在震荡行情与弱预期环境下，ETF市场的资金结构正在悄然发生变化。 过去一个月，不同指数挂钩ETF的规模变动呈现明显分化，多个品种的低风险、低波动的债券类ETF持 续扩容，分别录得数十亿元至百亿元不等的规模净流入。与此同时，沪深300、科创50、中证A500等宽 基指数ETF，以及部分港股互联网、科技主题ETF则出现不同程度的资金净流出。 此外，部分科技类主题ETF也出现规模下滑。富国中证港股通互联网ETF近一个月规模下降84.49亿元， 为科技主题ETF中规模下降幅度较大的产品之一；工银国证港股通科技ETF下降26.51亿元，华夏国证半 导体芯片ETF下降24.45亿元，显示科技成长板块在资金端同样面临一定压力。 业内人士认为，在市场交投趋缓、增量资金有限的背景下，投资者配置更趋稳健，低波动、易申赎、具 备"现金管理"属性的债券类ETF成为机构和个人提升组合稳定性的主要工具。高波动指数与科技主题在 缺乏接力资金的背景下继续承压，资金更注重降低组合的整体波动率和回撤风险。综合来看，资金在 ETF内部呈现"避险走强、进攻收缩"的格局，阶段性偏向安全垫与流动性管理。 低风险ETF持续扩容，债券类成主要增量来源 截至 ...

Core Viewpoint - The ETF market is experiencing a shift in funding structure amid a volatile market and weak expectations, with a notable preference for low-risk, low-volatility bond ETFs over high-volatility equity ETFs [1][2]. Group 1: ETF Market Trends - In the past month, there has been a clear divergence in the scale changes of different index-linked ETFs, with low-risk bond ETFs seeing significant net inflows ranging from tens to hundreds of millions [2][3]. - The overall trend indicates that investors are increasingly favoring stable assets, with bond ETFs becoming the primary tool for enhancing portfolio stability in a turbulent market [2][3]. Group 2: Performance of Low-Risk ETFs - As of November 23, bond-related ETFs have shown substantial growth, with specific ETFs like the Hai Fu Tong Zhong Zheng Short Bond ETF increasing by 10.67 billion, making it one of the fastest-growing ETFs in the market [4]. - Other notable increases include the Hua Bao Cash Management ETF with 8.93 billion, and the Tian Hong Zhong Zheng AAA Technology Innovation Bond ETF with 5.60 billion, reflecting a strong demand for bond ETFs [4]. Group 3: Pressure on Equity ETFs - In contrast to bond ETFs, equity index ETFs have faced net outflows, with the CSI 300 index ETF seeing a decrease of 38.76 billion, marking the largest outflow among broad-based products [5][6]. - Technology-themed ETFs have also experienced declines, with the Fu Guo Zhong Zheng Hong Kong Internet ETF dropping by 8.44 billion, indicating pressure on the growth sector [5][6]. Group 4: Investor Behavior and Market Sentiment - The current market sentiment remains cautious, leading investors to prioritize stability and risk management through low-volatility bond ETFs and cash management products [7]. - The decline in trading activity has resulted in reduced interest in high-volatility equity products, as investors are more inclined to lower leverage and exposure to risky assets [7].