流动性、交易拥挤度、投资者温度计周报：杠杆、ETF资金分化，快手A股搜索热度持续飙升-20250703

Liquidity and Fund Flow - The supply side of funds has slightly contracted, with public equity issuance recovering in the past two weeks, and leveraged funds seeing a significant net inflow of 265 billion CNY, ranking in the 90th percentile over the past three years[6] - Equity financing surged by 543.5 billion CNY in the last two weeks, placing it in the 99th percentile over the past three years[4] - Southbound funds continued to flow in, with a net inflow of 259 billion CNY, ranking in the 88th percentile over the past three years[39] Trading Congestion - Financial and TMT sectors saw an increase in trading heat, with brokerage heat rising by 34 percentage points to 39% and computer sector heat increasing by 16 percentage points to 67%[4] - Conversely, the chemical sector experienced a decline of 11 percentage points to 79%, and the real estate sector decreased by 9 percentage points to 34%[4] Investor Sentiment - The Shanghai Composite Index reached a new high for the year, driving a surge in search interest for Kuaishou A-shares[4] - Retail investor net inflow decreased to 633 billion CNY, down 402.1 billion CNY from the previous value, placing it in the 19.2 percentile over the past five years[4] - The net inflow of financing funds increased to 265.3 billion CNY, up 300.4 billion CNY from the previous week[4]