Huatai Securities: Pay attention to disturbances on the funding demand side.

Huatai Securities research report points out that the pressure relief from trading-oriented funds has shown initial results, but incremental funds remain largely on the sidelines, and the repair of the market's liquidity conditions has yet to form a concerted force. The recent market volume contraction has mainly accompanied a reduction in exposure by some trading-oriented domestic funds, with margin trading activity falling to a phased low and private funds' sensitivity to the technology sector declining, leading to some digestion of earlier positions. However, the stabilization of leveraged funds has not yet translated into sustained net inflows, and ETF absorption has also been mainly driven by structural rotation, with improvements in liquidity conditions more reflected in the easing of selling pressure. In addition, pressure on the demand side for funds has increased somewhat, and looking ahead, market share unlock pressure may rise in early October.