A股两融余额2.3万亿元，突破历史新高！倒车接人？金融科技ETF跌超4%获资金实时净申购超4.35亿份

Market Overview - The market experienced a consolidation and pullback on September 2, with the fintech sector leading the declines, particularly the financial technology ETF (159851), which fell over 4% and dropped below the 10-day moving average [1] - Despite the pullback, there was a net subscription of over 4.35 billion units for the ETF, with a real-time transaction volume exceeding 1.4 billion yuan, indicating a significant increase in trading activity [1] ETF Performance - The financial technology ETF (159851) has shown a year-to-date performance of 34.23% and a 120-day performance of 23.55%, with a notable 250-day performance of 164.05% [2] - As of September 1, the ETF's latest scale exceeded 10 billion yuan, with an average daily transaction volume of over 600 million yuan, making it the largest in terms of scale and liquidity among three ETFs tracking the same index [4] Industry Insights - According to Guangfa Securities, the continuous inflow of market funds is expected to amplify the margin financing balance, market transaction volume, and MAU expectations, which may further enhance the valuation of IT services for retail investors [3] - The fintech sector is viewed as a "bull market thermometer," with high elasticity; during bullish market conditions, fintech companies can see net profit growth rates that are 2-3 times the growth rate of transaction volumes [3] Key Players and Trends - The financial technology ETF passively tracks the CSI Financial Technology Theme Index, providing exposure to key players in the fintech space, including internet brokers and financial IT service providers [3] - The ongoing digitalization and intelligence of the financial industry, particularly the integration of AI in financial services, is expected to sustain demand for financial IT solutions [4]