落袋为安！23亿，“跑了”

Group 1 - On July 25, the A-share market experienced a downturn with all three major indices closing lower, while the Sci-Tech 50 Index rose over 2% [1][3] - Stock ETFs saw a net outflow of 2.3 billion yuan, with significant losses in broad-based ETFs tracking indices like the CSI 500 and Sci-Tech 50 [1][7] - In contrast, Hong Kong-related ETFs attracted substantial inflows, with over 4.6 billion yuan flowing into ETFs tracking the Hong Kong Stock Connect Internet Index [1][3] Group 2 - As of July 25, there were 1,151 stock ETFs in the market, with a total scale of 3.81 trillion yuan [2] - On the same day, 33 stock ETFs recorded net inflows exceeding 100 million yuan, with the top three being the E Fund Hong Kong Securities ETF, the FT Fund Hong Kong Stock Connect Internet ETF, and the GF Fund Hong Kong Stock Connect Non-Bank ETF, each with inflows over 400 million yuan [3][4] - The top 20 stock ETFs by net inflow included five Hong Kong-related ETFs, indicating a strong preference for these assets among investors [3][7] Group 3 - The E Fund's Hong Kong Securities ETF had a net inflow of 1.6 billion yuan, while the AI ETF saw inflows of 310 million yuan on July 25 [4][6] - The gaming ETF and AI ETF from Huaxia Fund also saw significant inflows of 201 million yuan and 126 million yuan, respectively [4] - The net outflow from broad-based ETFs was led by the CSI 500 ETF, which saw a net outflow of 1.1 billion yuan, followed by the Sci-Tech 50 ETF with 823 million yuan [7][9] Group 4 - Market sentiment remains optimistic, with expectations of improved liquidity and supportive domestic policies, potentially leading to further market gains in the second half of the year [8] - Analysts suggest that the current A-share valuation may be relatively low, and upcoming economic or policy improvements could catalyze market performance [8]