2026 年 01 月 28 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 宏观资金均衡偏松，ETF 继续大幅净流出 ——流动性周报 1 月第 3 期 最近一年走势 投资要点: 相关报告 变迁？*赵阳》——2026-01-16 《流动性周报 1 月第 1 期：资金需求端缓和，两融 余额创历史新高*赵阳》——2026-01-13 《信用重启与双峰共振——2026 年海外年度策略* 袁野，赵阳》——2026-01-12 1. 本周（2026/01/19-2026/01/23，下同）宏观资金面均衡偏松，央行通 过公开市场操作开展 7 天逆回购净投放 2295 亿元。资金价格方面，短端 利率下行、长端利率下行，且长端下行幅度大于短端，期限利差走窄。 2. 股市资金供给端总体结构分化，权益基金发行显著回升，两融余额仍 在高位震荡。融资净流入较多的行业为有色金属、非银金融等，融资净流 出较多的行业有电子、计算机等。股票 ETF 净流出 3331.17 亿元，宽基 ETF 资金主要流入中证 2000、科创 200 等指数，净流出 ...

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]