越跌越买！大举加仓

Core Viewpoint - On December 11, the A-share market experienced a decline, with the three major indices falling, while stock ETFs saw a net inflow of approximately 4.493 billion yuan, indicating a preference for core broad-based indices amidst market volatility [2][4]. ETF Market Overview - As of December 11, the total scale of 1,272 stock ETFs in the market reached 4.56 trillion yuan, with a net inflow of 4.493 billion yuan on that day, reflecting a "bottom-fishing" strategy by investors [4]. - Broad-based ETFs and Hong Kong market ETFs led the net inflows, with 2.402 billion yuan and 1.766 billion yuan respectively, highlighting a strong interest in these segments [5]. Specific ETF Performance - The CSI A500 ETF saw the highest net inflow of 2.867 billion yuan on December 11, with a total inflow exceeding 7.2 billion yuan over the past five days [5]. - The STAR 50 ETF also experienced significant inflows, totaling 1.47 billion yuan, with over 4.3 billion yuan in net inflows in the last five days [5]. - The latest scale of the CSI A500 ETF managed by Huatai-PineBridge reached 30.704 billion yuan, while the STAR 50 ETF managed by E Fund reached 69.341 billion yuan [8]. Institutional Insights - According to Lin Weibin, General Manager of the Index Investment Department at E Fund, the market is expected to maintain a moderate oscillation, with economic resilience and stable expectations supporting the market [6]. - The focus for investment should remain on large-cap growth core assets, as their valuations are currently at historical lows, providing potential for valuation recovery [6]. Outflows from Thematic ETFs - Thematic industry ETFs experienced significant outflows, totaling 877 million yuan on the same day, indicating a shift in investor sentiment away from these sectors [11][12]. - Despite the overall inflow into broad-based ETFs, some segments, such as the CSI 1000 ETF, saw outflows of 390 million yuan, reflecting selective investor behavior [12]. Fund Management Performance - E Fund's ETF products have seen a total scale increase to 814.85 billion yuan since the beginning of 2025, with net inflows of 58.58 billion yuan and a net asset value increase of 155.62 billion yuan [9]. - Huaxia Fund's ETFs, including the CSI 50 ETF and CSI A500 ETF, also reported significant net inflows, showcasing strong performance in the market [10].