Huatai Securities has released research reports stating that the recent market correction has caused concerns among investors regarding the liquidity risk of the stock market. As for financing funds, although the average guarantee ratio of the margin trading market last week dropped, it is still far from the warning line and the ratio of securities market value/cash in margin guarantees has not reached the signal level. In general, the pressure of closing out is controllable. The micro capital situation still shows a bottom-down state. Last week, there was a significant net inflow of broad-based ETFs and industry capital (repurchase) and private equity fund-raising data also showed an increase in equity positions for the first time since May. However, attention needs to be paid to the marginal changes in the supply side: ① In mid-August, a small peak in the second half of the year for stock unlocking is expected, ② On Wednesday last week, the three major exchanges resumed the acceptance of initial public offerings (IPOs), with four companies accepted, ③ On the 24th, two Saudi ETFs were issued, expected to raise 2 billion yuan. Structurally, TMT received various net inflows of funds, and dividends fell to the 64th percentile in the past 16 years.