沪深股通今日合计成交3097.72亿，其中寒武纪和中际旭创分居沪股通和深股通个股成交额首位。板块主力资 金方面，多元金融板块主力资金净流入居首。ETF成交方面，科创100ETF(588190)成交额环比增长127%。期 指持仓方面，四大期指主力合约空头减仓数量均大于多头。龙虎榜方面，中电鑫龙获机构买入1.09亿；创益 通获机构买入超6000万；南方精工获机构买入超6000万；川润股份遭机构卖出1.23亿；北信源获三家一线游 资席位合计买入超2.5亿；华胜天成获一家量化席位买入超8000，同时遭一家量化席位卖出超7000万。 一、沪深股通前十大成交 今日沪股通总成交金额为1425.41亿，深股通总成交金额为1672.31亿。 | | | | 沪股通( 8月21日 ) | | | | --- | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金額 (亿元) | 即 一交易日净头人额 (亿元) | 张幅(%) | | 1 | 688256 | 寒武纪 | 23.63 | | | | 2 | 601138 | 工业富联 | 18.92 | | | | 3 | ...

近期，基金圈最红的当属指数基金。继首批科创100ETF上市后，又有4家大型基金公司上报第二批科创 100ETF，中证2000指数更是被基金公司扎堆布局。 9月22日，4家大型基金公司上报了第二批科创100ETF，包括华夏上证科创板100ETF、易方达上证科创 板100ETF、华泰柏瑞上证科创板100ETF、南方上证科创板100ETF。 ETF的工具属性和强大吸金能力是吸引巨头逐鹿的主要原因。上周，市场持续震荡，又见资金大量抄 底，241亿元资金净流入A股ETF，主流宽基指数ETF成最大赢家。 ETF产品上新 又见科创100ETF产品上新。 上周，A股市场继续震荡，上证指数一度跌破3100点，在市场情绪低迷之际，又见资金疯狂抄底。 Wind数据显示，上周，A股ETF合计净流入241.13亿元，主要流向为中证500、科创50、沪深300、上证 50、中证1000等主要宽基指数ETF。 上周，南方中证500ETF净流入51.15亿元，华夏上证科创板50成份ETF净流入30.49亿元，华泰柏瑞沪深 300ETF净流入21.75亿元，上证50ETF净流入13.68亿元，华夏中证1000ETF、南方中证100ETF、广发 ...

事实上，今年以来，在市场持续调整的背景下，ETF等被动型基金受到投资者青睐，规模保持增长。天 相投顾发布的基金三季报数据显示，截至三季度末，纯指数股票基金规模为2.00万亿元，这一数据在去 年底为1.62万亿元，今年一季度末和二季度末分别为1.70万亿元和1.83万亿元。 其他主动偏股型基金今年以来规模则出现不同程度下降，积极投资股票基金规模从去年底的6638.63亿 元降至今年三季度末的6172.75亿元，混合基金规模从去年底的4.87万亿元降至今年三季度末的4.10万亿 元，公募基金内部资金上演了一场"大迁徙"。 除了存量ETF，新发ETF也在快速推进，重磅产品纷纷获批。10月18日，深市旗舰指数深证50指数推 出，10月27日，首批深证50ETF火速获批，分别是易方达深证50ETF、富国深证50ETF，相关发行工作 已在筹备中。10月24日，第二批科创100ETF获批，"花落"易方达基金、华夏基金和华泰柏瑞基金，并 且快速确定发行日期，在10月30日集中发行。 宽基ETF份额快速增长 进入四季度，虽然A股出现较大调整，但场外资金在进场"抄底"，股票型ETF规模逆势增长。Wind数据 显示，截至10月27 ...

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the Sci-Tech 100 ETF among major broad-based ETFs, and the pharmaceutical industry ETF showing the highest increase among industry and thematic products [2][10] - In the past two weeks, major broad-based ETFs such as the Sci-Tech 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][10] - The market saw the establishment of 20 new ETFs in the past two weeks, with a total issuance of 9.371 billion units, all of which are stock ETFs [22] ETF Fund Flow Analysis - Since the beginning of 2025, the fund flow trend for major broad-based ETFs has shifted from outflows to inflows and then back to outflows, with A-series ETFs continuously experiencing outflows [11] - In the past two weeks, the outflow speed of broad-based ETFs has accelerated, particularly for the Shanghai Stock Exchange 50, CSI 1000/CSI 2000, and Sci-Tech/Entrepreneurship ETFs, while the outflow speed for the CSI 300 and CSI 500 ETFs has slowed down [11][15] Thematic ETF Performance - The technology-themed ETFs tracking indices related to cloud computing and artificial intelligence have performed well in the past two weeks, with significant net inflows for products tracking Hong Kong Stock Connect internet indices [26][28] - The dividend-themed ETFs tracking indices such as the National New Hong Kong Stock Connect Central Enterprise Dividend CPR have shown the largest increase in returns over the past two weeks [31] ETF Product Structure and Management - As of July 25, 2025, the total scale of various ETFs has increased compared to the end of 2024, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs seeing increases of 193.44%, 103.65%, 42.98%, 18.92%, and 4.90% respectively [22][19] - The largest ETF management scale is held by Huaxia Fund, with 800.411 billion yuan, while E Fund has expanded its management scale by over 310 billion yuan compared to one year ago [22][23]

Core Viewpoint - The article discusses the recent positive trends in the Chinese stock market, highlighting the stabilization of the Shanghai Composite Index above 3500 points and the potential for it to surpass last year's high of 3674 points, while also noting the healthy increase in market volume and sentiment [1][4]. Group 1: Macro Environment - Investors are still stuck in outdated perceptions of the A-share market, such as the belief that it will remain around 3000 points, failing to recognize the changing macro narrative [4]. - Key factors influencing the macro environment include: - Diminished tariff expectations and reduced geopolitical risks [4]. - Anticipated fiscal policy support due to pressures on growth and declining exports [4]. - Increased policy support for the capital market, including initiatives like the "National Nine Articles" [4]. - A surge in domestic liquidity and a low-interest-rate environment leading to a shift of funds from deposits to equities [4]. - Expectations of easing from the Federal Reserve, benefiting emerging markets and particularly A-shares and H-shares [4]. Group 2: Investment Opportunities - The article identifies critical opportunities that investors may have missed, emphasizing the importance of being present in key moments and sectors [6]. - Notable phases of market uptrends this year include: - The emergence of domestic AI models in February, leading to a revaluation of technology stocks [7]. - The market recovery following a panic sell-off in April due to tariff concerns, supported by long-term funds [7]. - A structural rotation in June, with sectors like stablecoins and healthcare gaining traction [7]. - ETFs are highlighted as advantageous investment vehicles during market surges due to their high liquidity, low fees, and ability to mitigate individual stock volatility [7]. Group 3: Investment Strategies - Investors are cautioned against frequent trading and chasing trends, which can lead to losses [8]. - The article suggests that successful investment requires understanding the nature of industry rotations and focusing on high-potential sectors that have undergone significant corrections [8][10]. - The "Dumbbell Strategy" is recommended, which involves: - Allocating to high-growth sectors like AI and pharmaceuticals while also capturing short-term opportunities in undervalued sectors like finance and infrastructure [15][16]. - Maintaining defensive positions in stable, dividend-paying sectors to hedge against uncertainties [17].