负债行为跟踪：当内外资共振，结构特征如何？

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - This week, sentiment indicators such as the VIX index continue to indicate a decline in global risk appetite, but the decline of the A - share market has narrowed, reflecting that the negative impact of external factors on the A - share market has weakened. Leverage funds' activity has dropped to a low level, ETF funds have continued to flow in, and foreign capital is optimistic about Chinese assets, even siphoning funds from other markets [2]. 3. Summary by Directory 3.1 Two - margin trading - The proportion of two - margin trading volume to A - share trading volume has dropped from 9.2% to 9.0%, reaching the average level of the past three years, close to the end of June 2025. The two - margin balance has generally decreased from 2.63 trillion to 2.62 trillion, falling on Monday and Tuesday and then rebounding slightly [2]. - Index component two - margin trading has seen continuous net outflows; most industries have de - leveraged, with national defense and military industry, agriculture, forestry, animal husbandry and fishery, commerce and retail, media, and automobile having relatively large de - leveraging amplitudes, while industries such as coal, comprehensive, and public utilities have increased leverage [3]. - Stocks with a market value of over 3 billion have de - leveraged, and small - cap stocks have a relatively large de - leveraging amplitude [3]. - Popular stocks de - leveraged on Monday and Tuesday and increased leverage from Wednesday to Friday [3]. 3.2 ETF funds - CSI 300, SSE Composite Index, ChiNext, Science and Technology Innovation 50, and CSI 1000 ETFs have seen net inflows this week, while SSE 50 and CSI 500 ETFs have had small net outflows. Except for the CSI 500 ETF, other representative ETFs had a large amount of funds bottom - fishing when they had a large decline on Monday [4]. 3.3 Foreign capital - This week, foreign capital has continued to flow into the Chinese market, which can be cross - verified from several perspectives: the trading volume proportion of northbound funds has increased from 13.2% to 13.3% on a month - on - month basis; the median weekly increase or decrease of northbound active stocks is - 0.1%, and the average is 0.5%, outperforming the entire A - share market; from March 18th to March 25th, foreign capital has flowed out of the Japanese, South Korean, and US markets and into the Chinese market [5].