Xin Lang Cai Jing·2026-01-21 00:25Core Insights - The report from Huatai Securities indicates that the A-share market saw an increase in trading volume exceeding 3 trillion yuan in the first half of last week, but experienced a pullback in the latter half due to increased counter-cyclical policy adjustments [1] Group 1: Market Sentiment and Fund Flows - There is a divergence in funding sentiment, with leveraged funds and ETFs with a high proportion of individual holdings continuing to see net inflows into the market [1] - Financing activity remains robust, with a financing activity rate above 11% [1] - Conversely, broad-based ETFs with a high proportion of institutional holdings experienced significant net inflows, while ETFs with a high proportion of Huijin holdings saw a net outflow of approximately 135.1 billion yuan [1] Group 2: Market Performance and Future Outlook - The report analyzes the performance of the A-share market following the surge in trading volume, suggesting that short-term market sentiment remains elevated, leading to a volatile market trend [1] - It is noted that if there are catalysts related to fundamentals or liquidity, the overall trend of the A-share market may move upward [1] - Industries that have shown sustained growth following the increase in trading volume are primarily those that have fundamental backing and align with market themes [1]