ETF基金周度跟踪（0119-0123）：黄金股ETF领涨，资金大幅流出沪深300ETF-20260124

1. Report Industry Investment Rating No relevant content provided in the given text 2. Core Viewpoints of the Report The report focuses on the performance of the ETF fund market, summarizing the past week's (January 19 - January 23, 2026) performance and fund flow of the ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds. Stock ETFs had a mixed performance this week, with commodity - type ETFs performing well. Funds mainly flowed into A - share cycle ETFs and A - share TMT ETFs, while significantly flowing out of A - share large - cap ETFs and A - share small - and medium - cap ETFs [1][2][3]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - Market Performance: This week, stock ETFs showed a mixed performance, with commodity - type ETFs performing well. Shanghai - Hong Kong - Shenzhen theme (mainly gold stocks), commodity, and cycle ETFs had the highest gains, with above - scale funds rising by 12.97%, 6.82%, and 5.10% on average respectively. Conversely, Hong Kong - listed pharmaceutical and biotech and Shanghai - Hong Kong - Shenzhen industries declined, with above - scale funds falling by 2.94% and 2.10% on average [2][5]. - Fund Flow: Funds mainly flowed into A - share cycle ETFs and A - share TMT ETFs, with net inflows of 17.825 billion yuan and 12.593 billion yuan respectively throughout the week. In contrast, A - share large - cap ETFs and A - share small - and medium - cap ETFs had significant net outflows of 271.992 billion yuan and 83.151 billion yuan respectively [3][7]. 3.2 Different Popular Sub - type ETF Funds Market Performance - A - share ETFs: Various sub - types of A - share ETFs, including broad - based index (full - market, large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, manufacturing, consumption, pharmaceutical and biotech, cycle, finance and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme ETFs, had different performance and fund flow situations. For example, in the TMT industry, the Huaxia CSI Grid Equipment Theme ETF had a net inflow of 7.643 billion yuan and a weekly increase of 4.91% [19][20]. - Hong Kong - listed ETFs: Similar to A - share ETFs, Hong Kong - listed ETFs in different sub - types (broad - based index, industry, SmartBeta, theme) also showed different trends. For instance, in the TMT industry, the Huatai - Ba瑞 Hang Seng Technology ETF had a net inflow of 575 million yuan but a weekly decline of 0.53% [31]. - Shanghai - Hong Kong - Shenzhen ETFs: Industry and theme Shanghai - Hong Kong - Shenzhen ETFs had their own performance characteristics. For example, the Yongying CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF had a net inflow of 1.786 billion yuan and a weekly increase of 12.95% [35]. - US - listed ETFs: US - listed ETFs in broad - based index and industry sub - types also had different performance. For example, the Guangfa NASDAQ 100 ETF had a net inflow of 5 million yuan but a weekly decline of 0.64% [37]. - Other QDII - ETFs (excluding Hong Kong and US): These ETFs had different trends. For example, the Huatai - Ba瑞 CSI Korea Exchange Korea - China Semiconductor ETF had a net inflow of 80 million yuan and a weekly increase of 1.04% [39]. - Bond ETFs: Different bond ETFs had different performance and fund flow. For example, the Bosera CSI Convertible Bonds and Exchange - able Bonds ETF had a net inflow of 2.456 billion yuan and a weekly increase of 2.94% [40]. - Commodity ETFs: Commodity ETFs, mainly gold and non - ferrous metal futures, performed well. For example, the Huaxia Gold ETF had a net inflow of 884 million yuan and a weekly increase of 7.88% [41]. 3.3 Innovative Theme and Sub - industry ETF Funds Market Performance - TMT Innovative Theme: The performance of different TMT innovative themes varied. For example, the Xinchuang theme had a weekly increase of 3.39%, and the representative fund, the E Fund China Securities Information Technology Innovation Theme ETF, had a weekly increase of 3.54% [43]. - Consumption Sub - industry: Different consumption sub - industries had different performance. For example, the Guozheng Grain theme had a weekly increase of 4.24%, and the representative fund, the Penghua Guozheng Grain Industry ETF, had a weekly increase of 4.25% [44]. - Pharmaceutical Sub - industry: The pharmaceutical sub - industries also showed different trends. For example, the CSI Traditional Chinese Medicine theme had a weekly increase of 0.57%, and the representative fund, the Huitianfu CSI Traditional Chinese Medicine ETF, had a weekly increase of 0.57% [45]. - New Energy Theme: New energy - related themes generally performed well. For example, the Photovoltaic Industry theme had a weekly increase of 6.95%, and the representative fund, the Huatai - Ba瑞 CSI Photovoltaic Industry ETF, had a weekly increase of 9.17% [46]. - Central and State - owned Enterprises Theme: Different central and state - owned enterprises themes had different performance. For example, the Central Enterprises Science and Technology Leading theme had a weekly increase of 4.34%, and the representative fund, the Southern CSI Guoxin Central Enterprises Science and Technology Leading ETF, had a weekly increase of 4.54% [47]. - Stable - growth Theme: Stable - growth themes such as building materials, chemical industry, and steel showed good performance. For example, the Building Materials theme had a weekly increase of 9.47%, and the representative fund, the Guotai CSI All - Industry Building Materials ETF, had a weekly increase of 9.70% [48]. - Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect Sub - industry: These sub - industries had different trends. For example, the Hong Kong Stock Connect Consumption theme had a weekly increase of 3.11%, and the representative fund, the Yinhuazhong CSI Hong Kong Stock Connect Consumption ETF, had a weekly increase of 2.37% [49]. - Dividend/Dividend Low - Volatility Index Family: Different dividend - related indexes had different performance. For example, the CSI Dividend index had a weekly increase of 2.15%, and the representative fund, the E Fund CSI Dividend ETF, had a weekly increase of 2.19% [50]. - Science and Technology/Growth Enterprise Board Index Family: These indexes also showed different trends. For example, the Science and Technology Innovation 50 index had a weekly increase of 2.62%, and the representative fund, the Huaxia Shanghai Stock Exchange Science and Technology Innovation 50 ETF, had a weekly increase of 2.64% [51].