CMB Securities: Net purchases of broad-based index ETFs, weakening in the activity of margin trading funds.

CICC research report pointed out that the recent market adjustment is essentially a negative liquidity spiral triggered by external shocks. From the perspective of fund supply and demand, it is not caused by a single outflow of funds, but the result of internal and external pressures combining and the resonance of fund sentiment. Looking ahead, external shocks may still trigger temporary fluctuations and disturbances, and it will take time to confirm the bottom range. When the market gradually stabilizes and liquidity pressures recede marginally, structural opportunities will emerge first.