金工ETF点评：宽基ETF单日净流入11.77亿元，汽车、美护拥挤变动幅度较大

• The industry crowding monitoring model was constructed to monitor the daily crowding levels of Shenwan first-level industry indices. The model identifies industries with high crowding levels, such as electric equipment, steel, and non-ferrous metals, while industries like media, social services, and computers exhibit lower crowding levels. The model also tracks significant changes in crowding levels for industries like automobiles, beauty care, and pharmaceuticals[3] - The Z-score premium rate model was developed to screen ETF products for potential arbitrage opportunities. The model uses rolling calculations to identify ETFs with significant deviations from their intrinsic value, which may indicate opportunities for arbitrage. It also highlights potential risks of price corrections for certain ETFs[4] - Daily fund flow analysis for ETFs shows that broad-based ETFs had a net inflow of 11.77 billion yuan, with top inflows into CSI 300 ETF (+12.76 billion yuan), CSI 500 ETF (+6.24 billion yuan), and CSI 1000 ETF (+6.18 billion yuan). On the other hand, the top outflows were observed in ChiNext ETF (-9.47 billion yuan), STAR 50 ETF (-6.82 billion yuan), and CSI A500 ETF (-4.03 billion yuan)[5][6] - Industry-themed ETFs experienced a net inflow of 51.44 billion yuan, with the highest inflows into Rare Earth ETF (+11.84 billion yuan), Bank ETF (+6.70 billion yuan), and Securities ETF (+5.15 billion yuan). The top outflows were seen in Pharmaceutical ETF (-5.38 billion yuan), Semiconductor ETF (-2.82 billion yuan), and Artificial Intelligence ETF (-2.73 billion yuan)[5][6] - Style strategy ETFs recorded a net inflow of 11.09 billion yuan, with top inflows into Low Volatility Dividend ETF (+7.98 billion yuan), Dividend ETF (+1.81 billion yuan), and Low Volatility Dividend 50 ETF (+0.66 billion yuan). The top outflows were observed in State-Owned Enterprise Dividend ETF (-1.51 billion yuan), Dividend ETF (-0.91 billion yuan), and Central Enterprise Dividend 50 ETF (-0.35 billion yuan)[5][6] - Cross-border ETFs had a net inflow of 8.11 billion yuan, with top inflows into Hong Kong Non-Bank ETF (+3.32 billion yuan), Hang Seng Technology ETF (+2.82 billion yuan), and Hang Seng Technology Index ETF (+2.15 billion yuan). The top outflows were seen in China Internet ETF (-9.52 billion yuan), Hong Kong Securities ETF (-4.14 billion yuan), and S&P 500 ETF (-0.51 billion yuan)[5][6]