金融市场流动性与监管动态周报：偏股基金发行规模提升，增量资金或由融资转为ETF-2025-03-25

Group 1 - The report indicates a reversal in fund flows, with ETFs experiencing net inflows while previously active financing funds are seeing outflows. This shift suggests a potential change in market dynamics as the earnings disclosure period approaches, emphasizing the need to focus on sectors and stocks with stable or improving performance and free cash flow [2][5][10] - The recent data shows that public equity fund issuance has increased to 141.75 billion, while ETF net subscriptions have decreased by 114.53 billion, and financing net purchases have dropped to 86.70 billion [4][31] - The report highlights that the recent inflows are primarily directed towards technology and cash flow ETFs, indicating a shift in investor preference towards these sectors [12][14] Group 2 - The report notes that the market sentiment has shifted, with increased attention on style indices and major sectors such as the North Certificate 50, discretionary consumption, and staples [5][46] - In terms of industry preference, sectors such as electronics, non-bank financials, and machinery have seen significant net inflows, while sectors like banking, pharmaceuticals, and power equipment have experienced net outflows [50][51] - The report also mentions that the financing net purchases were highest in sectors like machinery (+18.4 billion), automotive (+17.5 billion), and electronics (+13.1 billion), while sectors like computing and non-ferrous metals faced significant net selling [50][51]