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投资者微观行为洞察手册:8月第3期:主动外资重燃信心内资热钱延续流入
GUOTAI HAITONG SECURITIES· 2025-08-19 07:29
Market Activity - The trading activity in the A-share market has increased, with the average daily trading volume rising to CNY 2.1 trillion, and the turnover rate for the Shanghai Composite Index reaching 93%[4] - The number of stocks hitting the daily limit up has increased to 74.4, with a maximum consecutive limit up of 5 stocks[4] - The proportion of stocks that rose has decreased to 54.4%, with the median weekly return for all A-shares dropping to 0.4%[4] Fund Flows - Foreign capital has turned to inflow, with a net inflow of USD 2.7 million as of August 13, while the northbound trading volume accounted for 11.0%[4] - Public funds saw a decrease in new issuance to CNY 5.947 billion, while overall stock positions increased[4] - Private equity confidence index slightly rebounded, with positions decreasing marginally[4] Sector Performance - Significant inflows were observed in the electronics sector (+CNY 13.27 billion) and machinery equipment (+CNY 4.01 billion), while outflows were noted in coal (-CNY 0.23 billion) and textiles (-CNY 0.01 billion)[4] - The ETF market experienced a net outflow of CNY 27.93 billion, with passive trading volume increasing to 5.4%[4] Global Market Trends - Southbound capital inflows increased to CNY 38.12 billion, marking the 92nd percentile since 2022[4] - Global foreign capital saw a net inflow of USD 68.5 billion into developed markets, with the US and UK leading the inflows[4] - The Hang Seng Index rose by 1.7%, reflecting a broader global market uptrend, with Indonesia's index leading at +4.8%[4]