Market Performance - The stock market has become increasingly active, with the Shanghai Composite Index breaking through 3800 points, driven by a positive cycle of profit accumulation and capital inflow [1] - The STAR Market AI Index surged by 16.7%, while the CSI Chip Industry Index and CSI AI Theme Index rose by 14.2% and 13.7% respectively, indicating strong performance in semiconductor and AI-related sectors [1] ETF Activity - Significant trading activity was observed in ETFs, with the total trading volume of CSI A500-related ETFs reaching 143.28 billion yuan, ranking first among all index products [2] - The trading volume of Hong Kong stock ETFs was also robust, with the E Fund CSI Hong Kong Securities Investment Theme ETF surpassing 120 billion yuan in trading volume, maintaining its position as the market leader for seven consecutive weeks [2] Fund Flows - The overall market attracted a net inflow of 24.783 billion yuan into ETFs, with notable inflows into brokerage-related ETFs, including 3.956 billion yuan into the Guotai CSI All-Share Securities Company ETF [3] - Some high-performing ETFs, such as the Huaxia STAR Market 50 ETF, experienced significant net outflows, indicating profit-taking behavior among investors [3] Sector Insights - The technology sector, particularly the semiconductor industry, has shown strong growth, with the STAR Market Chip Index rising approximately 10% in a single day [4] - The release of DeepSeek-V3.1, aimed at next-generation domestic chip design, is expected to catalyze the development of a domestic AI ecosystem [4] Future Outlook - The market is anticipated to continue receiving support from positive capital flows, with structural opportunities expected to persist due to ongoing economic recovery and policy support [5] - Investors are encouraged to focus on core growth assets, as current valuations are at historical lows, providing potential for valuation recovery [5]

从配置偏好来看，科创主题ETF和自由现金流ETF成为私募机构的重点关注对象。私募排排网数据显示，截至5月 31日，私募机构旗下产品现身33只年内上市的科创主题ETF前十大持有人名单，合计持有份额达5.71亿份，凸显 出私募机构对科技创新赛道的持续看好。其中，华夏上证科创板综合ETF等4只产品获私募机构配置超4000万份。 同时，私募机构旗下产品现身年内上市的16只自由现金流ETF前十大持有人名单，合计持有份额达3.50亿份。其 中，大成中证全指自由现金流ETF等3只产品获得私募机构配置超4000万份，博时基金、平安基金等公募机构旗下 的9只相关产品也均获得超千万份的配置。（南木） 在上述104家私募机构中，管理规模在5亿元以下的小型机构数量最多，达42家。中型机构也在积极配置ETF。例 如，管理规模处于20亿元至50亿元区间的铸锋资产持有ETF份额达2.40亿份，投资组合中科创主题ETF占比较高， 重点配置了8只相关产品。 大型私募机构也毫不逊色，管理规模在50亿元以上的13家大型私募机构，均持有200万份以上的年内上市ETF份 额。其中，百亿元级私募机构思勰投资以5000.55万份的配置规模位居大型私募机构 ...

Group 1 - The public ETF market has shown strong growth since 2025, attracting diverse investors, including private equity institutions, with a total of 104 private equity firms holding 1.783 billion shares in 97 newly listed ETFs as of May 31 [1] - Small institutions with assets under management (AUM) below 500 million yuan account for 40% of the 104 private equity firms, while medium-sized institutions also actively invest in ETFs, with notable holdings in technology-themed ETFs [2] - Large private equity firms, with AUM over 5 billion yuan, also demonstrate enthusiasm for ETF investments, with the leading firm holding 50.055 million shares in various products [2] Group 2 - Private equity institutions favor ETFs for their liquidity, risk diversification, lower management fees, and the ability to target specific sectors through thematic ETFs [3] - Technology-themed ETFs and free cash flow ETFs are the primary focus for private equity institutions, with 5.71 million shares held in 33 technology-themed ETFs as of May 31, indicating a strong belief in the technology innovation sector [4] - Free cash flow ETFs are emerging as a new investment direction, with 3.50 million shares held in 16 such ETFs, reflecting a strong demand for assets with abundant cash flow and high dividend potential [5]