126亿，跑了！

Core Insights - On July 1, the A-share market experienced a net outflow of 12.6 billion yuan from stock ETFs, with the overall market remaining stable and trading volume reaching 1.5 trillion yuan [1][4] - The top inflows were seen in industry-specific ETFs such as the Sci-Tech 50 ETF and semiconductor ETFs, while broad-based indices like the CSI A500 and CSI 300 faced significant outflows [1][4] ETF Fund Flow Summary - As of July 1, there are 1,129 stock ETFs in the market with a total scale of 3.59 trillion yuan, indicating a substantial market presence [1] - On the same day, 14 stock ETFs recorded net inflows exceeding 100 million yuan, with the top three being the Jiashi Sci-Tech Chip ETF, Huatai-PB Photovoltaic ETF, and Huaxia CSI 500 ETF, each gaining over 400 million yuan [1][2] - The commodity-based gold ETFs saw a resurgence with a net inflow of 950 million yuan, reflecting a shift in investor sentiment towards safe-haven assets amid market volatility [1] Outflow Analysis - The CSI A500 ETF led the outflows with a total of nearly 6.9 billion yuan, followed by the CSI 300 ETF with over 2.2 billion yuan, indicating a trend of profit-taking among investors [4][6] - Since June, the overall stock ETF market has experienced a cumulative outflow of nearly 20 billion yuan, with specific ETFs like the Huatai-PB CSI A500 ETF seeing inflows exceeding 10 billion yuan [4] Fund Management Insights - Major fund companies such as E Fund and Huatai-PB reported significant inflows in their AI and Sci-Tech ETFs, with the E Fund AI ETF gaining 130 million yuan, maintaining its position as the largest in its category [2][3] - The market outlook suggests a continued focus on policy validation from upcoming political meetings and corporate earnings reports, with expectations of a stable yet fluctuating market environment [5]