A500早参|降准今日正式落地，A500ETF基金(512050) 单日吸金超4.5亿元

Group 1 - A-shares experienced a strong afternoon rally on May 14, with significant net inflows into broad-based ETFs and global market ETFs, amounting to 1.514 billion and 0.136 billion respectively, while commodity ETFs saw a net outflow of -1.687 billion [1] - The A500 ETF (512050) rose by 0.84% yesterday, attracting over 0.458 billion in net subscriptions, with a total of approximately 0.557 billion in net subscriptions over the past five trading days, and an increase of 366 million shares in the past week, making it the top performer among comparable funds [1] - The People's Bank of China announced a comprehensive reserve requirement ratio cut effective May 15, 2025, reducing the ratio by 0.5 percentage points for most financial institutions and by 5 percentage points for auto finance and leasing companies, which is expected to inject approximately 1 trillion yuan in long-term liquidity into the financial market [1] Group 2 - Huaxi Securities anticipates that the recently issued "Action Plan for Promoting High-Quality Development of Public Funds" will have a profound impact on the A-share market and the fund industry, potentially driving more medium- to long-term capital inflows into the A-share market and enhancing market resilience [2] - The market is expected to experience scenarios of "weak reality, weak sentiment" or "weak reality, strong sentiment," leading to a rotation between defensive and growth styles, with defensive styles focusing on stable or high-dividend sectors, while growth styles will emphasize thematic growth and independent prosperity sectors [2] - The net inflows and scale changes for various ETF categories indicate a mixed sentiment in the market, with broad-based ETFs seeing significant inflows while commodity and strategy style ETFs faced notable outflows [2]