国泰海通｜策略：外资逆势流入A股与港股

Market Overview - The market transaction activity has increased, but the marginal profit effect has decreased. The average daily trading volume for the entire A-share market rose to 2.6 trillion, with an average daily limit-up count of 70.8 stocks and a limit-up rate of 74.0% [1] - The proportion of stocks that increased in value has dropped to 22.5%, and the median weekly return for all A-shares decreased to -3.4% [1] Fund Flow Analysis - Foreign capital inflow was recorded at 1.14 billion USD, with northbound trading accounting for 28.7% of total trading volume [2] - The issuance scale of equity public funds increased to 2.65 billion, indicating a rise in overall stock positions [2] - Financing capital saw a slight outflow, with net selling amounting to 18.04 billion, representing 9.2% of total trading volume [2] Industry Allocation - Significant inflows were observed in the oil and petrochemical sectors, with financing capital net inflow of 2.59 billion and ETF inflow of 14.37 billion [3] - The top sectors for foreign capital inflow included non-ferrous metals (+0.541 billion USD) and banks (+0.143 billion USD), while machinery and home appliances saw outflows [3] Hong Kong and Global Fund Flow - Southbound capital experienced a net outflow of 8.09 billion, marking a significant decline since 2022 [4] - Global foreign capital showed marginal inflows into Japan (+3.38 billion USD) and China (+2.95 billion USD), while the US saw outflows [4]