ETF基金周报：资金分歧显现红利低波类ETF净流入34亿-20251020

Group 1 - The report highlights a significant inflow of 34 billion yuan into dividend low-volatility ETFs, indicating a divergence in fund allocation as investors seek both offensive and defensive positions in the market [2][10][16] - Gold and silver have shown strong performance, with silver futures rising by 7.15% and gold futures achieving a record nine consecutive weekly gains, reflecting a shift towards safe-haven assets [4][9] - The average weekly return for commodity ETFs was notably high at 9.05%, while stock and cross-border ETFs experienced an average decline of over 3% [4][10] Group 2 - In the stock ETF segment, traditional energy and banking sectors have shown resilience, with the banking sector experiencing its first significant weekly gain since early July [13][16] - The report suggests that investors should consider reallocating to new economy sectors such as artificial intelligence and robotics during market adjustments, while also recognizing seasonal opportunities in high-dividend coal stocks [13][16] - The bond ETF segment saw a net outflow of 138.97 billion yuan, with convertible bond ETFs underperforming due to pressure from equity funds, while long-term interest rate bonds showed stronger performance [17][19] Group 3 - The analysis of financing and margin trading indicates a split in high-risk leveraged funds, with some betting on safe-haven assets like gold and others on technology sectors supported by loose monetary policy [20][21] - The report emphasizes that the divergence in fund flows between recession and growth bets is expected to converge, depending on economic recovery or recession risks [20]