Market Overview - On June 12, the A-share market experienced volatility and differentiation, with new consumption concept stocks surging again, innovative drug concept stocks remaining active, while liquor stocks saw a decline [1] - The market is characterized by a lack of directional movement, leading to some funds selling broad-based products like the CSI 300 ETF and ChiNext ETF, while others opted to take profits from previously high-performing medical ETFs [1] Liquor Sector Insights - The CSI Liquor Index has fallen for five consecutive years, with a year-to-date decline exceeding 12%, reaching a new low for the year [4] - Despite the overall downturn, funds have been actively buying into liquor ETFs, with net inflows of 4.16 billion yuan on June 12, making it the highest among all ETFs [3][6] - A fund manager noted that the prolonged decline of the CSI Liquor Index has led to a significant undervaluation, suggesting that some investors may be looking to "bottom fish" [7] ETF Market Dynamics - As of June 12, the total scale of all stock ETFs in the market reached 3.53 trillion yuan, with a net outflow of approximately 55.93 billion yuan on that day [3] - Bond ETFs and Hong Kong stock market ETFs saw net inflows of 14.71 billion yuan and 5.2 billion yuan, respectively, indicating a shift in investor preference [3] - The top-performing ETFs in terms of net inflow included the Sci-Tech 50 ETF and the Hong Kong Technology ETF, with inflows of 3.05 billion yuan and 3.01 billion yuan, respectively [6] Broader Market Trends - The broader ETF market saw a net outflow of nearly 52 billion yuan, with the CSI 300 ETF experiencing the largest outflow of 19.48 billion yuan [10][11] - Recent trends indicate a significant divergence in performance between new consumption and traditional consumption sectors, with the former facing adjustments while the latter shows resilience [7][12] - Fund companies are advised to maintain a balanced asset allocation strategy while monitoring market trends and sector performance [12]