越跌越买？超700亿资金，借道ETF逆势加仓

Core Viewpoint - The recent market correction is primarily driven by external factors, including declining expectations for a Federal Reserve rate cut and rising concerns over AI bubbles, which have transmitted pessimistic sentiments from overseas to the domestic market [2][6][8]. Market Performance - On November 21, A-shares experienced a significant drop, with the Shanghai Composite Index falling by 2.45% to close at 3834.89 points, while the Shenzhen Component and ChiNext Index dropped by 3.41% and 4.02%, respectively [2]. - Over the past week (November 17 to November 21), the Shanghai Composite Index declined by 3.9%, and the Shenzhen Component fell by 5.03%, with several high-growth sectors, including AI, chips, and lithium batteries, leading the market decline [3][4]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips. Notable ETFs such as the Southern CSI 500 ETF and E Fund ChiNext ETF saw net inflows exceeding 30 billion yuan each [4][5]. - On the day of the market drop (November 21), more than 400 billion yuan was invested in ETFs, with the Huatai-PB CSI 300 ETF alone receiving approximately 40 billion yuan in net inflows [4]. External Influences - Fund companies attribute the market correction to external disturbances, particularly the unclear direction of the Federal Reserve's monetary policy and concerns over the sustainability of AI investments. The recent U.S. employment data showed a paradox where job growth was strong, but the unemployment rate reached a four-year high, complicating the Fed's decision-making [6][8][9]. - The sentiment in the U.S. tech sector has also negatively impacted the A-share market, as strong earnings reports from major tech companies did not prevent stock price declines, reflecting a tightening liquidity environment [9]. Future Outlook - Despite the current market volatility, several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend. They believe that the market will continue to attract new capital, particularly in the technology sector, supported by favorable policies [10][11]. - The long-term fundamentals, including stabilizing real estate prices and the effectiveness of "anti-involution" policies, are expected to support a sustained upward trend in the A-share market [10][11].