Huatai Securities: High-level funding activity continues, with foreign capital and insurance capital potentially being the main sources of incremental growth in the future.

Huatai Securities research report believes that the market turnover exceeded 2 trillion last week, A-share volume and price rose together, and the activity of trading funds is at a high level but there is no obvious crowding signal: 1) Resident funds entering the market continue to boost the heat of trading funds, with active trading by retail investors and the number of participating traders reaching a high point for the year, financing activity reaching a new high for the year, but crowding is not extreme; 2) The number of private equity fund filings is at a high level, with 666 private equity products filed in early August, up 6% from July; 3) Foreign funds and insurance funds may be the main sources of incremental funds in the future, with the proportion of insurance funds entering the market in the second quarter of 2025 increasing compared to the previous quarter, and the proportion of equity assets in life insurance exceeding the high point in the third quarter of 2024 but still some distance from the policy limit; In addition, the activity of foreign funds has rebounded, but net inflows of allocation-type foreign funds have not yet formed a trend, which may be one of the main sources of incremental funds in the subsequent market.