ETF市场流动性动态报告：A股市场回调，策略型ETF申赎资金持续净流入

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - During the week from 20260316 to 20260320, the A-share market experienced a correction, while the net inflow of subscription and redemption funds for strategic ETFs continued. The trading volume of the Shanghai and Shenzhen stock markets decreased, and the margin trading balance declined slightly. The overall ETF market had a net outflow of subscription and redemption funds, with stock ETFs showing a net outflow, but strategic ETFs had a net inflow. Meanwhile, new ETFs were issued and some were waiting to be listed [2][3]. Summary According to Relevant Catalogs Market Overall Situation - In terms of the global economic cycle, the copper-gold ratio can be used to measure the health of the macroeconomy. The yields of Chinese and US ten-year treasury bonds increased slightly this week. The copper-gold ratio can be regarded as a leading indicator of Chinese bond yields, but the correlation between US bond yields and the copper-gold ratio has become unclear since the last US interest rate hike cycle in 2022 [10]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.1952 trillion yuan, a decrease of 11.45% from last week. The margin trading balance on Friday was about 2.6148 trillion yuan, a slight decrease from last week. The average maintenance margin ratio of margin trading was 278% [11]. - This week, 10 new stock ETFs were issued, with a total issuance scale of about 2.7 billion shares. The net inflow of stock ETF subscription and redemption funds was about -8.8 billion yuan. The Shanghai Composite Index and other major indices showed different trends, with some sectors like communication and banking rising, while others such as non-ferrous metals and basic chemicals falling significantly. The congestion in the public utilities sector was relatively high [11][12]. Stock (Strategy) ETF Subscription and Redemption Funds Net Inflow Chemical, Non-ferrous and Other Thematic ETFs Subscription and Redemption Funds Net Outflow - The net inflow of subscription and redemption funds in the overall ETF market was about -4.1 billion yuan this week. Among stock ETFs, the net inflow of stock (size) ETFs was about 9.3 billion yuan, stock (industry) ETFs about -8 billion yuan, stock (thematic) ETFs about -18.3 billion yuan, and stock (strategy) ETFs about 8 billion yuan. The trading turnover rate of broad-based ETFs increased, and the broad-based ETFs had a small net inflow of subscription and redemption funds. Chemical, non-ferrous and other thematic ETFs had a net outflow of subscription and redemption funds, while dividend and free cash flow strategy ETFs had a net inflow [29]. - Specific index data showed the net inflow, scale, and other information of various broad-based, overseas, style strategy, cross-border, and commodity and bond index ETFs [33][34][35]. Stock Broad-based ETFs This Week's Funds Net Inflow - This week, stock broad-based ETFs such as CSI 500 and SSE 300 had a net inflow of subscription and redemption funds, while chemical and non-ferrous thematic ETFs had a net outflow. The report also listed the top 10 ETFs with the highest net inflow and net outflow of funds this week, as well as the top 10 ETFs with the highest net purchase and net sale of margin trading funds [38][39][40]. Newly Listed and To-be-Listed ETFs Overview - This week, 10 newly issued ETF funds were listed for trading on their first day, with a total of about 4.1 billion shares. There were 11 ETFs that had completed fundraising and were waiting for listing, with a total of about 3.1 billion shares. The report also provided detailed information on the newly listed and to-be-listed ETFs [43].