Summary of Key Points Core Viewpoint - On August 11, style strategy ETFs experienced a net outflow of 694 million yuan, with a cumulative net outflow of 707 million yuan over the past five trading days, indicating a trend of capital withdrawal from these funds [1]. Fund Performance - A total of 15 style strategy ETFs saw net inflows on the same day, with the highest inflow recorded for the Bosera National Index Large Cap Value ETF (159391), which increased by 99 million shares and had a net inflow of 111 million yuan [1][3]. - Conversely, 17 style strategy ETFs experienced net outflows, with the Huatai-PB CSI Dividend Low Volatility ETF (512890) leading the outflows, decreasing by 369 million shares and resulting in a net outflow of 443 million yuan [1][4]. Detailed Fund Data - The top 10 ETFs by net outflow on August 11 included: - Huatai-PB CSI Dividend Low Volatility ETF (512890): -443 million yuan, -369 million shares - Huatai-PB SSE Dividend ETF (510880): -232 million yuan, -71 million shares - Harvest CSI 300 Dividend Low Volatility ETF (515300): -117 million yuan, -84 million shares - Southern Dividend Low 50 ETF (515450): -97 million yuan, -68 million shares - Others included various ETFs with smaller outflows [4][5]. Overall Market Trends - The overall trend indicates a cautious sentiment among investors in the style strategy ETF segment, as evidenced by the significant net outflows and the mixed performance of individual funds [1][4].

Core Insights - Two stock ETFs have recently announced their listing, with the Huafu CSI All-Share Free Cash Flow ETF having a stock position of 0.00% and the Southern Growth Enterprise Board Artificial Intelligence ETF at 11.96% [1] - In the past month, 27 stock ETFs have announced their listings, with an average position of only 11.26%. The highest position is held by the Bosera National Value ETF at 50.02% [1][2] - Generally, ETFs must meet the position requirements specified in the fund contract before listing, and if the position is low, they will complete their build-up before the official listing [1] Fund Statistics - The average fundraising for the newly announced ETFs in the past month is 513 million shares, with the Southern CSI Free Cash Flow ETF leading at 1.909 billion shares [1] - The institutional investor's average shareholding ratio is 20.62%, with the highest ratios in the Penghua Sci-Tech 50 ETF (79.02%), CICC CSI 300 ETF (66.13%), and Guotai Junan Growth Enterprise Board Medical and Health ETF (54.48%) [2] - The lowest institutional holding ratios are found in the Penghua CSI 800 Free Cash Flow ETF (2.36%), Bosera National Value ETF (3.75%), and Huatai-PineBridge CSI Robot ETF (3.89%) [2]