ETF日报|上周五A股三大指数权限回调，证券ETF龙头(159993)净申购4800万份，连续11天获资金净流入（0912）

Market Overview - On September 12, A-shares experienced a pullback with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.43%, and ChiNext down 1.09%, indicating an overall adjustment in the market [1] - The STAR Market 50 Index rose by 0.90%, showing relative strength among major indices [1] - Approximately 1,920 stocks in the market saw gains, while the Hong Kong stock market indices collectively rose, with the Hang Seng Technology Index up 1.71% [1] Sector Performance - The non-ferrous metals sector led gains with an increase of 1.96%, followed by real estate at 1.51% and steel at 1.41% [6] - Conversely, the telecommunications sector saw a decline of 2.13%, with the comprehensive sector down 1.95% and beauty care down 1.52% [6] Fund Flow Analysis - Despite the overall pullback in A-shares, the ETF market maintained a net inflow of 25.94 billion yuan, with industry-specific ETFs seeing a net inflow of 31.28 billion yuan [7][8] - Cross-border ETFs were particularly favored, with a net inflow of 35.96 billion yuan, indicating a trend towards global risk diversification and thematic investments [7][8] - The financial sector, including the CSI 300 and securities, attracted significant inflows, while the STAR Market 50 and semiconductor sectors faced notable outflows [9] Key Focus Areas - The leading securities ETF (159993) saw a net subscription of 48 million units, marking 11 consecutive days of net inflow, reflecting strong investor interest in the brokerage sector [10] - The Hong Kong innovative drug ETF (159286) rose nearly 1%, with optimism surrounding the long-term prospects of innovative drugs and their global competitiveness [11] Commodity Insights - The non-ferrous metals sector is expected to benefit from rising copper prices due to anticipated Federal Reserve rate cuts and seasonal demand increases during the "golden September and silver October" period [12] - The market is advised to monitor the Federal Reserve's rate cut decisions and the demand dynamics during the upcoming seasonal peak [12] Technology Sector Outlook - The U.S. Consumer Price Index (CPI) data indicated a moderate inflation rate, leading to heightened expectations for multiple rate cuts by the Federal Reserve, which could benefit the Hong Kong technology sector [14] - The relative advantage of Hong Kong stocks is expected to become more pronounced as A-shares enter a valuation digestion phase, with a focus on internet, consumer, and pharmaceutical sectors [14]