Huatai Securities: Currently, funds are still actively seeking "certainty" in the midst of energy shocks.

Huatai Securities research report pointed out that last week, the market saw a slight recovery after the adjustment, but due to the impact of overseas risks, trading funds were cautious, showing a deviation between market profit effects and fund sentiment. Specifically, the market profit effect measured by the Tengluo Index had recovered to around March 19 by the end of last week, but margin funds net outflow had expanded to 24 billion yuan, with trading activity falling below 9%, the first time since July 2025. The market is concerned that continued outflow of funds in a shrinking market volume may lead to liquidity risk. We believe: 1) the current market profit effect still exists, with the average margin guarantee ratio relatively stable, and the probability of negative feedback occurring is low; 2) currently, funds are actively seeking "certainty" amid the energy impact, with consensus accelerating towards energy substitution logic convergence, indicating that while funds are overall defensive, there is still a strong structural bullish sentiment.