资金透视：各方资金仍在拉锯中

Funding Environment - The current funding environment is characterized by a tug-of-war among various parties, with no consensus yet formed, primarily driven by trading funds[1] - Last week, leveraged funds saw a net inflow, indicating manageable pressure on financing funds based on average collateral ratios and market value to cash ratios[1] - The market's profitability effect slightly declined but remains high, supporting trading fund sentiment[1] ETF and Foreign Investment - Last week, ETF funds experienced a net inflow exceeding 20 billion, with the A500 ETF being the main contributor[1] - Active foreign investment saw a net outflow of 1.4 billion, marking the ninth consecutive week of outflows[2] - Northbound trading activity slightly increased, with average daily trading volume rising to 230.7 billion, reflecting a 12.1% week-on-week increase[2] Retail and Institutional Fund Movements - Retail investors saw a net outflow of 3.9 billion last week, with significant outflows on Friday exceeding 20 billion[3] - Financing funds recorded a net inflow of 20.7 billion, with trading activity slightly declining to 9.35%[3] - Public funds saw a slight increase in stock/mixed fund equity positions, with ordinary stock funds at 88% and mixed funds at 83%[4] Private Fund Strategies - Nearly 70% of private fund managers intend to maintain their current positions in December, with 4% planning significant increases[4] - The average position of private equity funds was reported at 78%, with 91.2% of funds holding over 50%[4]