资金透视 | 逆势资金近期回暖

Core Viewpoint - The market has entered a period of fluctuation after a previous correction, with A-share daily trading volume decreasing, which constrains upward momentum. Attention is focused on whether there will be positive signals from the funding side [1]. Group 1: Private Equity Fund Developments - The number of private equity securities investment fund registrations reached a year-to-date high of 342 last week, indicating that private equity funds will be an important source of incremental capital in the short term [2]. - There may still be incremental capital support for small-cap styles in the future, with a structural focus on quantitative securities products based on the CSI 1000 enhancement and quantitative stock selection [2]. Group 2: Trading Fund Dynamics - Since mid-November, the activity of trading funds has significantly decreased, but there is still internal differentiation: the trend of deleveraging in financing funds may be improving, with the average collateral ratio starting to rise [3]. - Financing fund trading activity has begun to recover, previously dropping to levels seen in mid-July, but passive foreign capital is still uncertain regarding a trend reversal [3]. - The options market remains cautious in pricing the short-term market outlook [3]. Group 3: Counter-Cyclical Capital Strength - Despite the lack of recovery in trading funds, incremental capital is currently in a "bottomed out" state, with a recent increase in counter-cyclical capital strength [4]. - The number of active buybacks has increased, primarily for cancellation and shareholder rights protection, and broad-based ETFs saw a net inflow of 8.3 billion yuan, continuing a two-week streak of net inflows [4]. Group 4: Marginal Changes in Various Funds - Retail investors experienced a net outflow of 46.3 billion yuan last week, with net inflows in sectors such as communication, electronics, and non-bank financials, while experiencing outflows in chemicals, pharmaceuticals, and machinery [5]. - Financing funds saw a net inflow of 19.6 billion yuan, with an activity level of 10.2%, primarily flowing into electronics, communication, and military sectors, while outflows were noted in computing and automotive sectors [5]. - Public funds and ETFs reported an increase in the number of fund registrations, primarily in bond and ETF funds, while ordinary and equity funds' equity positions stabilized and slightly increased [5]. Group 5: Market Observations - The average daily trading volume of northbound funds fell to 192.7 billion yuan last week, with a net inflow of 14 million yuan from active allocation foreign capital, while passive allocation foreign capital saw a net inflow of 46 million yuan [54]. - The secondary market saw a net reduction of 8.9 billion yuan in significant shareholder holdings last week, with a release of 39 billion yuan in market value [62].