流动性&交易拥挤度周报：股票型ETF流入仍为主力-20250421

Group 1: Liquidity and Fund Flows - Stock-type ETFs remain the main source of net inflows, with a net subscription of 343 billion CNY, ranking in the 87th percentile over the past three years[12] - Margin financing saw a significant reduction in net outflow, decreasing from 940 billion CNY to 57 billion CNY, representing a 29% percentile over the past three years[12] - The total amount of equity financing was 115 billion CNY, which is at the 45% percentile over the past three years[12] Group 2: Market Trends and Trading Activity - The trading heat for the chemical industry increased by 29 percentage points, while light industry, real estate, semiconductor, and banking sectors saw increases of 15, 12, 11, and 8 percentage points respectively[11] - The net increase in industrial capital was only 8 billion CNY, down from 59 billion CNY, indicating a significant contraction in capital inflows[12] - The total repurchase amount by listed companies was 19 billion CNY, down from 50 billion CNY, placing it at the 55% percentile over the past three years[12] Group 3: Southbound and Northbound Capital Flows - Southbound capital inflow was 219 billion CNY, a decrease from 780 billion CNY, with a strength ranking in the 82nd percentile over the past three years[12] - Northbound capital participation in the A-share market was 5.8%, which is at the 23% percentile over the past three years[12]