策略周报 宽基 ETF 再流出近 4000 亿 ——ETF 周报 2026 年 1 月第 2 期 2026 年 01 月 27 日 【策略观点】 整体 ETF 资金流情况一览 【股票 ETF（不含跨境）】2026 年 1 月 19 日至 23 日（如无特别说 明，下同），净流出 3331.7 亿，较前一周变化为-1918.9 亿，自 1 月 14 日以来已累计净流出近 5000 亿。 【A 股行业+主题 ETF】单周净流入微降但仍保持高位，投资者入市 积极性不减，参照 2025 年 6 月-10 月情况，个人投资者往往在市场赚 钱效应已经明确显现后加速流入。 【港股类 ETF】单周净流入超百亿，延续流入趋势。跨境行业+主题 ETF 单周净流入 73.6 亿元，较前一周略减少 30.6 亿元。 宽基/风格/行业/细分 ETF 资金流透视 【宽基】整体净流出达 3961.9 亿，其中挂钩沪深 300 指数的宽基 ETF 单周净流出超 2000 亿，中证 1000、上证 50、中证 A500，以及创业 板、科创板内宽基 ETF 均有不同程度流出。自 1 月 12 日以来，宽基 ETF 规模已下降 5530.5 亿元 ...

【A 股行业+主题 ETF】单周净流入微降但仍保持高位，投资者入市 积极性不减，参照 2025 年 6 月-10 月情况，个人投资者往往在市场赚 钱效应已经明确显现后加速流入。 策略周报 宽基 ETF 再流出近 4000 亿 ——ETF 周报 2026 年 1 月第 2 期 2026 年 01 月 27 日 【策略观点】 整体 ETF 资金流情况一览 【股票 ETF（不含跨境）】2026 年 1 月 19 日至 23 日（如无特别说 明，下同），净流出 3331.7 亿，较前一周变化为-1918.9 亿，自 1 月 14 日以来已累计净流出近 5000 亿。 【港股类 ETF】单周净流入超百亿，延续流入趋势。跨境行业+主题 ETF 单周净流入 73.6 亿元，较前一周略减少 30.6 亿元。 宽基/风格/行业/细分 ETF 资金流透视 【宽基】整体净流出达 3961.9 亿，其中挂钩沪深 300 指数的宽基 ETF 单周净流出超 2000 亿，中证 1000、上证 50、中证 A500，以及创业 板、科创板内宽基 ETF 均有不同程度流出。自 1 月 12 日以来，宽基 ETF 规模已下降 5530.5 亿元 ...

Summary of Key Points Core Viewpoint - On September 17, a total of 39.78 billion yuan net inflow was recorded for industry-themed ETF funds, with a cumulative net inflow of 124.46 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 123 industry-themed ETF funds experienced net inflows on September 17, with the leading fund being the Guotai CSI All-Share Securities Company ETF (512880), which saw an increase of 9.36 million shares and a net inflow of 11.88 billion yuan [1][3]. - Other notable funds with significant net inflows include: - Huabao CSI Financial Technology Theme ETF (159851) with a net inflow of 5.25 billion yuan [3]. - Huaxia CSI Robotics ETF (562500) with a net inflow of 5.01 billion yuan [3]. - Guotai Securities ETF (512000) with a net inflow of 3.59 billion yuan [3]. Fund Outflows - On the same day, 164 industry-themed ETF funds experienced net outflows, with the Guotai CSI Coal ETF (515220) leading the outflows, which saw a reduction of 4.21 million shares and a net outflow of 4.6 billion yuan [4][5]. - Other funds with significant net outflows include: - Huabao CSI Medical ETF (512170) with a net outflow of 1.50 billion yuan [5]. - Penghua CSI Sub-Segment Chemical Industry ETF (159870) with a net outflow of 1.49 billion yuan [5]. - Huatai-PineBridge CSI Rare Earth Industry ETF (516780) with a net outflow of 1.36 billion yuan [5].

Summary of Key Points Core Viewpoint - On September 10, the industry-themed ETF funds experienced a net inflow of 1.12 billion yuan, with a cumulative net inflow of 16.857 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 132 industry-themed ETFs saw net inflows, with the top performer being the Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (517520), which had an increase of 402 million shares and a net inflow of 747 million yuan [1][3]. - The latest scale of the Yongying ETF is 9.308 billion yuan, despite a decline of 1.69% in its price [3]. Fund Outflows - Conversely, 143 industry-themed ETFs experienced net outflows, with the leading outflow being from the Huatai-PineBridge CSI Photovoltaic Industry ETF (515790), which saw a reduction of 506 million shares and a net outflow of 441 million yuan [4][5]. - The latest scale of the Huatai ETF is 14.882 billion yuan, with a price drop of 1.80% [5]. Detailed Fund Performance - Other notable ETFs with significant net inflows include: - Penghua CSI Sub-Segment Chemical Industry ETF (159870) with a net inflow of 448 million yuan [3]. - Guotai CSI All-Index Securities Company ETF (512880) with a net inflow of 363 million yuan [3]. - ETFs with significant net outflows include: - E Fund CSI Artificial Intelligence Theme ETF (159810) with a net outflow of 344 million yuan [5]. - Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) with a net outflow of 341 million yuan [5].

Summary of Key Points Core Viewpoint - On September 1, the industry-themed ETF funds experienced a net inflow of 9.686 billion yuan, with a cumulative net inflow of 42.116 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 250 industry-themed ETFs saw net inflows, with the top performer being the Penghua CSI Subdivision Chemical Industry ETF (159870), which had an increase of 1.732 billion shares and a net inflow of 1.201 billion yuan [1][3]. - The latest scale of the Penghua CSI Subdivision Chemical Industry ETF reached 6.667 billion yuan [3]. Fund Outflows - Conversely, 158 industry-themed ETFs experienced net outflows, with the leading outflow being from the Huabao CSI Financial Technology Theme ETF (159851), which saw a reduction of 1.156 billion shares and a net outflow of 1.165 billion yuan [1][4]. - The latest scale of the Huabao CSI Financial Technology Theme ETF was 10.535 billion yuan [5]. Performance Overview - The performance of various ETFs varied, with the following notable changes: - The Guotai CSI All-Share Securities Company ETF (512880) decreased by 1.05% with a net inflow of 789 million yuan [3]. - The Southern CSI Shenwan Nonferrous Metals ETF (512400) increased by 3.16% with a net inflow of 642 million yuan [3]. - The Guotai CSI All-Share Communication Equipment ETF (515880) increased by 5.91% with a net inflow of 630 million yuan [3]. Detailed Outflow Data - The top ten ETFs with the highest net outflows included: - Huabao CSI Financial Technology Theme ETF: -1.165 billion yuan [4][5]. - Guolian An CSI Semiconductor ETF: -711 million yuan [4][5]. - Huabao CSI Medical ETF: -452 million yuan [4][5].