资金透视：交易型资金热度回暖

Core Insights - The A-share market saw a rise last week, primarily driven by trading funds and broad-based ETFs, with retail investors contributing over 30 billion yuan in net inflows [2][3] - Margin financing reached a new high since October, with net inflows close to 40 billion yuan, indicating increased trading activity [3][20] - Institutional investors are facing performance assessments at year-end, leading to lower risk appetite and constrained allocation willingness [2][4] Group 1: Trading Fund Enthusiasm - Retail funds recorded a net inflow of 30.8 billion yuan last week, with the number of participating investors rebounding to levels seen in mid-November [3][11] - Margin financing saw a net inflow of 39.3 billion yuan, marking the highest level since October, with financing activity rising to 11.1% [20][21] - Retail investors favored ETFs, with a slight net inflow of 0.9 billion yuan last week, continuing a trend of inflows over the past two weeks [3][4] Group 2: Allocation Fund Divergence - Institutional investors are exhibiting a mixed behavior in allocation, with a slight increase in ETF and passive foreign capital [4][5] - The number of fund reports for equity-oriented funds rose to nearly 30, the highest this year, indicating potential inflow momentum for new funds [4][32] - Broad-based ETFs continued to see net inflows, with the A500 ETF attracting nearly 15 billion yuan last week, although there are concerns about potential outflows at the beginning of the year [4][5] Group 3: Fund Marginal Changes - Retail funds showed a net inflow of 30.8 billion yuan, primarily into electronics, non-ferrous metals, and defense industries, while experiencing outflows from retail, food and beverage, and light manufacturing sectors [5][11] - Margin financing inflows were concentrated in electronics, power equipment, and new energy sectors, with outflows from oil and petrochemicals, retail, and non-bank financial sectors [5][20] - Public fund issuance strength is recovering, with 16.4 billion yuan in new equity-oriented funds established last week, although existing fund positions slightly decreased [32][38] Group 4: Foreign Capital Trends - Northbound capital trading volume decreased to 176.6 billion yuan last week, with passive foreign capital seeing a net inflow of 1.69 billion yuan while active foreign capital continued to see outflows [64][70] - The net inflow of foreign capital was 1.55 billion yuan from December 17 to December 24, indicating a cautious approach from active foreign investors [64][72] Group 5: Market Dynamics - Significant shareholder net reductions amounted to 12.6 billion yuan last week, with a weekly unlock market value of 111.5 billion yuan, reflecting reduced supply-side pressure [75][76] - Stock buybacks reached 12.6 billion yuan last week, with a slight increase in buyback proposals, indicating a potential shift in market sentiment [75][78]