ETF周报2026年1月第2期：宽基ETF再流出近4000亿-20260127

Group 1: Overall ETF Fund Flow Situation - The overall stock ETF (excluding cross-border) experienced a net outflow of 3331.7 billion from January 19 to 23, a decrease of 1918.9 billion compared to the previous week, with a cumulative net outflow of nearly 5000 billion since January 14 [10][13] - A-share industry and thematic ETFs saw a slight decrease in weekly net inflow but remained at a high level, indicating sustained investor interest as personal investors tend to accelerate inflows after clear profit signals in the market [13][17] - Hong Kong stock ETFs recorded a weekly net inflow of over 10 billion, continuing the inflow trend, while cross-border industry and thematic ETFs had a net inflow of 73.6 billion, slightly down by 30.6 billion from the previous week [17][28] Group 2: Broad/Style/Industry/Subsector ETF Fund Flow Analysis - Broad-based ETFs experienced a total net outflow of 3961.9 billion, with those linked to the CSI 300 index seeing a weekly net outflow of over 2380 billion; the total scale of broad-based ETFs has decreased by 5530.5 billion since January 12, exceeding the total increase for the entire year of 2025 [21][22] - Smart beta and major industry ETFs maintained an inflow trend, with technology and cyclical sectors being the most popular directions [25] - In the subsector analysis, semiconductor, chemical, electric grid equipment, and non-ferrous metals showed strong and sustained inflows, warranting further attention [26] Group 3: Representative ETF Fund Flow Overview - The top five stock ETFs by net inflow from January 19 to 23 were: Huaxia CSI Electric Grid Equipment Theme ETF (78.3 billion), Penghua CSI Subsector Chemical Industry ETF (57.0 billion), and others, while the top outflows were from Huatai-PB CSI 300 ETF (-724 billion) and others [30] - For cross-border ETFs, the top five by net inflow included GF CSI Hong Kong Stock Connect Non-Bank ETF and Tianhong Hang Seng Technology ETF [30]