10月28日，A股全天震荡，沪指一度站上4010.73点，盘中创下近十年新高。但午后，三大股指全线收 跌。 从资金流向看，科创相关行业板块相对坚挺。10月28日，主力资金全天净流入电池、软件开发、通信设 备、地面兵装、IT服务等行业板块。其中，主力资金净买入电池、软件开发、通信设备的金额分别为 39.83亿元、36.76亿元、36.63亿元。 近期，各路资金向科创赛道聚集的趋势仍在延续。除了权益基金加仓通信、电子、计算机等板块；10月 以来，科创芯片、电池、机器人方向的主题ETF亦获得较多资金青睐。 在机构看来，顺应国家战略、具备真实技术壁垒的科技企业将是A股投资的重要主线。 科创方向持续吸金 国庆假期后，A股持续震荡，市场成交量、杠杆资金情绪均有所回落。直到上周下半段，市场才开始呈 现回暖迹象，"此次沪指盘中突破4000点"则向市场释放出多重积极信号。 "从国内视角看，这体现了中国经济复苏预期的逐步稳固与政策的持续发力。财政与货币的协同宽松， 为消费和科技等具有复苏弹性的板块注入了信心，企业盈利预期改善，市场预期从谨慎转向乐观，制造 业PMI回暖亦有力印证了复苏动能。"黑崎资本首席战略官陈兴文向21世纪经济 ...

21世纪经济报道记者 易妍君 10月28日，A股全天震荡，沪指一度站上4010.73点，盘中创下近十年新高。但午后，三大股指全线收 跌。 从资金流向看，科创相关行业板块相对坚挺。10月28日，主力资金全天净流入电池、软件开发、通信设 备、地面兵装、IT服务等行业板块。其中，主力资金净买入电池、软件开发、通信设备的金额分别为 39.83亿元、36.76亿元、36.63亿元。 近期，各路资金向科创赛道聚集的趋势仍在延续。除了权益基金加仓通信、电子、计算机等板块；10月 以来，科创芯片、电池、机器人方向的主题ETF亦获得较多资金青睐。 从外部环境看，陈兴文谈道，美联储降息步伐加快及美元走弱，提升了新兴市场的吸引力，外资加速回 流A股，不仅反映出全球资本对中国经济结构性转型的信心，更表明中国宏观韧性和长期增长潜力正在 被重新定价。这种内资热情与外资青睐的双轨资金流，共同向市场注入活力，推动市场风险偏好提升， 为投资者提供了长期战略布局的窗口。 外资的积极变化已有数据支撑。 来自国泰海通证券的数据显示，最近一周（10月20日—10月24日，下同），北向资金估算净流入100亿 元，此前一周（10月13日—10月17日）估 ...

Core Insights - The Chinese stock ETF market has experienced significant growth in both scale and inflow, with total stock ETF assets reaching a record high of 3.71 trillion yuan by the end of September, marking a year-to-date increase of 820.82 billion yuan, or approximately 28.43% [1][3][4] Summary by Sections Market Growth - As of September 30, the total market ETF size reached 5.63 trillion yuan, also a historical high [2] - The stock ETF segment accounted for 65.88% of the total market ETF size, with a steady increase from 2.89 trillion yuan at the end of last year to 3.71 trillion yuan by September [3] Inflows and Performance - In September alone, stock ETFs saw a net inflow of 112.31 billion yuan, marking a significant monthly inflow after April [4][5] - The last three trading days of September recorded substantial inflows of over 10 billion yuan each day [4] - The stock ETF segment also reported a strong performance, with major indices like the ChiNext 50 and the Science and Technology Innovation Board showing gains of 14.40% and 13.66%, respectively [6] Sector Preferences - In September, thematic ETFs attracted 94.13 billion yuan in net inflows, while broad-based index ETFs experienced a net outflow of 47.91 billion yuan [9] - The most popular ETFs included those focused on securities and battery sectors, with net inflows of 24.60 billion yuan and 10.99 billion yuan, respectively [9] - Notably, some broad-based ETFs, such as those tracking the ChiNext 50 and the CSI 300, faced significant outflows, indicating a shift in investor preference [10] Future Outlook - Analysts suggest that the growth trend in stock ETFs is likely to continue, driven by policy support, improved market conditions, and rising wealth management needs among residents [7][10]

Core Insights - The number of stock ETFs with assets exceeding 10 billion yuan has increased to 56 as of September 19, 2023, up from 47 at the end of June, indicating a growing interest in these investment vehicles [2][3] - The recent entrants into the "billion club" are primarily industry-themed ETFs, particularly in sectors such as chemicals, resources, robotics, and batteries, with some products experiencing over a tenfold increase in scale since June [3][4] - There has been a significant net inflow of funds into industry-themed ETFs, with 17 ETFs attracting over 1.5 billion yuan in net inflows from September 1 to September 19, 2023, highlighting a trend of capital concentration in specific sectors [5][6] Industry Trends - The rapid growth of specific industry-themed ETFs reflects investor optimism towards certain sectors, driven by economic structural transformation and supportive industrial policies, particularly in high-tech and advanced manufacturing [4][6] - Fund companies have been actively launching and promoting ETFs focused on niche industries, which has contributed to the increase in ETF sizes, aligning with market investment hotspots [4][6] Investor Behavior - Funds flowing into industry-themed ETFs can be categorized into three types: those seeking stable returns (favoring sectors like beverages), those optimistic about industry prospects (investing in robotics), and those attracted by valuation advantages and event-driven opportunities (focusing on brokers, chemicals, and gold stocks) [6][7] - The influx of funds into these ETFs indicates a shift towards a more strategic approach among investors, with some focusing on long-term growth trends while others engage in short-term trading based on market sentiment [7][8] Market Volatility - The volatility of popular ETFs is evident, with significant price fluctuations observed in the leading ETFs during the period from September 1 to September 19, 2023, where some ETFs experienced declines after previous gains [8][9] - Investors are advised to avoid blindly following trends in ETF investments, as the concentration of capital in popular sectors can lead to inflated valuations and potential corrections if market sentiment shifts [9]

Core Viewpoint - The A-share market has experienced increased volatility since September, with investors showing a strong interest in industry-themed ETFs, particularly in battery and securities sectors, while shifting away from technology sectors like chips and artificial intelligence [1][4][6]. Fund Flows and ETF Performance - From September 1 to September 9, 12 stock ETFs saw net inflows exceeding 1 billion yuan, with industry-themed ETFs leading the way [1][4]. - Battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted significant net inflows of 35.23 billion yuan, 22.97 billion yuan, and 21.17 billion yuan respectively during this period [4][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan, indicating a strong market interest [6][7]. - The performance of battery ETFs has been notable, with returns of 40% for Huatai-PB Battery 50 ETF and CMB Battery ETF from August 9 to September 9 [7]. Investment Trends and Shifts - Investors are increasingly favoring assets with reasonable valuations and high earnings certainty, as evidenced by the shift from technology sectors to high-growth areas like batteries and securities [4][6]. - The trend of significant inflows into non-broad-based ETFs suggests a change in how retail investors are entering the market, with a preference for thematic and sector-focused investments [14][15]. - The shift in investment strategy indicates that selecting industries may become more critical than selecting individual stocks in the current market environment [15]. Market Dynamics and Future Outlook - The inflow into securities ETFs, such as Guotai Junan ETF, which saw a net inflow of 50.84 billion yuan, reflects the active trading environment in the market [10][11]. - The overall trend shows that non-broad-based ETFs have experienced a rapid expansion, with net inflows of 227.9 billion yuan from June to August, while broad-based ETFs faced significant outflows [14]. - The changing dynamics of retail investor participation may lead to a more concentrated market effect, emphasizing the importance of industry selection in investment strategies [15].

Core Viewpoint - The article highlights a significant shift in investor behavior towards industry-themed ETFs, particularly in the context of increased market volatility, with a notable preference for sectors with reasonable valuations and high earnings certainty [3][5][6]. Summary by Sections ETF Market Trends - From September 1 to September 9, 12 industry-themed ETFs saw net inflows exceeding 1 billion yuan, with battery ETFs emerging as a new favorite among investors [1][3]. - The battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted net inflows of 3.523 billion yuan, 2.297 billion yuan, and 2.117 billion yuan respectively during this period [3][6]. Sector Rotation - There has been a clear rotation of funds from technology sectors like chips and artificial intelligence to high-growth sectors such as batteries and brokerages, reflecting a preference for assets with reasonable valuations and earnings certainty [5][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan from September 1 to September 9, with significant returns observed in the previous month [6][7]. Performance of Broker ETFs - The Guotai Securities ETF recorded a net inflow of 5.084 billion yuan from September 1 to September 9, marking it as the only ETF to surpass 5 billion yuan in inflows during this period [9][10]. - The overall market activity has remained high, benefiting brokerages, which are directly impacted by trading volumes and margin financing [10]. Cross-Border ETF Activity - There has been a notable inflow into Hong Kong stock ETFs, with 15.36 billion yuan flowing in from September 1 to September 5, indicating growing investor confidence in the Hong Kong market [11]. Changing Investment Behavior - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion yuan from June to August, while broad-based ETFs experienced significant outflows [13]. - The shift towards non-broad-based ETFs suggests a change in how retail investors are entering the market, with ETFs becoming a preferred investment vehicle due to their flexibility and lower costs [13][14].

Core Viewpoint - The A-share market has seen increased volatility since September, with investors shifting their focus to industry-themed ETFs, particularly in the battery sector, while withdrawing from technology sectors like chips and artificial intelligence [1][3][4]. Group 1: ETF Market Trends - From September 1 to September 9, 12 stock ETFs saw net inflows exceeding 1 billion yuan, primarily in industry-themed ETFs, with battery ETFs attracting significant capital [1][4]. - The total net inflow for battery-themed ETFs during this period surpassed 10 billion yuan, with notable inflows into specific ETFs such as the GF Battery ETF and Huatai-PB Battery 50 ETF [4][5]. - The trend of substantial inflows into non-broad-based ETFs indicates a potential shift in how retail investors are entering the market, favoring industry selection over individual stock selection [1][13][15]. Group 2: Sector Performance - The battery sector has shown strong performance, with leading companies expected to report impressive earnings, driving investor optimism [4][5]. - The securities sector also experienced significant inflows, with the Guotai Securities ETF attracting over 50 billion yuan in net inflows, benefiting from high market activity and favorable valuations [8][9]. - Other sectors with valuation advantages, such as non-bank financials, have also seen increased investor interest [7][9]. Group 3: Investor Behavior and Market Dynamics - Investors are increasingly favoring assets with reasonable valuations and high earnings certainty, reflecting a cautious approach amid market fluctuations [3][5]. - The shift in investment strategy suggests a potential evolution in market style, with a focus on leading companies and a preference for industry themes over individual stocks [15][16]. - The influx of retail capital into ETFs is seen as a sign of changing investment behavior, with ETFs becoming a preferred vehicle for market entry due to their advantages in flexibility and cost [13][14].