Market Overview - The Shanghai Composite Index fell by 0.02% to close at 3339.93 points, with a high of 3348.23 points during the day [1] - The Shenzhen Component Index decreased by 0.26% to 10003.27 points, reaching a peak of 10058.13 points [1] - The ChiNext Index dropped by 0.31% to 1985.38 points, with a maximum of 2001.95 points [1] ETF Market Performance - The median return of stock ETFs was -0.21% [2] - The highest performing scale index ETF was the Penghua CSI 800 Free Cash Flow ETF with a return of 0.98% [2] - The highest performing industry index ETF was the GF CSI All-Share Energy ETF with a return of 1.07% [2] - The highest performing strategy index ETF was the Fortune CSI 800 Free Cash Flow ETF with a return of 1.37% [2] - The highest performing theme index ETF was the China Tai CSI All-Share Communication Equipment ETF with a return of 1.42% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai CSI All-Share Communication Equipment ETF (1.42%) - Fortune CSI 800 Free Cash Flow ETF (1.37%) - Jiayin Shanghai Stock Exchange 180 Corporate Governance ETF (1.24%) [4][5] - The top three ETFs by decline were: - Fortune National Index Information Technology Innovation Theme ETF (-1.65%) - Guotai CSI Semiconductor Materials and Equipment Theme ETF (-1.6%) - Jianxin National Index New Energy Vehicle Battery ETF (-1.58%) [4][5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (inflow of 185 million yuan) - Huaxia Shanghai Stock Exchange 50 ETF (inflow of 178 million yuan) - Guotai National Index Information Technology Innovation Theme ETF (inflow of 165 million yuan) [6][7] - The top three ETFs by fund outflow were: - Southern CSI 1000 ETF (outflow of 399 million yuan) - Fortune CSI 1000 ETF (outflow of 239 million yuan) - Southern CSI 500 ETF (outflow of 197 million yuan) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (286 million yuan) - E Fund ChiNext ETF (212 million yuan) - Huabao CSI Medical ETF (153 million yuan) [8][9] - The top three ETFs by margin selling were: - Southern CSI 1000 ETF (42.86 million yuan) - Southern CSI 500 ETF (11.59 million yuan) - Huatai-PB CSI 300 ETF (9.01 million yuan) [8][9] Institutional Insights - Huachuang Securities suggests maintaining free cash flow assets as a core holding, indicating that the investment attributes of the A-share market are enhancing [10] - Founder Securities notes that equity assets currently offer good investment value, with the A-share equity risk premium at a historically high level, recommending a focus on dividend assets and technology innovation investments [10][11]

18 . . : .. e . . . . . . I . . . . . . . . e . . . . . . . . . P . . . . . e I . . . . . . . . . . . . . . . e 6 e . . . . . . . . . . . . . . ... . . .. e . . . . : . .. . . . . . o ... . e . 0 t 0 姚佩 政策确定性支撑市场持续向好 4月初，受外部因素扰动，全球主要股指遭遇大幅下跌。在政策托底下，A股出现强劲反弹。 在姚佩看来，近期中国资产走势比较稳健，主要股指都已收复4月失地，这背后离不开政策的主动出 击。"面对这一轮外部冲击，一方面是央行流动性支持，包括以中央汇金公司为代表的类'平准基金'支 持，以及降准降息落地；另一方面是财政政策靠前发力，包括专项债的加速发行与落地。"姚佩说。 姚佩分析，直观理解来看，股票上涨的是估值。目前整个股票市场的估值普遍出现明显抬升，主要受益 于全球央行货币政策的宽松，从而使得市场估值抬升。 "事实上，外部冲击并没有改变中国本身的政策动向。"姚佩表示，自去年9月底以来，我国政策的确 ...