ETF fund list for 0801: China Southern CSI 1000 ETF and Yifangda GEM ETF saw inflows, while ZhengquanETF had a net outflow.

A股主要指数昨日小幅高开后持续走低，截至8月1日收盘，沪指跌0.22%报2932点，深证成指跌0.92%，创业板指跌1.31%。近2800股下跌，全天成交7822亿元，较前一日缩量1211亿元。

从ETF资金流向看，8月1日，南方基金中证1000ETF、易方达基金创业板ETF、博时基金可转债ETF、广发基金沪深300ETF基金、博时基金黄金ETF基金、南方基金中证500ETF、华泰柏瑞基金沪深300ETF、嘉实基金科创芯片ETF、富国基金政金债券ETF、万家基金红利ETF基金流入位居非货币型ETF净流入额TOP10，在8月1日资金分别净流入4.02亿元、3.60 亿元、 3.45 亿元、2.90 亿元、2.73 亿元、2.58 亿元、2.52 亿元、 2.37 亿元、1.76 亿元、1.37亿元。

资金净流出证券主题ETF，其中，证券ETF、中证A50指数ETF、军工ETF、半导体ETF、国开债ETF、上证指数ETF、上证50ETF、券商ETF、证券ETF、游戏ETF在8月1日资金分别净流入-2.46 亿元、 -2.45亿元、-1.25亿元、-0.99 亿元、-0.90 亿元、-0.89亿元、-0.86 亿元、-0.82亿元、-0.61亿元、 -0.58 亿元。

截至7月31日，7月华泰柏瑞基金沪深300ETF获得超511亿资金净流入，沪深300ETF易方达获得超345亿资金净流入。

今年前7个月，四只沪深300ETF是熟悉的“座上宾”，华泰柏瑞基金沪深300ETF年内获得超1287亿资金净流入，沪深300ETF易方达年内获得超1214亿资金净流入。

资金对双创指数持续配置，易方达基金创业板ETF、易方达基金科创板50ETF年内分别净流入183.08亿和124.06亿元。黄金ETF和红利ETF依旧得到青睐，华安基金黄金ETF和华泰柏瑞基金红利低波ETF同期分别净流入83.47亿元和54.79亿元。

兴业证券研报指出，近两年被动基金扩容再提速。被动指数型基金近些年加速扩容，尤其是去年以来增量更为显著。截至2024Q2末，被动指数型基金持有A股的市值已经超过2万亿元，而2018年仅有4466亿元。净流入视角下，2023年以来股票型ETF已经净流入近万亿元，已经成为市场的主导增量之一。

风格上，ETF的流入结构深刻影响市场风格，今年以来被动基金成为龙头取得超额收益的重要驱动。2024年以来，股票型ETF共计流入超5500亿元，且主要流向宽基类ETF。拆分来看，仅跟踪沪深300指数的ETF就净流入4000多亿元，占全部流入规模的70%以上，沪深300ETF大幅流入带动龙头权重股取得显著超额收益。

长期来看，国内ETF市场有望持续呈现聚焦大市值股票、高集中度、持续扩容的特征，推动国内龙头估值重塑。从美股经验来看，被动基金扩容是美股龙头长期跑赢的重要原因。当前国内ETF市场同样呈现聚焦大市值股票、高集中度、持续扩容的重要特征。未来宽基类ETF大概率继续维持主导，投资于沪深300、中证A50、上证50、科创50等龙头个股的产品预计仍将是扩容主力军，利好大市值龙头。各类行业、风格ETF也秉承市值加权特性，利好各行业龙头个股。长期来看，国内ETF扩容有望推动国内市场龙头估值重塑。

Yesterday, the main stock indexes of A-share opened slightly higher and continued to decline. As of the close on August 1st, the Shanghai Composite Index fell 0.22% to 2932 points, the Shenzhen Component Index fell 0.92%, and the ChiNext Price Index fell 1.31%. Nearly 2800 stocks fell, with a total turnover of 782.2 billion yuan for the day, a decrease of 121.1 billion yuan from the previous day.

From the fund flow direction of ETF, on August 1st, Southern Fund CSI 1000ETF, YiFangDa Fund GEM ETF, BoShi Fund Convertible Bond and Exchangeable Bond ETF, GuangFa Fund HS300 ETF Fund, BoShi Fund Gold ETF, Southern Fund CSI 500ETF, Huatai-PB Fund HS300 ETF, Jiashi Fund SCI Tech Chip ETF, FuGuo Fund Political and Credit Debt ETF, and WanJia Fund Dividend ETF Fund are among the top 10 non-monetary ETFs in terms of net inflows. On August 1st, the net inflows are 0.402 billion yuan, 0.36 billion yuan, 3.45 billion yuan, 2.90 billion yuan, 2.73 billion yuan, 2.58 billion yuan, 0.252 billion yuan, 2.37 billion yuan, 0.176 billion yuan, and 0.137 billion yuan, respectively.

Funds flowed out of securities-themed ETFs, among which, the net outflows on August 1st in securities ETF, CSI A50 ETF, JunGong ETF, semiconductor ETF, national debt ETF, Shanghai Composite Index ETF, SSE 50 ETF, brokerage ETF, securities ETF, and gaming ETF were -0.246 billion yuan, -0.245 billion yuan, -0.125 billion yuan, -0.099 billion yuan, -0.09 billion yuan, -0.089 billion yuan, -0.086 billion yuan, -0.082 billion yuan, -0.061 billion yuan, and -0.058 billion yuan, respectively.

As of July 31st, Huatai-PB Fund HS300 ETF received net inflows of more than 51.1 billion yuan and HS300 ETF Easy Trip received net inflows of more than 34.5 billion yuan.

In the first seven months of this year, four HS300 ETFs were familiar "guests". Huatai-PB Fund HS300 ETF received net inflows of more than 128.7 billion yuan since the beginning of the year, and HS300 ETF Easy Trip received net inflows of more than 121.4 billion yuan since the beginning of the year.

Funds continued to be allocated to the innovation-driven index. YiFangDa Fund GEM ETF and YiFangDa Fund STAR 50 ETF received net inflows of 18.308 billion yuan and 12.406 billion yuan respectively since the beginning of the year. Gold ETF and Dividend ETF are still popular, with HuaAn Fund Gold ETF and Huatai-PB Fund Dividend Low Volatility ETF receiving net inflows of 8.347 billion yuan and 54.79 billion yuan, respectively.

Xingye Securities research reports pointed out that in recent years, passive funds have expanded rapidly. Index-based passive funds have accelerated in recent years, especially since last year. As of the end of the second quarter of 2024, the market value of A-shares held by passive index funds has exceeded 2 trillion yuan, up from only 446.6 billion yuan in 2018. From the perspective of net inflows, stock-type ETFs have had net inflows of nearly 1 trillion yuan since 2023, and have become one of the leading incremental forces in the market.

In terms of style, the inflow structure of ETFs profoundly affects the market style. Passive funds have been the important driver of excess returns this year. Since 2024, stock-type ETFs have had a total net inflow of over 550 billion yuan, mainly flowing into broad-based ETFs. Specifically, ETFs tracking only the CSI300 index have had net inflows of more than 400 billion yuan, accounting for more than 70% of the total inflows, and the significant inflows of the HS300 ETF have driven the leading weighted stocks to achieve significant excess returns.

In the long run, the domestic ETF market is expected to continue to focus on large-cap stocks, high concentration, and continuous expansion, promoting a reshaping of the valuations of the leading stocks in the domestic market. From the experience of the US stock market, the expansion of passive funds is an important reason for the long-term outperformance of US stock market leaders. The current domestic ETF market also has the important features of focusing on large-cap stocks, high concentration, and continuous expansion. In the future, broad-based ETFs are highly likely to continue to be the main force of expansion, and products investing in leading stocks like the HS300 ETF, CSI A50 ETF, SSE 50 ETF, and STAR 50 ETF are still expected to be the main force of expansion, benefiting large-cap leaders. All kinds of industry and style ETFs also adhere to the market value-weighted characteristics, benefiting individual leading stocks in various industries. In the long run, the expansion of the domestic ETF is expected to promote a reshaping of the valuations of domestic market leaders.

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ETF资金榜0801：资金流入中证1000ETF、创业板ETF，净流出证券ETF

ETF fund list for 0801: China Southern CSI 1000 ETF and Yifangda GEM ETF saw inflows, while ZhengquanETF had a net outflow.

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