证券研究报告 资金持续流入有色、化工、建材等 ETF 金工 2026 年 2 月 01 日│中国内地 ETF 点评 ETF 市场观察：有色、化工、建材、卫星、地产等 ETF 持续获得资金关注 近期 ETF 市场呈现宽基净流出、行业主题净流入的分化格局。近一周 ETF 资金净流入在 50 亿元以上的行业包括有色金属、电子、基础化工、医药生 物、国防军工等，其中有色金属 ETF 单周净流入超 260 亿元且持续每日流 入，即使周五大幅下跌期间仍有较多资金净流入；电子半导体 ETF 资金呈 现逢跌买入、逢涨流出特征；基础化工 ETF 亦获近 100 亿元稳定净流入。 此外，卫星产业、建筑材料、房地产等行业 ETF 资金净流入额占规模的比 例均超 10%，其中卫星产业指数虽周内回调，资金仍保持每日净流入态势。 ETF 市场回顾：宽基 ETF 净流出，有色、电子、化工等行业持续净流入 近一周股票型 ETF 资金净流出总额超 3000 亿元，宽基 ETF 净流出、行业 ETF 持续净流入。宽基 ETF 中，沪深 300 ETF 周净流出超 2400 亿元，中 证 1000、上证 50、中证 500ETF 的净流出额也在 ...

- The report discusses the absolute return ETF simulation portfolio, which has increased by 7.47% year-to-date as of September 26, 2025. The portfolio's asset allocation weights are calculated based on recent trends, with stronger assets receiving higher risk budgets. Equity asset internal allocation weights are determined using a monthly industry rotation model and timing views on dividend assets[36][37] - The backtesting results of the absolute return ETF simulation portfolio from May 5, 2016, to September 26, 2025, show an annualized return of 6.61%, annualized volatility of 3.81%, maximum drawdown of 4.65%, Sharpe ratio of 1.73, and Calmar ratio of 1.42[37] - The report highlights the performance of domestic gold ETFs, which have seen a resurgence in net inflows since domestic gold prices broke previous highs. As of September 26, 2025, the total scale of 14 domestic gold ETFs reached 1629 billion yuan, an increase of nearly 160 billion yuan compared to the end of August, approaching the high point of April 24, 2025[12][14][16]