香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1172） 自願公告 業務更新 此 自 願 性 公 告 為 融 太 集 團 股 份 有 限 公 司（「 本 公 司 」連 同 其 附 屬 公 司 ， 統 稱「 本 集 團」）源於自願刊發，讓本公司股東及潛在投資者知悉本集團之最新業務發展。 茲提述於二零二五年七月三十一日刊發之本公司截至二零二五年三月三十一日年 度（「二零二五年年度」）之週年年報（「二零二五年年報」）。除另有界定者外，二零 二五年年報所界定詞彙與本公告所用者具有相同涵義。 本公司於二零二五年年報已披露某些計畫及措施處理獨立核數師（「核數師」）對本 集團二零二五年年度的綜合財務報表就本集團持續經營能力（「持續經營問題」）發 出的無法表示意見（「無法表示意見」）。董事會謹此向本公司股東及潛在投資者通 報截至本公告日本集團之最新業務發展 ...

Group 1: Liquidity and Fund Flow - Leverage funds and newly issued public funds remain at high levels, with net inflow of leverage funds and new issuance of equity public funds continuing to be robust[10] - Southbound funds have seen a net inflow exceeding 460 billion over the past four months, averaging over 10 billion per week[10] - The total net inflow of leverage funds reached approximately 467 billion, while the total net inflow of equity public funds was 127 billion, maintaining a high percentile ranking of 88% and 95% respectively[11] Group 2: Trading Activity and Market Sentiment - Trading heat in the new energy vehicle sector increased by 16 percentage points to 57%, while the real estate sector rose by 7 percentage points to 77%[4] - The brokerage sector saw a decline of 20 percentage points to 42%, and the military industry dropped by 17 percentage points to 33%[4] - Retail investor net inflow in the A-share market reached 186.82 billion, marking a significant increase of 693.7 billion from the previous value, placing it in the 92.5 percentile over the past five years[4] Group 3: Market Trends and Investor Behavior - The Shanghai Composite Index rose from 2600 to 3400 primarily due to state-owned funds and retail investor inflows, with a notable increase in new fund issuance in recent months[5] - The recent week saw a significant increase in search interest for A-shares on Douyin, reaching a new high since April[4] - The overall sentiment in the ETF market improved, with a net inflow of 80.8 billion, reversing the previous outflow of 41.5 billion[25]

证 券 研 究 报 告 杠杆资金净流入重回高位 ——流动性&交易拥挤度&投资者温度计周报 2025年9月16日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 0.0 0.2 0.4 0.6 0.8 1.0 偏股型公募新发份额 私募备案规模 北向成交占比 两融资金净流入 股票型ETF净申购 产业资本净减持 自媒体A搜索热度 新开户数量 本周 上期 1）资金供给端重回扩张：杠杆资金净流入重回高位，偏股型公募新发小幅下降，ETF净申购流出扩大，回购金额降 至历史低位； 2）资金需求端产业资本净减持规模扩张至历史高位，南向资金连续四月周均百亿以上净流入，累计净流入近4300 亿。 • 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征 ...

Group 1 - The Hang Seng Index rose over 1% during the trading session, reaching a peak of 26,296.6 points, marking a nearly four-year high following the previous day's performance [1] - Other key indices in the Hong Kong stock market also saw collective gains, with the Hang Seng Tech Index increasing nearly 2% and the Hang Seng China Enterprises Index rising over 1% [1] - Southbound capital has seen a continuous net inflow for eight consecutive days, with a cumulative net purchase amount reaching a record high of 10,389.4 million HKD year-to-date [1] Group 2 - Recent trends indicate that Southbound capital is primarily flowing into sectors such as retail, automotive, consumer services, non-ferrous metals, and pharmaceuticals [1] - Changjiang Securities noted that the sustained inflow of Southbound capital is enhancing marginal pricing power, and if domestic low-interest rates persist alongside rising weights in the ERP model, more funds may be allocated to the Hong Kong stock market [1] - The potential for further increases in the Hong Kong stock market is supported by the transmission from broad monetary policy to broad credit, along with possible interest rate cuts in the U.S. that could improve global liquidity, as well as performance realization in the AI industry [1] Group 3 - Relevant ETFs include the Hang Seng Tech Index ETF (513180), which focuses on leading technology AI companies, new energy vehicle manufacturers, and chipmakers [2] - The Hang Seng Internet ETF (513330) targets leading internet companies in Hong Kong, benefiting from reduced competition [2] - The Hong Kong Stock Connect Medical ETF (520510) has a leading CXO content among all market ETFs and is expected to take over the innovation drug main line [2]

Core Insights - The Chinese banking wealth management market is projected to reach 29.14 trillion yuan by Q1 2025, with a year-on-year growth of 9.41% and over 126 million investors participating [1] - Despite the higher returns of wealth management products (typically 2-3%) compared to fixed-term deposits (1.35%), many individuals still prefer to invest in fixed-term deposits due to safety concerns [3][6] Group 1: Safety and Risk Considerations - Safety is the primary concern for investors, as fixed-term deposits offer full compensation for amounts up to 500,000 yuan in case of bank failure, while wealth management products carry the risk of loss [6] - Many conservative investors prioritize capital preservation over high returns, leading them to favor fixed-term deposits [6][9] - The current investment environment has heightened risks, with average losses reported for A-share investors and public funds, making fixed-term deposits a safer choice [13] Group 2: Liquidity and Accessibility - Fixed-term deposits provide better liquidity compared to wealth management products, which often have a lock-in period, making it difficult to access funds in emergencies [6][7] - Investors are advised to split their funds, keeping a portion in fixed-term deposits for emergencies while using the rest for wealth management products to maximize returns [7] Group 3: Financial Literacy and Investment Barriers - The elderly population, who are the main savers, often lack financial knowledge and risk tolerance, leading them to prefer familiar fixed-term deposits [9][11] - The minimum investment threshold for wealth management products is significantly higher (starting from 50,000 yuan) compared to fixed-term deposits (starting from 50 yuan), limiting access for average households [11]

Group 1: Liquidity and Fund Flows - Leverage funds continue to flow in, with net inflow of margin financing at approximately 288 billion CNY, maintaining a high level[9] - Southbound funds have seen a cumulative net inflow exceeding 270 billion CNY over the past three months, with weekly averages above 10 billion CNY[8] - The total net inflow of public equity funds increased to 105.4 billion CNY, up from 91.9 billion CNY[10] Group 2: Trading Activity and Market Sentiment - Trading heat in the military industry rose by 16 percentage points to 85%, while the semiconductor sector increased by 5 percentage points to 90%[4] - The Shanghai Composite Index reached a new high for the year, contributing to a slight increase in A-share search activity on social media platforms[7] - Retail investor net inflow decreased to 1,032.5 billion CNY, down by 316.2 billion CNY from the previous value, representing 52.1% of the past five years[4] Group 3: Sector Performance - The electronics sector saw a net inflow of 56 billion CNY, while the banking sector experienced a net outflow of 14.2 billion CNY[21] - The stock market's ETF saw a net outflow of 54.6 billion CNY, indicating a low sentiment level, positioned at the 23.8% percentile over the past three years[22] - The total amount of stock buybacks increased to 41.4 billion CNY, up from 36 billion CNY, reflecting an 85% percentile over the past three years[25]

Group 1: Capital Flow and Liquidity - Southbound funds have seen a cumulative net inflow of over 250 billion yuan in the past three months, with weekly net inflows exceeding 10 billion yuan[14] - Retail investors contributed a net inflow of 134.86 billion yuan in the last week, marking a 22.5 billion yuan increase from the previous value, maintaining a high level at the 76.4 percentile over the past five years[8] - Leverage funds continue to flow in at high levels, with net inflows of approximately 322.8 billion yuan last week, although this is a decrease from the previous week's 446.1 billion yuan[30] Group 2: Market Trends and Investor Sentiment - The Shanghai Composite Index experienced its first decline after five consecutive weeks of increases, indicating a potential shift in market sentiment[8] - The trading heat for the machinery sector increased by 29 percentage points to 86%, while the construction sector rose by 24 percentage points to 72%[9] - The search interest in A-shares has declined, reflecting a cooling investor sentiment despite high net inflows from retail investors[8] Group 3: ETF and Fund Performance - The net subscription for stock ETFs dropped significantly to -38.13 billion yuan, a stark contrast to the previous net inflow of -5.3 billion yuan, placing it at the 1.9 percentile over the past three years[42] - The issuance of new public equity funds decreased to 9.21 billion yuan, which is at the 46 percentile over the past three years, indicating a contraction in new fund launches[50] - The total amount of share buybacks increased to 3.6 billion yuan, up from 1.85 billion yuan, reflecting a strong buyback trend at the 78 percentile over the past three years[46]

Group 1: Fund Liquidity - Southbound funds have seen a cumulative net inflow of over 250 billion CNY in the past three months, with weekly net inflows exceeding 10 billion CNY[5] - Leverage funds continue to see high net inflows, with net inflow of 322.8 billion CNY last week, maintaining a high level at the 93rd percentile over the past three years[11] - Stock-type ETFs experienced a significant net outflow of 381.3 billion CNY, placing it at the 1.9th percentile over the past three years[18] Group 2: Trading Congestion - The trading heat for the machinery sector increased by 29 percentage points to 86%, while the construction sector rose by 24 percentage points to 72%[52] - The insurance sector's trading heat increased by 13 percentage points to 28%, whereas the light industry, photovoltaic, and military industries saw declines of 18, 17, and 16 percentage points, respectively[52] Group 3: Investor Sentiment - The A-share market saw a decline after five consecutive weeks of increases, with a drop in overall search heat for A-shares on social media[65] - Retail investor net inflow in the A-share market was 134.9 billion CNY last week, maintaining a high level at the 76.4th percentile over the past five years[2]

Group 1: Liquidity and Fund Flow - The supply side of funds is expanding, with net inflows of leveraged funds remaining high, and the issuance of equity public funds returning to high levels, with 172 billion units newly established[6] - Southbound funds have maintained a weekly average net inflow of over 10 billion for ten consecutive weeks, with a cumulative net inflow of nearly 200 billion[6] - The net inflow of margin financing last week was approximately 446.1 billion, marking a 97% percentile over the past three years, and the total margin financing balance reached 1.93 trillion[13] Group 2: Trading Activity and Market Sentiment - The trading heat for the mechanical industry increased by 55 percentage points to 67%, while the banking sector decreased by 20 percentage points to 51%[2] - Retail investor net inflow in the A-share market reached 132.6 billion, an increase of 539.8 billion from the previous value, marking a new high since April this year[2] - The Shanghai Composite Index reached a year-to-date high of 3600 points on July 23, driving an increase in A-share search heat on platforms like Kuaishou and Douyin[2] Group 3: Sector Performance - The net inflow for the pharmaceutical sector was 48.5 billion, while the petrochemical sector saw a net outflow of 8.0 billion[22] - The net inflow for the non-ferrous metals sector was 45.4 billion, and the machinery sector recorded a net inflow of 38.7 billion[22] - The stock-type ETF experienced a net outflow of 60 billion, which is at the 20.5% percentile over the past three years[23]

Liquidity and Fund Flow - Leverage funds continue to see net inflows, reaching a new high since late February, with net inflow of 268 billion CNY last week, placing it in the 90th percentile over the past three years[13] - Southbound funds maintained an average weekly net inflow exceeding 10 billion CNY for nine consecutive weeks, totaling nearly 1700 billion CNY[6] - IPO financing surged to 181.7 billion CNY, representing the 71st percentile over the past three years[26] Trading Congestion - The trading heat for the photovoltaic sector increased by 32 percentage points to 71%, while real estate rose by 27 percentage points to 60%[56] - The building materials sector saw a 25 percentage point increase to 66%, indicating heightened trading activity[56] - Conversely, the chemical sector decreased by 13 percentage points to 59%, and media fell by 9 percentage points to 58%[56] Investor Sentiment - Retail investor net inflow decreased to 566 billion CNY, down 321 billion CNY from the previous value, placing it in the 13.7th percentile over the past five years[2] - The search interest for self-media platforms like Kuaishou and Douyin has declined from previous highs, indicating a cooling in market enthusiasm[69] - The trend of public funds clustering has weakened, with a shift towards value stocks, particularly in electronics, cyclical, and consumer sectors[2]