负债行为跟踪：资金接力的缺位

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - After the market reached a new high, the STAR 50 index experienced a decline with increased trading volume, and the behaviors of different types of funds began to diverge significantly. There are disagreements on technology and the entry of incremental funds. It is recommended to maintain a balanced portfolio and control the absolute position. Bonds can be used as a hedge against stock risks, and sectors weakly related to technology and previously underperforming should be added to the portfolio [5][8] - The market has already priced in the previous positive news in advance. Although there were no real negative factors this week, only positive news was realized, the market failed to rise. The TMT sector has shown a narrowing trend, with only storage, PCB, and semiconductor materials having excess returns in October [6] Summary by Related Catalogs Asset Price Performance - Large - scale Asset Performance: Overseas stocks were strong while bonds were weak, Chinese bonds strengthened, the US dollar appreciated, and precious metal prices declined. The yields of overseas bonds rose due to the decline in interest - rate cut expectations, while the yields of Chinese government bonds decreased. Commodity prices were differentiated, with precious metals falling and natural gas and soybeans rising. The US dollar index increased, but the RMB and Hong Kong dollar appreciated against the US dollar. In the domestic stock market, the Shanghai Composite Index rose by 0.1%, the ChiNext Index rose by 0.5%, and the STAR 50 Index fell by 3.2% [12][15] - A - share Market Performance: This week, small - and medium - cap stocks led the gains, while the STAR 50 index underperformed. The trading volume of the A - share market increased, with most indices' average daily trading volume returning to the level of late September. The sectors of power equipment, non - ferrous metals, and computers led the gains, while sectors such as banks, beauty care, and real estate led the losses. In the TMT sector, only storage, PCB, and semiconductor materials had excess returns in October [17][23][27] Capital Behavior Tracking - Leveraged Funds: The proportion of margin trading and short - selling turnover in A - share turnover rebounded slightly this week. On Friday, a large amount of funds flowed into large - cap ETFs. Stocks with a market capitalization of over 50 billion yuan were de - leveraged, while stocks with a market capitalization of less than 50 billion yuan were generally leveraged. Sectors such as banks, home appliances, automobiles, steel, and pharmaceuticals were leveraged, while sectors such as petroleum and petrochemicals and coal were significantly de - leveraged. Popular stocks in the electronics and communication sectors were leveraged [39][42][46] - Quantitative Funds: The excess returns of quantitative funds turned negative this week. The basis discount of stock index futures narrowed but remained at a relatively high level since July [64][68] - Main Funds: Main funds flowed out significantly from the STAR Market this week, mainly from the electronics and communication sectors, and flowed into the banking sector [71][76] - North - bound Funds: The total trading volume of north - bound funds rebounded this week, but the proportion decreased. The performance of their heavy - holding stocks was poor [78][82] - South - bound Funds: The trading volume of south - bound funds rebounded this week, but the proportion decreased. The net buying amount increased. South - bound funds flowed into the banking sector significantly and flowed out of the pharmaceutical and biological sector [84][88]