上周债券ETF狂流出超600亿，股票ETF净流入77.65亿元，恒生科技、卫星产业“吸金”居前

Market Overview - The A-share market experienced a significant increase last Friday, with the Shanghai Composite Index achieving a 16-day winning streak, surpassing 4100 points, marking a new high in over 10 years. The market turnover exceeded 3.1 trillion yuan, making it the sixth instance in A-share history where turnover surpassed 3 trillion yuan [1] - During the week of January 5 to January 9, the A-share market welcomed a strong start to 2026, with major broad-based indices recording gains. The All A Index rose by 5.11%, while the Sci-Tech 50 surged by 9.80%. The CSI 1000 and Northbound 50 also saw increases of over 5% [2] Style and Sector Performance - In terms of market style, small-cap stocks outperformed, with the CSI 1000 rising by 7.03%, compared to the CSI 300's increase of 2.79%. All five major style indices recorded gains, with the growth style leading at 7.02% [3] - Most primary industries recorded gains, with the banking sector being the only one to decline. The top three performing sectors were comprehensive, defense and military industry, and media [3] Trading Activity - The A-share market showed a significant increase in trading activity, with the turnover on Friday surpassing 3 trillion yuan for the first time in 73 trading days. The average daily turnover for the week was 28.52 billion yuan, an increase of 7.236 billion yuan from the previous week. The average turnover rate was 2.2363%, up by 0.5 percentage points from the previous week. Northbound capital's average daily turnover was 327.15 billion yuan, an increase of 98.647 billion yuan from the previous week. As of last Thursday, the margin trading balance was 2.6206 trillion yuan, up by 79.924 billion yuan from the previous week [3] Fund Flows - Last week, the ETF market saw a net outflow of 56.932 billion yuan, with stock ETFs experiencing a net inflow of 7.765 billion yuan, commodity ETFs a net inflow of 6.967 billion yuan, and cross-border stock ETFs a net inflow of 5.374 billion yuan. Conversely, bond ETFs faced a significant net outflow of 66.4 billion yuan, and money market ETFs saw a net outflow of 10.607 billion yuan [4] - Specific indices such as Hang Seng Technology, satellite industry, SGE gold 9999, and others saw net inflows ranging from 3.484 billion yuan to 5.611 billion yuan, while various bond-related indices experienced net outflows [4][6] ETF Performance - The median weekly return for stock ETFs from January 5 to January 9 was 4.31%. Among broad-based ETFs, the Sci-Tech board ETF had the highest median return at 10.15%. By sector, technology ETFs had a median return of 7.28%, while military industry ETFs led with a median return of 13.50% [13] - Satellite ETFs saw significant gains, with the top performers including the E Fund Satellite ETF and the GF Satellite ETF, which rose by 22.46% and 22.42%, respectively [14][16] - Conversely, banking ETFs experienced declines, with the leading banking ETF dropping by 2.00% [17] Upcoming Developments - This week, nine new ETFs are set to be issued, including those focused on consumer electronics, low-volatility dividends, and biotechnology [19] - There are rumors regarding potential purchase limits on satellite ETFs and commercial aerospace ETFs, but fund companies have stated they have not received any official notifications regarding these changes [20]