Overview - In 2025, the A-share market is experiencing steady net inflows, with the annual net inflow accounting for 3.9% of the free float market value as of November 28, 2025 [10][11] - The inflow speed has slowed down since Q4 2025, primarily due to a significant decrease in active equity fund shares and a slowdown in new account openings and financing balances [15][22] Annual Analysis - The annual net inflow of funds is supported by stable resident fund inflows, with changes in inflow channels compared to historical bull markets, including ETFs, private equity, and "fixed income+" products [11][12] - The insurance capital's entry into the market has accelerated compared to 2024, contributing to the overall stability of the funding environment [11][12] Monthly Analysis - In October 2025, the financing balance increased by 904.48 billion yuan, but decreased by 123.24 billion yuan from November 1 to November 28 [28] - The total financing balance as of November 28, 2025, increased by 6023.54 billion yuan compared to the end of the previous year, reaching a historical high [28] Fund Flows - The share of active equity public funds decreased by 1973.67 billion shares in October 2025, while ETFs maintained net inflows of 491.02 billion yuan [21][28] - The private equity fund management scale increased to 70076.16 billion yuan in October 2025, reflecting a strong inflow [21] Insurance Capital - As of Q3 2025, the insurance company's investment balance reached 37.46 trillion yuan, with an estimated net inflow of 1066.0 billion yuan compared to Q2 2025 [21] - The annual net inflow of insurance capital is projected to be 5907.03 billion yuan compared to Q4 2024 [21] Equity Financing - The equity financing scale in October 2025 was 609.44 billion yuan, an increase from 436.85 billion yuan in September [21][28] - The total equity financing scale from January 1 to November 28, 2025, reached 5120.30 billion yuan, surpassing the total for the previous year [21][28] Company Actions - The total amount of company buybacks in October 2025 was 900.68 billion yuan, a decrease from the previous month [21] - The total dividend amount for listed companies reached 1141.53 billion yuan in October 2025, with a cumulative total of 19652.25 billion yuan from January 1 to November 28, 2025 [21]