1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - Last week (from February 2, 2026, to February 6, 2026), the median weekly return of equity ETFs was -1.71%. Among broad - based ETFs, the Shanghai Stock Exchange 50 ETF had the smallest decline, and among sector ETFs, consumer ETFs had the highest return. Among hot - topic ETFs, photovoltaic ETFs had the highest return. Last week, equity ETFs had a net redemption of 2.056 billion yuan, with the Science and Technology Innovation Board ETF having the highest net subscription among broad - based ETFs, technology ETFs having the highest net subscription among sector ETFs, and AI ETFs having the highest net subscription among topic - based ETFs. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed, non - monetary ETFs [1][2][61] 3. Summary According to Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was -1.71%. Among broad - based ETFs, the Shanghai Stock Exchange 50 ETF had a median change of -0.82%, the smallest decline. By sector, consumer ETFs had a median change of 0.10%, the highest return. By topic, photovoltaic ETFs had a median change of 3.09%, the highest return. The median changes of bond, money - market, cross - border, and commodity ETFs were 0.02%, 0.02%, -2.19%, and -6.07% respectively [1][12][18] ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.097 trillion yuan, 1.0195 trillion yuan, and 721.3 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 322.9 billion yuan and 160 billion yuan respectively. Among broad - based ETFs, the CSI 300 and A500 ETFs had relatively large scales. Last week, equity ETFs had a net redemption of 2.056 billion yuan and a total scale reduction of 80.468 billion yuan; money - market ETFs had a net subscription of 6.311 billion yuan and a total scale increase of 6.325 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest net subscription of 5.501 billion yuan, and its scale decreased by 5.248 billion yuan; the CSI 500 ETF had the highest net redemption of 11.647 billion yuan, and its scale decreased by 15.917 billion yuan. By sector, technology ETFs had the highest net subscription of 10.405 billion yuan, and their scale decreased by 18.479 billion yuan; cyclical ETFs had the highest net redemption of 9.527 billion yuan, and their scale decreased by 21.091 billion yuan. By hot - topic, AI ETFs had the highest net subscription of 4.472 billion yuan, and their scale decreased by 3.271 billion yuan; photovoltaic ETFs had the highest net redemption of 0.8 billion yuan, and their scale decreased by 0.198 billion yuan [2][22][29] ETF Benchmark Index Valuation - As of last Friday, in the broad - based ETFs, the ChiNext and Shanghai Stock Exchange 50 ETFs had relatively low valuation quantiles. By sector, the large - finance and consumer ETFs had relatively moderate valuation quantiles. By sub - topic, the wine and new energy vehicle ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantile of the wine ETF increased significantly [3][44][47] ETF Margin Trading - From last Monday to Thursday, the margin trading balance of equity ETFs decreased from 52.343 billion yuan in the previous week to 52.046 billion yuan, and the short - selling volume increased from 2.205 billion shares in the previous week to 2.312 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin purchases, and the CSI 1000 ETFs and CSI 500 ETFs had relatively high average daily short - selling volumes [4][51][54] ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed, non - monetary ETFs, with a relatively high management scale in multiple sub - fields such as scale - based index ETFs, topic - based, style, and strategy - based index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale - based index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - based index ETFs and topic - based, style, and strategy - based index ETFs [55]

Market Overview - The crypto market has experienced significant volatility, with Bitcoin trading at approximately $68,000, remaining below the $70,000 mark [1][2] - Ethereum has also dropped below $2,000 during early European trading [2] Sell-off Factors - The sell-off in the crypto market year-to-date is attributed to three main factors: 1. Spot Bitcoin ETFs have sold a net $5 billion over the past three months, with holders underwater at a cost basis around $90,000 [3] 2. Bitcoin's largest corporate holder reported over $17 billion in unrealized losses, leading to a breakdown in the Treasury trade strategy [4] 3. Bitcoin is behaving like a liquidity asset rather than a hedge, being one of the first assets sold off during risk-off events [5] Market Sentiment - The post-election euphoria in the crypto market is fading, with firms reducing risk and trimming crypto investments first [6] - Bernstein noted that the sell-off is primarily driven by souring sentiment rather than fundamental changes [6] Market Dynamics - The industry has not recovered from a significant liquidation event on October 10, where $19 billion was liquidated in 24 hours, with 70% occurring in just 40 minutes [7] - Market makers have not returned, leading to shallow liquidity, which exacerbates price movements [9] Price Support Levels - A price floor for Bitcoin is estimated at $60,000, which is the cost of production for miners; below this level, miners may go out of business, increasing selling pressure [11] - The percentage of Bitcoin in profit drops below that of Bitcoin at a loss at the $60,000 mark, contributing to the observed price floor [12] Institutional Involvement - Retail investors have largely exited the market, while institutional money remains divided, with many digital asset treasury companies underwater on their positions [8] - The sentiment among institutional investors is heavily influenced by the performance of major holders, which could lead to further selling if confidence erodes [15] Mining and Network Implications - Many miners are selling Bitcoin immediately to service debts, which complicates the network's stability if prices fall below $60,000 [17] - A concentration of mining operations could occur if many miners exit the market, threatening the decentralized nature of Bitcoin [19]

长期以来，加密货币价格变动迅速。消息一出，市场情绪瞬间波动，图表几乎立即反应。但这种模式不 再成立。如今的市场运行缓慢，比以往更加沉重，受到那些并不总是明确显露的力量影响。资本配置、 ETF机制和宏观定位现在以容易被忽视的方式影响价格行为，特别是当你只关注短期走势时。 这种变化在瑞波币身上体现得尤为明显。今天的瑞波币价格反映的不仅是交易活动，更多体现了机构、 基金经理和监管机构的决策。AI工具越来越多地被用于追踪这些投入要素，但它们经常被误解。它们 不能预测结果，只能整理复杂性。 理解这种区别会改变你解读市场的方式。 AI如何读取加密货币数据 AI系统不寻找叙事，而是寻找关系。在加密货币市场中，这意味着将ETF资金流入流出与衍生品定位、 链上活动和传统资产走势进行映射。最近改变的是这些信号现在承载的权重。 币安研究报告显示，山寨币ETF已录得超过20亿美元的净流入，其中瑞波币和Solana引领这一活动。比 特币和以太坊现货ETF自10月以来出现持续流出。这不是典型的风险偏好环境，而是选择性的、谨慎的 和不平衡的。 AI模型擅长识别这种行为，检测轮换而非动量。它们突出显示资本重新配置的位置，即使价格保持区 间震 ...

ETF进化论 ETF视角下的A+H科技新图景 原创 阅读全文 ...

| 18 510630 消费ETF华夏 | | | 3.40% | | | --- | --- | --- | --- | --- | | 19 | 159609 | 光伏ETF浦银 | 3.39% | | | 20 159618 | | 光伏ETF指数基金 | 3.33% | 70 | 与此同时，受美联储鹰派预期升温影响，国际金银价格此前遭遇历史性暴跌，直接拖累本周A股有色金属板块表现。本周黄金、人工智能等相关ETF跌幅居 前。 大类资金方面，本周ETF净流入143.57亿元，结束此前净流出的趋势。其中跨境型ETF表现活跃，单周流入216.45亿元。 根据Go-Goal ETF数据，下周无ETF发行，春节后最早一批ETF发行为2月24日。上市方面，下周将有六只ETF上市。 本周上证指数收跌1.27%，深证成指跌2.11%，创业板指跌3.28%。Go-Goal ETF数据显示，本周涨幅居前的ETF包括恒生消费ETF、光伏ETF、科创板新能源 ETF等主题。 上证报中国证券网讯（记者 汪友若）本周上证指数收跌1.27%，深证成指跌2.11%，创业板指跌3.28%。Go-Goal ETF数据显示，本周涨幅居前的E ...

Group 1 - ETF investors are demonstrating resilience during bitcoin's recent drawdown, with only 6.6% of Bitcoin ETF assets exiting despite a more than 40% price drop [5] - ETF holders are structurally different from crypto-native traders, treating bitcoin as a small allocation in their broader portfolios, which have benefited from strong equity markets [5] - Historical parallels are drawn between bitcoin and gold ETFs, with both experiencing significant drawdowns but eventually recovering [3][5] Group 2 - Volatility in the bitcoin market is expected to persist, but ETFs may help anchor bitcoin's position in traditional finance [4] - The selling pressure in the bitcoin market is primarily driven by leveraged traders and long-time holders rather than ETF investors [5] - Bitcoin's 17-year history shows a pattern of recovery to new highs after major downturns, indicating that selloffs do not signify the end of the asset's viability [5]

Core Insights - The Vanguard Emerging Markets Stock Index Fund (VWO) is highlighted as the "ETF of the Week" by VettaFi's Head of Research Todd Rosenbluth during a podcast discussion with Chuck Jaffe [1] Group 1 - The podcast provides insights into the performance and strategy of the Vanguard Emerging Markets Stock Index Fund (VWO) [1] - VettaFi has rebranded from ETF Trends, indicating a shift in focus and possibly new strategies for investment [1] - The discussion aims to inform investors about emerging market opportunities through the VWO fund [1]

Investors pulled another $544.94 million from U.S. spot bitcoin BTC exchange-traded funds on Wednesday, marking a second consecutive day of net outflows, according to data from SoSoValue. BlackRock's IBIT led the daily outflows with $373.44 million exiting the product. Fidelity's FBTC and Grayscale's GBTC followed with outflows of $86.44 million and $41.77 million, respectively. Funds managed by Ark & 21Shares, VanEck, and Franklin Templeton also reported outflows. The selling pressure came as bitcoin ...

Report Summary on February 5, 2026 1. Market Overview - The Shanghai Composite Index fell 0.64% to close at 4075.92 points, the Shenzhen Component Index dropped 1.44% to close at 13952.71 points, and the ChiNext Index declined 1.55% to close at 3260.28 points. The total trading volume of A - shares in the two markets was 21945 billion yuan. The top - rising sectors were beauty care (3.21%), banking (1.57%), and food and beverage (1.31%), while the top - falling sectors were non - ferrous metals (-4.57%), power equipment (-3.41%), and communication (-2.39%) [2][6] 2. Stock ETFs - The top - trading volume stock ETFs: Huaxia CSI A500ETF fell 1.37% with a discount rate of -1.23%; Huatai - Ber瑞 CSI A500ETF dropped 1.22% with a discount rate of -1.16%; Southern CSI 500ETF declined 2.04% with a discount rate of -1.90% [3][7] - The top ten stock ETFs by trading volume are presented in detail in Chart 1, including their codes, prices, price changes, tracking indices, and other information [8] 3. Bond ETFs - The top - trading volume bond ETFs: Haifutong CSI Short - Term Financing Bond ETF remained unchanged with a discount rate of 0.00%; Bosera CSI Convertible and Exchangeable Bond ETF fell 0.63% with a discount rate of -0.78%; E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF dropped 0.04% with a discount rate of -0.16% [4][9] - The top five bond ETFs by trading volume are shown in Chart 2, including their codes, prices, price changes, and trading volumes [10] 4. Gold ETFs - Today, gold AU9999 fell 3.05% and Shanghai Gold dropped 3.15%. The top - trading volume gold ETFs: Huaan Gold ETF fell 3.17% with a discount rate of -3.35%; Bosera Gold ETF dropped 3.29% with a discount rate of -3.46%; E Fund Gold ETF declined 3.30% with a discount rate of -3.50% [12] - The top five gold ETFs by trading volume are presented in Chart 3, including their codes, prices, price changes, trading volumes, and other information [13] 5. Commodity Futures ETFs - Dacheng Non - Ferrous Metals Futures ETF fell 3.70% with a discount rate of -3.83%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 1.70% with a discount rate of -1.36%; Huaxia Feed Soybean Meal Futures ETF rose 0.25% with a discount rate of 5.21% [13] - Information on commodity futures ETFs, including their codes, prices, price changes, trading volumes, and tracking indices, is presented in Chart 4 [14] 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.53%, the Nasdaq Composite declined 1.51%, the S&P 500 dropped 0.51%, and the German DAX fell 0.72%. Today, the Hang Seng Index rose 0.14% and the Hang Seng China Enterprises Index rose 0.50%. The top - trading volume cross - border ETFs: E Fund CSI Hong Kong Securities Investment Theme ETF fell 1.20% with a discount rate of -0.88%; Huaxia Hang Seng Tech ETF dropped 0.42% with a discount rate of 0.38%; Huatai - Ber瑞 Hang Seng Tech ETF declined 0.57% with a discount rate of 0.26% [15] - The top five cross - border ETFs by trading volume are shown in Chart 5, including their codes, trading volumes, price changes, and discount rates [16] 7. Money ETFs - The top - trading volume money ETFs are Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin [17] - The top three money ETFs by trading volume are presented in Chart 6, including their codes and trading volumes [18]

另外也关注连续下跌时，资金逆势净流入的方向：恒生科技指数ETF（513180）、恒生互联网ETF （513330.SH）、港股通科技ETF基金（159101.SZ）。港股相关ETF上一次逆势大幅净流入出现在11 月。 2月4日，上证指数连续第二天上涨，并站上关键点位4100点。当日上涨板块集中在低位板块，显示 资金在节前相对谨慎、不追高的偏好。 当日上涨且净流入品种减少，并主要集中在防御风格，如自由现金流ETF、黄金ETF、旅游ETF、 地产ETF等，以及低位反弹的光伏ETF。场外资金积极追涨，或看好后续上涨延续。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：董萍萍 ） 导致港股市场杀跌的主因，还是"税收"相关市场消息。不过，华创证券认为，上述市场消息属于过 度推演，并没有切实的依据。同时，互联网企业加税或直接传导至C端消费者，这与目前促进消费的大 方针相悖，逻辑不可外推。 ...