ETF市场流动性动态报告：A股市场量价齐升，黄金ETF申赎资金净流出

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the A - share market and ETF market from July 21 to July 27, 2025. The A - share market showed an upward trend in indexes, with building materials, coal, and steel leading the gains. The overall ETF market had a net inflow of about 1.9 billion yuan, but stock - type ETFs had a net outflow, especially broad - based ETFs. Gold ETFs also had a net outflow, while 30 - year treasury bond ETFs had a net inflow [1][2][9]. 3. Summary by Related Catalogs 3.1 Market Overall Situation: Index Upward, Building Materials, Coal, and Steel Leading the Gains - China's ten - year treasury bond yield slightly increased to 1.73% last week, in a long - term downward trend in sync with the copper - gold ratio. The US ten - year treasury bond yield slightly decreased to 4.40%, and the correlation with the copper - gold ratio became unclear since the US last interest - rate hike cycle in 2022 [9]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 1817.6 billion yuan, an increase from the previous week. The margin trading balance reached about 19338 billion yuan on Friday, hitting a high for the year [1][9]. - Last week, 10 stock - type ETFs were newly issued, with a total issuance scale of about 4.22 billion shares [9]. - The stock - type ETFs had a net redemption inflow of about - 5.453 billion yuan [10]. - Indexes such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose. Among the Shenwan primary industries, building materials, coal, and steel had large increases, while the banking and communication industries had negative returns. The steel and building materials industries had over - speculation warnings [10]. 3.2 A - share Broad - based ETFs and Gold ETFs with Net Redemption Outflows 3.2.1 Net Redemption Outflow of CSI A500ETF, Net Redemption Inflow of 30 - year Treasury Bond ETF - The overall ETF market had a net redemption inflow of about 1.9 billion yuan. Bond - type ETFs had an inflow of about 9.2 billion yuan, cross - border ETFs had an inflow of about 10.3 billion yuan, and stock - type ETFs had an inflow of about - 5.5 billion yuan. The broad - based ETFs had an inflow of about - 16 billion yuan, the main direction of the net outflow of stock - type ETFs. The turnover rate of stock (industry) ETFs increased significantly compared with the previous week [24]. - Among industry - themed ETFs, the chip and brokerage industries had net redemption outflows. Gold ETFs had a net outflow, while 30 - year treasury bond ETFs had a net inflow [24]. 3.2.2 Net Outflow of Gold ETFs and Money - type ETFs Last Week - The redemption funds of ETFs flowed into bond - type ETFs and some Hong Kong - stock industry ETFs, while money - type ETFs and gold ETFs had net outflows [33]. 3.2.3 Overview of Newly - listed and To - be - listed ETFs - Last week, 8 ETF funds were listed for trading, with a total share of about 4.3 billion. There were 14 ETFs that had completed fundraising and were waiting to be listed, with a total share of about 5.6 billion, mainly stock (theme) ETFs [2][38].