又有40多亿，“跑了”

Core Insights - On May 20, stock ETFs experienced a net outflow of over 4 billion yuan, despite the overall market rising, indicating a trend of profit-taking among investors [1][2] - Since the beginning of May, stock ETFs have seen cumulative outflows exceeding 57 billion yuan, reflecting a broader market sentiment shift [1][6] Fund Flow Analysis - As of May 20, there are 1,091 stock ETFs in the market with a total scale of 3.53 trillion yuan [2] - On May 20, eight stock ETFs recorded net inflows exceeding 100 million yuan, with military, AI, and non-bank financial sectors leading the inflows [2] - The top three ETFs by net inflow on May 20 were military-themed ETFs, with net inflows of 7.1 billion yuan, 2.8 billion yuan, and 1.9 billion yuan respectively [2] Sector Performance - The sectors with significant net inflows included defense and military (7.1 billion yuan), non-bank financial (2.8 billion yuan), and artificial intelligence (1.6 billion yuan) [2] - Conversely, sectors experiencing the largest net outflows included innovative pharmaceuticals and Hong Kong internet ETFs, with the former losing nearly 10 billion yuan [5][7] ETF Rankings - The top three ETFs by net inflow on May 20 were: 1. Military Leading ETF: 86.57 billion yuan, net inflow of 2.37 billion yuan 2. Military ETF Leader: 44.51 billion yuan, net inflow of 1.92 billion yuan 3. Military ETF: 135.07 billion yuan, net inflow of 1.56 billion yuan [4] - The top three ETFs by net outflow were: 1. Hong Kong Innovative Pharmaceutical ETF: 101.76 billion yuan, net outflow of 5.14 billion yuan 2. Hang Seng Medical ETF: 98.59 billion yuan, net outflow of 4.30 billion yuan 3. Hong Kong Internet ETF: 472.57 billion yuan, net outflow of 3.41 billion yuan [7] Market Sentiment - Analysts suggest that the recent outflows may be influenced by a decrease in urgency for domestic policy support due to easing US-China trade tensions, leading to potential market volatility [6] - The focus for future investments is expected to shift towards sectors driven by technological growth, particularly in AI and biomedicine, which are seen as having strong investment value [6]