最新！超480亿元 “跑了”
Zhong Guo Ji Jin Bao·2026-01-28 06:29

Core Viewpoint - The stock ETF market has experienced a significant outflow of funds, totaling over 640 billion yuan in the last ten trading days, indicating a bearish sentiment despite the Shanghai Composite Index maintaining above 4100 points [1]. Group 1: ETF Market Overview - As of January 27, the total scale of all stock ETFs (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day alone [1]. - The outflow trend has persisted for ten consecutive trading days, with a cumulative net outflow exceeding 640 billion yuan [1]. Group 2: ETF Performance by Type - Industry and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs faced significant outflows, totaling 570 billion yuan [3]. - The SGE Gold 9999 index ETFs led the inflows with a net inflow of 35.7 billion yuan, while the ETFs tracking the CSI 300 index saw a net outflow of 385.49 billion yuan [3]. Group 3: Notable ETF Inflows - The Huaxia Nonferrous Metals ETF and Gold Stock ETF recorded the highest single-day net inflows of 16.57 billion yuan and 5.45 billion yuan, respectively [4][5]. - The E Fund Gold ETF also saw a net inflow of 8.75 billion yuan, contributing to the overall strength of gold-related ETFs [6]. Group 4: Notable ETF Outflows - The top ten ETFs with the highest net outflows were all broad-based ETFs, with three CSI 300 ETFs collectively experiencing over 330 billion yuan in net outflows [8]. - The CSI 500 ETF had a significant net outflow of 93.23 billion yuan, indicating a trend of investors pulling back from broader market exposure [8]. Group 5: Market Outlook - Analysts from Guotai Fund suggest that the recent rise in gold prices is driven by its safe-haven appeal and concerns over U.S. asset confidence, alongside a potential interest rate cut cycle [7]. - The outlook for the non-ferrous sector remains positive, with supply disruptions and strong demand expected to support prices for metals like copper and lithium [7].