GUOTAI HAITONG SECURITIES·2026-01-19 08:34Market Pricing Status - The market trading activity has significantly increased, but the profit-making effect has decreased, with the average daily trading volume rising to 3.5 trillion yuan and the proportion of stocks rising to 54.1% [5][9] - The trading concentration in secondary industries has increased, with 22 industries having turnover rates above the 90th percentile, particularly in computer and media sectors [5][19] A-Share Liquidity Tracking - Financing funds have continued to flow in significantly, while ETF funds have seen substantial outflows, with net buying of financing funds rising to 913.1 billion yuan [5][28] - The issuance of new public equity funds has decreased to 6.72 billion yuan, indicating a reduction in overall stock positions [5][30] - Foreign capital has flowed into the A-share market, with a net inflow of 10.7 million USD [5][28] A-Share Industry Allocation - Foreign capital and ETF funds have notably flowed into the non-ferrous metals sector, with net inflows of 42.0 million USD and 75.7 billion yuan respectively [5][28] - The computer and electronics sectors have seen the highest net inflows from financing, with 123.7 billion yuan and 103.9 billion yuan respectively [5][28] Hong Kong Stock and Global Fund Flow - The inflow of southbound funds has slowed, with net buying decreasing to 10.05 billion yuan, while global foreign capital has marginally flowed into developed markets and the Chinese market [5][28] - The Hang Seng Index rose by 2.3%, with the Korean market leading gains at 5.5% [5][28]