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" ...

上周（11月17日至11月21日），A股市场整体经历显著调整，上证指数全周始终运行于4000点下方，累计下跌3.9%。其中， 11月21日（周五），指数失守3900点关口，单日跌幅达2.45%，成为"黑色星期五"。 深市表现更为疲弱，深证成指全周下跌5.13%，创业板指跌幅达6.15%。港股市场同样承压，恒生指数当周跌幅超过5%。 受此影响，上周，全市场股票型ETF全线下跌。 其中受光伏、锂电等新能源领域大幅调整的影响，23只相关ETF跌幅超10%，其中科创板新能源ETF（588960.SH）和科创新 能源ETF（588830.SH）领跌，单周跌幅分别高达13.44%和13.17%。仅有8只股票型ETF单周跌幅小于1%，传媒ETF、银行 ETF及创业板人工智能ETF在当前市场环境下展现出较强的抗跌属性。 整体来看，全市场仅有52只ETF实现上涨。 其中，单周上涨1.35%的标普生物科技ETF（159502.SZ）成为上周全市场唯一一只涨幅超过1%的ETF产品。在涨幅靠前的 ETF中，频繁出现地方债和科创债相关产品的身影。 | 序号 | 指数名称 | 代表ETF | 基金公司 | 周涨跌幅 | ETF规模 | ...

Core Viewpoint - The stock ETF market has shown resilience by attracting over 10 billion yuan in net inflows for two consecutive trading days, despite the overall market decline below 4000 points [2][4]. Group 1: Market Performance - As of November 17, the Shanghai Composite Index closed at 3972.03 points, down 0.46%, with total trading volume shrinking to 1.93 trillion yuan [4]. - The total scale of all stock ETFs (including cross-border ETFs) reached 4.39 trillion yuan, with a net inflow of 109.80 billion yuan on the same day [4][6]. Group 2: ETF Inflows - The leading categories for net inflows were industry themes and Hong Kong stock ETFs, with inflows of 38.7 billion yuan and 32.88 billion yuan, respectively [6]. - Major fund companies like E Fund and Huaxia Fund reported significant inflows, with E Fund's ETFs reaching a scale of 8160.6 billion yuan and a net inflow of 17.7 billion yuan [6][7]. Group 3: Specific ETF Performance - The top-performing ETFs on November 17 included the CSI 300 ETF with a net inflow of 16.58 billion yuan and the SSE 50 ETF with 11.6 billion yuan [10]. - The Southern Innovation ETF saw a net inflow of 9 billion yuan, driven by interest in AI-related sectors [11]. Group 4: Gold ETFs - Gold ETFs also attracted significant investment, with the Huaan Gold ETF receiving 7.6 billion yuan in net inflows, reflecting a trend towards safe-haven assets [11]. - The Guangfa Shanghai Gold ETF has shown a year-to-date increase of 49.71%, indicating strong demand for gold as a hedge against economic uncertainty [11][12]. Group 5: Outflows from Certain ETFs - Recent profit-taking has led to net outflows from cyclical ETFs such as chemical, coal, and non-ferrous metal ETFs, indicating a shift in investor sentiment [14].

首先，宏观数据持续披露，市场聚焦国内经济状态。从最新公布的一系列十月宏观经济数据来看，四季度开局基本延续了今年经济发展的主要特征， 即前高后低。当然，市场对今年政策的靠前发力所产生的经济运行节奏是有预期的。因此，目前宏观总量的影响相对有限。而海外市场近期有所调整，主 要是关于AI的发展进程有不小分歧，引发了美国科技公司的集体调整。A股市场总体呈现高低切换，风格偏防守，属于典型的年底盘整行情特征：板块轮 动、主线不清晰和均衡化配置。 其次，周一两市震荡调整，量能下降。 周一，沪指略微低开后，震荡下行，收盘跌破20天均线。深圳成指当天走势略强于沪指，但全天都在短期均 线下方运行。两市量能不到2万亿元，较上周五略有下降。当天市场热点主要集中在军工和计算机等成长性行业。投资风格方面，大盘蓝筹股跌幅较大， 中小盘风格上涨。从市场运行节奏看，沪指围绕4000点附近反复拉锯，深圳成指处于整理形态。沪指近期围绕4000 点反复波动，上周五创出新高后快速 回落，本周开局继续下探，失守20天均线。深圳成指近期处于整理形态，同样运行在所有短期均线下方。需要密切关注短期均线能否重新收回。逢低关注 煤炭ETF、稀有金属ETF等。 风险 ...

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

Core Insights - The stock market experienced a general decline this week, with the Shanghai Composite Index closing at 3990.49 points, down 0.18%, and the Shenzhen Component Index at 13216.03 points, down 1.4% [3] - Despite the overall market downturn, there was a net inflow of 22.398 billion yuan into stock ETFs and cross-border ETFs [3][5] - Certain sectors, particularly artificial intelligence and securities, saw significant inflows, while battery and coal-related ETFs faced substantial outflows [2][8] ETF Market Overview - The total trading volume for the Shanghai and Shenzhen stock markets reached 10.11 trillion yuan this week, with the Shanghai market accounting for 4.37 trillion yuan and the Shenzhen market for 5.74 trillion yuan [3] - Among the larger ETFs, the CSI 300 ETF saw a net outflow of 1.006 billion yuan, while the Sci-Tech 50 ETF experienced a net inflow of 2.499 billion yuan [5][6] - A total of 18 ETFs had trading volumes exceeding 10 billion yuan this week, indicating strong investor interest in specific funds [14] Sector Performance - In the thematic ETF space, 54 funds saw net inflows exceeding 100 million yuan, with the Southern ChiNext AI ETF, Securities Insurance ETF, and Sci-Tech Chip ETF attracting 2.036 billion yuan, 1.387 billion yuan, and 1.049 billion yuan respectively [8][13] - Conversely, the battery ETF, coal ETF, and semiconductor equipment ETF experienced significant outflows, with net outflows of 868 million yuan, 862 million yuan, and 563 million yuan respectively [10] Future Outlook - Analysts suggest that the A-share market is at a critical transition point, with the potential for the Shanghai Composite Index to stabilize around the 4000-point mark [3] - The AI application ecosystem is expected to continue evolving, with increasing penetration in various sectors, which may benefit leading companies in the AI industry [13] - The equity market is anticipated to recover, with public equity funds seeing record issuance, indicating a shift in asset allocation towards equities [14][17]

Market Overview - The three major A-share indices collectively adjusted today, with the Shanghai Composite Index down 0.38%, the Shenzhen Component Index down 0.52%, and the ChiNext Index down 0.74% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 12,680 billion yuan, a decrease of 1,864 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market experienced an increase [1] Sector Performance - The sectors with the highest gains included cultivated diamonds, photovoltaic equipment, battery chemicals, gas, pharmaceutical commerce, and non-ferrous metals [1] - The sectors with the largest declines included coal mining and processing, insurance, liquor, AI corpus, computing power hardware, and securities [1] ETF Performance - In the ETF market, Hong Kong automotive ETFs showed strong performance, with gains of 2.38%, 2.35%, and 2.26% for Guangfa Fund, ICBC Credit Suisse Fund, and Huatai-PineBridge Fund respectively [1] - The new energy sector also performed well, with Penghua Fund's Science and Technology New Energy ETF rising by 1.94% [1] - Gold prices continued to rise, with Tianhong Fund's Shanghai Gold ETF increasing by 1.86% [1] - The coal sector saw significant declines, with the coal ETF down 2.56% [1] - The AI hardware sector weakened, with both the communication ETF and communication equipment ETF falling by 2% [1] - Consumer electronics concept stocks weakened, with the consumer electronics ETF down 1.63% [1]

Core Viewpoint - The coal sector is experiencing a rebound, with the coal ETF (515220) rising over 1%, supported by high port coal prices and ongoing "anti-involution" policies, which provide medium to long-term performance and valuation support for the sector [1][2]. Group 1: Short-term Performance - The recent surge in thermal coal spot prices is accelerating, with the price of 5500K coal in the Bohai Rim region breaking the 800 yuan mark, significantly rebounding from June's low [1]. - Social inventory continues to decrease, with Qinhuangdao port's inventory down 30% compared to mid-year levels, and power plants shifting their procurement strategy towards the spot market [1]. - Stricter safety regulations in regions like Shanxi and Shaanxi are leading to supply contractions, while winter storage demand is beginning to ramp up, creating a supply-demand resonance that supports near-term performance in the coal industry [1]. Group 2: Medium to Long-term Outlook - A series of policies aimed at improving macroeconomic expectations are expected to support coal prices from both supply and demand sides, with "anti-involution" policies likely to constrain industry supply and alleviate price competition, thereby enhancing industry profits [2]. - Recent policy enhancements in the real estate sector are aimed at stabilizing the market, which, combined with infrastructure investment and industrial recovery, suggests a potential recovery in coal demand [2]. - The easing of US-China trade relations and the onset of a rate-cutting cycle may bolster export demand, while concerns over tariffs are expected to dissipate, further supporting coal prices and the performance of listed companies [2]. Group 3: Investment Appeal - The current dividend yield of the China Securities Coal Index (399998) stands at 4.48%, positioned at approximately the 50th percentile since its inception, indicating significant dividend attractiveness [2]. - Coal, as a relatively stable high-dividend asset, is favored by long-term institutional investors, which supports the medium to long-term performance of the coal ETF (515220) [2][3].

Core Viewpoint - The coal market has shown overall improvement since the third quarter, with strong performance post-National Day due to better-than-expected demand and a general decline in supply [1] Group 1: Coal Market Dynamics - Demand for thermal coal has exceeded expectations despite entering the off-season in October, while supply has decreased, leading to a strong performance in coal prices [1] - As winter approaches, heating demand in northern regions is gradually increasing, and inventory levels remain low, which is expected to provide strong support for coal prices [1] - Stringent safety regulations towards the end of the year are likely to limit supply growth, suggesting that coal prices may continue to remain stable to strong [1] Group 2: Coking Coal Outlook - Although November marks the beginning of the off-season for coking coal, inventory levels are low and supply may decline, coupled with increased winter storage demand, which could lead to a slight increase in spot prices [1] - The overall coal production is expected to face challenges in significant growth due to strict safety and overproduction management in the fourth quarter [1] Group 3: Investment Opportunities - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a scale of nearly 13 billion, and the coal sector offers a high dividend yield, exceeding 5.3% over the past 12 months as of September 30 [1] - In the context of declining risk-free interest rates, the investment value of the coal ETF (515220) is highlighted, suggesting a strategy of gradually accumulating positions to capture investment opportunities in the coal sector [1]