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

Group 1: Fund Flow and Market Trends - The supply side of funds has slightly contracted, with public equity issuance recovering in the past two weeks, while leveraged funds saw a significant net inflow of 265 billion CNY, up from a previous outflow of 29 billion CNY[8][24] - Equity financing surged by 543.5 billion CNY in the last two weeks, indicating strong demand, while southbound funds continued to flow in with a net inflow of 259.5 billion CNY[8][24][82] - The net inflow of retail investor funds in the A-share market was 633 billion CNY, a decrease of 402.1 billion CNY from the previous value, placing it at the 19.2% percentile over the past five years[9] Group 2: Trading Activity and Sector Performance - Trading congestion metrics indicate that the financial and TMT sectors are on the rise, while most cyclical sectors are cooling down; for instance, the brokerage sector's heat index rose by 34 percentage points to 39%[8][9] - The insurance sector increased by 17 percentage points to 34%, while the chemical sector decreased by 11 percentage points to 79%[8][9] - The computer sector's trading heat rose by 16 percentage points to 67%, and the communication sector increased by 7 percentage points to 68%[8][9] Group 3: ETF and Stock Buyback Trends - Stock-type ETFs experienced a net outflow of 197 billion CNY, significantly larger than the previous inflow of 139.8 billion CNY, placing the current sentiment at a low point[50][51] - The amount of stock buybacks increased to 21.1 billion CNY from 15.4 billion CNY, which is at the 61% percentile over the past three years[54][55] Group 4: Investor Sentiment and Market Dynamics - The search interest for Kuaishou's A-shares has surged, driven by the recent peak in the Shanghai Composite Index, which reached a new high for the year[9][135] - The public fund concentration trend has weakened, shifting towards value styles and focusing on consumption and cyclical industries, with 30% of the top public fund stocks leading the gains in electronics, pharmaceuticals, and military sectors[9]