《光大投资时钟》系列第二十篇：A股资金结构分析框架

Investor Structure - Foreign capital in the Shanghai Stock Exchange decreased from 3.34% at the end of 2020 to 2.42% at the end of 2023, with a total reduction of 0.92%[2] - General legal entities increased their holdings in the Shanghai Stock Exchange by 3.14% over 2022 and 2023[2] - As of the end of 2023, individual investors held approximately 10.7 trillion CNY, accounting for 23.2% of the total market value[21] Fund Flow - The financing balance reached a new high since 2016, currently at 1.87 trillion CNY, reflecting a market optimism[44] - Public funds increased their holdings in A-shares by 0.99 trillion CNY, while insurance funds increased by 0.39 trillion CNY as of Q3 2024[28] - In November 2024, newly established equity funds surged to an average of 266 billion units per week, a significant increase compared to previous years[45] Fund Distribution - The CSI 300 index accounted for 47% of the total free-floating market value of A-shares as of December 19, 2024[4] - The free-floating market value of the restructuring index quadrupled since the end of Q3 2024, indicating strong investor interest[4] - The newly popular Douyin Doubao index saw a 159% increase in free-floating market value since Q4 2024[4]