麻了！杠杆资金收手？

Market Overview - The A-share market has experienced a continuous decline for three days, with the Shanghai Composite Index dropping from -0.45% to -1.25%, temporarily leaving the 3800-point mark [3][7] - Major weight stocks such as Agricultural Bank and Postal Savings Bank saw significant gains, with Agricultural Bank rising over 5% and Postal Savings Bank nearly 3%, both reaching historical highs [1] ETF Performance - The communication equipment ETF and various AI-related ETFs have faced substantial declines, with the communication equipment ETF down 9.98% on the day and 64.55% year-to-date [5] - The top-performing AI ETFs have also seen significant drops, with declines ranging from 9.28% to 9.64% for various funds [5] Index Performance - The "Double Innovation Index" has led the decline, with the Sci-Tech 50, Sci-Tech Composite, Sci-Tech 100, and ChiNext Index falling by 9.59%, 8.74%, 8.35%, and 6.09% respectively [7][8] - Blue-chip indices such as the CSI A500 and CSI 300 experienced smaller declines of 4.18% and 3.5% respectively [7] Fund Flows - Recent data indicates a significant inflow of funds into the market, with net purchases of 105.3 billion yuan in leveraged funds last week, marking the second-highest historical figure [13] - However, there has been a shift in fund flows, with a net outflow from broad-based ETFs amounting to 139 billion yuan, while industry-themed ETFs saw a net inflow of over 500 billion yuan [15][20] Index Adjustments - FTSE Russell announced quarterly adjustments to several indices, including the FTSE China 50 and FTSE China A50, with new inclusions such as BeiGene and WuXi AppTec, while removing stocks like China Nuclear Power and China Unicom [22][25] - These adjustments are expected to influence trading volumes and stock prices significantly around the effective date, as passive funds will need to realign their holdings [25]