撤离宽基指数ETF 资金偏好“高切低”

Core Insights - The Hong Kong stock market is experiencing adjustments, with funds flowing into technology and innovative pharmaceutical ETFs, while A-share broad index ETFs are facing net outflows [1][3] - There is a notable trend of "high cutting low" in fund allocation, indicating a preference for defensive sectors like financials and dividend-related ETFs [3][4] Market Performance - Last week, the A-share market exhibited a structural trend, with significant gains in photovoltaic, power grid equipment, and new energy-related ETFs, many of which rose over 5%, and some exceeding 10% [1][2] - The total net inflow for ETFs across the market was approximately 240 billion, with over 70 billion net inflow into ETFs tracking the Hang Seng Technology Index [3] Sector Analysis - The photovoltaic industry is showing signs of recovery, with upstream segments expected to significantly reduce losses in Q3, while the energy storage sector is experiencing strong supply and demand dynamics [2] - Defensive assets in the Hong Kong market, particularly dividend-related ETFs, are gaining strength amid adjustments in the pharmaceutical and technology sectors [2][3] Future Outlook - The structural recovery trend is expected to continue into November, supported by clearer policies and economic resilience, with a focus on high-quality development and long-term construction goals [4] - Key sectors such as solid-state batteries, AI, and humanoid robots are anticipated to drive future market performance, with solid-state battery production and AI profitability being critical catalysts [4][5]