流动性&交易拥挤度&投资者温度计周报：股票型ETF净流入创今年4月以来新高-20251222

Liquidity - Stock-type ETF net inflow reached a new high since April this year, with a net inflow of 554.9 billion CNY, significantly up from a net outflow of 25.1 billion CNY previously, placing it at the 94th percentile over the past three years[25] - The supply side of funds is expanding, with stock-type public offerings continuing to shrink, and the net inflow of leveraged funds decreasing[4] - The demand side is contracting, with equity financing and industrial capital net reduction increasing, where the net reduction of industrial capital rose to a historical high of 120.1 billion CNY, placing it at the 91st percentile[4][34] Trading Congestion - The trading heat for insurance increased by 21 percentage points to 39%, while the heat for chemicals decreased by 18 percentage points to 30%[4][62] - The trading heat for light industry rose by 9 percentage points to 96%, and for electronics by 8 percentage points to 53%[4][62] - The trading heat for new energy vehicles decreased by 12 percentage points to 30%, and for banks by 10 percentage points to 26%[4][62] Investor Sentiment - Retail investor net inflow in the A-share market was 143.16 billion CNY, up by 30.73 billion CNY from the previous value, placing it at the 80.7th percentile over the past five years[4] - The market continues to show cautious trading sentiment, with a temporary increase in A-share search heat on social media due to market volatility on December 16[4][76] - The trend of public fund clustering has weakened, with a shift towards value and cyclical consumption sectors[4]