资金跟踪专题：年度资金多，短期资金弱

Overview - In 2024, A-shares experienced a net capital inflow of CNY 25,716 billion, representing 4.5% of the free float market value, an increase of 3.6 percentage points from 2023[4] - Excluding potential double counting from private equity and insurance funds, the net inflow ratio was 4.6%, up 4.4 percentage points from 2023[4] - Key drivers for the strong annual capital inflow included increased company dividends, rising share buybacks, limited equity financing, and continuous growth in public fund ETF shares[4] Short-term Trends - In early January 2025, A-shares shifted to a net outflow, with a net inflow ratio of -0.07% as of January 17, 2025[4] - The cumulative net inflow over the past 12 months reached 7.13%, up from 6.03% in December 2024, reflecting a 1.1 percentage point increase[4][12] Financing and Fund Flows - The financing balance increased by CNY 203 billion in December 2024 but decreased by CNY 389.54 billion from January 1 to January 23, 2025[4][27] - The total financing balance for 2024 rose by CNY 2,748.28 billion, significantly higher than the CNY 1,347.62 billion increase in 2023[4][27] Fund Performance - Active equity mutual funds saw a stable increase in shares, with a net inflow of CNY 4,547.29 billion in 2024, consistent with 2023 growth rates[4] - Stock ETFs experienced a net inflow of CNY 9,640.64 billion in 2024, surpassing most historical years[4] Corporate Actions - Companies repurchased shares worth CNY 2,549.34 billion in 2024, with a monthly average higher than any year since 2005[4] - Total dividends paid by companies reached CNY 18,814.33 billion in 2024, the highest since 2014[4] Equity Financing - The scale of equity financing significantly declined, with December 2024's equity financing at CNY 452.36 billion and a total of CNY 2,904.72 billion for the year, the lowest monthly average since 2007[4]