微观流动性跟踪（2025.5.5-2025.5.18）：活跃资金转为回流

Group 1 - The report indicates a shift in micro liquidity, with margin financing funds returning to net inflow and a narrowing scale of industrial capital reduction, suggesting increased investor confidence [1][2][8] - The total supply of funds for the period was -12.5 billion, with a demand of -3.2 billion, resulting in a net outflow of 9.3 billion [2][8] - The issuance scale of equity public funds decreased significantly, with new issuance of 10.835 billion shares compared to 25.931 billion shares in the previous period, a change of -58.22% [10][11] Group 2 - Northbound trading volume increased significantly, with the proportion of northbound trading in total A-share trading at 12.34%, down from 13.88% in the previous period, but the trading volume rose by 71.72% compared to the previous period [14][11] - Margin financing showed a net inflow of 18.244 billion, a change of 34.571 billion from the previous net outflow of 16.327 billion, indicating a recovery in market investment sentiment [16][19] - The net subscription of stock ETFs turned to a net outflow of -41.570 billion, a significant decrease from the previous net subscription of 8.586 billion, indicating a shift in investor behavior [23][24] Group 3 - The equity financing scale remained low, with a total of 4.069 billion raised, down from 4.697 billion in the previous period [30][31] - Industrial capital shifted from net buying to net selling, with a net reduction of 5.975 billion, indicating a cautious approach from major shareholders [31][33] - The lock-up release scale remained low at 68.816 billion, down 44.23% from the previous period, with expectations of 35.210 billion in the next two weeks, particularly in the electronics sector [37][39] Group 4 - Southbound funds turned to a net outflow of 1.273 billion, a change of -2.192 billion from the previous net inflow, reflecting a cooling market sentiment [41][43] - The report highlights that the recent net outflow of southbound funds may indicate a profit-taking behavior after a significant rebound in the Hong Kong stock market [41][43]