金工ETF点评：宽基ETF单日净流入32亿元，家电、机械、传媒拥挤变幅较大

• The report constructs an industry crowding monitoring model to monitor the crowding levels of Shenwan First-Level Industry Indexes on a daily basis[3] - The ETF product screening signal model is built using the premium rate Z-score model, which provides potential arbitrage opportunities through rolling calculations[4] - The industry crowding monitoring model indicates that the crowding levels of the communication and military industries were high on the previous trading day, while the crowding levels of the computer and non-bank industries were relatively low[3] - The premium rate Z-score model is used to identify potential arbitrage opportunities in ETF products, but it also warns of potential pullback risks[4] Model Backtesting Results - The industry crowding monitoring model shows significant changes in the crowding levels of home appliances, machinery, and media industries[3] - The premium rate Z-score model identifies ETF products with potential arbitrage opportunities, such as the top three ETFs with the highest net inflows and outflows on a single day[5]