【导读】股票ETF资金净流入近70亿元，证券类ETF大举"吸金" 中国基金报记者 若晖 8月21日午后，A股市场风云突变，多个主流宽基指数宽幅震荡。场内资金借道股票ETF逢低布局。 Wind数据显示，8月21日，全市场股票ETF（含跨境ETF）资金净流入近70亿元。 大型基金公司旗下部分ETF继续保持资金净流入的步伐。截至8月21日，易方达基金旗下ETF最新规模达7231.8亿元，较前一交易日增加 47.8亿元。其中，香港证券ETF净流入9.7亿元，创业板ETF净流入4.8亿元，恒生科技ETF易方达净流入3.5亿元，人工智能ETF净流入2.7 亿元，机器人ETF易方达净流入1.1亿元。 8月21日，华夏基金旗下ETF中，恒生科技指数ETF和恒生互联网ETF净流入金额居前，分别净流入5.73亿元和3.83亿元，最新规模分别达 360.16亿元和270.22亿元，对应跟踪指数近一月日均成交额分别为45.54亿元和33.08亿元。基准国债ETF净流入2.09亿元，中证 1000ETF和新能源车ETF分别净流入1.61亿元和1.54亿元，机器人ETF、消费电子ETF、科创创业50ETF、人工智能AIETF净流入也都超 ...

【导读】资金大举涌入券商板块， 8 月 18 日 " 吸金 " 超 23 亿元 中国基金报记者 王思文 8 月 18 日，沪指创下近十年新高， A 股总市值突破 100 万亿元。随着行情日渐火热，作为 " 牛市旗手 " 的券商板块脱颖而出，资金大 举涌入券商板块，尽显市场对该板块的积极看好。 截至 8 月 18 日收盘，证券公司指数自 6 月 23 日底部阶段性低点以来大涨 22.19% ，同时券商指数 " 吸金 " 明显，仅 8 月 18 日单日 净买入超 23 亿元，近 5 日资金流入港股通非银指数超过 34 亿元。 券商 ETF 大动作 资金持续流入券商板块 今年以来，权益市场稳步向上，交易额、两融余额持续提升。市场预期行情持续性增强，或呈现 " 慢牛 " 行情，随之更看好券商业绩的持 续性增长。 估值层面，当前中证全指证券公司指数 PB 约为 1.67 倍，处于近十年历史约 54.6% 的分位点水平，距离 2015 年牛市高点 2.82 倍的 PB 仍有较大差距。 资金层面，近期资金借道 ETF 配置证券公司板块。具体到指数维度， 8 月 18 日证券公司指数单日净流入居前，达 23.16 亿元，港股 ...

Group 1: Market Overview - On August 18, the Shanghai Composite Index reached a nearly ten-year high, with the total market capitalization of A-shares exceeding 100 trillion yuan, indicating a bullish sentiment in the market [1][3] - The securities company index has surged by 22.19% since the low point on June 23, reflecting strong investor confidence in the brokerage sector [1][3] Group 2: Fund Inflows - On August 18 alone, the brokerage sector attracted over 2.3 billion yuan in net inflows, with significant capital flowing into the Hong Kong Stock Connect non-bank index, totaling over 3.4 billion yuan in the past five days [1][5] - The total scale of stock ETFs in the market reached 3.97 trillion yuan as of August 18, with a net inflow of 2.69 billion yuan on that day, indicating a trend of increasing investments in ETFs [7] Group 3: ETF Performance - Specific ETFs saw substantial inflows, with the Huabao Fund's brokerage ETF receiving 1.143 billion yuan and the Guotai Fund's securities ETF attracting 1.101 billion yuan on August 18 [5][9] - The overall performance of ETFs indicates a strong interest from investors, with the top ten ETFs by net inflow showing significant capital movement towards sectors like finance and technology [9][10] Group 4: Sector Analysis - The current price-to-book (PB) ratio of the CSI All Share Securities Company Index is approximately 1.67, which is at a historical percentile of about 54.6%, suggesting room for growth compared to the 2.82 PB during the 2015 bull market [3] - Various industry-specific ETFs, including those focused on technology and healthcare, also experienced notable inflows, reflecting investor optimism in these sectors [8][11]

Group 1 - The article highlights the influx of new retail investors into the stock market, with a significant increase in new accounts opened, reaching 1.96 million in July, a 71% year-on-year growth [1] - The market experienced volatility, with the Shanghai Composite Index dropping from around 3600 to approximately 3550 points at the end of July, causing panic among new investors [1][2] - By mid-August, the index rebounded, surpassing the previous year's high of 3674.40 points and briefly exceeding 3700 points, reigniting bullish sentiment [1] Group 2 - New investors, like "Budding," often rely on social media for stock information and exhibit impulsive trading behavior, frequently buying and selling within days [5][6] - Emotional responses to market fluctuations are common among new investors, with feelings of excitement during gains and despair during losses [2][7] - The article features various new investors' experiences, illustrating their journey from initial excitement to facing market realities and emotional challenges [3][10][11] Group 3 - The narrative includes specific cases of new investors, such as "Liu Ming," who initially faced losses but later experienced gains, leading to a more balanced perspective on market fluctuations [10] - "Wang Xiaowei," another investor, transitioned from mutual funds to stocks, experiencing significant losses before eventually recovering and profiting from the market rebound [11][14] - The article emphasizes the psychological impact of trading on new investors, with many expressing a shift in priorities and emotional states due to their stock market experiences [11][14]

Core Viewpoint - The article discusses various ETF grid strategies focusing on Chinese internet, technology, software, and chip sectors, highlighting the potential for investment opportunities driven by regulatory changes and technological advancements [2][4][7][14]. Group 1: Chinese Internet ETF (159605.SZ) - The Chinese Internet ETF tracks the China Internet 30 Index, focusing on 30 leading Chinese internet companies listed in Hong Kong and the US, covering sectors like social media, e-commerce, gaming, and AI [4]. - Recent government reports emphasize the need to address "involution" in competition, particularly in the food delivery sector, promoting a healthier competitive environment [3]. - The ETF is positioned to benefit from a new wave of internet development driven by generative AI and a shift from "traffic-driven" to "technology + scenario-driven" business models [4]. Group 2: Hang Seng Technology ETF (513010.SH) - The Hang Seng Technology ETF tracks the Hang Seng Technology Index, which includes 30 leading technology companies in Hong Kong, focusing on high-growth sectors such as new consumption, internet, biomedicine, and semiconductors [7]. - In the first half of 2025, net inflows from southbound funds into Hong Kong stocks reached HKD 731.2 billion, indicating strong foreign interest and market liquidity [6]. - The current PE-TTM ratio of the Hang Seng Technology Index is 21.26, which is relatively low compared to its historical average, suggesting potential investment value [7]. Group 3: Software ETF (159852.SZ) - The Software ETF is influenced by government initiatives promoting "AI+" applications across various sectors, leading to significant advancements in the software industry [10]. - AI technologies are transforming software development processes, enhancing efficiency and driving a shift from labor-intensive to intelligent, value-creating models [11]. Group 4: Chip ETF (159995.SZ) - The Chip ETF is positioned amid a backdrop of easing restrictions on chip exports to China, although long-term challenges remain due to ongoing U.S. export controls [14]. - The establishment of the National Integrated Circuit Industry Investment Fund III, with a registered capital of RMB 344 billion, aims to accelerate domestic chip production and reduce reliance on foreign technology [14]. - The focus on domestic chip development is expected to enhance the entire supply chain from research and development to production, supporting the goal of technological independence [14].

Group 1 - The report outlines a grid trading strategy that focuses on capitalizing on price fluctuations rather than predicting market trends, making it suitable for volatile markets [3][13] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][13] - The report highlights specific ETFs for grid trading, including the China Concept Internet ETF, which aims to reduce vicious competition costs and promote technological innovation in the internet sector [4][14] Group 2 - The Hang Seng Technology ETF benefits from improved liquidity in the Hong Kong market and the return of quality listed companies, making it a cost-effective investment tool in a low-interest-rate environment [4][17] - The Software ETF is positioned to leverage opportunities in AI development, with significant policy support encouraging the integration of AI technologies across various sectors [6][20] - The Chip ETF reflects a short-term easing of overseas pressures while emphasizing the long-term trend of domestic substitution in the semiconductor industry, supported by substantial investments in domestic chip manufacturing [7][21]

Core Viewpoint - The article discusses the potential investment opportunities in various ETFs, particularly focusing on technology, robotics, chips, and infrastructure sectors, driven by favorable market conditions and government policies [3][4][10][12]. Group 1: Technology Sector - The Hang Seng Technology ETF (513010.SH) is highlighted, with a projected net inflow of HKD 731.2 billion from southbound funds in the first half of 2025, which is 91% of last year's total net purchases [3]. - The Hang Seng Technology Index has a PE-TTM of 21.19 as of August 4, 2025, indicating a valuation at the 15.86% percentile of its historical range, suggesting a favorable investment opportunity [4]. Group 2: Robotics Sector - The Robotics ETF (562500.SH) is positioned to benefit from government initiatives to develop intelligent robotics and new manufacturing equipment, with policies aimed at enhancing financing support for strategic sectors [6][7]. - The World Artificial Intelligence Conference showcased over 60 humanoid robots, indicating significant innovation and potential for commercialization in the robotics field [6]. Group 3: Chip Sector - The Chip ETF (159995.SZ) is influenced by the recent approval of H20 chip exports to China, signaling a temporary easing of U.S. export restrictions, although long-term challenges remain due to ongoing technology sanctions [9][10]. - The establishment of the National Integrated Circuit Industry Investment Fund with a registered capital of CNY 344 billion aims to bolster domestic chip manufacturing and reduce reliance on foreign technology [10]. Group 4: Infrastructure Sector - The Infrastructure ETF (516950.SH) is set to benefit from the government's plan to issue CNY 1.3 trillion in special bonds and CNY 4.4 trillion in project financing, focusing on infrastructure and equipment upgrades [11]. - The commencement of the Yaxia Hydropower Station project, with a total investment of CNY 1.2 trillion, is expected to drive demand across the entire infrastructure supply chain [11].

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell trading strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [3][12] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][12] Group 2: ETF Grid Strategy Target Analysis - The Hang Seng Technology ETF (513010.SH) benefits from improved liquidity in the Hong Kong stock market and the return of quality listed companies, making it a cost-effective investment tool in a low-interest-rate environment. In the first half of 2025, net inflows from southbound funds into Hong Kong stocks reached HKD 731.2 billion, equivalent to 91% of last year's total net purchases [3][13] - The Robotics ETF (562500.SH) is positioned in a strategic core area of China's technological innovation and high-end manufacturing, supported by government policies aimed at accelerating technological autonomy and industrial cluster breakthroughs [4][16] - The Chip ETF (159995.SZ) sees a temporary easing of overseas suppression factors, while "domestic substitution" remains the long-term development theme, with significant investments planned in critical areas of the semiconductor industry [5][17] - The Infrastructure ETF (516950.SH) is expected to benefit from fiscal expansion and the implementation of major projects, with the government planning to issue special bonds totaling CNY 1.3 trillion and project lists supporting 1,459 projects in key areas [6][18]

Group 1 - The core viewpoint of the articles highlights a significant inflow of funds into the Hang Seng Technology Index, exceeding 10.2 billion yuan over the past five trading days, indicating strong investor interest in technology and internet sectors [1][2][3] - On August 4, the overall stock ETF market saw a net inflow of 551 million yuan, marking the second consecutive day of net inflows in August, with 19 ETFs experiencing net inflows exceeding 100 million yuan [2][3] - The top three ETFs by net inflow on August 4 were the Hang Seng Technology ETF, Securities ETF, and Hong Kong Stock Connect Internet ETF, each attracting over 500 million yuan [2][3] Group 2 - Conversely, certain broad-based and sector-specific ETFs experienced significant outflows, with 16 ETFs seeing net outflows exceeding 100 million yuan, particularly in the Sci-Tech 50, Shanghai Stock Exchange 50, and gaming sectors [5][6] - The Sci-Tech 50 ETF had a combined net outflow of over 1 billion yuan, while the Shanghai Stock Exchange 50 ETF saw net outflows exceeding 300 million yuan [6][7] - Market analysts suggest that the recent adjustments in the A-share market are normal after a period of continuous gains, with a focus on policy support and growth sectors such as technology innovation and consumer chains [6][7]

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, has seen significant capital inflow, exceeding 10.2 billion yuan over the past five trading days, indicating strong investor interest in technology and internet-related ETFs [3][7]. Fund Flows - On August 4, the stock ETF market experienced a net inflow of 5.51 billion yuan, marking the second consecutive trading day of net inflows in August [6]. - The top three ETFs by net inflow on August 4 were the Hang Seng Technology ETF, Securities ETF, and Hong Kong Stock Connect Internet ETF, each with inflows exceeding 5 billion yuan [6][8]. - The total number of stock ETFs in the market reached 1,163, with a total scale of 3.76 trillion yuan as of August 4, 2025 [5]. Performance of Specific ETFs - The Hang Seng Technology ETF had a net inflow of 4.56 billion yuan on August 4, bringing its total size to 332.85 billion yuan, with an average daily trading volume of 45.6 billion yuan over the past month [7][8]. - Other notable inflows included the Securities Insurance ETF with 1.6 billion yuan and the Hong Kong Stock Connect Internet ETF with 1.3 billion yuan [7]. Outflows from Other ETFs - Conversely, several broad-based and sector-specific ETFs experienced significant outflows, with 16 ETFs seeing outflows exceeding 1 billion yuan, including the STAR 50 ETF and the Shanghai Stock Exchange 50 ETF [10]. - The STAR 50 ETF alone had a combined outflow of over 10 billion yuan from two funds, while the Shanghai 50 ETF saw outflows exceeding 3 billion yuan [10][12]. Market Sentiment - Market analysts suggest that the recent adjustments in the A-share market are normal following a period of continuous gains, and they anticipate a "slow bull" market trend supported by policy stabilization and adequate capital [11].