbound Capital - In November, the average daily trading volume of northbound capital was 2212.42 billion, down 14.35% from the previous month, with its share of total A-share trading falling to 11.56% [27][68] - The decline in northbound trading volume may be attributed to the recent hawkish comments from some Federal Reserve officials, tightening market liquidity expectations [27][68] Group 4: Margin Financing - As of the end of November, the total margin financing balance was 2.47 trillion, a decrease of 0.52% from the previous month [31][68] - The net outflow of margin financing in November was 126.13 billion, with the trading volume of margin financing accounting for 10.44% [34][68] Group 5: Incremental Capital - In November, the number of new institutional accounts opened on the Shanghai Stock Exchange was 0.97 million, a year-on-year increase of 28.49% [38][69] - The number of new personal accounts was approximately 2.37 million, showing a year-on-year decline of 11.86%, but the decline was significantly narrowed compared to the previous period [38][69] Group 6: Insurance Capital - In Q3 2025, the net increase in equity assets held by property and life insurance companies was 8639.94 billion [42][69] - The proportion of equity assets in the total investment of insurance funds reached 15.49%, an increase of 1.96 percentage points [42][69] Group 7: Bank Wealth Management - In November, the number of wealth management products issued was 6651, an increase of 35.73% from the previous month [49][69] - The number of products reaching maturity was 3702, up 96.91% month-on-month, indicating a significant recovery in issuance [49][69] Group 8: Industrial Capital - In November, the overall net reduction in industrial capital was 401.31 billion, with a daily average net reduction of 20.07 billion [55][69] - The reduction trend continues, but it remains at a historically low level, particularly in the electronics and defense industries [55][69] Group 9: Three Major Capital Flow Indicators - As of November 28, the capital flow indicator value was -0.04, indicating a decrease in trading activity in the equity market [61][70] - The narrowing decline in the indicator suggests that the market adjustment may be nearing its end, with potential entry points for foreign capital and public institutions [61][70]