ETF市场流动性动态报告：A股市场节前缩量，宽基指数企稳

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - A-share market showed pre-holiday trading volume contraction, and broad-based indices stabilized. The overall ETF market had a net inflow of about -13.2 billion yuan in subscription and redemption funds last week [1][2]. - The copper - gold ratio can be regarded as a leading indicator of China's bond yields. Last week, China's 10 - year Treasury bond yield was basically flat compared to the previous week, while the US 10 - year Treasury bond yield decreased slightly [10]. 3. Summary by Relevant Catalogs Market Overall Situation: Broad - based Indices Stabilized, Comprehensive Sector Led the Rise - China's 10 - year Treasury bond yield was 1.79% on Friday last week, and the US 10 - year Treasury bond yield was 4.03% [1]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.0926 trillion yuan, a 12.30% decrease compared to the previous week. The margin trading balance was about 2.5724 trillion yuan, a decrease of about 74.7 billion yuan from the previous week. The average maintenance margin ratio of margin trading was 290% [11]. - Seven new stock - type ETFs were issued last week, with a total issuance scale of about 2.2 billion shares [11]. - Stock - type ETFs had a net outflow of about 48.7 billion yuan in subscription and redemption last week [12]. - The Shanghai Composite Index rose 0.41%, and the ChiNext Index rose 1.22%. Among the Shenwan primary industries, the comprehensive sector led the rise with a 15.28% increase, while the textile and apparel and food and beverage industries declined [12]. - The congestion indicator of the media industry in the Shenwan primary industries issued a warning last week [12]. Broad - based ETFs Had a Net Outflow of Subscription and Redemption Funds (1) Net Inflow of Subscription and Redemption Funds in Theme ETFs such as Hang Seng Tech, Robotics, and Sub - chemical - The overall ETF market had a net inflow of about -13.2 billion yuan in subscription and redemption funds. Stock - type ETFs had a net inflow of about -48.7 billion yuan, with broad - based ETFs having a net inflow of about -42.9 billion yuan and cross - border ETFs having a net inflow of about 9.7 billion yuan [26]. - The trading turnover rate of stock - type ETFs generally decreased last week [26]. - The CSI 300 and CSI A500 ETFs had a small net outflow of subscription and redemption funds. Theme ETFs such as robotics and sub - chemical had a net inflow of subscription and redemption funds. The Hang Seng Tech ETF also had a net inflow of subscription and redemption funds, and the gold ETF had a small net inflow [26]. (2) Net Inflow of Funds in Short - term Financing ETFs Last Week - Bond ETFs such as short - term financing had a net inflow of subscription and redemption funds, while theme ETFs such as the CSI 300 and CSI A500 had a net outflow [34]. (3) Overview of Newly Listed and Proposed - to - be - Listed ETFs - Twelve ETF funds were listed for trading last week, with a total share of about 5.3 billion. Ten ETFs that had completed fundraising were waiting to be listed, with a total share of about 3.4 billion [39].