Zhong Guo Zheng Quan Bao·2025-10-23 20:12Core Insights - The A-share and Hong Kong stock markets saw a positive turn towards the end of trading on October 23, with over half of the more than 1,300 ETFs in the market rising, particularly in sectors like coal, chemicals, and non-ferrous metals [1][2] - The coal sector led the market with a 1.75% increase, and the coal ETF (515220) rose by 2.46%, ranking second in overall ETF performance [1] - Despite a significant drop in gold ETFs, there was still a net inflow of approximately 45.5 billion yuan into gold-related ETFs, indicating a continued interest in safe-haven assets [2] ETF Market Performance - On October 22, the overall ETF market experienced a net inflow of about 2.5 billion yuan, with notable inflows into gold ETFs despite their decline [1][2] - The coal ETF's performance was particularly strong, with 29 out of 30 constituent stocks rising, including seven hitting the daily limit up [1] - Other sectors, such as chemicals and rare metals, also saw good performance attributed to global liquidity easing and expectations of resource price increases [2] Investment Sentiment - The market is currently exhibiting signs of risk aversion, with funds flowing into safer assets like gold ETFs and bond ETFs, while high-volatility ETFs faced net outflows [2] - Analysts suggest that the current market dynamics are influenced by factors such as liquidity conditions, event impacts, and changes in trading sentiment, which may provide good entry points for investors [2] - Long-term outlook remains positive for the stock market, supported by declining risk-free interest rates, ample liquidity, and favorable corporate earnings expectations [2]