ETF市场周报 | 市场缩量反弹，投资者风险偏好略有修复！前期热门ETF再度走强

Market Overview - A-shares experienced a technical rebound this week, with major indices showing limited upward momentum despite a slight recovery in margin trading balances [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.35%, 1.26%, and 1.86% respectively [1] - Market sentiment remains subdued, with average daily trading volume decreasing, indicating low investor participation [1] ETF Performance - The average ETF market gain was 0.79%, driven by valuation recovery in the communication and electronics sectors [1] - Top-performing ETFs included the Satellite ETF (up 8.10%) and the Industrial Nonferrous ETF (up 7.97%), reflecting strong performance in the nonferrous metals sector [2] - Industrial metals, particularly copper and aluminum, showed resilience with prices rising slightly due to expectations of interest rate cuts by the Federal Reserve [2] Sector Insights - Long-term forecasts suggest that overseas power supply issues may lead to risks of electrolytic aluminum production halts, with expected price stability and potential profitability increases for aluminum producers [3] - The domestic electrolytic aluminum production capacity is nearing its limit, with future supply growth expected to come mainly from overseas sources [3] - The demand for electrolytic aluminum is projected to grow at approximately 2.3% in 2026, while supply-demand gaps are expected to widen from 2025 to 2027 [3] Fund Flows - Overall, there was a lack of effective entry momentum from new capital, with net inflows of 117.72 billion yuan primarily driven by money market ETFs [7] - The Silver Hua Li ETF saw significant inflows of 57.91 billion yuan, indicating a preference for safer investments amid market uncertainty [10] - The Short-term Bond ETF recorded a trading volume exceeding 1 trillion yuan, highlighting strong activity in bond funds [11] Upcoming ETF Listings - Two new ETFs are set to launch next week, including the Bosera CSI Bank ETF, which tracks the performance of the banking sector, and the Hong Kong Stock Connect Technology ETF, focusing on major tech companies [12]