金工ETF点评：宽基ETF单日净流入163.36亿元，非银、地产、社服拥挤变幅较大

• The report introduces an industry crowding monitoring model to track the crowding levels of Shenwan primary industry indices on a daily basis. The model identifies industries with high crowding levels (e.g., agriculture, military, retail) and low crowding levels (e.g., computers, home appliances, petrochemicals, pharmaceuticals) based on the previous trading day's data. It also highlights significant changes in crowding levels for industries like non-bank financials, real estate, and social services[3] - A Z-score premium model is constructed to screen ETF products for potential arbitrage opportunities. The model uses rolling calculations to identify ETFs with significant deviations in premium rates, which may indicate arbitrage potential or risks of price corrections[4] - The report provides detailed data on ETF fund flows, categorizing them into broad-based ETFs, industry-themed ETFs, style-strategy ETFs, and cross-border ETFs. For example, broad-based ETFs saw a net inflow of 163.36 billion yuan in a single day, with the top inflows being the CSI A500 ETF (+32.82 billion yuan), CSI A500 ETF (Southern) (+26.32 billion yuan), and CSI 300 ETF (+20.51 billion yuan)[5][6]