——流动性周报12月第1期：ETF资金净流出，宏观流动性边际收敛-20251201

Group 1 - The report indicates that the macro liquidity environment is marginally converging, with the central bank conducting a net withdrawal of 164.2 billion yuan through 7-day reverse repos and a total net withdrawal of 642 billion yuan for the week [3][10][11] - The stock market is under pressure on the supply side, with a decline in equity fund issuance and a significant net outflow of over 40 billion yuan from stock ETFs [4][12][18] - The financing balance has slightly rebounded, with net inflows concentrated in the electronics and communications sectors, while non-bank financials and power equipment sectors experienced net outflows [4][12][16] Group 2 - The demand side of the stock market shows a reduction in overall pressure, with a notable decrease in the scale of locked-up shares being released and a contraction in net selling by industrial capital [19][20] - Equity financing has slightly increased, primarily driven by private placements, while IPO issuance has decreased significantly [20][19] - The total market value of locked-up shares released this week was approximately 253.19 billion yuan, a substantial drop from the previous week [20][22]