加仓！又见加仓

Core Viewpoint - On November 19, the stock ETF market in China saw a net inflow of over 4 billion yuan, marking the fourth consecutive trading day of net inflows despite a mixed performance in the A-share market [2][8]. Market Performance - The overall A-share market showed a mixed trend with the three major indices slightly rising or closing flat, while over 4,000 individual stocks declined. The trading volume in the Shanghai and Shenzhen markets decreased to 1.73 trillion yuan [2]. - The total scale of all stock ETFs reached 4.58 trillion yuan as of November 19, with a trading volume of 178.49 billion yuan, down from 192.6 billion yuan the previous trading day [4]. ETF Inflows and Outflows - The stock ETF market experienced a total net inflow of approximately 41.41 billion yuan on November 19, with a total increase of 4.563 billion shares [8]. - The top five sectors for net inflows included Hang Seng Technology (15.2 billion yuan), gold (11.7 billion yuan), CSI 500 (11.4 billion yuan), semiconductors (8.1 billion yuan), and CSI 1000 (7.9 billion yuan) [9]. - Conversely, the CSI 300 ETF saw the largest net outflow of 18.18 billion yuan, followed by the SSE 50 ETF with over 12 billion yuan in outflows [12]. ETF Performance Highlights - Gold-related ETFs led the market with significant gains, including a 4.79% increase for the Yongying Gold ETF and 4.55% for the Guotai Gold Stock ETF [4][6]. - The mining and non-ferrous metal sectors also performed well, with several ETFs in these categories rising over 2.8% [4]. - In contrast, the media and entertainment sectors underperformed, with ETFs in these categories declining over 2% [5]. Fund Management Insights - Leading fund companies, such as E Fund and Huaxia Fund, reported substantial net inflows in their ETF products, with E Fund's total ETF scale reaching 813.76 billion yuan, an increase of 213.11 billion yuan since 2025 [16]. - The rare metals sector is expected to continue its upward trend due to supply constraints and increasing demand from new industries, such as electric vehicles and robotics [17]. Future Market Outlook - The overall valuation of the rare metals industry is anticipated to rise due to supply constraints and expanding demand, with a strong focus on resource and technology sectors in the mid-term [17].