ETF市场流动性动态报告：石油石化领涨，宽基ETF资金持续大幅净流出

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report analyzes the ETF market liquidity from January 26, 2026, to February 1, 2026. It shows that the overall market has characteristics such as a certain trend in bond yields, fluctuations in the A - share market, and significant changes in ETF fund flows [2][9][10]. Summary by Directory Market Overall Situation - China's 10 - year Treasury bond yield was basically flat at 1.81% on Friday, and the US 10 - year Treasury bond yield was also flat at 4.26% on Friday. The copper - gold ratio can be regarded as a leading indicator of China's bond yields [2][9]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 30,345 billion yuan, up 9.45% from the previous week. The margin trading balance was about 26,986 billion yuan on Friday, slightly down from the previous week [2][10]. - 10 new stock - type ETFs were issued last week, with a total issuance scale of about 6.5 billion shares. Stock - type ETFs had a net redemption outflow of about 316.9 billion yuan [10][11]. - The Shanghai Composite Index fell 0.44%, the Shanghai 50 rose 1.13%, the CSI 300 rose 0.08%, etc. The petroleum and petrochemical and communication sectors led the gains, while the national defense and military industry, power equipment, and automobile sectors declined [2][11]. - The congestion indicator of the non - long - term popular track nonferrous metal industry in the Shenwan primary industry issued a warning [11]. Wide - based ETF Redemption Funds Continued to Flow Out Significantly (1) CSI 300ETF Funds Flowed Out Significantly - The overall ETF market had a net redemption inflow of about - 298.5 billion yuan, and stock - type ETFs had a net redemption inflow of about - 316.9 billion yuan. Wide - based ETFs had a net inflow of about - 389.2 billion yuan, which was the main direction of the net inflow and outflow of stock - type ETF redemption funds [26]. - The trading turnover rate of stock (industry) ETFs increased. The CSI 300ETF continued to have a large - scale net outflow of redemption funds, while some industry - themed ETFs such as chemical - related and gold ETFs, as well as Hong Kong - Stock Connect non - bank ETFs, had net inflows [26]. (2) Industry - Themed ETFs such as Gold and Nonferrous Metals Had Net Inflows Last Week - Gold, nonferrous metal and other industry - themed ETFs had net inflows of redemption funds, while wide - based ETFs such as the CSI 300ETF had net outflows of redemption funds [35]. (3) Overview of Newly - Listed and To - Be - Listed ETFs - 7 ETF funds were listed for trading last week, with a total share of about 4.7 billion. There were 16 ETFs that had completed fundraising and were waiting for listing, with a total share of about 9.5 billion [40].