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ETF市场流动性动态报告:指数高位震荡,电池ETF申赎资金净流入
Hengtai Securities·2025-09-16 12:21
  1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - The overall ETF market had a net inflow of approximately 7.2 billion yuan in subscriptions and redemptions last week, with cross - border ETFs having a significant net inflow, while stock - type ETFs had a net outflow [3][28]. - The stock market had a general upward trend last week, with the Shanghai Composite Index rising by 1.52%, and sectors such as electronics and real estate leading the gains, while sectors like comprehensive and banking had negative returns [2][11]. - The average daily trading volume of the Shanghai and Shenzhen stock markets decreased by about 11% compared to the previous week, but the margin trading balance reached a new high [2][10]. 3. Summary by Directory I. Market Overall Situation - Interest Rates: China's 10 - year Treasury bond yield slightly increased last week, reaching 1.87% on Friday, and was in a low - level consolidation, consistent with the copper - gold ratio. The US 10 - year Treasury bond yield slightly decreased, reaching 4.06% on Friday [10]. - Trading Volume and Margin Trading: The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.2945 trillion yuan, a decrease of about 11% from the previous week. The margin trading balance reached about 2.3349 trillion yuan, a new high, and the average maintenance margin ratio was 286% [2][10]. - Newly Issued ETFs: A total of 8 stock - type ETFs were newly issued last week, with a total issuance scale of approximately 6.017 billion shares [10]. - Stock Market Index and Sector Performance: The Shanghai Composite Index rose by 1.52%, and most broad - based indexes showed an upward trend. Among the Shenwan primary industries, electronics and real estate led the gains, while comprehensive and banking sectors had negative returns. The congestion indicator of the power equipment industry continued to give a warning [2][11]. II. Capital Inflow into Battery ETF (1) Continuous Net Outflow of Stock Broad - Based ETFs, and Capital Inflow into Hong Kong Internet and Innovative Drug Concepts - Overall ETF Market Capital Flow: The overall ETF market had a net inflow of about 7.2 billion yuan in subscriptions and redemptions. Bond - type ETFs had a net inflow of about - 2.9 billion yuan, cross - border ETFs had a net inflow of about 21 billion yuan, and stock - type ETFs had a net outflow of about 4.6 billion yuan. Among stock - type ETFs, broad - based ETFs had a net outflow of about 21.7 billion yuan, while stock (industry) ETFs had a net inflow of about 11.6 billion yuan, and stock (theme) ETFs had a net inflow of about 6.4 billion yuan [3][28]. - Specific ETF Capital Flow: The Science and Technology Innovation 50 ETF had a net outflow of funds last week. Brokerage and chemical ETFs continued to have net inflows, and Hong Kong Internet and innovative drug concept ETFs also had net inflows. The gold ETF rose by 2.30% last week [28]. (2) Capital Inflow into Battery ETF Last Week - ETF Capital Inflow Ranking: The top 10 ETFs with net capital inflows last week included Hong Kong Stock Connect Internet ETF, Hong Kong Innovative Drug ETF, and Battery ETF. The top 10 ETFs with net capital outflows included Science and Technology Innovation 50 ETF, CSI 1000 ETF, and Science and Technology Innovation Chip ETF [39][41]. (3) Overview of Newly Listed and Proposed - to - be - Listed ETFs - Newly Listed ETFs: A total of 4 ETF funds were listed for trading last week, with a total share of approximately 2 billion shares [3][44]. - Proposed - to - be - Listed ETFs: There were 12 ETFs that had completed fundraising and were waiting to be listed, with a total share of approximately 7.9 billion shares [3][44].