金工ETF点评：跨境ETF单日净流入25.53亿元，煤炭、公用事业拥挤扩大

• The industry crowding monitoring model was constructed to monitor the daily crowding levels of Shenwan primary industry indices. The model identified high crowding levels in mechanical equipment, steel, and social services, while real estate, non-bank finance, and media showed lower crowding levels. Significant single-day crowding changes were observed in coal and public utilities[3] - The Z-score model was developed to screen ETF products for potential arbitrage opportunities. The model uses rolling calculations to identify signals and also warns of potential risks of price corrections for the identified ETFs[4] - Daily net inflows and outflows of various ETF categories were analyzed, including broad-based ETFs, industry-themed ETFs, style-strategy ETFs, and cross-border ETFs. For example, the top three net inflow ETFs in the broad-based category were Sci-Tech 50 ETF (+8.03 billion yuan), Sci-Tech Board 50 ETF (+2.99 billion yuan), and A500 Index ETF (+1.48 billion yuan), while the top three net outflow ETFs were CSI 1000 ETF (-6.33 billion yuan), CSI 300 ETF (-3.81 billion yuan), and CSI 2000 ETF (-2.69 billion yuan[6][7] - The report provided a heatmap of industry crowding levels over the past 30 trading days, offering a visual representation of crowding trends across various industries[9] - The report included a table summarizing ETF product signals, highlighting specific ETFs such as the Chinese Medicine ETF, Medical Device Index ETF, and Electric Power ETF, which were flagged for potential attention based on the constructed models[12]