策 略 研 究 融资资金流入加速，外资重回流入 [Table_Authors] 方奕(分析师) 投资者微观行为洞察手册·12 月第 2 期 本报告导读： 本期市场成交热度有所抬升，赚钱效应边际下降。从资金层面看，偏股公募基金新 发行边际回落，融资资金流入加速，外资流入 A 股和港股。 投资要点： 资产概览：全球风偏降温，贵金属领涨 2025.12.15 成交活跃度升高，创业板指估值领涨 2025.12.13 资产概览：商品/权益上涨，中债熊陡 2025.12.09 AI 产业延续高景气，服务消费同比偏强 2025.12.09 融资资金延续流入，ETF 平稳回流 2025.12.08 请务必阅读正文之后的免责条款部分 策 略 观 察 证 | | | | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 郭胤含(分析师) | | | 021-38031691 | | | guoyinhan@gtht.com | | 登记编号 | S0880524100001 | | | 田开轩(分析师) | | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - This week, both internal and external environments changed. Internally, the "anti - involution" theme cooled, and the Politburo meeting emphasized policy implementation. Upstream resources retreated, with coal and non - ferrous metals leading the decline. Externally, the third round of China - US trade talks extended tariffs, the US dollar index rose, and the domestic risk appetite declined slightly. The Fed remained unchanged but had increasing differences on interest rate cuts. Financing funds flowed in rapidly but sentiment weakened later. Indexes retreated, with large - cap stocks falling more. IF, IC, and IM basis widened slightly, while IH was flat. The term structure adjusted in the opposite direction during the callback [2] 3. Summary by Related Content This Week's Review - Internal changes: The "anti - involution" theme cooled, the Politburo meeting emphasized policy implementation, and upstream resources retreated [2] - External changes: The third round of China - US trade talks extended tariffs, the US dollar index rose, and the domestic risk appetite declined slightly. The Fed had increasing differences on interest rate cuts [2] - Market performance: Financing funds flowed in rapidly but sentiment weakened later. Indexes retreated, with large - cap stocks falling more. IF, IC, and IM basis widened slightly, while IH was flat. The term structure adjusted in the opposite direction during the callback [2] This Week's Prediction Conclusion - The model predicts that next week, the basis of IH and IM will weaken, while the basis of IF and IC will strengthen [3] Recent Prediction Conclusion - There are graphical data on the real and predicted basis changes of IH, IF, IC, and IM, but specific conclusions are not explicitly summarized from the graphical content [4][5]