微观流动性跟踪（2025.9.1-2025.9.14）：牛市杠杆资金的偏好

Group 1 - The market is transitioning to a phase of oscillating upward movement, with the Federal Reserve expected to lower interest rates by 25 basis points and potentially two more times within the year [1][2] - The net inflow of funds into the market is significant, with a total supply of 137.2 billion and demand of 77.4 billion, resulting in a net inflow of 59.8 billion [2][9] - The issuance of equity financing has slightly decreased, with a total of 10.384 billion raised compared to 11.737 billion in the previous period, reflecting a 12% decrease [27] Group 2 - The issuance of new shares in equity public funds has increased slightly, with a total of 42.854 billion shares issued compared to 41.914 billion previously, marking a 2.24% change [11][12] - Northbound trading activity has seen a slight decline, with the proportion of northbound trading volume in the total A-share trading volume decreasing from 14.54% to 14.39% [12][15] - Margin financing has shown a net inflow of 88.382 billion, a decrease of 54.75% from the previous period, indicating a cooling in market investment sentiment [17][19] Group 3 - The net inflow of southbound funds has significantly increased, reaching 85.913 billion, a 132.55% change from the previous period, indicating a strong market sentiment towards Hong Kong stocks [37] - The net subscription amount for stock ETFs has narrowed to 5.936 billion from 12.232 billion, showing a decrease in recent inflows [23][24] - The scale of locked-up shares being released has decreased, with a total of 122.414 billion compared to 162.112 billion previously, reflecting a downward trend in A-share unlock scale [33][35]