超百亿，净流出

Core Viewpoint - The stock ETF market in China has experienced a significant net outflow of over 12.6 billion yuan, marking the first occurrence of a net outflow exceeding 10 billion yuan in 2026, despite a strong performance in the A-share market [2][4]. Group 1: Market Overview - As of January 7, 2026, the total scale of all stock ETFs (including cross-border ETFs) reached 4.72 trillion yuan, with a net outflow of 12.649 billion yuan on that day alone [4]. - In the first three trading days of the year, the cumulative net outflow exceeded 11.9 billion yuan [4]. Group 2: Fund Flows by Type - On January 7, the net inflows were led by Hong Kong stock ETFs and commodity ETFs, with inflows of 4.086 billion yuan and 1.107 billion yuan, respectively [6]. - Conversely, broad-based ETFs experienced significant net outflows, totaling 15.866 billion yuan, with a scale decrease of 14.372 billion yuan [6]. Group 3: Specific ETF Performance - ETFs tracking the Hong Kong Internet Index saw a net inflow of 1.462 billion yuan, while those tracking the CSI A500 Index faced a net outflow of 4.477 billion yuan [6]. - Over the past five trading days, ETFs tracking the SGE Gold 9999 Index attracted over 6.8 billion yuan, and those tracking specific non-ferrous indices saw inflows exceeding 4.7 billion yuan [6]. Group 4: Notable Fund Managers - Several ETFs managed by large fund companies continued to see net inflows, including the Securities Insurance ETF from E Fund, which reached a scale of 20.524 billion yuan with a net inflow of 557 million yuan [6]. - The China Concept Internet ETF from E Fund also performed well, with a scale of 42.025 billion yuan and a net inflow of 547 million yuan [6]. Group 5: Market Outlook - According to Huaxia Fund, the macro environment is expected to remain favorable for long positions, with anticipated acceleration in local government special bond issuance and central budget investments [13]. - The market is currently in a phase of valuation expansion, supported by long-term factors such as new growth drivers, policy support for A-shares, and a low-interest-rate environment [13].