流动性&交易拥挤度&投资者温度计周报：杠杆&ETF资金分化-20260112

Group 1: Liquidity - The supply side of funds is expanding, with the issuance of equity public funds dropping to a historical low of 10 billion yuan, while margin financing saw a net inflow of 857 billion yuan, the highest since August last year, placing it in the 97th percentile over the past three years[8] - Stock ETFs experienced a net outflow of 4 billion yuan, with the net subscription remaining negative, at the 39th percentile over the past three years[8] - The total amount of repurchases reached 46 billion yuan, significantly up from 5 billion yuan, ranking in the 84th percentile over the past three years[26] Group 2: Trading Congestion - The trading heat for the insurance sector increased by 22 percentage points to 51%, while central enterprises rose by 20 percentage points to 78%, and medical services increased by 10 percentage points to 41%[3] - Conversely, the communication sector saw a decline of 13 percentage points to 54%, construction dropped by 12 percentage points to 39%, and light industry decreased by 8 percentage points to 89%[3] Group 3: Investor Sentiment - Retail investors saw a net inflow of 155.7 billion yuan, an increase of 64.1 billion yuan from the previous value, placing it in the 86.2 percentile over the past five years[3] - The market sentiment was strong, with the Shanghai Composite Index achieving 16 consecutive days of gains, indicating a clear upward trend and increasing trading volume[71]