金融市场流动性与监管动态周报：美国非农数据不及预期，A股市场可跟踪资金延续净流入-20250909

Group 1 - The A-share market continues to see net inflows of tracked funds, supported by financing and ETF contributions, indicating a positive liquidity environment [2][4] - The recent U.S. non-farm employment data fell short of expectations, which may lead to a potential easing of external liquidity as the Federal Reserve is likely to resume interest rate cuts [2][4] - The AH premium is expected to narrow further due to changes in market dynamics, with more technology companies being listed in Hong Kong, which could influence the AH premium index [4][12] Group 2 - The liquidity index shows a decrease in net financing purchases to 258.8 billion, while public fund issuance increased to 230.82 billion [3][28] - The demand side reflects a decline in lock-up releases to 218.36 billion and a decrease in IPO financing to 6.0 billion, indicating a tightening in supply [3][33] - The market sentiment has shifted, with increased risk premiums and a decrease in trading activity among financing funds, suggesting a cautious approach from investors [39][41] Group 3 - The sectors attracting significant net inflows include electric power equipment, non-bank financials, and non-ferrous metals, while sectors like electronics and pharmaceuticals saw notable outflows [49][51] - The financing net purchases were highest in electric power equipment (+123.6 billion), non-bank financials (+45.5 billion), and non-ferrous metals (+44.5 billion) [49][51] - The ETF market showed mixed results, with significant redemptions in technology ETFs while financial sector ETFs experienced net subscriptions [55][56]