33亿，“跑了”

Core Viewpoint - On June 25, the A-share market continued its upward trend, with the three major indices collectively rising, while stock ETFs experienced a net outflow of 3.3 billion yuan, indicating some investors chose to take profits amidst the market rally [2][3]. Fund Flow Summary - As of June 25, 2025, the total number of stock ETFs in the market reached 1,121, with a total scale of 3.61 trillion yuan. On this day, stock ETFs saw a net outflow of over 3.3 billion yuan, despite 29 ETFs experiencing net inflows exceeding 10 million yuan each [3][4]. - The top three stock ETFs with the highest net inflows were Huatai-PB CSI A500 ETF, GF Non-Bank ETF, and E Fund Hong Kong Securities ETF, each with inflows exceeding 660 million yuan. Notably, the Huatai-PB CSI A500 ETF had a net inflow of over 3 billion yuan, while the E Fund Hong Kong Securities ETF saw a record trading volume surpassing 27 billion yuan [3][4]. - Gold ETFs also saw a resurgence in net inflows, attracting 580 million yuan on the same day, as international gold prices experienced fluctuations [3][4]. ETF Performance - On June 25, several broad-based and sector ETFs experienced significant net outflows, with 28 ETFs seeing outflows exceeding 100 million yuan. The broker ETF, CSI 300 ETF, and SSE 50 ETF were among those with the largest outflows, collectively losing nearly 2.6 billion yuan [6]. - In June, stock ETFs overall showed a slight net inflow, accumulating over 1 billion yuan, with the CSI A500 ETF, Hong Kong Innovative Drug ETF, and Hong Kong Securities ETF leading in net inflows [6]. Fund Company Insights - Among leading fund companies, E Fund's ETF scale reached 645.99 billion yuan on June 25, with an increase of 11.48 billion yuan. The Hong Kong Securities ETF saw a net inflow of 690 million yuan, while the Securities Insurance ETF and Medical ETF attracted 100 million yuan and 40 million yuan, respectively [4]. - Huaxia Fund's A500 ETF and Robot ETF led in net inflows on June 25, with inflows of 273 million yuan and 212 million yuan, respectively, bringing their latest scales to 14.16 billion yuan and 16.838 billion yuan [4]. Market Sentiment - According to Tianhong Fund's manager, the core market contradiction has shifted from being dominated by external shocks to internal resilience recovery, suggesting that reduced uncertainty will create conditions for enhanced returns. The overall market volatility is expected to be controllable, and capturing sector rotation rhythms may enhance returns [6]. - Longcheng Fund noted that the "technology narrative" logic in the capital market is becoming increasingly clear, highlighting the long-term investment value of the technology sector. In the current low-interest-rate environment, the sustained decline in the risk-free return rate is driving long-term logic for high-dividend assets, suggesting a "technology + dividend" strategy [7].