策略专题：居民资金仍在改善，9月流出项环比提升

Overview - As of October 21, 2025, A-share funds have maintained a net inflow, with an annual net inflow accounting for 4.5% of the free float market value. When considering that dividends are not fully reinvested, the annual net inflow (dividends * 1/2) accounts for 2.6% of the free float market value, indicating a slight net inflow in the funds [2][9][10] - In September 2025, the monthly net inflow of A-shares was 338.6 billion yuan, a decrease compared to July and August, with the monthly net inflow accounting for 0.68% of the market value. Fund inflows from public funds and ETF shares increased, while outflows from equity financing and industrial capital net reduction rose compared to August [2][17][18] Monthly Data Summary - The net inflow for October 2025 reached 165.5 billion yuan, with public fund shares and ETF funds expected to maintain net inflows, while outflows may narrow [2][17] - The financing balance increased by 132.9 billion yuan in September, a slowdown from the previous month, with a total increase of 573.15 billion yuan from the beginning of the year to October 21, 2025 [2][9][22] Fund Performance - In September 2025, the share of equity public funds increased by 29.22 billion shares, and the total increase, including ETF shares, was 201.05 billion shares. The net inflow for stock ETFs was 50.36 billion yuan in September [2][9][22] - The total amount of share buybacks announced by listed companies in September was 110.38 billion yuan, a slight increase from the previous month, while the actual buyback amount was 45.64 billion yuan, a decrease from August [2][9][22] Equity Financing - The equity financing scale in September 2025 was 43.685 billion yuan, an increase from 23.477 billion yuan in August. From January 1 to October 21, 2025, the total equity financing scale reached 419 billion yuan, exceeding the total for the previous year [2][9][22] Investor Activity - The number of new accounts opened in September 2025 was 2.9372 million, an increase of 286,900 from the previous month. The cumulative number of new accounts from January to September reached 20.1489 million, an increase of 6.6842 million compared to the same period last year [2][23]