A股量化择时研究报告：金融工程，风险溢价上升，ETF资金流入

• The report focuses on the quantitative analysis of A-shares, including market sentiment indicators such as the proportion of stocks hitting 60-day highs and lows, which decreased from 6.0% to 5.6% for highs and increased from 6.7% to 10.0% for lows[5][6] - The moving average structure indicator shows an improvement, with the proportion of stocks in a bullish arrangement minus bearish arrangement rising from -53.8% to -43.6%[6] - ETF fund flows indicate a net inflow of approximately 307 billion yuan during the period, reflecting increased investor interest in equity ETFs[47][49] - Northbound capital flows show a net outflow of 148 billion yuan over the last five trading days, suggesting reduced foreign investor participation in the A-share market[62][64] - Financing balance data reveals a decrease of approximately 97 billion yuan over the past five trading days, indicating reduced leverage in the market[88][90]