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ETF市场扫描与策略跟踪：美国黄金ETF净流入超10亿美元
Western Securities·2025-09-21 11:39

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the ChiNext Index rising the most by 2.34% [1] - The Hong Kong market also saw an increase, with the Hang Seng Index up by 0.59% [1] - The top-performing ETFs were primarily linked to the TMT sector [1] ETF New Issuance Statistics - A total of 8 stock ETFs were reported in the A-share market last week, with 12 new stock ETFs established [1][2] - In the US market, 12 equity ETFs were newly established, all of which were actively managed [1][2] Fund Flow Analysis A-share Market - The top 10 ETFs with net inflows were mainly from the securities and robotics sectors, while the top 10 with net outflows were primarily related to the Sci-Tech Innovation Board [2] - Among broad-based ETFs, those tracking the ChiNext 50 Index saw the highest net inflow, while those tracking the Sci-Tech 50 experienced the largest outflow [2] - In the industry sector, financial and real estate ETFs had the highest net inflows, while the financial technology ETF led in net inflows among thematic ETFs [2] US Market - In the US market, safety-themed ETFs saw the highest net inflows, while multi-tech themed ETFs experienced the largest outflows [3] - The iShares A.I. Innovation and Tech Act ETF, based on the S&P 500 Index, had significant net inflows, while the ARK Innovation ETF saw notable outflows [3] - A total of $2.51 million net inflow was recorded for ETFs investing in A-shares and Hong Kong stocks [3] Commodity Market - In the commodity market, the mainland gold ETFs had a net outflow of 422 million yuan, while US gold ETFs recorded a net inflow of $1.024 billion [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -1.77%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index at -1.58% and -1.33%, respectively [4] - The 50% base + intraday momentum strategy showed returns of -0.85%, -0.18%, -0.1%, and -0.19% for the Shanghai 50 ETF, CSI 300 ETF, CSI 500 ETF, and CSI 1000 ETF, respectively, with excess returns of 0.1%, -0.0%, -0.23%, and -0.3% compared to the corresponding 50% base ETFs [4]