上周（11月17日至11月21日），A股市场整体经历显著调整，上证指数全周始终运行于4000点下方，累计下跌3.9%。其中， 11月21日（周五），指数失守3900点关口，单日跌幅达2.45%，成为"黑色星期五"。 深市表现更为疲弱，深证成指全周下跌5.13%，创业板指跌幅达6.15%。港股市场同样承压，恒生指数当周跌幅超过5%。 受此影响，上周，全市场股票型ETF全线下跌。 其中受光伏、锂电等新能源领域大幅调整的影响，23只相关ETF跌幅超10%，其中科创板新能源ETF（588960.SH）和科创新 能源ETF（588830.SH）领跌，单周跌幅分别高达13.44%和13.17%。仅有8只股票型ETF单周跌幅小于1%，传媒ETF、银行 ETF及创业板人工智能ETF在当前市场环境下展现出较强的抗跌属性。 整体来看，全市场仅有52只ETF实现上涨。 其中，单周上涨1.35%的标普生物科技ETF（159502.SZ）成为上周全市场唯一一只涨幅超过1%的ETF产品。在涨幅靠前的 ETF中，频繁出现地方债和科创债相关产品的身影。 | 序号 | 指数名称 | 代表ETF | 基金公司 | 周涨跌幅 | ETF规模 | ...

A股调整之际，ETF资金越跌越买！ | 证券代码 | 证券简称 | | --- | --- | | 510500 | 中证500ETF | | 159915 | 创业板ETF | | 510300 | 沪深300ETF | | 588000 | 科创50ETF | | 513180 | 恒生科技指数ETF | | 512100 | 中证1000ETF | | 513130 | 恒生科技ETF | | 510210 | 上证指数ETF。 | | 513330 | 恒生互联网ETE | | 159845 | 中证1000ETF | | 513050 | 中概互联网ETF | | 513010 | 恒生科技ETF易方达 | | 159382 | 创业板人工智能ETF南方 | | 562500 | 机器人ETF | | 159740 | 恒生科技ETF | 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 11月21 ...

Market Performance - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 300, and ChiNext Index gaining 1.08%, 0.82%, and 0.65% respectively, while the SME Board Index, CSI 500, and STAR 50 Index recorded losses of -0.59%, -0.04%, and 0.01% respectively [1] - In terms of sectors, power equipment and new energy, steel, and oil and petrochemicals performed well with gains of 5.10%, 4.57%, and 4.56% respectively, while pharmaceuticals, computers, and comprehensive finance lagged with losses of -2.36%, -2.08%, and -1.98% respectively [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 239.45 billion yuan, with stock ETFs experiencing a net outflow of 10.35 billion yuan, while cross-border stock ETFs saw a net inflow of 116.3 billion yuan [2] - The net inflows for various indices included 73.86 billion yuan for Hang Seng Technology, 59.38 billion yuan for money market funds, and 43.10 billion yuan for securities companies, while the CSI 300 and CSI 500 experienced net outflows of 88.35 billion yuan and 23.94 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was 0.43%, with the CSI 300 ETF and the Shanghai Composite 50 ETF showing median returns of 0.82% and 0.89% respectively [11] - The top-performing ETFs included the Electric Grid Equipment ETF and various photovoltaic ETFs, which saw returns of 10.92%, 10.80%, and 9.30% respectively [12][14] - Conversely, the worst performers included the Sci-Tech Innovation Drug ETFs, which experienced declines of -7.59% and -7.38% [16][18] New Fund Launches - A total of 45 funds were reported last week, maintaining the same number as the previous week, including three FOFs and one QDII [19] - Upcoming launches include several ETFs focused on photovoltaic industries and internet sectors, indicating a continued interest in these areas [19][20]

Market Overview - The market rebounded yesterday with all three major indices turning positive, driven by active performance in the photovoltaic sector, a strong coal sector, and continued strength in the Hainan Free Trade Zone [1] - Storage chip concept stocks also showed signs of recovery, while battery concept stocks underperformed [1] ETF Market Activity - On November 3, the non-monetary ETF market saw significant inflows, with the following notable changes: - The Cathay CSI All Share Securities Company ETF saw an increase of 883 million shares and a net inflow of 1.098 billion yuan [1] - The Huatai-PB CSI Hong Kong Stock Connect Innovative Drug ETF increased by 531 million shares with a net inflow of 944 million yuan [1] - The Huatai-PB CSI A500 ETF increased by 738 million shares with a net inflow of 914 million yuan [1] Fund Performance - The top 20 ETFs by net inflow as of November 3 include: - Cathay CSI All Share Securities Company ETF with a net inflow of 1.098 billion yuan and a total fund size of 62.234 billion yuan [4] - Huatai-PB CSI Hong Kong Stock Connect Innovative Drug ETF with a net inflow of 944 million yuan and a total fund size of 21.786 billion yuan [4] - Huatai-PB CSI A500 ETF with a net inflow of 914 million yuan and a total fund size of 26.104 billion yuan [4] Overall ETF Market Statistics - As of November 3, the total ETF market had 31,321.06 billion shares and a total size of 57,204.87 billion yuan [4] - The financial sector saw the largest increase in ETF shares, with 25 funds tracking it [4] - The largest increase in thematic funds was in the CSI Wine Index, with one fund tracking it [4] - The largest increase in index tracking was for securities companies, with 14 funds following this index [4] - The highest return was from the photovoltaic leading 30 index, which rose by 3.87%, with one fund tracking it [4]

Group 1: ETF Inflows - Investors invested $37.6 billion into U.S.-listed ETFs during the week ending October 31, indicating strong inflows despite a hawkish tone from the Federal Reserve [1] - U.S. equity ETFs led inflows with $19.3 billion, followed by U.S. fixed income funds at $8.7 billion, international equity ETFs at $8.6 billion, and international fixed income products at $2.2 billion [1] Group 2: Market Conditions - The macro backdrop remained supportive with stocks near record highs, driven by strong gains in technology stocks such as Nvidia and Amazon [2] - The Federal Reserve cut rates as expected, but Chair Jerome Powell's comments suggested a December rate cut was not guaranteed, diverging from market expectations [2] - Futures markets indicate a 67% chance of another rate cut next month, down from pre-meeting levels [2] Group 3: Top Performing ETFs - The SPDR S&P 500 ETF Trust (SPY) saw the highest inflows with $4.4 billion, followed by the Vanguard Information Technology ETF (VGT) with $2.1 billion, and the Invesco NASDAQ 100 ETF (QQQM) with over $1 billion [4] - On the fixed income side, the JPMorgan Municipal ETF (JMUB) led with $1.9 billion in inflows [4] Group 4: International ETFs - The Vanguard FTSE Developed Markets ETF (VEA) and the JPMorgan BetaBuilders Europe ETF (BBEU) had notable inflows of $805 million and $757 million, respectively [5] Group 5: ETF Outflows - The iShares Russell 2000 ETF (IWM) experienced $1.8 billion in redemptions as small caps underperformed large caps [6] - The Direxion Daily Semiconductor Bull 3x Shares (SOXL) saw $1.3 billion in outflows as traders took profits after a rally in semiconductor stocks [6] - The SPDR Gold Shares (GLD) and the iShares 0–3 Month Treasury Bond ETF (SGOV) each had about $1 billion in redemptions, reflecting profit-taking and a dip in demand for ultra-short Treasuries [7]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The attention to thematic ETFs in the US has increased, with various new ETF products launched last week, including municipal bond products, power ETFs, natural gas ETFs, and unmanned driving ETFs. [7][8] - US ETFs have seen continuous inflows into stock products, with significant inflows into the S&P 500 ETF and growth ETFs, while gold ETFs and leveraged ETFs have continued to experience outflows. [11] - US bond ETFs have performed well this year, with broad - based composite bond products yielding over 6% and 20 - year - plus Treasury bond ETFs yielding over 7%. [15] - In September 2025, the total amount of non - money public funds in the US increased, and last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17] 3. Summary by Directory 3.1 US ETF Innovation Products: Thematic ETFs Gain Attention - Last week, 20 new products were launched in the US, including 5 different municipal bond products from Franklin Templeton. [7] - Arin Risk Advisors issued a tail - risk ETF, aiming to avoid risks during market downturns through active management. The product's positions are divided into regular, tail - risk protection, and tactical positions. [8] - The attention to thematic ETFs has increased, with new power, natural gas, and unmanned driving ETFs launched. Roundhill and Rex Shares also issued leveraged + option weekly dividend products and option products respectively. [8][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products See Continuous Inflows - In the past week, US ETFs received inflows of over $30 billion, with significant inflows into stock products and continuous outflows from gold ETFs. The S&P 500 ETF from State Street received inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to have outflows. [11] 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance. [15] 3.3 Recent Capital Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. The scale of domestic stock products increased, but the redemption pressure also rose. Last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17]

Market Overview - A-shares experienced a pullback last week, with the Shanghai-Shenzhen 300, CSI 500, and CSI 1000 indices showing weekly returns of -0.43%, 1.00%, and 1.18% respectively [1] Fund Flows - The ETF market saw a net inflow of 29.3 billion yuan last week, with stock ETFs contributing 23.426 billion yuan and cross-border stock ETFs adding 4.968 billion yuan. Conversely, commodity ETFs faced a net outflow of 5.963 billion yuan, while bond ETFs gained 13.052 billion yuan [2] - Specific index inflows included the Shanghai-Shenzhen 300, AAA Sci-Tech Bonds, CSI A500, Sci-Tech 50, 0-4 Year Government Bonds, Securities Companies, Hang Seng Technology, and Communication Equipment, which saw net inflows of 7.263 billion yuan, 7.235 billion yuan, 4.548 billion yuan, 3.242 billion yuan, 3.029 billion yuan, 2.962 billion yuan, 2.956 billion yuan, and 2.474 billion yuan respectively [2] ETF Performance - The median return for stocks was 0.30%, with 53% of stocks rising and 47% falling. Active equity funds had a median return of -0.05%, with 48% of funds increasing and 52% decreasing [9] - Major broad-based ETFs mostly declined, with the CSI 500 ETF slightly up, while the Sci-Tech 50 ETF saw a significant drop of -3.17%. In contrast, US ETFs like the NASDAQ and S&P 500 ETFs rose by 1.96% and 3.98% respectively [9] - Among industry ETFs, advanced manufacturing saw notable gains, with the photovoltaic ETF rising by 6.55%, and battery and new energy vehicle ETFs increasing by 5.80% and 4.86% respectively. Conversely, the chip and communication ETFs experienced declines of -4.40% and -2.47% [10] New ETF Products - Recently, three new products including the Huaxia Shanghai Stock Exchange 180 ETF were launched, while 24 products such as the Guoshou Anbao CSI A500 Dividend Low Volatility ETF were established. Additionally, two Brazilian market investment products are set to be launched soon [17] Industry News - The World Gold Council reported a 21% quarter-on-quarter increase in gold jewelry demand in China for Q3, although it still represented an 18% year-on-year decline. Overall retail gold investment and consumption demand reached 152 tons, down 7% year-on-year and 38% quarter-on-quarter [17] - Central Huijin and other entities saw their ETF holdings grow by over 200 billion yuan in a single quarter, maintaining support for the stock market [18][19] - Kweichow Moutai's position among funds has declined, dropping from the third-largest holding to the tenth-largest in just one quarter, reflecting a significant shift in investor sentiment [20]

Core Insights - The cryptocurrency market has experienced a decline of 1.83% (approximately $70 billion) in the past 24 hours, continuing a monthly drop of 4.65% in October, driven by mixed macroeconomic signals and high market leverage [1] - Institutional interest in Solana and Ethereum's resilience indicates selective buying despite the overall market downturn [1] - Bitcoin is testing its 7-day moving average at $111,291.89, while other cryptocurrencies are in an oversold condition, raising questions about the impact of upcoming CPI data on market trends [1] Market Overview - Total cryptocurrency market capitalization stands at $3.76 trillion, with a 24-hour trading volume of $385.78 billion [12] - The Fear and Greed Index is currently at 34/100, indicating fear in the market, although it has improved from last week's 28 [12][14] - Bitcoin's market dominance has increased to 59%, while the altcoin season index has dropped to 31/100, reflecting a 48% decline in altcoin momentum over the past 30 days [15][16] Liquidation Data - In the last 24 hours, 164,189 traders were liquidated, totaling $822 million, with long positions accounting for $652 million and short positions for $170 million [3] Major Cryptocurrencies Performance - Bitcoin (BTC): Current price at $111,291.89, down 1.84% in 24 hours, with a market cap of $2.22 trillion [4] - Ethereum (ETH): Current price at $3,933.72, down 1.82% in 24 hours, with a market cap of $475.08 billion [6] - Binance Coin (BNB): Current price at $1,116.88, down 0.12% in 24 hours, with a market cap of $153.74 billion [9] - Ripple (XRP): Current price at $2.5849, up 0.10% in 24 hours, with a market cap of $155.16 billion [11] Notable Price Movements - Zcash (ZEC) has seen the largest increase, up 12.48% in 24 hours, while Plasma (XPL) has experienced the largest decrease, down 13.15% [17]

Group 1 - The photovoltaic, non-ferrous metals, and energy storage sectors experienced significant gains, with multiple photovoltaic-themed ETFs rising over 8% and several renewable energy and battery-related ETFs increasing by more than 5% [1] - The ChiNext chip ETF (588200), securities and insurance ETF (512070), communication ETF (515880), and semiconductor ETF (512480) saw substantial capital inflows, each exceeding 500 million yuan, while leading broad-based ETFs have also been attracting continuous investments [1] - On October 29, the chairman of the Beijing Stock Exchange, Lu Songbin, announced plans to optimize the listing standard system and enhance the adaptability and precision of the listing review process, as well as to accelerate the launch of the Bei Zheng 50 ETF and introduce after-hours fixed-price trading [1] Group 2 - On October 29, the Federal Reserve announced a 25 basis point reduction in the federal funds rate target range, lowering it from 4%-4.25% to 3.75%-4%, marking the second rate cut of 2025, with a total reduction of 50 basis points this year [1]

Market Overview - Bitcoin trading price hovers around $107,000, while Ethereum fluctuates around $3,800, following a brief attempt to break through $110,000 and $4,000 [2] - The total market capitalization of cryptocurrencies has decreased by 0.4% to approximately $3.745 trillion, with the Fear and Greed Index currently at 29, indicating a state of "fear" [2] ETF Fund Flows - Significant outflows from U.S. spot crypto ETFs have been observed, with Bitcoin ETFs recording a net outflow exceeding $1.2 billion over four consecutive trading days, marking the second-largest weekly withdrawal since the product's launch in January 2024 [2] - BlackRock's IBIT saw a withdrawal of $107 million, while Fidelity's FBTC and ARK's ARKB combined experienced outflows of over $589 million during the same period [2][3] - Ethereum ETFs also faced outflows totaling $312 million, with BlackRock's ETHA and Grayscale's ETHE contributing significantly to this decline [3] Recent Inflows and Market Sentiment - On a positive note, ETFs returned to a net inflow status with a total of $477.2 million on a recent Tuesday, suggesting a potential stabilization in institutional sentiment [4] - Nine out of twelve Bitcoin funds reported net inflows, led by BlackRock's IBIT with $210.9 million, indicating a shift in investor confidence [5] - The demand for cryptocurrencies as a diversification tool is being reinforced as gold demand peaks and its price experiences a significant drop [5] Macroeconomic Factors - The market is facing multiple pressures, including tightening global liquidity and rising inflation concerns, particularly with the Bank of Japan nearing its first interest rate hike in two decades [5][6] - Analysts predict that the upcoming U.S. Consumer Price Index (CPI) report will be crucial for market sentiment, with expectations of a rise in CPI from 2.9% to 3.1% year-over-year [6] - The probability of a 25 basis point rate cut by the Federal Reserve is currently at 96%, indicating a strong market focus on potential policy shifts [7] Market Outlook - The combination of ETF outflows, macroeconomic uncertainty, and aggressive short positions has led to a defensive market posture [8] - Long-term bullish investors view the current cooling period as a healthy adjustment following months of overheated speculation [8]