Liquidity and Fund Flow - Leverage funds continue to see net inflows, reaching a new high since late February, with net inflow of 268 billion CNY last week, placing it in the 90th percentile over the past three years[13] - Southbound funds maintained an average weekly net inflow exceeding 10 billion CNY for nine consecutive weeks, totaling nearly 1700 billion CNY[6] - IPO financing surged to 181.7 billion CNY, representing the 71st percentile over the past three years[26] Trading Congestion - The trading heat for the photovoltaic sector increased by 32 percentage points to 71%, while real estate rose by 27 percentage points to 60%[56] - The building materials sector saw a 25 percentage point increase to 66%, indicating heightened trading activity[56] - Conversely, the chemical sector decreased by 13 percentage points to 59%, and media fell by 9 percentage points to 58%[56] Investor Sentiment - Retail investor net inflow decreased to 566 billion CNY, down 321 billion CNY from the previous value, placing it in the 13.7th percentile over the past five years[2] - The search interest for self-media platforms like Kuaishou and Douyin has declined from previous highs, indicating a cooling in market enthusiasm[69] - The trend of public funds clustering has weakened, with a shift towards value stocks, particularly in electronics, cyclical, and consumer sectors[2]

Liquidity - The net inflow of leveraged funds remains high, with a net inflow of 225 billion CNY in margin financing, placing it in the 87th percentile over the past three years[8] - Southbound funds have maintained a weekly average net inflow of over 10 billion CNY for the past two months, totaling nearly 150 billion CNY[7] - Stock-type ETFs have seen a turnaround with a net inflow of 3 million CNY, compared to a previous outflow of 236 billion CNY[21] Trading Congestion - The trading heat for the construction materials sector increased by 39 percentage points to 49%, while the photovoltaic sector rose by 32 percentage points to 54%[54] - The steel sector's trading heat increased by 25 percentage points to 51%, while the non-ferrous metals sector decreased by 8 percentage points to 23%[54] - The chemical sector's trading heat fell by 6 percentage points to 72%, and the media sector decreased by 6 percentage points to 64%[54] Investor Sentiment - Retail investors saw a net inflow of 887.1 billion CNY, an increase of 35.4 billion CNY from the previous value, placing it in the 40.3 percentile over the past five years[83] - The net inflow of financing funds was 225.3 billion CNY, up by 99.3 billion CNY from the previous week[2] - The market experienced fluctuations, with the Shanghai Composite Index retreating from a high on July 11, leading to increased search interest in self-media platforms like Kuaishou and Douyin[5]

Liquidity and Funding - The supply side of funds is contracting, with public equity new issuance dropping to 3.52 billion units from 14.36 billion, representing a 44% percentile over the past three years[8] - Southbound funds have maintained a weekly average net inflow of over 10 billion for seven consecutive weeks, totaling over 120 billion[4] - The total amount of stock buybacks increased significantly to 9 billion from 2.09 billion, reaching the 98% percentile over the past three years[24] Trading Congestion - The trading heat for the photovoltaic sector rose by 22 percentage points to 27%, while the steel sector increased by 21 percentage points to 39%[4] - The brokerage sector's trading heat increased by 14 percentage points to 53%, indicating a strong interest in these sectors[50] - Conversely, the mechanical sector's trading heat decreased by 11 percentage points to 11%, and the medical services sector fell by 6 percentage points to 84%[4] Investor Sentiment - Retail investor net inflow in the A-share market reached 81.57 billion, an increase of 21.87 billion from the previous value, placing it in the 37.6% percentile over the past five years[4] - The market saw a significant rise in search interest for A-shares on Kuaishou, reaching a new high for the year as the Shanghai Composite Index approached 3500 points[66] - The sentiment on Weibo improved significantly, driven by the Shanghai Composite Index hitting a new high, indicating a rise in optimistic sentiment among investors[74]

Liquidity and Fund Flow - The supply side of funds has slightly contracted, with public equity issuance recovering in the past two weeks, and leveraged funds seeing a significant net inflow of 265 billion CNY, ranking in the 90th percentile over the past three years[6] - Equity financing surged by 543.5 billion CNY in the last two weeks, placing it in the 99th percentile over the past three years[4] - Southbound funds continued to flow in, with a net inflow of 259 billion CNY, ranking in the 88th percentile over the past three years[39] Trading Congestion - Financial and TMT sectors saw an increase in trading heat, with brokerage heat rising by 34 percentage points to 39% and computer sector heat increasing by 16 percentage points to 67%[4] - Conversely, the chemical sector experienced a decline of 11 percentage points to 79%, and the real estate sector decreased by 9 percentage points to 34%[4] Investor Sentiment - The Shanghai Composite Index reached a new high for the year, driving a surge in search interest for Kuaishou A-shares[4] - Retail investor net inflow decreased to 633 billion CNY, down 402.1 billion CNY from the previous value, placing it in the 19.2 percentile over the past five years[4] - The net inflow of financing funds increased to 265.3 billion CNY, up 300.4 billion CNY from the previous week[4]