9月以来，A股市场震荡调整，避险情绪升温，部分资金主动转向兼具低估值、高股息双重属性的红利 资产，为当前行情下的投资配置提供了方向。 市场分化加剧 据证券时报·数据宝统计，9月以来，上证指数累计下跌1.18%，市场整体呈现震荡整理格局，结构性特 征愈发凸显。 从行业来看，前期领涨的国防军工、计算机和电子等行业回调明显，国防军工行业指数跌幅超过10%。 电力设备、有色金属和公用事业等顺周期行业走强，电力设备行业累计涨幅超过5%。 相关人士认为，顺周期行业走强，一是得益于行业需求稳步回升，例如有色金属行业受益于上游原材料 价格波动及下游制造业需求回暖的双重支撑；二是顺周期行业存在一定补涨空间；三是部分顺周期行业 兼具高股息的特征，在当前市场更注重确定性回报的背景下，高股息属性为板块增添吸引力，成为资金 流入的重要推动因素。 9月涨幅居前个股高股息特征明显 据数据宝统计，9月以来超3000股下跌，其中450余只累计跌幅超10%；400余只累计涨幅超10%。 数据显示，月内涨幅居前股票具备高股息特征。 以9月以来涨幅不低于10%的个股（简称"大涨股")与跌幅不低于10%的个股(简称"大跌股")进行对比，大 涨股平均市 ...

Core Viewpoint - The artificial intelligence sector has experienced a strong surge, with over 10 billion yuan flowing into related ETFs since August [1] Fund Flows - From August 1 to September 1, the net subscription amount for AI-themed ETFs reached 15.319 billion yuan [1] - The E Fund CSI Artificial Intelligence Theme ETF saw a net subscription of 2.568 billion yuan [1] - The Huafu CSI Artificial Intelligence Industry ETF recorded a net subscription of 2.323 billion yuan [1] Market Outlook - According to Huaxia Fund, after a short-term adjustment, the valuation is returning, and the AI market may follow a rotation pattern of "hardware-software-application," presenting a good opportunity for investment after the adjustment [1]

Group 1 - Since July, multiple technology-themed funds have ended their fundraising early, indicating a growing enthusiasm for subscriptions and a shift towards technology sectors [1] - The early closure of funds reflects a preference for growth assets and highlights the technology innovation sector as a core direction for medium to long-term capital allocation [1] - In July, the China Ocean Fund announced the early closure of its technology innovation mixed fund, marking it as the seventh technology-related fund to end fundraising early this month [1] Group 2 - Experts attribute the "lightning fundraising" phenomenon to several driving factors, including significant policy support and industry trends that enhance long-term confidence in hard technology sectors [2] - Many technology-themed funds have preset fundraising caps, which, in the context of high subscription enthusiasm and rapid capital inflow, leads to early achievement of target sizes [2] - The valuation attractiveness of technology stocks has improved after prior adjustments, prompting some fund companies to accelerate their investment through early fundraising closures [2] Group 3 - The liquidity environment has been improving, with the People's Bank of China releasing liquidity through significant reverse repurchase operations [3] - Regulatory support for the funding environment and changes in macro fundamentals are expected to enhance investor risk appetite [3] - The technology innovation sector is seen as having significant investment value, particularly in rapidly growing areas like artificial intelligence and advancements in biomedicine [3]

【 导读 】昨 日股票ETF资金净流入超 50 亿元 中国基金报记者 曹雯璟 6月19日，A股市场全天震荡走低， 股票ETF（含跨境ETF）整体资金净流入50.9亿元。其中，多只港股相关ETF产品成为"吸金"主力， 半导体、人工智能、农业等主题ETF资金净流出金额居前。 单日股票ETF资金净流入超 50 亿元 6月19日，市场全天低开低走，创业板指领跌。从板块来看，油气股逆市大涨，短剧概念股震荡走强，固态电池概念股一度冲高。 6月19日，股票ETF（含跨境ETF）整体资金净流入50.9亿元，最新规模达3.48万亿元。其中行业主题ETF资金净流入居前，达27.31亿 元；宽基ETF净流出金额居前，达10.83亿元。 具体到指数维度，6月19日，跟踪恒生科技指数、 中证A500指数 的ETF单日净流入金额居前，分别达18.9亿元和14.02亿元。 头部基金公司一些产品持续吸金。华夏基金ETF方面，6月19日，恒生科技指数ETF单日净流入居前，达7.55亿元；最新规模为274.82亿 元，对应跟踪指数近一月日均成交额为38.03亿元。 易方达基金旗下创业板ETF资金净流入3.2亿元，恒生科技ETF净流入2.0亿元， ...

Core Viewpoint - The A-share market shows mixed performance among major indices, with the artificial intelligence and robotics sectors leading in gains, particularly with several related ETFs rising over 3% [1] Group 1: Index Characteristics - The four indices tracking artificial intelligence themes include the ChiNext AI Index, the CSI AI Theme Index, the CSI Hong Kong-Shenzhen AI 50 Index, and the SSE Sci-Tech Innovation Board AI Index [2] - The ChiNext AI Index consists of 50 stocks from the ChiNext market, with an average market capitalization of approximately 25.9 billion [3] - The CSI AI Theme Index selects 50 stocks involved in providing foundational resources, technology, and application support for AI, with an average market capitalization of about 57.1 billion [3] - The CSI Hong Kong-Shenzhen AI 50 Index includes 49 stocks from mainland and Hong Kong markets, focusing on high market capitalization and growth potential, with an average market capitalization of around 148.3 billion [4] - The SSE Sci-Tech Innovation Board AI Index comprises 30 stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 33.6 billion [5] Group 2: Industry Distribution - The ChiNext AI Index emphasizes communication equipment and information technology services, accounting for over 40% of its composition [6] - The CSI AI Theme Index is primarily concentrated in semiconductors, computers, and electronics [8] - The CSI Hong Kong-Shenzhen AI 50 Index focuses on computers, semiconductors, media, and communication technology services [10] - The SSE Sci-Tech Innovation Board AI Index has a significant focus on the semiconductor industry, with over 50% weight, also covering computers and durable consumer goods [12] Group 3: Top Holdings - The top ten holdings of the ChiNext AI Index include stocks like Xinyi Technology and Zhongji Xuchuang, with a cumulative weight exceeding 19% [14] - The top ten holdings of the CSI AI Theme Index account for 60.79%, with Tencent Holdings and Cambricon Technologies each exceeding 7% [16] - The SSE Sci-Tech Innovation Board AI Index has a high concentration in its top ten holdings, which account for 70.63%, with stocks like Cambricon Technologies and Kingsoft Office each exceeding 8% [18] Group 4: Historical Performance - Over the past year, the SSE Sci-Tech Innovation Board AI Index has outperformed the other three indices, while the ChiNext AI Index has shown the best performance over three and five years [19] - The annualized volatility of both the SSE Sci-Tech Innovation Board AI Index and the ChiNext AI Index is significantly higher than the other two indices [19] Group 5: Valuation Levels - The ChiNext AI Index currently has a TTM P/E ratio below the historical 40th percentile, indicating a below-median level [21] - The CSI AI Theme Index's TTM P/E ratio has risen to above the historical 70th percentile, indicating a relatively high position [23] - The CSI Hong Kong-Shenzhen AI 50 Index's TTM P/E ratio remains below the historical 10th percentile, indicating a very low level [26] - The SSE Sci-Tech Innovation Board AI Index's TTM P/E ratio is below the historical 30th percentile, reflecting a lower position, although the data is limited due to its shorter history [32] Group 6: Commonalities - All four indices are centered around the artificial intelligence theme, selecting stocks that provide foundational resources, technology, and application support for AI [30] - The sample stock selection rules for all indices require liquidity and prioritize larger market capitalization stocks to avoid early-stage, lower maturity, and smaller market capitalization stocks [30]