资金跟踪专题：股市供需格局全面改善

Overview - The report indicates a significant net inflow of funds into the A-share market, with an estimated net inflow of approximately 15,746 billion yuan for the entire year of 2024, representing about 4.2% of the free float market value [2][6] - The increase in funds is attributed to factors such as higher-than-seasonal company dividends, continuous share buybacks, a small scale of equity financing, and increasing ETF shares from public funds [2][6] Monthly Trends - In September 2024, the monthly net inflow of funds into A-shares accounted for 1.00% of the circulating market value, up from 0.49% in the previous month [9] - The cumulative net inflow over the past 12 months reached 3.89% of the free float market value, an increase from 3.15% the previous month [9] - The rise in net inflow in September was primarily due to a shift to net inflow from private equity funds and an increase in financing balances [9][10] Financing Balances - The financing balance saw a significant increase in September 2024, rising by 492.48 billion yuan compared to a decrease of 322.81 billion yuan in the previous month [9][10] - As of October 18, 2024, the financing balance accounted for 2.28% of the circulating market value, which is at the median level since 2018 [2][10] Company Actions - From January 1 to October 18, 2024, the total amount of share buybacks by listed companies reached 4,382.79 billion yuan, with an average monthly buyback of 431.09 billion yuan, exceeding all previous years since 2005 [2][10] - The total dividend amount for listed companies in September 2024 was 873.92 billion yuan, the highest since 2014, with cumulative dividends from January 1 to September 30, 2024, also reaching a new high since 2014 [2][10] Equity Financing - The equity financing scale in September 2024 was 209.05 billion yuan, an increase from 137.17 billion yuan in the previous month [2][10] - For the period from January 1 to October 18, 2024, the total equity financing scale was 2,340.08 billion yuan, with the average monthly financing scale being lower than all years since 2007 [2][10]