【导读】昨日股票ETF总份额增超37亿份，港股市场ETF成为吸金主力 中国基金报记者 李树超 昨日股市表现不佳，三大指数齐齐下跌。黄金概念股逆市大涨，半导体芯片股走低，创新药概念股下挫。 股市下跌背景下，昨日，股票ETF总份额增加超37亿份，但由于大盘宽基ETF净流出较多，资金整体净流出超10亿元。其中，上证50ETF、沪深300ETF是 净流出主要方向；香港证券ETF、港股通互联网ETF等仍是吸金主力，昨日净流入资金居前。 昨日股票ETF总份额增超37亿份 Wind数据显示，截至9月9日，全市场1198只股票ETF（含跨境ETF）总规模达4.22万亿元。在昨日股市调整行情中，股票ETF市场总份额增加37.03亿份。 由于大盘宽基ETF净流出较多，行业主题ETF与港股市场ETF净流入偏少，结构性行情下，全市场总体净流出资金为10.7亿元。 华夏基金旗下ETF方面，昨日，黄金股ETF和食品饮料ETF净流入居前，分别净流入1.55亿元和1.39亿元，最新规模分别达11.6亿元和48.61亿元，对应跟踪 指数近一月日均成交额分别为0.71亿元和2.23亿元。此外，机器人ETF、游戏ETF净流入也都超过1亿元。 昨日 ...

【导读】昨日股票 ETF 总份额增超 37 亿份，港股市场 ETF 成为吸金主力 中国基金报记者 李树超 昨日股市表现不佳，三大指数齐齐下跌。黄金概念股逆市大涨，半导体芯片股走低，创新药概念股下挫。 股市下跌背景下，昨日，股票 ETF 总份额增加超 37 亿份，但由于大盘宽基 ETF 净流出较多，资金整体净流出超 10 亿元。其中，上证 50ETF 、沪深 300ETF 是净流出主要方向；香港证券 ETF 、港股通互联网 ETF 等仍是吸金主力，昨日净流入资金居前。 昨日股票 ETF 总份额增超 37 亿份 Wind 数据显示，截至 9 月 9 日，全市场 1198 只股票 ETF （含跨境 ETF ）总规模达 4.22 万亿元。在昨日股市调整行情中，股票 ETF 市场总份额增加 37.03 亿份。 由于大盘宽基 ETF 净流出较多，行业主题 ETF 与港股市场 ETF 净流入偏少，结构性行情下，全市场总体净流出资金为 10.7 亿元。 从大类型来看，昨日行业主题 ETF 与港股市场 ETF 净流入居前，分别达 54.45 亿元与 33.67 亿元。 具体到指数维度，昨日证券公司指数净流入居前，达 20.34 ...

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.13% and the ChiNext Index down 0.27%, particularly affected by declines in sectors such as oil and gas extraction, brain-computer interfaces, precious metals, and liquor [1] - Huatai Securities indicates that the fundamentals still face challenges, with frequent overseas risk events, suggesting that the A-share market may remain in a volatile pattern in the short term [1] - Export growth has significantly slowed down in May compared to April, with uncertainties in Sino-U.S. trade negotiations potentially leading to a weakening of exports in the future [1] Group 2 - Industrial trends in the technology sector are supported by independent industry dynamics, showing resilience despite market adjustments, according to Industrial Securities [2] - The ongoing Israel-Palestine conflict is expected to have a limited long-term impact, providing potential opportunities for investment after short-term emotional corrections [2] - The internal factors are deemed the primary determinants of market trends, with expectations for the technology growth sector to remain a structural highlight supported by improved fundamentals [2] Group 3 - Dongfang Securities notes that despite external negative disturbances, the capital market has shown significant resilience, with policy support and improved liquidity likely to raise the market's volatility center [3] - The focus is on sectors such as pan-technology and dividend stocks, which are expected to perform well in the current market environment [3]

Core Viewpoint - The recent economic data in China exceeded expectations, leading to a collective rebound in A-shares despite external conflicts, with over 3,400 stocks rising [1][5]. Economic Data - China's industrial added value in May increased by 5.8% year-on-year, surpassing the expected 5.7% and the previous value of 6.1% [6]. - The retail sales of consumer goods in May reached 41,326 billion yuan, growing by 6.4% year-on-year, exceeding the expected 4.9% and the previous 5.1% [6]. Impact of External Conflicts - The geopolitical tensions in the Middle East have significant implications, but their actual impact on Chinese assets is limited. Short-term market fluctuations may provide investment opportunities [4][8]. - Analysts suggest that while external conflicts may trigger risk-averse sentiments globally, the fundamental factors within China will primarily dictate market trends [9]. Investment Opportunities - Goldman Sachs remains optimistic about A-shares, indicating a return of global capital to China, which could disproportionately benefit major index-weighted stocks like Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Heng Rui Pharmaceutical, Ctrip, and Anta [9]. - The upcoming Lujiazui Forum on June 18-19 is expected to announce significant financial policies, which could enhance domestic economic resilience [9]. Sector Performance - Recent trends show that sectors such as wind power, gaming, media, and computing have performed well, while pharmaceuticals and precious metals have seen corrections [3]. - The period from June 15 to July 15 has historically shown a high performance rate for industries with positive earnings forecasts, indicating potential investment opportunities in these sectors [10]. Market Rotation - Following the recent surge in innovative drugs and new consumption sectors, there is speculation that these themes may have reached a temporary peak. Funds are beginning to rotate towards technology sectors, including AI, media, and military technology [15][24]. - The technology sector has shown resilience during past geopolitical conflicts, suggesting it may continue to perform well despite external pressures [26].

Market Overview - The three major A-share indices opened with mixed results, with the Shanghai Composite Index up by 0.01% and the ChiNext Index down by 0.04% [1] - Sectors such as small metals, military equipment restructuring concepts, and communication services showed notable gains [1] Institutional Insights - China Galaxy predicts that the market may continue to exhibit a volatile pattern in the short term, with technology remaining the main focus for medium to long-term allocation [1] - The firm emphasizes the importance of external tariff changes and the pace of domestic policy implementation, suggesting limited adjustment space for the market [1] - Significant financial policies are expected to be announced during the Lujiazui Forum from June 18 to 19, which may support market expectations [1] - The central government's push for long-term capital inflow into the A-share market is expected to provide a more solid foundation for stable market operations [1] Investment Strategies - Three main lines of investment opportunities are identified: 1. Assets with high safety margins, particularly dividend-paying sectors that offer stable returns amid external uncertainties [2] 2. The "technology narrative" in the A-share market, with revised restructuring methods facilitating early-stage tech companies' participation in mergers and acquisitions [2] 3. The consumer sector boosted by policy support, with recent data showing the effectiveness of consumption upgrade policies [2] Market Trends - According to招商证券, the broad market index is likely to experience a volatile trend in June, with large-cap and quality indices expected to outperform [3] - The current economic fundamentals are stable, and while external changes may impact exports, domestic demand policies are still gaining momentum [3] - The firm notes a decline in corporate financing demand and a downward trend in capital expenditure, suggesting that strategies based on cash flow and return on equity (ROE) may continue to perform well [3] Sector Focus - 东方证券 indicates a shift in market focus towards the broader technology sector, suggesting that significant policy or technological catalysts could present ideal opportunities for increased allocation [4] - The recent decline in the new consumption sector in Hong Kong and the adjustment in A-share consumer stocks highlight the risks of crowded investment themes reaching their peak [4] - Strong performance in technology-related sectors such as CPO, components, AI PCs, copper cables, and drones suggests a potential market shift towards technology [4]