Venture(US:VEMLY) Sou Hu Cai Jing·2025-11-23 06:59Core Insights - Despite the overall weak performance of the A-share market, there is a notable trend of capital inflow into stock ETFs, indicating a "buy the dip" mentality among investors [1][6]. Market Performance - On November 21, the A-share market experienced significant declines, with the Shanghai Composite Index falling by 2.45% to close at 3834.89 points, the Shenzhen Component Index down by 3.41%, and the ChiNext Index dropping by 4.02%. The total market turnover reached 1.98 trillion yuan [1]. - For the week, the Shanghai Composite Index decreased by 3.90%, while the Shenzhen Component Index fell by 5.13% [2]. ETF Capital Inflows - On November 21, the net inflow into stock ETFs reached 40.755 billion yuan, with significant contributions from the CSI 300 ETF and the CSI 500 ETF, each exceeding 3 billion yuan in net inflow [1]. - The cumulative net inflow into ETFs for the week amounted to 70.121 billion yuan, with the CSI 500 ETF, ChiNext ETF, and CSI 300 ETF leading the inflows [3][4]. Fund Manager Insights - Fund managers noted a pronounced trend of "high cutting and low buying," where funds are flowing out of previously high-performing sectors and into undervalued sectors with strong earnings support [6]. - The report highlighted that various ETFs, including the non-bank Hong Kong Stock Connect ETF and the securities ETF, received over 1.5 billion yuan in net inflows this month [6]. Future Outlook - According to research from China International Capital Corporation, the Chinese stock market is expected to benefit from the AI technology wave and ample liquidity, with reasonable valuations. However, increased volatility may be anticipated towards year-end [8]. - Huatai Securities forecasts that overall liquidity will remain abundant next year, with significant incremental capital expected in the equity market, although the scale of inflows may not match this year [8].