居民资金稳步流入 [Table_ReportDate] 2025 年 9 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ——资金跟踪专题 证券研究报告 策略研究 [Table_ReportType] 策略专题 核心结论： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Summary] ➢ 总览：据我们的不完全统计，截至 2025 年 9 月 23 日，A 股资金保持净 流入。截至 2025 年 9 月 23 日，A 股资金保持净流入，年度资金净流入 占自由流通市值之比为 3.2%。如果考虑到股东获得分红不完全用于再 投资，年度资金净流入(分红*1/2)占自由流通市值之比为 1.4%，资金 面仍有小幅净流入。另一方面，考虑到私募基金、保险、公募基金等资 金流入项可能存在重复计算，我们计算剔除私募基金与保险的资金净 流入汇总情况，资金净流入额占自由流通市值的比例约为 1.4%，资金 为小幅净流入状态。 ➢ 月度层面上，8 月资金面持续改善。2025 年 8 月 A 股月度资金净流入 4449 亿元，A 股月度资 ...

各渠道资金流入持续改善 ——资金跟踪专题 [Table_ReportDate] 2025 年 8 月 27 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [Table_ReportType] 策略专题 | ] [Table_A 樊继拓 uthor策略首席 分析师 | | --- | | 执业编号：S1500521060001 | | 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱：lichang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 ➢ 融资余额 2025 年 7 月-8 月上升。融资余额方面，2025 年 7 月融资余 额环比增加 1328.69 亿元（前值为增加 489.15 亿元）。7 月底至 8 月 19 日，融资余额增加 1465.13 亿元。2025 年 1 月 1 日-8 月 19 日，融 资余额相较 2024 年底增加了 26 ...

Overview - Since the beginning of 2025, the A-share market has experienced a slight net outflow of funds, with the annual net inflow ratio to free float market value at -0.1% as of June 16, 2025. Excluding private equity and insurance funds, the net inflow ratio is approximately -0.9%, indicating a shift towards a slight net outflow [9][10][15] - The weak performance of resident funds (bank-securities transfers and financing balances) and public funds continues, while private equity funds show a slight net inflow amid minor replenishment [9][10] - The second and third quarters typically see stronger seasonal company buybacks and dividends, providing some support to the funding environment [9] Monthly Analysis - In May 2025, the A-share market maintained a tight balance in funding, with a slight improvement compared to April. The monthly net inflow was 2,971 billion yuan, representing 0.61% of the market value. By June 16, 2025, the net inflow reached 2,428 billion yuan, or 0.56% of the market value [15][16] - Financing balances showed a slight recovery, with an increase of 135.17 billion yuan in May and a further increase of 208.25 billion yuan by June 16. However, the overall financing balance from January 1 to June 16, 2025, decreased by 440.76 billion yuan compared to 2024, indicating a net outflow [29][15] Fund Inflows and Outflows - The share of public funds decreased in May 2025, with a total decline of 199.53 billion shares when considering ETF changes. Active equity fund shares increased by 75.90 billion shares, but overall public fund shares still declined [20][15] - The net outflow from ETF funds was significant, with a net outflow of 342.93 billion yuan in May and 179.53 billion yuan by June 16 [20][15] Company Actions - Company buybacks and dividends remain strong, with buyback announcements in May 2025 totaling 1,530.67 billion yuan. By June 16, the cumulative buyback amount reached 1,029.85 billion yuan, with actual buybacks at 396.77 billion yuan [20][15] - The total dividend amount for listed companies in May 2025 was 1,765.92 billion yuan, which is an increase from April and aligns with seasonal trends [20][15] Equity Financing - The scale of equity financing continues to decline, with a total of 2179.17 billion yuan from January 1 to June 16, 2025. Although the monthly average financing scale has increased compared to 2024, it remains at historically low levels [20][15]