首只千亿黄金ETF诞生，宽基指数资金大幅流出

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From January 12 to January 16, 2026, major equity market indices showed mixed performance, with the Science and Technology Innovation 50 Index having the largest increase of 2.58%. Among the 31 Shenwan primary industries, 13 industries rose, with the top five gainers being Computer, Electronics, Non - Ferrous Metals, Media, and Machinery and Equipment, and the top five decliners being National Defense and Military Industry, Real Estate, Agriculture, Forestry, Animal Husbandry and Fishery, Coal, and Banking [1][12]. - In the public fund market, the first domestic gold ETF with a scale exceeding 100 billion was born, and the latest expansion of Hong Kong Stock Connect ETF became effective. Among equity funds, partial - stock funds had the largest increase of 1.35% on average, and the proportion of positive returns was 74.98% [2][31]. - In the ETF market, the overall net capital outflow last week was 157.331 billion yuan, with stock - type ETFs having the largest net outflow of 141.643 billion yuan. Software services, media, semiconductors, non - ferrous metals, and commercial space were the main sectors with capital inflows, while broad - based indices related to CSI 300, SSE STAR Market 50, ChiNext, SSE 50, and CSI Small - cap 500 saw significant capital outflows [3][44][45]. - In terms of fund issuance, 36 new funds were issued last week, 12 fewer than the previous period; 23 new funds were established, 12 more than the previous period, and the total funds raised by new funds were 19.294 billion yuan, 11.103 billion yuan more than the previous period [4] 3. Summary According to the Directory 3.1 Market Review 3.1.1 Domestic Market Situation - From January 12 to January 16, 2026, major equity market indices showed mixed performance, with the Science and Technology Innovation 50 Index rising 2.58%. Among the 31 Shenwan primary industries, 13 industries rose, with the top five gainers being Computer, Electronics, Non - Ferrous Metals, Media, and Machinery and Equipment, and the top five decliners being National Defense and Military Industry, Real Estate, Agriculture, Forestry, Animal Husbandry and Fishery, Coal, and Banking. In the bond market, the ChinaBond Composite Full - Price Index rose 0.14%, and the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.05% and 0.14%. The CSI Convertible Bond Index rose 1.08%, and the Nanhua Commodity Index in the commodity market rose 1.13% [1][12] 3.1.2 European, American, and Asia - Pacific Market Situation - Last week, major indices in European, American, and Asia - Pacific markets showed mixed performance. In the US stock market, the S&P 500 Index fell 0.20%, the Dow Jones Industrial Average fell 0.32%, and the Nasdaq Index fell 0.66%. In the European market, the French CAC40 fell 1.23%, and the German DAX rose 0.14%. In the Asia - Pacific market, the Hang Seng Index rose 2.34%, and the Nikkei 225 rose 3.84% [19] 3.1.3 Market Valuation Situation - Last week, the valuation quantiles of major market indices mostly rose. In terms of the historical quantiles of price - to - earnings ratio, the ChiNext Index had the largest increase of 2.9 pct. In terms of the historical quantiles of price - to - book ratio, the CSI 500 had the largest increase of 2.2 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio of the Shenwan primary index were Electronics, Real Estate, Computer, Commercial Trade, and Comprehensive. The price - to - earnings ratio quantile of Electronics remained at a high level, and the price - to - earnings ratio quantile of Real Estate reached 95.1%. The bottom five industries with low historical quantiles of price - to - earnings ratio were Non - Banking Finance, Agriculture, Forestry, Animal Husbandry and Fishery, Food and Beverage, Beauty and Care, and Communication, and the valuation of the Non - Banking Finance industry was close to its historical low since 2013 [22] 3.2 Active Public Fund Situation 3.2.1 Market Hotspots - The first domestic gold ETF with a scale exceeding 100 billion was born. As of January 19, 2026, the scale of Huaan Gold ETF reached 101.528 billion yuan [31]. - The latest expansion of Hong Kong Stock Connect ETF became effective. Since January 19, 54 new ETFs were added to the northbound Shanghai - Hong Kong Stock Connect, and 44 new ETFs were added to the northbound Shenzhen - Hong Kong Stock Connect. Seven ETFs were temporarily removed from the Mainland - Hong Kong Stock Connect targets. After the adjustment, the total number of ETFs covered by the "ETF Connect" increased from 273 to 364, an increase of more than 30% [32] 3.2.2 Fund Performance - Among equity funds, partial - stock funds had the largest increase of 1.35% on average, and the proportion of positive returns was 74.98%; fixed - income + funds rose 0.32% on average, and the proportion of positive returns was 87.09%; pure - bond funds rose 0.10% on average, and the proportion of positive returns was 98.67%; pension target FOFs rose 0.58% on average, and the proportion of positive returns was 98.49%. In addition, QDII funds rose 0.97% on average, and the proportion of positive returns was 69.31% [2][32] 3.2.3 Industry Position and Overall Position - Through the calculation of the industry positions of active equity funds, the top industries with increased positions last week were Electronics, Power Equipment, and Non - Ferrous Metals; the top industries with decreased positions were Media, National Defense and Military Industry, and Computer. The overall position of active equity funds on January 16, 2026, was 79.71%, an increase of 4.16 pct. compared with the previous period [39][40] 3.3 ETF Fund Situation - Last week, the overall net capital outflow in the ETF market was 157.331 billion yuan. Stock - type ETFs had the largest net outflow of 141.643 billion yuan. The average daily trading volume of the overall ETF market last week reached 622.2 billion yuan, the average daily trading volume reached 248.479 billion shares, and the average daily turnover rate reached 9.96% [3][44] - In terms of individual bonds, software services, media, semiconductors, non - ferrous metals, and commercial space were the main sectors with capital inflows, while broad - based indices related to CSI 300, SSE STAR Market 50, ChiNext, SSE 50, and CSI Small - cap 500 saw significant capital outflows, mainly concentrated on January 15 and 16 [3][45] 3.4 Fund Issuance Statistics - Last week, 36 new funds were issued in China, 12 fewer than the previous period. Among them, there were 13 active partial - stock funds and 16 passive index funds. Ten of the passive index funds were stock - type funds, mainly tracking indices such as the Hang Seng Hong Kong Stock Connect Technology Theme, China Securities Consumption Electronics Theme, SSE STAR Market 200, and Hang Seng Hong Kong Stock Connect Technology Theme. Currently, the issuance share of active equity funds is still at a historical low, but it has shown an obvious upward trend since this year [52] - Last week, 23 new funds were established in China, 12 more than the previous period. The total funds raised by new funds were 19.294 billion yuan, 11.103 billion yuan more than the previous period. The Fuda ChinaBond High - Grade Science and Technology Innovation and Green Bond A managed by Cheng Hao had the largest fundraising scale of about 4 billion yuan [57]