40亿，“跑了”！

Core Viewpoint - On July 18, the stock ETF market experienced a net outflow of nearly 4 billion yuan, indicating that funds opted to "take profits" amidst a strong performance in the A-share market, where the Shanghai Composite Index reached a new high for the year [2][3]. Market Performance - As of July 18, the total scale of 1,140 stock ETFs (including cross-border ETFs) in the market reached 3.71 trillion yuan. Despite the strong market performance, the overall net outflow from stock ETFs was 39.75 billion yuan, suggesting that some investors chose to secure profits [4]. - In contrast, bond ETFs and Hong Kong market ETFs saw significant net inflows of 20.24 billion yuan and 1.01 billion yuan, respectively [4]. ETF Inflows and Outflows - Among broad-based ETFs, the CSI 500 ETF and CSI 1000 ETF recorded net inflows exceeding 200 million yuan, leading the market [5]. - The top inflow ETFs on July 18 included: - Game ETF: 690 million yuan - Hong Kong Internet ETF: 519 million yuan - Hong Kong Securities ETF: 390 million yuan - Financial Technology ETF: 345 million yuan - Hong Kong Non-bank ETF: 287 million yuan [6]. - Conversely, the military industry leader ETF experienced a net outflow of 474 million yuan, with other products like the Sci-Tech 50 ETF and CSI 300 ETF also showing significant outflows [7]. Future Outlook - The outlook for July suggests that the A-share market may continue to experience upward fluctuations. Analysts from Minsheng Jianyin Fund noted that improvements in total demand growth and resilience in consumption could lead to better performance in the upcoming mid-year earnings reports, particularly in technology, consumer, and midstream manufacturing sectors [8][9].