投资者微观行为洞察手册·1月第4期：融资资金开始回流

Market Pricing Status - The market transaction activity has slightly increased, but the profit effect has decreased. The average daily trading volume for the entire A-share market rose to 3.1 trillion yuan, while the proportion of stocks that increased in value dropped to 23.6% [6][8][15] - The median weekly return for all A-shares decreased to -3.4%, indicating a decline in profitability [6][8][15] A-Share Liquidity Tracking - Financing funds have seen a slight inflow, while ETF funds experienced a significant outflow. The new issuance scale of equity funds decreased to 35.09 billion yuan, and the overall stock position of public funds has declined [6][20][29] - Private equity confidence index increased by 0.5% compared to December, but the positions have marginally decreased [6][20][41] - Foreign capital inflow into A-shares was 4.13 million USD, with the northbound capital transaction proportion dropping to 0.1% [6][20][42][44] - The IPO fundraising was 5.55 billion yuan, and the scale of private placements was 4.55 billion yuan [6][20] - ETF funds saw a massive outflow of 319.37 billion yuan, with the passive trading proportion decreasing to 9.1% [6][20][28] A-Share Industry Allocation - Financing and ETF funds have both seen outflows from the electronics sector. In terms of foreign capital, net inflows were highest in non-ferrous metals (+119.5 million USD) and automobiles (+38.1 million USD), while transportation (-1.3 million USD) and public utilities (-1.1 million USD) saw net outflows [6][20][3.1] - Financing funds showed net inflows in non-ferrous metals (+13.45 billion yuan) and basic chemicals (+2.05 billion yuan), while defense and electronics sectors experienced net outflows of 2.82 billion yuan and 5.95 billion yuan, respectively [6][20][3.3] - The top sectors for net inflows in the ETF market included non-ferrous metals and chemical ETFs, while electronics, non-bank financials, and banks saw significant outflows [6][20][3.2] Hong Kong and Global Fund Flow - Southbound capital inflow has slowed down, while global foreign capital has marginally flowed into the US and Asian markets. The Hang Seng Index rose by 2.4% during this period [6][20][4.1] - The net buying amount of southbound capital decreased to 2.71 billion yuan, which is at the 15% percentile since 2022 [6][20][4.2] - In the global context, foreign capital inflows were highest in the US (+6.27 billion USD), South Korea (+2.83 billion USD), and China (+2.64 billion USD) [6][20][4.3]