[Table_Title] 宽基 ETF 流出放缓，宏观流动性边际收敛 ——流动性周报 3 月第 1 期 最近一年走势 投资要点: 2026 年 03 月 03 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn 相关报告 《近期涨价链行情观点及 3-4 月布局思路*赵阳》— —2026-03-01 《流动性周报 2 月第 3 期：社融同比增速放缓，权 益基金发行回暖*赵阳》——2026-02-24 《流动性周报 2 月第 2 期：宽基流出明显收窄*赵 阳》——2026-02-10 《流动性周报 2 月第 1 期：宽基 ETF 继续大幅流 出*赵阳》——2026-02-02 《年报预报落地后，市场如何演绎？*赵阳》—— 2026-02-01 1. 本周（2026/02/23-2026/02/27，下同）宏观资金面边际收敛，央行通 过公开市场操作开展逆回购净回笼 7274 亿元，开展中期借贷便利净投放 3000 亿元。资金价格方面，短端利率、长端利率均有所上行，期限利差 有所走阔。 2. 本周股市资金供给端呈现结构性分化，权益基金发行大幅回落，杠杆 ...

然后两轮方面的话到了2月8号的话市场就融资预额是2.64万亿元是叫上前期高铁石油所给我的融销预额是166亿元仍然是不是很高然后整个两轮交易额占到全益的这个比例是9.23 本期的话两轮表现是净流出519亿元较上期的净流出69亿元的话是增加了宽比扩大的450亿元当前的话两轮资金是连续三周出现的净流出迹象表明市场投资情绪正在从高点逐步降温两轮交易额占A股的生肖比重也是占了9%附近反映当前两轮资金的参与度是有所下滑的 然后这个是具体的行业方面可以看到流出比较多的重灾区的包括商业原料制造消费然后流出比较小的尤其是金融房产服务也就是前期流入上来的时候也是比较弱一点所以这边咱们也能看到五个方面的行业其实都在流出的这样一个情况的然后中度方面来看的话各股方面的话流入比较多的包括重庆国际 互联网黄金重庆许创中国国际银行网速科技那么流出比较多的包括新一称 贵州茅台 南极科技东东银行还有紫禁矿业 然后这个是一张准指的表格情况那么本期的话是这个本期就是春节前的那一周资金供给端的合计是负责150亿元然后资金的这个需求端是1020亿元所以其实整个市场的这个资金是净流出了大概是711亿元 然后分项上来看的话这个偏股型的公募的这个新华份额是回 ...

Group 1 - The macro funding environment has shown marginal contraction, with the central bank conducting a net withdrawal of 165.5 billion yuan through 7-day reverse repos and 1100 billion yuan through 3-month reverse repos, resulting in a total net withdrawal of 55.5 billion yuan for the week [2] - The total margin balance has exceeded 2.6 trillion yuan, marking a historical high for leveraged funds, with significant net inflows in sectors such as electronics and non-ferrous metals, while sectors like food and beverage and building materials experienced net outflows [2] - The stock market's funding demand pressure has eased, with equity financing dropping to 4.385 billion yuan and the scale of restricted stock releases slightly decreasing to 165.032 billion yuan [3] Group 2 - The overall structure of stock market funding supply is differentiated, with a notable decline in equity fund issuance and net outflows from stock ETFs amounting to 181 million yuan, while broad-based ETFs saw inflows primarily into indices like CSI 500 and CSI 300 [2] - The net outflow from the CSI A500 index was 13.143 billion yuan, contrasting with a net inflow of 49.324 billion yuan in the previous week [2] - The strategy style indicates a significant net inflow into free cash flow funds, while the CSI Dividend index experienced a notable net outflow [2]

Group 1 - The macro liquidity environment has shown marginal convergence, with the central bank conducting a net withdrawal of 16,550 billion yuan through open market operations, resulting in a total net withdrawal of 5,550 billion yuan for the week [7][8] - Short-term interest rates have decreased, while long-term interest rates have increased, leading to a widening of the yield spread [7][8] - The overall structure of equity fund supply has shown significant differentiation, with a notable decline in equity fund issuance and a record high in margin financing balance, which has surpassed 2.6 trillion yuan [2][10] Group 2 - The financing net inflow has been concentrated in the electronics and non-ferrous metals sectors, while the food and beverage and building materials sectors have experienced net outflows [10][14] - The stock ETF has seen a net outflow of 1.81 billion yuan, reversing the previous week's net inflow of 354.41 billion yuan, indicating a shift in investor sentiment [10][12] - The overall pressure on the stock market's funding demand has eased, with equity financing dropping to 43.85 billion yuan, and the scale of restricted stock unlocks decreasing to 1,650.32 billion yuan [13][15] Group 3 - The IPO issuance for the week amounted to 15.55 billion yuan, down from 33.01 billion yuan the previous week, indicating a slowdown in new equity offerings [15][16] - The scale of directed placements has significantly decreased to 28.3 billion yuan from 172.08 billion yuan, reflecting a contraction in capital raising activities [15][16] - The net reduction in industrial capital has also decreased to 126.23 billion yuan from 146.61 billion yuan, suggesting a reduction in selling pressure from major shareholders [15][23]