居民资金稳步流入 [Table_ReportDate] 2025 年 9 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ——资金跟踪专题 证券研究报告 策略研究 [Table_ReportType] 策略专题 核心结论： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Summary] ➢ 总览：据我们的不完全统计，截至 2025 年 9 月 23 日，A 股资金保持净 流入。截至 2025 年 9 月 23 日，A 股资金保持净流入，年度资金净流入 占自由流通市值之比为 3.2%。如果考虑到股东获得分红不完全用于再 投资，年度资金净流入(分红*1/2)占自由流通市值之比为 1.4%，资金 面仍有小幅净流入。另一方面，考虑到私募基金、保险、公募基金等资 金流入项可能存在重复计算，我们计算剔除私募基金与保险的资金净 流入汇总情况，资金净流入额占自由流通市值的比例约为 1.4%，资金 为小幅净流入状态。 ➢ 月度层面上，8 月资金面持续改善。2025 年 8 月 A 股月度资金净流入 4449 亿元，A 股月度资 ...

宁证期货：降息兑现前，白银震荡偏多 美国零售销售数据环比依然正增长，提升美国风险偏好，利多白银。市场目前交易未来连续降息的次数 和降息的总幅度。降息兑现前，白银震荡偏多，降息兑现后或走预期兑现行情。关注黄金的波动对白银 的影响。 机构 核心观点 光大期货 白银跟随金价涨跌，有继续上涨的预期 宁证期货 降息兑现前，白银震荡偏多 兴业期货 白银处于多头格局中 光大期货：白银跟随金价涨跌，有继续上涨的预期 隔夜伦敦现货黄金冲高回落，盘中价格再创历史新高，现货白银表现谨慎，尾盘收跌；金银比降至86.7 附近。美国8月零售销售环比增0.6%，连续三个月超预期增长，实际零售销售连续11个月增长，经济韧 性凸显。另外，美众院共和党人提出短期支出议案避免政府关门，缓解市场避险情绪。美联储议息将 至，黄金市场表现依然强势，表明市场对年内降息次数和幅度有所期待，但政策预期变幻莫测，依然要 谨慎对待，谨防短线利多落地后的市场大幅波动，周内余下时间走势上则具有较高不确定性。白银则跟 随金价涨跌，有继续上涨的预期，但也要关注短线波动风险，追高风险较大，维系逢低买入的策略。 9月17日盘中，沪银期货主力合约遭遇一波急速下挫，最低下探至9 ...

人民财讯9月2日电，A股市场快速回暖，增量资金借道股票ETF积极"进场"。据银河证券基金研究中心 数据统计，9月1日，全市场股票ETF（含跨境ETF）资金净流入45.27亿元，最近十个交易日资金净流入 超过580亿元。从资金方向看，港股市场中的科技类及证券类ETF以及A股市场中的化工、有色金属 等"反内卷"方向的ETF较受市场青睐，跟踪沪深300指数、上证50指数、科创50指数的宽基ETF遭到资金 净流出。 （文章来源：中国基金报） ...

Group 1 - The stock ETF market experienced a net inflow of approximately 5.7 billion yuan on August 22, with the total market size stabilizing above 4 trillion yuan [2][5] - The trading volume of stock ETFs reached 270.81 billion yuan, marking an increase of nearly 61.8 billion yuan, or about 30%, compared to the previous day [3][5] - The leading ETFs in terms of inflow included the CSI 500 ETF with a net inflow of 5.012 billion yuan and the CSI 300 ETF with 2.729 billion yuan [6][7] Group 2 - The technology-focused ETFs, particularly those related to the STAR Market and semiconductor sectors, saw significant gains, with the STAR 50 ETF rising by 15.94% [3][4] - The overall performance of the STAR 50 ETF was notable, despite experiencing a net outflow of 7.189 billion yuan on the same day [9][10] - The trend of "selling into strength" was observed, indicating a strategy of taking profits as prices rise [11]

Group 1 - The market is gradually shifting towards a bullish mindset, with higher risk tolerance funds showing significant net inflows in July, while lower risk tolerance funds are actively seeking structural opportunities in underpriced segments [1] - In July, higher risk tolerance funds' net inflows were primarily from leveraged funds and private equity, while ETFs experienced net outflows, particularly in broad market ETFs, with thematic ETFs contributing positively [1] - Insurance funds continue to increase their allocation to equity assets, expanding from narrow dividend assets to a broader range of dividend assets [1] Group 2 - The issuance and redemption of actively managed equity funds showed marginal improvement in July, indicating a potential exit from the low point of the funding cycle [2][5] - The net inflow of leveraged funds accelerated in July, with a notable increase in margin trading balances, surpassing 2 trillion yuan for the first time since 2015 [23] - Insurance capital has become a significant incremental funding source in the capital market, with stock holdings reaching the highest proportion recorded [27][28] Group 3 - Foreign capital turned net inflow in July, with overseas funds investing 20 billion yuan in A-shares, primarily through passive funds [36] - Private equity fund management scale and stock long positions have both increased significantly, indicating a bullish sentiment among private equity investors [41] - The number of new A-share accounts increased in July, but the growth rate was relatively slow compared to earlier in the year, suggesting that individual investors are not the main incremental funding source in the current market [44] Group 4 - The IPO and refinancing scale of listed companies showed a noticeable increase in July, although the overall financing level remains low compared to previous bull markets [47] - Industrial capital net reduction increased in July, indicating a trend of selling pressure from corporate insiders [52]

Core Insights - As of July 30, the total inflow of funds into ETFs reached 190.857 billion, while outflows amounted to 176.103 billion, resulting in a net inflow of 14.755 billion [1] Fund Inflows - The non-money market ETFs with the highest net inflows were: - Southern CSI A500 ETF (159352) with a net inflow of 0.527 billion - A500 Fund (563360) with a net inflow of 0.350 billion - Liquor ETF (512690) with a net inflow of 0.328 billion [1] Fund Outflows - The non-money market ETFs with the highest net outflows were: - Huaxia SSE STAR 50 ETF (588000) with a net outflow of 0.818 billion - E Fund CSI Hong Kong Securities Investment Theme ETF (513090) with a net outflow of 0.571 billion - Huaxia Hang Seng Technology ETF (QDII) (513180) with a net outflow of 0.540 billion [1]

Core Insights - As of July 28, the total inflow of funds into ETFs reached 220.62 billion, while outflows amounted to 174.65 billion, resulting in a net inflow of 45.97 billion [1] Fund Inflows and Outflows - The non-money market ETFs with the highest net inflows were: - GF CSI Hong Kong Innovative Drugs (QDII-ETF) (513120) with a net inflow of 1.084 billion - GF NASDAQ 100 ETF (159941) with a net inflow of 0.371 billion - Guotai CSI All-Share Securities Company ETF (512880) with a net inflow of 0.300 billion [1] - The non-money market ETFs with the highest net outflows were: - Southern CSI 1000 ETF (512100) with a net outflow of 0.331 billion - Huaxia SSE 50 ETF (510050) with a net outflow of 0.276 billion - Photovoltaic ETF (515790) with a net outflow of 0.193 billion [1]

Summary of Key Points Core Viewpoint - As of July 22, the ETF market experienced a net inflow of 10.89 billion yuan, with total inflows of 228.497 billion yuan and outflows of 217.607 billion yuan [1] Fund Flow Analysis - Equity ETFs saw a net inflow of 3.755 billion yuan, while bond ETFs had a net inflow of 9.947 billion yuan [1] - Money market ETFs experienced a net outflow of 639 million yuan, commodity ETFs had a net outflow of 216 million yuan, and QDII ETFs saw a net outflow of 1.956 billion yuan [1] Top Performing ETFs - The ETFs with the highest net inflows were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) with an inflow of 733 million yuan - Chemical ETF (159870) with an inflow of 672 million yuan - Photovoltaic ETF (515790) with an inflow of 498 million yuan [1] Underperforming ETFs - The ETFs with the highest net outflows were: - Huaxia Hang Seng Internet Technology ETF (QDII) (513330) with an outflow of 390 million yuan - Harvest SSE Sci-Tech Innovation Board Chip ETF (588200) with an outflow of 360 million yuan - GF CSI A500 ETF (563800) with an outflow of 276 million yuan [1]

Summary of Key Points Core Viewpoint - As of July 18, the ETF market experienced a net inflow of 15.773 billion yuan, with total inflows of 210.937 billion yuan and outflows of 195.164 billion yuan [1] Fund Type Analysis - **Equity ETFs**: Net inflow of 1.232 billion yuan [1] - **Bond ETFs**: Net inflow of 13.749 billion yuan [1] - **Money Market ETFs**: Net inflow of 35.949 million yuan [1] - **Commodity ETFs**: Net outflow of 30.802 million yuan [1] - **QDII ETFs**: Net inflow of 0.787 billion yuan [1] Top Inflows and Outflows - **Top Inflows**: - E Fund CSI Hong Kong Securities Investment Theme ETF (513090): 0.766 billion yuan - GF CSI Hong Kong Innovative Medicine QDII ETF (513120): 0.452 billion yuan - Alcohol ETF (512690): 0.300 billion yuan [1] - **Top Outflows**: - E Fund CSI 300 ETF Initiated (510310): 0.239 billion yuan - Guotai CSI All-Share Communication Equipment ETF (515880): 0.181 billion yuan - Photovoltaic ETF (515790): 0.164 billion yuan [1]

Core Insights - As of July 17, the net inflow of funds into ETFs in the two markets reached 79.24 billion yuan, with total inflows of 1743.61 billion yuan and outflows of 1664.37 billion yuan [1] Fund Type Summary - Equity ETFs experienced a net inflow of 88.42 billion yuan, while bond ETFs saw a net outflow of 18.58 billion yuan [1] - Money market ETFs had a net outflow of 10.13 billion yuan, commodity ETFs faced a net outflow of 2.58 billion yuan, and QDII ETFs recorded a net inflow of 22.11 billion yuan [1] Top and Bottom Performers - The top three non-money market ETFs by net inflow were: - GF Zhongzheng Hong Kong Innovative Medicine (QDII-ETF) (513120) with an inflow of 7.94 billion yuan - E Fund Zhongzheng Hong Kong Securities Investment Theme ETF (513090) with an inflow of 5.76 billion yuan - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (588000) with an inflow of 5.60 billion yuan [1] - The three non-money market ETFs with the highest net outflows were: - Southern S&P China A-Share Large Cap Dividend Low Volatility 50 ETF (515450) with an outflow of 3.50 billion yuan - Huaan Gold Easy ETF (518880) with an outflow of 2.34 billion yuan - E Fund Zhongzheng Overseas China Internet 50 (QDII-ETF) (513050) with an outflow of 1.60 billion yuan [1]