两融重新回流，北上继续买入

Group 1: Macroeconomic Overview - The US dollar index continued to rise, deepening the "inverted" interest rate differential between China and the US, with both nominal and real yields on 10-year US Treasuries increasing, indicating a rise in inflation expectations [1][13][18] - Domestic interbank liquidity remains generally balanced and loose, with the yield curve steepening as the 10Y-1Y spread widens [1][22][28] Group 2: Market Trading Activity - Overall market trading activity has rebounded, with trading heat in sectors such as textiles, light industry, retail, machinery, and military exceeding the 90th percentile, while volatility has decreased across major indices [2][30][31] - The liquidity indicators in the market have continued to decline, particularly in the coal and banking sectors, which remain above the 60th historical percentile [2][38][41] Group 3: Sector Research and Analyst Predictions - Research interest is high in sectors such as electronics, pharmaceuticals, home appliances, food and beverage, computers, and machinery, with rising interest in non-ferrous metals, consumer services, textiles, real estate, retail, and electric power [3][45][46] - Analysts have continued to lower net profit forecasts for the entire A-share market for 2025/2026, while sectors like transportation, banking, building materials, and home appliances have seen upward revisions in their profit forecasts [2][52] Group 4: Northbound Capital Activity - Northbound capital activity has increased, with net purchases primarily in sectors such as telecommunications, electronics, electric power, utilities, machinery, and new energy, while net sales were observed in pharmaceuticals, computers, and media [3][5] - The average daily trading volume of northbound capital has risen, although its proportion of total A-share trading has decreased [3][5] Group 5: Margin Financing and Fund Activity - Margin financing activity has reached its highest point since late March 2025, with net purchases concentrated in TMT, machinery, military, pharmaceuticals, and automotive sectors, while net sales were seen in banking, transportation, food and beverage, new energy, and textiles [4][6] - Active equity funds have increased their positions, particularly in food and beverage, pharmaceuticals, transportation, electric power, financial real estate, and consumer services, while reducing exposure to new energy, machinery, telecommunications, agriculture, and military sectors [5][12]