流动性周报1月第2期：ETF资金由宽基切行业主题-20260120

Group 1 - The overall macro liquidity environment is balanced and slightly loose, with the central bank conducting a net release of 812.8 billion yuan through 7-day reverse repos and a total net injection of 1.7128 trillion yuan during the week [1][8] - The stock market's funding supply is primarily characterized by outflows from broad-based ETFs, while equity fund issuance is on the rise, and the financing balance continues to hit historical highs [2][10] - The net outflow from stock ETFs reached 141.643 billion yuan, with significant inflows into the Sci-Tech 100 and Shanghai Composite Index, while the CSI 300 and Sci-Tech 50 experienced notable outflows [11][17] Group 2 - The stock market's funding demand shows a differentiated pressure structure, with equity financing rebounding to 111.342 billion yuan, while the scale of locked-up shares being released decreased to 52.42 billion yuan [3][19] - The number of newly established active equity funds increased, with a total issuance of 4.597 billion units, reflecting a recovery compared to the previous week [10][12] - The net reduction in industrial capital increased to 20.449 billion yuan, with significant reductions observed in the electronics, communication, and basic chemical industries [21][28]