量化市场追踪周报（2025W3）：被动股基新发热度较高，融资余额开始回升

• The report primarily focuses on market trends, including the high issuance activity of passive equity funds and the rebound in margin financing balances, reflecting changes in investor sentiment[1][7] - Passive equity funds continue to attract significant inflows, tracking indices such as A500 and SSE 180, along with thematic and sector-specific indices[7] - Margin financing balances, closely linked to market indices, rebounded from a low of 18,070.37 billion yuan on Monday, indicating increased risk appetite among investors[7] - Active equity funds show strengthened growth attributes in their holdings, with average positions rising to 86.20% as of January 17, 2025[15] - Active equity funds have increased exposure to growth-oriented styles, particularly small-cap growth (42.4%) and large-cap growth (18.33%), while reducing positions in value-oriented styles[24] - Sector allocation adjustments by active equity funds include increased exposure to defense, electronics, and food & beverage, while reducing positions in computing, communication, and banking[27] - The report mentions a sector rotation model developed based on marginal changes in holdings by high-performing funds, highlighting sectors like defense and machinery as over-weighted[32] - ETF market trends show net inflows of 91.74 billion yuan into broad-based ETFs, with notable products like Southern CSI 1000 ETF and Huatai-PineBridge CSI 300 ETF leading the inflows[36][60] - Thematic and style ETFs also saw inflows, with products like E Fund CSI Artificial Intelligence ETF and China Merchants CSI Dividend ETF gaining traction[38][64] - Newly established funds include passive equity funds tracking indices like SSE 180 and A500, as well as bond ETFs focused on high-grade corporate bonds[68][69]