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Core Viewpoint - The market is experiencing a strong upward trend, with the YaJiang Hydropower Station concept stocks surging, leading to significant inflows into related ETFs such as construction materials and infrastructure ETFs [1][2]. Fund Performance - On July 22, four leading funds related to the YaJiang Hydropower Station concept saw a rare influx of over 2.2 billion yuan, contributing to the overall market strength [2][4]. - The total scale of all stock ETFs in the market reached 3.77 trillion yuan, with a net inflow of 1.624 billion yuan on the same day [4]. - The construction materials index led the net inflows with 1.822 billion yuan, while the industry-themed ETFs and bond ETFs also saw significant inflows of 7.02 billion yuan and 2.153 billion yuan, respectively [4]. ETF Inflows - The top four ETFs related to the YaJiang Hydropower Station concept all experienced around 6% gains, with two construction materials ETFs rising over 17% in the first two trading days of the week [6]. - Notable inflows were recorded for ETFs managed by Guotai and Fuguo, with net inflows of 892 million yuan and 753 million yuan, respectively [5]. Market Dynamics - Despite the strong performance of certain ETFs, broad-based ETFs experienced a net outflow of over 5.8 billion yuan, indicating a rotation in market sentiment [8][9]. - The ChiNext A500 ETF saw a significant net outflow of 2.272 billion yuan, reflecting a shift in investor focus [9][10]. Institutional Outlook - Several institutions remain optimistic about the A-share market, citing strong performance since June and a favorable external policy environment [11]. - Analysts suggest maintaining a medium to high position in the market, with an increased focus on offensive strategies as investor sentiment improves [11].