策略周报 宽基 ETF 再流出近 4000 亿 ——ETF 周报 2026 年 1 月第 2 期 2026 年 01 月 27 日 【策略观点】 整体 ETF 资金流情况一览 【股票 ETF（不含跨境）】2026 年 1 月 19 日至 23 日（如无特别说 明，下同），净流出 3331.7 亿，较前一周变化为-1918.9 亿，自 1 月 14 日以来已累计净流出近 5000 亿。 【A 股行业+主题 ETF】单周净流入微降但仍保持高位，投资者入市 积极性不减，参照 2025 年 6 月-10 月情况，个人投资者往往在市场赚 钱效应已经明确显现后加速流入。 【港股类 ETF】单周净流入超百亿，延续流入趋势。跨境行业+主题 ETF 单周净流入 73.6 亿元，较前一周略减少 30.6 亿元。 宽基/风格/行业/细分 ETF 资金流透视 【宽基】整体净流出达 3961.9 亿，其中挂钩沪深 300 指数的宽基 ETF 单周净流出超 2000 亿，中证 1000、上证 50、中证 A500，以及创业 板、科创板内宽基 ETF 均有不同程度流出。自 1 月 12 日以来，宽基 ETF 规模已下降 5530.5 亿元 ...

【A 股行业+主题 ETF】单周净流入微降但仍保持高位，投资者入市 积极性不减，参照 2025 年 6 月-10 月情况，个人投资者往往在市场赚 钱效应已经明确显现后加速流入。 策略周报 宽基 ETF 再流出近 4000 亿 ——ETF 周报 2026 年 1 月第 2 期 2026 年 01 月 27 日 【策略观点】 整体 ETF 资金流情况一览 【股票 ETF（不含跨境）】2026 年 1 月 19 日至 23 日（如无特别说 明，下同），净流出 3331.7 亿，较前一周变化为-1918.9 亿，自 1 月 14 日以来已累计净流出近 5000 亿。 【港股类 ETF】单周净流入超百亿，延续流入趋势。跨境行业+主题 ETF 单周净流入 73.6 亿元，较前一周略减少 30.6 亿元。 宽基/风格/行业/细分 ETF 资金流透视 【宽基】整体净流出达 3961.9 亿，其中挂钩沪深 300 指数的宽基 ETF 单周净流出超 2000 亿，中证 1000、上证 50、中证 A500，以及创业 板、科创板内宽基 ETF 均有不同程度流出。自 1 月 12 日以来，宽基 ETF 规模已下降 5530.5 亿元 ...

Wind统计显示，截至1月22日，沪深两市ETF两融余额为1239.47亿元，较上一交易日减少15.51亿元。其 中，ETF融资余额为1163.03亿元，较上一交易日减少15.03亿元；ETF融券余额为76.44亿元，较上一交 易日减少0.48亿元。 具体来看，1月22日，有238只ETF获融资净买入，其中，海富通中证短融ETF获融资净买入额居首，净 买入1.34亿元；融资净买入金额居前的还有华夏中证电网设备主题ETF、易方达沪深300医药ETF、银华 中证创新药产业ETF、华泰柏瑞恒生科技ETF、国泰中证半导体材料设备主题ETF、银华恒生港股通中 国科技ETF等。 （文章来源：证券时报网） ...

- The report does not contain any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The content primarily focuses on market data, financing and securities lending balances, industry characteristics, and ETF/stock-specific financing and securities lending activities[1][2][9]. - The report provides detailed data on financing and securities lending balances, including weekly changes in financing balances (+267.64 billion RMB) and securities lending balances (-2.63 billion RMB), as well as the total two-market balance of 27,003.83 billion RMB as of January 20, 2026[12][13][15]. - Industry-specific financing and securities lending characteristics are analyzed, highlighting sectors with the highest and lowest financing and securities lending activities. For example, the non-bank financial, communication, and electronics sectors had the highest financing buy-in ratios, while the textile and apparel, light manufacturing, and building materials sectors had the lowest[29][34][35]. - The report also identifies the top ETFs and stocks by financing net buy-in amounts, such as the "China Ping An" stock (601318) with a financing net buy-in of 230.64 million RMB and the "China Securities Electric Network Equipment Theme ETF" (159326.SZ) with a financing net buy-in of 42.23 million RMB[44][45][49]. - Securities lending activities are also detailed, with the top stocks by net securities lending sell-out amounts including "Jerry Shares" (002353.SZ) with 18.67 million RMB and "Giant Network" (002558.SZ) with 17.67 million RMB[50][51].

Core Viewpoint - The stock and mixed funds showed a positive return, with 64.77% achieving positive net value growth on January 19, 2023, while the Shanghai Composite Index rose by 0.29% to 4114.00 points [1][2]. Fund Performance Summary - Among stock and mixed funds, 114 funds had a net value growth rate exceeding 3%, with the top performer being the Huaxia CSI Electric Grid Equipment Theme ETF, which achieved a growth rate of 6.94% [1][2]. - The average net value growth rate for these funds was 0.22% on January 19, 2023 [1]. - The sectors with the highest gains included basic chemicals (up 2.70%), petroleum and petrochemicals (up 2.08%), and electric equipment (up 1.84%) [1]. Fund Types and Returns - The leading fund, Huaxia CSI Electric Grid Equipment Theme ETF, belongs to the index stock type, with 42 funds classified as equity-oriented, 29 as flexible allocation, and 28 as index stock type among those with over 3% growth [2]. - The funds with the largest net value declines included the Ping An Hong Kong Stock Connect Medical Innovation Selected Mixed C, which fell by 3.52% [2][3]. Detailed Fund Listings - The top funds by net value growth on January 19, 2023, include: - Huaxia CSI Electric Grid Equipment Theme ETF: 6.94% [2] - Guotai Hang Seng A-Share Electric Grid Equipment ETF: 6.40% [2] - GF Hang Seng A-Share Electric Grid Equipment ETF: 6.38% [2] - The funds with the largest declines include: - Ping An Hong Kong Stock Connect Medical Innovation Selected Mixed C: -3.52% [3][5] - Ping An Hong Kong Stock Connect Medical Innovation Selected Mixed A: -3.51% [5].

Market Overview - The Shanghai Composite Index fell by 0.64% to close at 4138.76 points, with a high of 4179.7 points during the day [1] - The Shenzhen Component Index decreased by 1.37% to 14169.4 points, reaching a peak of 14458.88 points [1] - The ChiNext Index dropped by 1.96% to 3321.89 points, with a maximum of 3416.84 points [1] ETF Market Performance - The median return of stock ETFs was -0.95% [2] - The highest performing scale index ETF was the Bosera CSI A100 ETF with a return of 1.72% [2] - The highest performing industry index ETF was the Yinhua CSI All-Share Power Utility ETF with a return of 2.1% [2] - The highest performing strategy index ETF was the E Fund National Free Cash Flow ETF with a return of 0.83% [2] - The highest performing style index ETF was the Harvest CSI Pharmaceutical Health 100 Strategy ETF with a return of 1.82% [2] - The highest performing thematic index ETF was the Guotai Hangseng A-Share Power Equipment ETF with a return of 7.37% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai Hangseng A-Share Power Equipment ETF (7.37%) - Yinhua CSI Oil and Gas Resources ETF (2.84%) - Huaxia CSI Power Equipment Thematic ETF (2.83%) [5] - The top three ETFs by decline were: - Morgan CSI Innovation and Entrepreneurship Artificial Intelligence ETF (-11.42%) - Huaxia National Aerospace Industry ETF (-9.36%) - Huatai Baichuan CSI All-Share Aerospace ETF (-9.17%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - GF CSI Media ETF (inflow of 4.122 billion) - Yongying National Commercial Satellite Communication Industry ETF (inflow of 1.886 billion) - Harvest CSI Software Service ETF (inflow of 1.507 billion) [8] - The top three ETFs by fund outflow were: - Huaxia SSE 50 ETF (outflow of 1.448 billion) - E Fund ChiNext ETF (outflow of 1.386 billion) - Huaxia CSI Robot ETF (outflow of 572 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (0.95 billion) - GF CSI Media ETF (0.747 billion) - Guotai CSI All-Share Securities Company ETF (0.568 billion) [11] - The top three ETFs by margin selling were: - Huatai Baichuan CSI 300 ETF (33.78 million) - Huaxia SSE 50 ETF (24.27 million) - Southern CSI 500 ETF (15.93 million) [13] Institutional Insights - Huaxin Securities highlighted the ongoing modernization of the power grid and the expanding equipment gap, noting that North America's long-term investment in key areas like high-voltage transformers and distribution equipment has been insufficient [13] - The demand for high-voltage and ultra-high-voltage transformers, switching equipment, and digital grid infrastructure is expected to increase as the grid enters an accelerated investment cycle [13] - Guotai Securities anticipates that domestic power grid investment will maintain a high level of activity, benefiting from proactive fiscal policies aimed at expanding domestic demand [14]

Market Performance - The Shanghai Composite Index rose by 1.08% last week, closing at 3997.56 points, with a peak of 4012.01 points [1] - The Shenzhen Component Index increased by 0.19%, closing at 13404.06 points, with a high of 13496.7 points [1] - The ChiNext Index saw a rise of 0.65%, ending at 3208.21 points, with a maximum of 3240.34 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down 3.04%, the Dow Jones Industrial Average down 1.21%, and the S&P 500 down 1.63% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.31% [2] - The highest weekly return among scale index ETFs was 2.9% for the Penghua CSI 800 Free Cash Flow ETF [2] - The top-performing industry index ETF was the Southern CSI New Energy ETF, with a return of 5.33% [2] - The highest return in thematic index ETFs was 10.92% for the Huaxia CSI Electric Grid Equipment Thematic ETF [4] ETF Liquidity and Fund Flow - Average daily trading volume for stock ETFs decreased by 15.7%, while average daily trading volume increased by 9.3% [6] - The top five stock ETFs with the highest inflows included the Guotai CSI All-Share Securities Company ETF, which saw an inflow of 400 million yuan [9] - The top five stock ETFs with the largest outflows included the E Fund ChiNext ETF, which experienced an outflow of 290 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 49.1454 billion yuan to 47.9148 billion yuan [11] - The highest financing buy amount was 486 million yuan for the Huaxia SSE Sci-Tech 50 ETF [11] ETF Market Size and Composition - The total market size for ETFs reached 572.989 billion yuan, with stock ETFs accounting for 373.4058 billion yuan [14] - Stock ETFs represent 79.0% of the total number of ETFs and 65.2% of the total market size [16] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Huaxia CSI Photovoltaic Industry ETF [17] Industry Insights - Industrial chain restructuring in the photovoltaic sector is anticipated, with Q3 showing a trend of reduced losses in the main chain [17] - The supply-demand relationship in the photovoltaic industry is expected to recover rapidly, driven by supply-side structural reforms and new technological changes [17]

Group 1: Market Performance - The Shanghai Composite Index rose by 0.23%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index climbed by 1.03% on November 5 [1] - The photovoltaic equipment sector led the gains, with the GF Zhongzheng Photovoltaic Leading 30 ETF (560980) up by 5.59%, ranking first among A-share ETFs [1][2] - Several other new energy ETFs and grid equipment ETFs also saw significant increases, with some rising over 5% [1][2] Group 2: ETF Trading Volume - The total trading volume of A-shares reached 1,894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day [2] - The leading ETFs by trading volume included the Huatai-PB CSI 300 ETF, which experienced a net outflow of 31.43 billion yuan, and the Huaxia SSE 50 ETF with a net outflow of 18.78 billion yuan [5] Group 3: Fund Flows - On November 4, ETFs saw a net inflow of approximately 4 billion yuan, primarily into industry-themed ETFs such as brokerage ETFs and those related to Hong Kong innovative pharmaceuticals [4] - Conversely, broad-based index ETFs experienced significant net outflows, indicating a shift in investor sentiment [5] Group 4: Gold ETFs - Several gold ETFs faced net outflows from October 28 to November 4, with the GF Gold ETF (518800) seeing a net outflow of 1.758 billion yuan [7] - Despite the overall trend, some gold-related products, such as the Gold Stock ETF (159562), attracted over 160 million yuan in net inflows during the same period [7][8] Group 5: Industry Insights - The photovoltaic industry is expected to continue its growth, with projections indicating that by 2035, non-fossil energy consumption in China will exceed 30%, making photovoltaic energy a primary source [9] - The energy storage sector is also experiencing robust demand, with leading battery companies operating at full capacity and battery prices continuing to rise [9]

Group 1: Market Performance - On November 5, A-shares saw a strong afternoon performance, with the photovoltaic sector experiencing a significant surge [1][4] - The Shanghai Composite Index rose by 0.23%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index climbed by 1.03% [4] - The Guangfa CSI Photovoltaic Leading 30 ETF rose by 5.59%, leading the A-share ETF gainers [4][5] Group 2: Fund Flows - On November 4, there was a net inflow of approximately 4 billion yuan into ETFs, primarily into industry-themed ETFs such as brokerage ETFs and those related to recent declines in Hong Kong innovative drug ETFs and semiconductor ETFs [2][7] - Conversely, broad-based index ETFs experienced significant net outflows, with the Huatai-PineBridge CSI 300 ETF seeing a net outflow of 3.143 billion yuan [8] Group 3: Gold ETFs - From October 28 to November 4, multiple gold ETFs faced net outflows, attributed to declining gold prices and the impact on gold resource stocks and jewelry sales [3][9] - Notably, the Guotai Gold ETF saw a net outflow of 1.758 billion yuan during this period [10] Group 4: Photovoltaic Industry Insights - The photovoltaic industry is expected to continue its positive momentum, with a report indicating that from January to July 2025, new photovoltaic installations will be 5.3 times that of thermal power [12] - The storage industry is also showing strong demand, with leading battery companies operating at full capacity and battery prices continuing to rise [12]

Core Viewpoint - The stock of Qingdao Terui De Electric Co., Ltd. has seen a 5.21% increase, reaching 29.48 CNY per share, with a trading volume of 1.245 billion CNY and a market capitalization of 31.117 billion CNY as of October 29 [1]. Company Overview - Qingdao Terui De Electric Co., Ltd. was established on March 16, 2004, and listed on October 30, 2009. The company specializes in the research, design, production, and manufacturing of complete power distribution products, primarily focusing on outdoor box-type electrical equipment and indoor switchgear for voltage levels of 220kV and below [1]. - The revenue composition of the company is as follows: 70.57% from smart manufacturing and integrated services, and 29.43% from electric vehicle charging networks [1]. Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in Terui De. The Huaxia CSI Electric Grid Equipment Theme ETF (159326) increased its holdings by 45,900 shares in the third quarter, bringing the total to 105,200 shares, which accounts for 2.29% of the fund's net value, ranking it as the ninth largest holding [2]. - The Huaxia CSI Electric Grid Equipment Theme ETF (159326) was established on August 29, 2024, with a current size of 1.25 billion CNY. Year-to-date, it has achieved a return of 24.83%, ranking 2271 out of 4216 in its category; over the past year, it has returned 18.8%, ranking 2548 out of 3877; and since inception, it has returned 38.64% [2]. Fund Manager Information - The fund manager of the Huaxia CSI Electric Grid Equipment Theme ETF (159326) is Shan Kuan Zhi. As of the latest update, he has been in the position for 1 year and 141 days, managing total assets of 9.327 billion CNY. During his tenure, the best fund return was 76.9%, while the worst was -6.09% [3].