95亿资金，“跑了”

Core Viewpoint - The A-share market experienced a turbulent adjustment on September 3, with the Shanghai Composite Index falling over 1% to close at 3813.56 points, and total trading volume decreasing to 2.36 trillion yuan. The stock ETF market saw a significant net outflow of 9.5 billion yuan, indicating a shift in investor sentiment [2][4][9]. Fund Flow Summary - On September 3, stock ETFs recorded a net outflow of 9.5 billion yuan, with broad-based ETFs and industry-specific ETFs such as semiconductor and artificial intelligence experiencing the largest losses. Conversely, sector-themed ETFs like securities, Hong Kong technology, and robotics saw net inflows [2][5][9]. - Despite the outflow on September 3, the stock ETF market had a net inflow for the week, totaling less than 5 billion yuan since the beginning of September [3][10]. Top Fund Performers - As of September 3, the total scale of 1195 stock ETFs in the market reached 4.23 trillion yuan. The top three ETFs by net inflow were the Guotai Securities ETF, Huabao Securities ETF, and E Fund Hengsheng Technology ETF, each with inflows exceeding 3 billion yuan [5][6]. - The E Fund's Hengsheng Technology ETF and Robotics ETF saw net inflows of 3.6 billion yuan and 3.57 billion yuan, respectively, indicating strong investor interest in these sectors [6]. Sector Performance - The sectors with the highest net inflows included securities (24.2 billion yuan), Hong Kong technology (9.3 billion yuan), and robotics (7.5 billion yuan). In contrast, broad-based ETFs such as the ChiNext and the CSI 300 experienced significant outflows, with some ETFs losing over 10 billion yuan [5][9]. - The performance of the Guangfa Hong Kong Innovative Medicine ETF was notable, with a cumulative increase of 8.82% over four trading days, reflecting strong investor confidence in the biotech sector [6][10]. Market Outlook - Fund managers express optimism for the A-share and Hong Kong markets, citing reasonable liquidity, supportive policies, and rapid development in emerging industries. They highlight sectors such as innovative medicine, AI, and robotics as having significant growth potential [10].