Market Signal Analysis of Main Capital Reallocation Behavior: Non-Bank Finance vs Tech Growth

• Leo Co., Ltd. (002131.SZ): Cumulative increase of approximately 29.69% over the past 10 trading days with significant volume expansion; single-day gains of +29.69%, +3.33%, and +10.16% on the 6th, 5th, and 31st respectively, showing obvious signs of accelerated capital inflow [0]
• Shenwan Hongyuan (000166.SZ): Overall震荡上行 over the past 10 trading days with moderate gains and small daily fluctuations; +3.02% on the 6th, +0.57% on the 5th, and gradually increasing trading volume (turnover climbed from about 60M on 12/22 to 128.92M on 1/6), indicating moderate capital inflow [0]
• Zhongji Innolight (300308.SZ): Oscillating downward over the past 10 trading days with a cumulative decline of more than 10%; -3.53% on the 6th, -3.02% on the 31st, and although there were occasional rebounds (e.g., +2.25% on the 30th), it was under overall pressure with obvious capital outflow characteristics [0]
• CATL (300750.SZ): Oscillating weakly over the past 10 trading days; although it rebounded +2.03% on the 5th, it lacked sustained upward momentum overall, indicating capital outflow or wait-and-see signs [0]
• US stock sector performance on the day (2026-01-06): Financial Services +2.20675%, Technology -0.31471%; the finance sector outperformed tech on the day, showing short-term style differentiation where global finance slightly outperformed tech [0]
• Chinese asset sentiment (mentioned in web search results): International media have paid attention to “Sentiment is Back” in the Chinese market, indicating that overseas investors’ interest in Chinese equity assets is marginally rising [1]

Note: All above are objective data provided by brokerage APIs and news retrieval; historical quotes of major A-share indices (such as ChiNext Index 399006.SZ, CSI 300, etc.) were not successfully obtained in this query, so no index-level conclusions are made.

Without access to index-level data, we can still extract several observation frameworks from the relative performance of individual stocks and sectors for subsequent tracking and verification:

1. Relative Resilience of Non-Bank Finance vs Marginal Pressure on Tech Growth

   • Non-Bank Finance representatives (e.g., Shenwan Hongyuan) have risen moderately over the past 10 trading days with orderly volume expansion, reflecting increased capital allocation willingness; if the macro environment remains stable and valuation repair expectations heat up, non-bank finance may have relative advantages [0]
   • Tech Growth representatives (e.g., Zhongji Innolight, CATL) have been oscillating weakly overall with obvious adjustments on some trading days, reflecting profit-taking and a slight cooling of risk appetite at high levels [0]
   • Marginal clue: The sector differentiation in US stocks on the same day (finance +2.21%, tech -0.31%) is consistent with the directional trend of “stronger finance, weaker tech” at the A-share individual stock level, which may strengthen the short-term global linkage of “value relatively outperforming growth” [0]

2. Trading Volume and Capital Behavior

   • Capital inflow side (e.g., Leo Co., Ltd.): Surge in trading volume (about 1.51B on 1/6) and sharp short-term gains, reflecting the promotion of aggressive capital and short-term sentiment [0]
   • Capital outflow side (e.g., Zhongji Innolight, CATL): Phased volume decline, indicating institutions’ high-level position reduction and caution towards high-valued sectors [0]
   • Gradual volume expansion of non-bank targets like Shenwan Hongyuan is more likely to reflect the gradual layout characteristics of medium- and long-term allocation capital [0]

3. Necessary Conditions for Style Switching (Need Follow-Up Data Verification)

   • Currently, we observe the relative performance of “stronger non-bank finance, weaker tech”, but without index data and more comprehensive capital flow data such as turnover ratio, northbound capital net inflow/outflow, it is not sufficient to assert that a trend-style switch has started
   • Subsequent signals that can enhance the reliability of “style switching”:
     • Sustained reversal of relative strength between CSI 300 and ChiNext Index
     • Continuous increase in the proportion of net inflow of main funds into non-bank finance and large-cap value sectors, and continuous net outflow from tech growth sectors
     • Catalysts for financial valuation repair appear on the macro/policy side (e.g., liquidity, interest rates, regulation, and capital market reforms, etc.)
   • Therefore, it is more appropriate to regard this as an “early signal of style rebalancing” at present, waiting for more comprehensive data and a longer time dimension to verify the trend

• Limited data coverage: Mainly based on individual stock and US stock sector data; historical data of major A-share indices were not successfully obtained in this query; the level of conclusions is limited, and index and more complete capital flow data need to be supplemented to confirm the trend
• Short-term volatility: Sharp short-term gains and volume expansion of targets like Leo Co., Ltd. are vulnerable to event and sentiment disturbances, so retracement and capital repetition should be警惕
• Structural differentiation: There may be subdivision track differentiation within tech growth (AI hardware vs applications, semiconductor manufacturing vs design, etc.), which is not covered in this data and needs to be refined with subsequent industry and company-level financial and order data

1. Index level:
   • Relative strength between CSI 300 and ChiNext Index (need to re-obtain or confirm index historical data)
   • Relative performance of style indices such as CSI Value vs CSI Growth, SSE 50 vs CSI 1000
2. Capital flow level:
   • Proportion and persistence of net inflow/outflow of main funds in various sectors
   • Configuration changes of northbound funds in finance vs tech sectors (need data source support)
3. Individual stock and industry level:
   • Valuation repair and policy expectations for non-bank finance (securities/insurance)
   • Order, inventory and profit expectation inflection points of tech growth leaders
   • Capital allocation rhythm of high-dividend and large-cap value stocks

• Current data clearly shows signs of “marginal reallocation of funds from high-position, high-valued tech growth targets to relatively undervalued sectors like non-bank finance” at the individual stock level [0]
• The same-day performance of US stocks (“stronger finance, weaker tech”) and overseas media’s attention to Chinese asset sentiment provide external references and emotional evidence for the relative performance of A-share styles [0][1]
• However, before index data and more comprehensive capital flow data are supplemented, it is more prudent to regard this as an “early signal of style rebalancing”; subsequent verification through multi-dimensional data such as index strength, capital flow ratio, macro policy and profit improvement is needed to confirm the start and persistence of the trend-style switch.

[0] Gilin API Data (A-share individual stock quotes, transactions, price changes; US stock sector performance)
[1] Bloomberg - “‘Sentiment is Back’ in Chinese Onshore Equities” (external report mentioning the return of Chinese market sentiment) [Link]
[2] Web search images and screenshots (involving main capital flow, individual stock transaction data display, used to assist in confirming capital trends): [1], [2]