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投资者微观行为洞察手册·8月第3期:主动外资重燃信心,内资热钱延续流入
GUOTAI HAITONG SECURITIES·2025-08-19 09:46

Group 1 - The report indicates a marginal increase in trading activity in the A-share market, with the average daily trading volume rising to 2.1 trillion yuan, and the turnover rate for the Shanghai Composite Index reaching 93% [2][14][20] - The report highlights a decrease in the proportion of stocks that are rising, which has dropped to 54.4%, while the median weekly return for all A-shares has decreased to 0.4% [2][15] - The report notes that the industry rotation index has shown a marginal increase, with 13 industries having turnover rates above the historical 90th percentile [2][27] Group 2 - The report tracks liquidity in the A-share market, noting an increase in ETF outflows and a shift to foreign capital inflows, with foreign capital inflowing 2.65 million USD [2][43][44] - Public funds have seen a decrease in newly established fund sizes, dropping to 5.947 billion yuan, while the overall stock positions of funds have increased [2][36] - Private equity confidence has shown a slight recovery, with the private equity fund confidence index increasing, although the overall positions have slightly decreased [2][41][42] Group 3 - The report indicates a clear divergence in capital allocation, with foreign capital flowing out of the household appliance and machinery sectors while primarily flowing into the metals sector [2][3][44] - The report highlights that the top sectors for financing inflows include electronics (+13.27 billion yuan) and machinery (+4.01 billion yuan), while coal (-0.23 billion yuan) and textiles (-0.01 billion yuan) have seen outflows [2][26] - The report also notes that the top sectors for ETF inflows include food and beverage (+0.59 billion yuan) and coal (+0.46 billion yuan), while electronics (-18.06 billion yuan) and computers (-3.90 billion yuan) have seen significant outflows [2][26] Group 4 - The report mentions that southbound capital inflows have increased, with net purchases rising to 38.12 billion yuan, marking a significant percentile since 2022 [5][4] - The report states that the Hang Seng Index rose by 1.7%, reflecting a general upward trend in global markets, with major markets showing positive performance [5][4] - The report indicates that global foreign capital has marginally flowed into developed markets, with the US and UK seeing the largest inflows, while China also experienced a net inflow of 5.6 million USD [5][4]