流动性周报1月第3期：宏观资金均衡偏松，ETF继续大幅净流出-20260128

Group 1 - The macro liquidity environment is balanced and slightly loose, with the central bank conducting a net injection of 229.5 billion yuan through 7-day reverse repos [5][12][14] - Short-term interest rates have decreased, with the average weekly DR007 down by 1.63 basis points to 1.494%, while long-term rates, such as the 10-year government bond yield, fell by 2.24 basis points to 1.837% [12][13] - The supply side of the stock market shows structural differentiation, with a significant rebound in equity fund issuance and high levels of margin financing remaining stable [14][15] Group 2 - The net outflow of stock ETFs reached 333.12 billion yuan, continuing a downward trend from the previous week [16][21] - The net inflow of broad-based ETFs was primarily seen in indices like CSI 2000 and STAR 200, while significant outflows occurred in CSI 1000 and CSI 300 [16][21] - The financing net inflow was notably high in sectors such as non-ferrous metals and non-bank financials, while sectors like electronics and computers experienced net outflows [20][22] Group 3 - The demand side of the stock market shows a reduction in pressure, with total equity financing dropping to 5.681 billion yuan, significantly lower than the previous week's 111.342 billion yuan [22][23] - The scale of locked-up shares released this week was 59.55 billion yuan, slightly up from 52.42 billion yuan the previous week, with the computer and coal industries seeing the highest release values [23][24] - The net reduction in holdings by major shareholders decreased to 14.508 billion yuan from 20.449 billion yuan the previous week, with significant reductions in the electronics and machinery sectors [23][30]