策略周报：资金透视，谁将接力交易型资金？

Group 1: Market Overview - The Chinese asset revaluation driven by the "924" policy is entering its second phase, with the market's daily trading volume stabilizing after a previous decline[1] - Retail investor inflow has decreased since October 8, with net inflow of 31.3 billion CNY last week, while financing trading activity has also cooled down[1] - Northbound capital saw a daily average trading volume rise to 401.6 billion CNY, reaching a peak of over 500 billion CNY on October 8 before dropping to 252.7 billion CNY on October 11[1] Group 2: Fund Flows - Last week, net inflow of financing funds was 140.9 billion CNY, with a trading activity peak of over 11% on October 9, the highest since 2021[1] - Public funds saw a significant drop in new issuance, with only 0.7 million new equity funds established last week, while existing equity/mixed funds' positions decreased slightly[2] - Private equity funds' average positions rose to 78% by the end of September, up 5 percentage points from August, with 91% of funds holding over 50%[2][3] Group 3: Sector Performance - Financing funds primarily flowed into the electronics, non-bank financials, and computer sectors, while textile, light manufacturing, and building materials saw lower inflows[1] - The last week saw a net inflow of 155.8 billion CNY into ETFs, with broad-based indices attracting 139.3 billion CNY[2] - The confidence index for hedge fund managers in A-shares rose to 129.1, a 14.39% increase from September[2]