Main force withdrawal of 112.3 billion, but 64 stocks still hit daily limits: What are A-share funds gaming? 【Weekly A-share Watch】

This week, the A-share market showed a mixed pattern of fluctuations. The Shanghai Composite Index continued to slightly decline, while the Shenzhen Index, representing growth stocks, rebounded, indicating a phase of style correction. Meanwhile, trading volume slightly contracted, and main capital remained cautious overall, but margin financing and securities lending funds increased modestly in the first four days of the week, reflecting a mild recovery in risk appetite.

01

Market Overview: Gains and Losses in a Volatile Environment; Growth Style Shows Signs of Recovery

Looking at major indices, the A-share market continued to fluctuate this week. The large-cap blue-chip indices, represented by the Shanghai Composite and the SSE 50, experienced slight declines, while the Shenzhen Component Index and some growth-oriented indices rebounded significantly, suggesting a phased recovery of growth stocks after recent adjustments. Small- and mid-cap indices narrowed their declines compared to last week but remained in a weak consolidation zone, with no clear overall trend.

Sector performance showed that utilities led the market with a weekly gain of about 3.01%, and consumer staples also saw modest increases, indicating a preference for defensive sectors amid market volatility. In contrast, technology sectors such as telecommunications and information technology experienced some pullbacks, with weekly declines of approximately -2.59% and -1.17%, respectively.

Among 35 sub-sectors tracked by Wind, the top performers this week were mainly driven by policy support and energy themes, such as green power, while some semiconductor and computing-related stocks saw emotional surges at the individual stock level. The worst-performing sectors were mainly high-elasticity tech sectors and certain cyclical manufacturing industries, reflecting profit-taking in high-flying areas.

02

Trading Volume Overview: Slight Decline in Transaction Scale; Market Activity Slightly Eases

Trading volume this week saw a modest decrease compared to last week. Data shows that the total trading volume across both markets was approximately 768.594 billion shares, with a total transaction value of about 12.49 trillion yuan, down roughly 4.7% and 5.5%, respectively.

On a daily basis, the market exhibited a clear pattern of “high open followed by gradual volume reduction.” Monday’s trading volume peaked at about 2.67 trillion yuan, the highest for the week, then gradually declined, reaching about 2.42 trillion yuan on Friday.

Despite the decline in trading volume, the overall turnover rate remained relatively active, indicating that market participation did not decrease significantly but became more structured. Sector-wise, technology and cyclical sectors remained the most actively traded, while defensive sectors like utilities and consumer staples had lower turnover rates.

At the individual stock level, companies with high turnover rates were mostly thematic stocks, showing clear short-term trading characteristics.

03

Capital Flows: Main Funds Net Outflow, Institutional Sentiment Cautious

On the capital front, main funds in the A-share market showed an overall net outflow this week. Data indicates that the net outflow of main funds was approximately 112.36 billion yuan.

Daily data shows that Tuesday was the only day with a slight net inflow; all other days experienced net outflows. The largest outflow occurred on Thursday, exceeding 51 billion yuan.

Structurally, although some days saw late-session fund replenishments, the overall trend was net outflow, reflecting cautious positioning by institutional investors amid index fluctuations and a temporary decline in risk appetite.

Sector-wise, technology growth and some manufacturing sectors saw the main reduction in holdings. However, at the stock level, funds continued to concentrate on industry leaders, with core companies in certain industries receiving sustained investment.

04

Market Sentiment: High-Level Limit-Ups Persist, Margin Financing Continues to Increase

Market sentiment indicators show that short-term trading activity remains high this week.

Data reveals that the number of stocks hitting the daily limit-up remained high, averaging about 64 per day, indicating active short-term trading. However, the number of limit-down stocks increased significantly toward the weekend, with 24 stocks hitting the limit on Friday, signaling a gradual shift from a predominantly bullish mood to more divergence.

Meanwhile, margin financing and securities lending funds showed a moderate increase. Over the first four trading days, the aggregate financing balance increased by about 19 billion yuan, mainly driven by new financing purchases, suggesting some leverage funds are gradually restoring risk appetite.

Overall, market sentiment is shifting from cautiousness toward tentative optimism, but funds remain somewhat restrained.

05

Next Week’s Focus: Macro Data Releases and Lock-up Expirations

（Editor: Cao Yanyan HA008）

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