负债行为跟踪：两融略有回升，ETF流出放缓

Report Industry Investment Rating - No information provided in the report Core Viewpoints - This week, margin trading activity and balances improved on a week - long basis, with the proportion of margin trading turnover in A - share turnover rising from 9.2% to 9.5%, and most industries' leverage ratios rebounding [3][4]. - ETF fund outflows slowed down or even showed net inflows, with representative broad - based ETFs such as CSI 300, SSE 50, ChiNext, CSI 500, and CSI 1000 showing slower outflows than last week, and SSE Composite Index and STAR 50 ETFs having net inflows [5]. - The outflow of main funds slowed down significantly. Although the main funds of CSI 300, ChiNext, and STAR Market still had net outflows, the speed slowed down. Some industries still had large outflows but also showed a slow - down trend compared to last week, while the basic chemical industry had a large net inflow [6]. - Northbound funds continued to have net inflows. Although their activity decreased slightly, the proportion of their turnover in A - share turnover remained above 12%. The performance of the top 50 Northbound heavy - holding stocks continued to improve, outperforming the market [7]. Summary by Relevant Catalogs Margin Trading - Activity and balance: The proportion of margin trading turnover in A - share turnover rose from 9.2% to 9.5%, and the balance increased from Monday to Thursday. The margin trading of broad - based indexes returned to net inflows, and the outflows of SSE 50 and STAR 50 decreased [4]. - Industry dimension: Most industries' leverage ratios rebounded. Construction decoration, public utilities, and environmental protection industries had a large proportion of net margin purchases in turnover, while comprehensive, beauty care, and non - ferrous metals industries had a large degree of de - leveraging [4]. - Individual stock dimension: Small - and medium - cap stocks shifted from de - leveraging to leveraging, and the de - leveraging of large - cap stocks (over 500 billion yuan) decreased. The top 35 popular stocks mainly increased leverage, and the median proportion of net margin purchases in turnover from Monday to Friday was 0.48%, 1.58%, 1.69%, 0.87%, and 0.34% respectively, a significant increase compared to last week [4]. ETF - Representative broad - based ETFs such as CSI 300 (510300.SH), SSE 50 (510050.SH), ChiNext (159915.SZ), CSI 500 (510500.SH), and CSI 1000 (512100.SH) had slower outflows than last week, and SSE Composite Index (510210.SH) and STAR 50 (588000.SH) ETFs had net inflows [5]. Main Funds - The main funds of CSI 300, ChiNext, and STAR Market still had net outflows, but the speed slowed down significantly. In terms of industries, the outflows from electronics, non - ferrous metals, power equipment, media, and computer industries were still large but had slowed down compared to last week. The basic chemical industry had a large net inflow, while the outflows from machinery and equipment, national defense and military industry, and communication industries accelerated slightly [6]. Northbound Funds - This week, the activity of Northbound funds decreased slightly, and the proportion of their turnover in A - share turnover decreased slightly but remained above 12%. The weekly performance of the top 50 Northbound heavy - holding stocks continued to improve, with the SSE Connect 50 rising 0.75% this week, outperforming the CSI 300 (0.19%). The median weekly increase and decrease of the top 20 most actively traded Northbound stocks was 0.72%, also outperforming large - cap stocks, indicating possible continuous net inflows of Northbound funds [7]. - Since Q4 last year, Northbound funds have continued to have net inflows. In Q4 2025, the net foreign exchange settlement peak occurred, with the securities investment foreign exchange settlement and sales difference reaching 16.6 billion US dollars. Since late December, the trading activity of Northbound funds has significantly rebounded, reaching a phased high on February 24. Since the end of February, the performance of Northbound heavy - holding stocks has gradually improved [8].