2026开年ETF融资风向：中证500领跑，卫星与半导体受捧

Core Viewpoint - The market in 2026 is experiencing a shift, with leveraged funds becoming a focal point as they indicate strong bullish sentiment towards specific sectors [3][4]. Financing Overview: Aggressive and Defensive Dynamics - The operations of leveraged investors this year show a strong offensive style and structural differentiation, with significant net purchases in both mid-cap stocks and hard technology sectors [4][6]. - The top 20 net purchases include the CSI 500 ETF with a net buy of 6.31 billion, reflecting high expectations for valuation recovery and earnings elasticity in mid-cap stocks [5][6]. Net Purchase Side: Key Trends - The satellite internet and commercial aerospace sectors are experiencing a collective surge, with three ETFs in the top 20 for net purchases, indicating a strong market interest in this emerging field [12]. - The semiconductor equipment ETF shows a significant increase in net purchases, reinforcing the narrative of domestic substitution as a strong pillar in the A-share market [12]. - The Hong Kong technology sector is seeing increased buying despite a decline, suggesting a belief in the long-term value of these assets [13][14]. Net Sale Side: Profit-Taking and Cross-Border ETF Retreat - The net sales list reflects a tactical retreat, particularly in the STAR Market ETFs, where significant profit-taking is observed despite positive performance [17][18]. - The Hong Kong Securities ETF leads in net sales, indicating a cautious approach to cross-border investments amid external market pressures [18]. Market Dynamics and Policy Influence - The market is transitioning from a focus on core assets to sectors supported by industrial logic, with the CSI 500 index gaining favor as a sign of recognition for mid-cap blue-chip earnings elasticity [19]. - Policy direction plays a crucial role in fund flows, with significant investments in satellite and semiconductor sectors reflecting government support for new productive forces [19].