Core Viewpoint - The recent downturn in the A-share market has led to a significant inflow of funds into ETFs, indicating a "buy the dip" mentality among investors despite the market's overall decline [2][6][10]. Market Performance - The A-share market experienced a substantial adjustment from November 17 to 21, with the Shanghai Composite Index falling over 3% and the ChiNext Index dropping more than 6%, marking the largest weekly decline in months [1][4][5]. - As of November 24, signs of stabilization were observed, with all three major indices showing slight increases and a total of 4,228 stocks rising [3]. Fund Inflows - A total net inflow of 701.21 billion yuan was recorded for stock ETFs and cross-border ETFs, with broad-based index ETFs attracting 359.31 billion yuan, highlighting a strong preference for these investment vehicles during market corrections [2][6]. - Specific ETFs such as the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF were particularly favored, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [6]. Investment Trends - The current market adjustment is viewed as a normal correction, with many investors seizing the opportunity to buy into ETFs as a long-term strategy rather than short-term speculation [6][7]. - A notable trend of "high cutting low" has emerged, where funds are flowing out of high-valuation sectors like electronics and into more stable sectors such as banking and consumer goods [8][9]. Sector Preferences - Despite the overall market correction, there remains a strong interest in technology stocks, with significant inflows into sector-specific ETFs such as AI and robotics [9]. - The market is expected to see a shift towards undervalued assets with high dividend yields and positive fundamental outlooks as investors adjust their strategies [10].

记者丨 庞华玮 编辑丨 张星 市场越跌，资金越买——这看似矛盾的一幕近期在A股市场上演。 上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创业板指跌超 6%，创下近几个月来最大单周跌幅。 然而，在市场回调之际，大量资金却借道ETF逆市布局。 Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数 ETF净流入359.31亿元，成为资金涌入的主要方向。 业内人士认为，市场大趋势没变，此时资金回流ETF说明很多资金是趁调整抄底。 截至11月24日收盘，A股市场已出现企稳迹象，三大指数小幅上涨，共4228只个股上涨，79 只个股涨停。市场在经历深度调整后，似乎正在寻找新的平衡点。 托合江分析认为， 此轮市场回调主要原因在于两方面， 一方面是今年已经上涨较多，特别是 AI、机器人等热门科技成长板块，具有回调压力；另一方面是市场担忧已经处于估值高位的 AI产业链无法出现爆款应用来消化估值。此外，还叠加美联储降息预期下降、年底资金面压 力等其他因素。 "高切低"成新趋势 在市场调整之际，资金流向也呈现出明显的 "高切低"特征。 7 0 0亿ETF资金" ...

Wind数据显示，截至11月21日，全市场1262只股票ETF（含跨境ETF）总规模为4.47万亿元。规模缩水主要受大盘下跌影响。 记者按照区间成交均价测算发现，11月21日股票ETF整体净流入资金高达407.57亿元，"抄底资金"逢低加仓。 从大类型来看，11月21日，宽基ETF与行业主题ETF净流入居前，分别达272.7亿元与73.57亿元。 宽基板块"吸金"十分显著。具体来看，跟踪沪深300指数的ETF单日净流入金额达48.9亿元、跟踪中证500指数的ETF净流入金额达39亿元、跟踪科创板50 指数的ETF净流入金额达38.6亿元、跟踪创业板指数的ETF净流入金额达37.8亿元、跟踪中证1000指数的ETF净流入金额为33.3亿元。 按宽基ETF单一产品看，易方达基金旗下创业板ETF单日净流入达27.87亿元，上周合计净流入46亿元。华夏基金旗下科创50ETF和中证1000ETF单日净流 入分别达24.04亿元和10.59亿元，最新规模分别达719.39亿元和439.81亿元，对应跟踪指数近一月日均成交额分别为41.79亿元和3.76亿元。 从近5日角度观测，近期资金流入恒生科技指数超105亿元，中证5 ...

【导读】11月21日股票ETF市场净流入超400亿元，资金持续加仓ETF 11月21日（上周五），A股三大股指大幅回调，创业板指跌超4%，深证成指跌3.41%，上证指数跌2.45%。市场震荡回调，股票ETF迎来资金"抄底加仓"。 当日股票ETF资金净流入超400亿元。其中宽基ETF、人工智能ETF、券商ETF为"吸金"大户。 宽基板块获大举加仓 Wind数据显示，截至11月21日，全市场1262只股票ETF（含跨境ETF）总规模为4.47万亿元。规模缩水主要受大盘下跌影响。 记者按照区间成交均价测算发现，11月21日股票ETF整体净流入资金高达407.57亿元，"抄底资金"逢低加仓。 从大类型来看，11月21日，宽基ETF与行业主题ETF净流入居前，分别达272.7亿元与73.57亿元。 宽基板块"吸金"十分显著。具体来看，跟踪沪深300指数的ETF单日净流入金额达48.9亿元、跟踪中证500指数的ETF净流入金额达39亿元、跟踪科创板50 指数的ETF净流入金额达38.6亿元、跟踪创业板指数的ETF净流入金额达37.8亿元、跟踪中证1000指数的ETF净流入金额为33.3亿元。 按宽基ETF单一产品看，易方 ...

11月21日，指数走弱。 相关ETF中，券商ETF（159842）震荡走弱，截至发稿跌1.39%，成交额快速突破9000万元。成分股 中，仅国盛证券、首创证券飘红，东北证券、华创云信、兴业证券、锦龙股份等股跌幅居前。 资金流向上行看，券商ETF（159842）昨日获资金净流入超2.1亿元。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据媒体报道，2025年前三季度，42家上市券商合计营收、合计归母净利润分别为4195.60亿 元、1690.49亿元，较上年同期（调整后，下同）分别增长42.55%和62.38%。较上年同期相比，42家上 市券商的归母净利润均有增长。值得注意的是，三家并购重组后的券商国联民生、国泰海通、国信证券 营收净利润增长均较快。 东莞证券表示，证券行业并购重组事件趋向频繁。在政策引导、行业竞争与转型需求下，未来证券行业 将出现更多并购重组事件。建议关注新公司市场表现和其他具有并购重组预期的证券公司。 中信建投发布非银2026年投资展望指出，证券行业有望迎来新一轮上行周期，助力金融强国 ...

Core Insights - The market is currently experiencing fluctuations, with a notable adjustment in the AI sector, particularly in the ChiNext AI index, which saw a decline of over 3% in a single day, indicating a broader market correction [3][4] - The banking sector is showing strong performance, with the China Securities Banking Index rising over 9% since October, significantly outperforming the broader market and the ChiNext index by nearly 13% [4][6] - High dividend yields and low valuations in the banking sector are attracting investor interest, especially in a low-interest-rate environment [4][6] Market Temperature - The market temperature gauge indicates a mixed sentiment, with the Shanghai Composite Index at a 99.09% percentile, Shenzhen Component Index at 84.36%, and ChiNext Index at 43% [1] Sector Performance - The top three sectors with net inflows include Defense and Military (846 million), Real Estate (545 million), and Construction Decoration (471 million) [2] - The sectors with the largest net outflows are Electronics (-14.608 billion), Electric Equipment (-8.542 billion), and Chemical Engineering (-5.713 billion) [2] ETF Performance - The banking ETF (512800) has shown a 0.85% increase on the day and a 4.82% increase over the past six months, indicating strong investor confidence [3][6] - The AI-focused ChiNext ETF (159363) has experienced a significant decline, reflecting the broader market's adjustment in technology stocks [3][4] Investment Strategy - The current investment strategy in the banking sector is supported by its high dividend yield and stable operational characteristics, making it attractive for investors seeking safety and income [4][6] - The AI hardware and computing sectors are expected to remain key market drivers in the upcoming year, despite recent volatility [4]

- The report discusses the microstructure rebalancing in the A-share market, highlighting the increased concentration of stock price movements driven by speculative capital inflows since June 2025, which has impacted quantitative products' portfolio construction and risk exposure adjustments[13][23][24] - Quantitative products have adjusted their exposure to micro-cap stocks, initially reducing their holdings to mitigate nonlinear market cap risks, and later increasing allocations to amplify excess returns as speculative capital inflows weakened post-October 2025[13][23][24] - The report emphasizes the Barra style factor performance, noting that fundamental factors such as BP value and investment quality have shown positive returns, while transaction-related factors like short-term momentum have also delivered strong excess returns during the market's recent fluctuations[23][24][25]

Market Overview - The A-share market exhibited a range-bound fluctuation with reduced volatility, indicating a stabilization in market sentiment. The major indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, experienced declines of 0.18%, 1.40%, and 3.01% respectively [1] - The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan on several days, reflecting a significant decrease in market activity and a growing sense of caution among investors [1] - The average decline of all ETFs was 0.62%, with commodity ETFs showing a notable increase of 2.95%, while cross-border ETFs also performed well with an average increase of 1.55% [1] ETF Performance - The innovative drug sector is showing signs of recovery, with nine out of the top ten performing ETFs related to innovative drugs, some exceeding a 7% increase. The overall revenue of the innovative drug sub-sector grew by 23.34%, and the CXO sector's net profit increased by 55.90% year-on-year, significantly outperforming the industry average [2][3] - The communication and AI-related ETFs continued to decline as the market adjusts to the valuations of previously high-performing sectors. However, this short-term adjustment may provide better long-term investment opportunities [4] Fund Trends - Despite market fluctuations, thematic ETFs remain the main attraction for capital, with a net inflow of 145.37 billion yuan during the period. Stock ETFs saw a net inflow of 46.20 billion yuan, indicating a preference for equity investments [5] - Gold and brokerage ETFs attracted significant capital inflows, with the gold ETF receiving over 2.5 billion yuan, highlighting a strong demand for safe-haven assets [7] ETF Issuance Market - Two new ETFs are set to launch next week, including the Huaxia CSI Photovoltaic Industry ETF, which tracks the performance of companies involved in the photovoltaic industry chain, reflecting China's strong position in the global photovoltaic market [9] - The Southern Hang Seng Technology ETF aims to track the Hang Seng Technology Index, which covers various sectors of the technology industry, indicating potential growth in the Hong Kong stock market [10]

Core Viewpoint - On November 12, the stock ETF saw a net inflow of 91.6 billion yuan, with popular thematic ETFs in sectors like securities, chemicals, and insurance leading the inflow, while broad-based ETFs like the SSE 50 Index and ChiNext 50 Index experienced significant outflows [2][5][10]. Group 1: Market Overview - The market opened slightly lower and experienced fluctuations, with sectors such as insurance, pharmaceuticals, and oil showing gains, while sectors like cultivated diamonds, photovoltaics, and controllable nuclear fusion faced declines [4]. - The overall scale of stock ETFs reached 4.64 trillion yuan, with thematic ETFs related to the Hong Kong market seeing substantial inflows [5]. Group 2: Fund Inflows and Outflows - The top inflowing ETFs included the Sci-Tech 50 ETF with a net inflow of 12.86 billion yuan, followed by the Securities ETF and Chemical ETF with inflows of 5.77 billion yuan and 4.43 billion yuan, respectively [9]. - Conversely, the SSE 50 ETF led the outflows with a net outflow of 8.37 billion yuan, followed by the Coal ETF and ChiNext 50 ETF with outflows of 3.37 billion yuan and 2.94 billion yuan, respectively [10]. Group 3: Fund Company Performance - E Fund's ETFs saw a net inflow of 12.5 billion yuan, with a year-to-date increase of 224.42 billion yuan [5]. - Huaxia Fund's Sci-Tech 50 ETF and Free Cash Flow ETF also reported significant inflows of 12.86 billion yuan and 2.4 billion yuan, respectively [6]. Group 4: Future Market Outlook - The market is expected to maintain rapid rotation of hotspots in the short term, particularly in the technology sector, especially AI hardware, due to high cumulative gains and fast institutional positioning [10]. - The ongoing state-owned enterprise reforms are anticipated to lead to valuation restructuring, with a favorable environment for dividend strategies in a low-interest-rate context [11].

Market Overview - The stock indices experienced a slight increase this week, with a total net inflow of over 10.64 billion yuan into stock and cross-border ETFs in the Shanghai and Shenzhen markets [2][11] - The Shanghai Composite Index closed at 3997.56 points, up 1.08% for the week, while the Shenzhen Component Index closed at 13404.06 points, up 0.19% [2] ETF Performance - The major wide-based index ETFs saw a total net outflow of 182.42 billion yuan, with the CSI 300 ETF experiencing a net outflow of 62.11 billion yuan and the SSE 50 ETF seeing a net outflow of 38.95 billion yuan [7][8] - In contrast, industry-themed ETFs such as brokerage, bank, and electric grid equipment ETFs attracted significant inflows, with net inflows of 29.34 billion yuan, 14.82 billion yuan, and 10.72 billion yuan respectively [11][12] Sector Analysis - The brokerage sector is viewed as a "bull market barometer," benefiting from market sentiment recovery and style rebalancing, especially as the Shanghai Composite Index breaks the psychological 4000-point barrier [17] - The electric grid equipment sector continues to show strong performance, with significant overseas demand and ongoing domestic infrastructure needs, leading to a surge in ETF shares [18] Fund Issuance - Seven new ETFs are set to be issued next week, tracking sectors such as aviation, internet, and biotechnology, indicating ongoing interest in thematic investment opportunities [22][24]