Guojin Securities: Leveraged funds see a slight outflow, with accelerated net outflow from northbound investors.

Guojin Securities research report indicates that the trading activity in the market has slightly decreased, and the volatility of major indices has all increased. Last week, the consensus on the buying of ETFs and northbound trading, as well as the buying consensus on margin trading and the dragon and tiger list, have respectively fallen/risen. Some individual investors and actively equity-oriented funds have seen some outflows, but the net outflow of northbound funds has accelerated, indicating an increasing divergence among various types of investors. The subsequent focus on the fluctuation in trading at the market level will disturb the market.