ETF市场周报 | 外部风险尚未消退！红利类ETF稳中向上

Market Overview - The three major indices continued to adjust amid external disturbances, with the Shanghai Composite Index starting to pull back around the 3400 level, leading to a noticeable valuation correction in previously popular sectors [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell by 0.50%, 1.15%, and 1.66% respectively during the week [1] - The overall market sentiment is conservative as key variables are still needed to drive the market, with dividend assets maintaining high allocation value [1] ETF Performance - Dividend ETFs showed strong performance, with the Energy Chemical ETF leading with a gain of 4.73%, followed by several bank ETFs with gains exceeding 3.2% [2] - The average decline for all ETFs was 1.16%, with bond ETFs slightly increasing by 0.20% while stock and cross-border ETFs experienced significant pullbacks [1][2] Macro Perspective - With domestic interest rates entering a downward cycle, there is a shift in asset allocation focus from growth to returns, leading to increased attention on dividend assets [3] - June is seen as a favorable time for dividend asset allocation due to many companies implementing dividends, attracting investors to position themselves before dividend payouts [3] - Long-term funds, particularly from insurance companies, are expected to continue supporting dividend assets due to their stable income needs [3] Declining Sectors - The Hong Kong pharmaceutical sector, previously strong, faced a significant correction with multiple ETFs dropping over 8% due to changes in international tariff environments and geopolitical expectations [4][5] - Despite the pullback, institutions view the correction in innovative pharmaceuticals as a valuable opportunity, highlighting the sector's resilience and growth potential [5] Investment Opportunities - The first quarter's improved performance and outlook for sectors like chain pharmacies, medical devices, and generics present investment opportunities [6] - Focus on innovation, self-sufficiency, and domestic demand is recommended, with an emphasis on innovative pharmaceuticals and the potential of AI in healthcare as a key direction for 2025 [6] Fund Trends - The ETF market saw a net inflow of 326.93 billion yuan, with bond ETFs leading the inflow at 194 billion yuan, indicating a preference for defensive assets [7][9] - Credit bond ETFs experienced significant purchases, with the leading credit bond ETF seeing over 60 billion yuan in inflows [9] Trading Volume - The Short-term Bond ETF had the highest trading volume at 843.51 billion yuan, followed by the Shanghai Corporate Bond ETF and Silver Hua Li ETF [10] Upcoming ETF Launch - A new ETF, the Bosera CSI A100 ETF, will be launched, tracking a diversified index that includes leading companies across various sectors, providing stable and diversified investment opportunities [11]