国家队顶住抛压

Group 1 - The report indicates that after the announcement of reciprocal tariffs by the US, short-term risks have temporarily subsided, leading to a stabilization and recovery in A-shares and Hong Kong stocks. The net inflow of stock-type ETFs has significantly increased, and southbound capital continues to flow in at high levels, reflecting investor confidence in the market [1][4]. - The overall micro liquidity shows a total fund supply of 113.7 billion and a demand of 114.3 billion, resulting in a net outflow of 0.6 billion. Notably, stock-type ETFs have seen a substantial net inflow, and industrial capital has shifted from net reduction to net increase [2][8]. - The issuance scale of equity funds has shown signs of recovery, with the latest issuance of equity public funds at 26.886 billion shares, a slight decrease of 4.64% compared to the previous period [10][11]. Group 2 - Northbound capital's trading volume ratio has decreased, with the proportion of northbound trading in total A-share trading falling to 11.16%, down from 13.64% in the previous period, indicating a decline in northbound capital activity [14][16]. - Margin financing has turned into a net outflow, with a total financing balance of 178.74 billion and a net outflow of 99.58 billion, reflecting a continuous decline in participation [16][18]. - The net inflow of southbound capital has continued, reaching 99.846 billion, a 77.52% increase compared to the previous period, indicating strong confidence in Hong Kong assets [38][40]. Group 3 - Industrial capital has shifted from net reduction to net increase, with a net increase of 6.814 billion, marking the first net increase since October 2024 [29][31]. - The current lock-up release pressure remains low, with a total lock-up release market value of 63.671 billion, and an expected release of 122.332 billion in the next two weeks, particularly in the electronics sector [34][36]. - The equity financing scale is at a low level, with the current equity financing amount at 7.689 billion, a decrease from the previous total of 34.084 billion [27][29].