证券研究报告 交易型指数基金资金流向周报 数据日期：2025/8/11-2025/8/15 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年8月20日 交易型指数基金资金流向 www.cgws.com | 投资类型 | 大 类 | 所属概念 | 板 块 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 30年 | | 89.69 | -1.53 | 40.46 | | | | | | 10年 | | 40.90 | -0.31 | 0.24 | | | | | | 5-10年 | | 389.52 | -0.33 | -9.86 | | | | | 利率 | 5年 | | 69.48 | -0.12 | -1.92 | | | | | | 5年以下 | | 227.25 | -0.01 | -3 ...

Report Information - Data Date: 2025/8/4 - 2025/8/8 [1] - Report Date: August 12, 2025 [1] - Analyst: Jin Ling [1] - Report Title: Weekly Report on Fund Flows of Exchange-Traded Index Funds [1] Investment Ratings - Not provided in the given content Core Views - Not provided in the given content Summary by Categories Domestic Passive Stock Funds - Different concepts have varying fund scales, weekly price changes, and net weekly fund purchases. For example, the Shanghai Composite 50 has a fund scale of 159.456 billion yuan, a weekly increase of 1.15%, and a net weekly fund outflow of 2.506 billion yuan; while the CSI 1000 has a scale of 116.917 billion yuan, a weekly increase of 2.62%, and a net weekly fund inflow of 469 million yuan [4]. Overseas Index Funds - Overseas index funds also show diverse performance. The Nasdaq 100 has a fund scale of 78.421 billion yuan, a weekly increase of 0.83%, and a net weekly fund inflow of 391 million yuan; the S&P 500 has a scale of 20.837 billion yuan, a weekly decrease of 0.04%, and a net weekly fund outflow of 18 million yuan [5]. Bond Funds - Bond funds are divided into different types such as interest rate bonds, credit bonds, and convertible bonds. For instance, 30 - year interest rate bonds have a fund scale of 8.969 billion yuan, a weekly increase of 0.13%, and a net weekly fund outflow of 749 million yuan; short - term financing bonds in credit bonds have a scale of 29.341 billion yuan, a weekly increase of 0.04%, and a net weekly fund inflow of 4.023 billion yuan [6]. Commodity Funds - Commodity funds include gold, soybean meal, non - ferrous metals, and energy and chemical products. Gold funds have a scale of 70.887 billion yuan, a weekly increase of 2.11%, and a net weekly fund outflow of 3.123 billion yuan [6]. Index - Enhanced Funds - Index - enhanced funds cover various indices. For example, the Shanghai Composite 50 index - enhanced fund has a scale of 76 million yuan, a weekly increase of 0.35%, and a net weekly fund outflow of 1 million yuan [6].

Group 1: Core Views - Recent leveraged funds continue to flow in, with the total margin trading balance exceeding 2 trillion this week. The market sentiment remains optimistic, but the increase in the ratio of margin trading to market capitalization is limited. The 2 trillion mark has stronger signaling meaning than practical meaning and may trigger reverse trading, weakening risk appetite [2]. - Seven departments including the central bank jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization", creating credit demand for banks through monetary structured tools, supporting the manufacturing industry, and stimulating a rapid rebound in the banking sector [2]. - US employment data released last week plunged, increasing market bets on interest rate cuts. The US dollar index has continued to decline to around 98, and foreign capital has replenished A - share positions, supporting the sentiment in the mainland market after the A - share index correction [2]. - This week's total A - share trading volume slightly decreased compared to last week, with daily trading around 1.6 trillion. Most broad - based indices recovered last week's losses, with small - and medium - cap stocks remaining strong. The CSI 1000 rose more than 2%, and together with the CSI 2000 and micro - cap stock indices, reached new highs for the year. Large - cap broad - based indices rose slightly more than 1% this week [2]. - The downward support for basis has weakened, and the intraday structured divergence in trends among varieties has increased. The risk appetite shown in the futures market has declined, and there is a need to guard against the risk of a slowdown in the index's upward rate or even a continuous adjustment [2]. - As of Friday, the annualized basis of each variety was basically the same as last week, with the annualized discounts of IC and IM still around 10% and 11% respectively [2]. Group 2: Weekly Forecast - The model's judgment on the movement direction of the basis of IH, IF, IC, and IM next week is: strengthening, weakening, strengthening, and weakening respectively [4].

Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.37% [1] - The Shenzhen Component Index closed at 10991.32 points, down 0.17% [1] - The ChiNext Index closed at 2322.63 points, down 0.24% [1] - The CSI 300 Index closed at 4054.93 points, down 0.51% [1] - The STAR 50 Index closed at 1036.77 points, down 1.06% [1] - The CSI 500 Index closed at 6213.20 points, down 0.21% [1] - The CSI 1000 Index closed at 6670.47 points, up 0.14% [1]

Market Overview - The Shanghai Composite Index closed at 3587.69 points, down 0.17% [1] - The Shenzhen Component Index closed at 11150.41 points, down 0.16% [1] - The ChiNext Index closed at 2342.39 points, up 0.10% [1] - The CSI 300 Index closed at 4119.24 points, down 0.19% [1] - The STAR 50 Index closed at 1051.37 points, down 0.27% [1] - The CSI 500 Index closed at 6293.77 points, down 0.09% [1] - The CSI 1000 Index closed at 6699.34 points, down 0.11% [1] Index Performance - The Shanghai Composite Index had a trading volume of 493.8 billion, with a year-to-date increase of 7.04% [2] - The Shenzhen Component Index had a trading volume of 629.3 billion, with a year-to-date increase of 7.07% [2] - The ChiNext Index had a trading volume of 284.2 billion, with a year-to-date increase of 9.38% [2] - The CSI 300 Index had a trading volume of 259.3 billion, with a year-to-date increase of 4.68% [2] - The CSI 500 Index had a trading volume of 202 billion, with a year-to-date increase of 9.92% [2] - The CSI 1000 Index had a trading volume of 228.2 billion, with a year-to-date increase of 12.45% [2] - The CSI 2000 Index had a trading volume of 282.1 billion, with a year-to-date increase of 21.26% [2] - The Wind Micro-Stock Index had a trading volume of 24.2 billion, with a year-to-date increase of 49.64% [2]

Market Performance - The Shanghai Composite Index closed at 3593.66 points, down 0.33% [1] - The Shenzhen Component Index closed at 11168.14 points, down 0.22% [1] - The ChiNext Index closed at 2340.06 points, down 0.23% [1] - The CSI 300 Index closed at 4127.16 points, down 0.53% [1] - The STAR 50 Index closed at 1054.20 points, up 2.07% [1] - The CSI 500 Index closed at 6299.59 points, up 0.10% [1] - The CSI 1000 Index closed at 6706.61 points, up 0.08% [1]

Market Overview - The Shanghai Composite Index opened at 3604.45 points, down 0.04% [1] - The Shenzhen Component Index opened at 11196.20 points, up 0.03% [1] - The ChiNext Index opened at 2348.28 points, up 0.12% [1] - The CSI 300 opened at 4145.32 points, down 0.09% [1] - The STAR 50 opened at 1032.45 points, down 0.04% [1] - The CSI 500 opened at 6297.63 points, up 0.06% [1] Index Performance - Shanghai Composite Index: Current price 3604.45, down 1.28 points, with a trading volume of 9.2 billion and a year-to-date increase of 7.54% [2] - Shenzhen Component Index: Current price 11196.20, up 3.14 points, with a trading volume of 8.7 billion and a year-to-date increase of 7.50% [2] - ChiNext Index: Current price 2348.28, up 2.91 points, with a trading volume of 3.2 billion and a year-to-date increase of 9.65% [2] - CSI 300: Current price 4145.32, down 3.72 points, with a trading volume of 4.1 billion and a year-to-date increase of 5.35% [2] - STAR 50: Current price 1032.45, down 0.39 points, with a trading volume of 1.1 billion and a year-to-date increase of 4.40% [2] - CSI 500: Current price 6297.63, up 4.03 points, with a trading volume of 2.6 billion and a year-to-date increase of 9.99% [2] - CSI 1000: Current price 6708.08, up 6.96 points, with a trading volume of 3.2 billion and a year-to-date increase of 12.59% [2] - CSI 2000: Current price 2834.22, up 1.36 points, with a trading volume of 4.0 billion and a year-to-date increase of 20.70% [2] - Wande Micro Index: Current price 468217.36, up 1268.85 points, with a trading volume of 570 million and a year-to-date increase of 48.22% [2]

Market Performance - The Shanghai Composite Index closed at 3605.73 points, up 0.65% [1] - The CSI 1000 closed at 6701.12 points, up 1.42% [2] - The Shenzhen Component Index closed at 11193.06 points, up 1.21% [3] - The ChiNext Index closed at 2345.37 points, up 1.50% [3] - The CSI 300 closed at 4149.04 points, up 0.71% [3] - The STAR 50 closed at 1032.84 points, up 1.17% [3] - The CSI 500 closed at 6293.60 points, up 1.56% [3]

Market Performance - The Shanghai Composite Index closed at 3568.78 points, up 0.25% [1] - The Shenzhen Component Index closed at 11069.57 points, up 0.56% [1] - The ChiNext Index closed at 2312.74 points, up 0.69% [1] - The CSI 300 Index closed at 4100.66 points, up 0.37% [1] - The STAR 50 Index closed at 1017.93 points, up 1.00% [1] - The CSI 500 Index closed at 6198.25 points, up 0.60% [1] - The CSI 1000 Index closed at 6639.60 points, up 0.41% [1]

Market Overview - The Shanghai Composite Index opened at 3561.63 points, up 0.05% [1] - The Shenzhen Component Index opened at 11004.01 points, down 0.03% [4] - The ChiNext Index opened at 2295.36 points, down 0.07% [4] - The CSI 300 Index opened at 4087.34 points, up 0.04% [4] - The STAR 50 Index opened at 1007.51 points, down 0.04% [4] - The CSI 500 Index opened at 6166.62 points, up 0.09% [4] - The CSI 1000 Index opened at 6607.83 points, down 0.07% [2] Performance Metrics - The Shanghai Composite Index recorded a trading volume of 8.2 billion with a year-to-date increase of 6.26% [3] - The Shenzhen Component Index had a trading volume of 9.1 billion with a year-to-date increase of 5.66% [3] - The CSI 500 Index had a trading volume of 2.4 billion with a year-to-date increase of 7.70% [3] - The ChiNext Index had a trading volume of 347 million with a year-to-date increase of 7.18% [3] - The CSI 1000 Index had a trading volume of 3.7 billion with a year-to-date increase of 10.91% [3] - The CSI 2000 Index had a trading volume of 4.9 billion with a year-to-date increase of 20.44% [3] - The Wande Micro-Stock Index had a trading volume of 5.3 billion with a year-to-date increase of 46.47% [3]