投资者微观行为洞察手册·12 月第 2 期：融资资金流入加速，外资重回流入

Market Pricing Status - The market transaction activity has increased, but the profit-making effect has marginally decreased. The average daily trading volume for the entire A-share market rose to 2 trillion yuan, while the proportion of stocks that increased in value dropped to 31.8% [6][12][9] - The trading concentration has improved, with five industries showing turnover rates above the 90th percentile historically, including defense and military, commercial retail, and light industry manufacturing [6][12] A-Share Liquidity Tracking - The issuance of new equity funds has decreased to 9.11 billion yuan, while financing capital inflow has accelerated, with net buying amounting to 26.04 billion yuan [6][23][16] - The confidence index for private equity funds remained stable compared to November, with positions nearing the highest level of the year as of December 5 [6][34] - Foreign capital inflow into the A-share market was 0.1 million USD as of December 10, with the proportion of northbound capital transactions dropping to 30.0% historically [6][35][39] - The net amount raised from IPOs was 1.27 billion yuan, and the scale of private placements was 1.34 billion yuan, with a total of 13.03 billion yuan in restricted shares set to be unlocked in the coming week [6][16] A-Share Industry Allocation - Foreign and financing capital have both flowed into the electronics sector, with net inflows of 13.8 million USD and 70.6 billion yuan respectively [6][3.1] - In the ETF market, net inflows were concentrated in non-ferrous metals (2.2 billion yuan) and transportation (860 million yuan), while outflows were seen in non-bank financials (2.9 billion yuan) and defense and military (2.6 billion yuan) [6][3.2] - The top three industries in the龙虎榜 (top trading list) were electronics, light industry manufacturing, and environmental protection [6][3.4] Hong Kong and Global Fund Flow - Southbound capital has turned to outflows, while foreign capital has marginally flowed into the US and emerging markets. The Hang Seng Index decreased by 0.4% during this period [6][4.1] - The net outflow of southbound capital was 3.44 billion yuan, placing it in the 6% percentile since 2022 [6][4.2] - In the global context, foreign capital has marginally flowed into the US and South Korea, with inflows of 2.03 billion USD and 610 million USD respectively [6][4.3]