天风策略：A股酝酿新一轮交易脉冲

Market Overview - The market experienced fluctuations after reaching a new high in November, maintaining a high-level consolidation phase. The recent phone call between the leaders of China and the U.S. and Trump's announcement of a visit to China next year may lead to improved bilateral relations [1] - Expectations for a rate cut by the Federal Reserve in December have shifted, with several officials expressing dovish sentiments, potentially improving market liquidity [1] Public Funds - In November, the newly established equity public fund shares reached 71.644 billion, an increase of 16.821 billion from the previous month, ranking in the 94.44 percentile over the past three years [6] - The issuance of active equity funds in November was 25.500 billion, up by 9.612 billion month-on-month, while passive equity funds saw an issuance of 28.892 billion, an increase of 6.354 billion [6] - The net subscription for existing stock ETFs in November was 17.700 billion, a decrease of 33.587 billion from the previous month, with significant net subscriptions observed in strategy and thematic ETFs [6] Private Securities Funds - The scale of private securities funds reached 7.01 trillion in October, showing a significant increase compared to September [2] - The number of newly issued stock products in October was 995, a decrease of 53 from September, indicating a slight downward trend [2] - The average position of the private equity long-only index in September was 66.22%, up by 2.40 percentage points from August, placing it in the 44.1 percentile since 2010 [2] Northbound Capital - The average daily trading volume of northbound capital in November was 221.242 billion, a decrease of 14.35% from the previous month, with its share of total A-share trading falling to 11.56% [7] Margin Financing - As of the end of November, the total margin financing balance was 2.47 trillion, down by 0.52% month-on-month, with the financing balance at 2.46 trillion, a decrease of 0.50% [7] - In November, there was a net outflow of 12.613 billion in margin financing, with its trading activity showing a high-level decline [7] Institutional Investment - The number of new institutional accounts opened on the Shanghai Stock Exchange in November was 9,700, a year-on-year increase of 28.49%, while individual accounts saw a decline of 11.86% [3] Insurance Capital - In Q3 2025, the net increase in equity assets held by property and life insurance reached 863.994 billion [8] - Recent macroeconomic conditions are favorable for insurance capital to enter the equity market, with risk factors for long-term holdings being adjusted downwards [8] Banking Wealth Management - The number of wealth management products issued in November was 6,651, a month-on-month increase of 35.73%, with the number of products reaching maturity also rising significantly [8] - The proportion of newly issued equity wealth management products in November was 0.92%, an increase of 0.63 percentage points from the previous month [8] Industrial Capital - In November, the net reduction in industrial capital was 40.131 billion, with an average daily net reduction of 2.007 billion, indicating a continued trend of net reduction [9] - The three main capital flow indicators showed a narrowing decline in November, suggesting a potential end to the current market adjustment phase [9]