The market fell unilaterally after breaking low yesterday. As of the close of September 9, the Shanghai Composite Index fell 1.06% to 2736.49 points, setting a new low; the Shenzhen Stock Exchange Index fell 0.83%; the GEM index was trending, driven by abnormal ETF volume, and the GEM index rose 0.06%.

GEM ETFs skyrocketed at the end of the session. The transaction in the last half hour exceeded 1.6 billion yuan, exceeding yesterday's full-day turnover.

In terms of Hong Kong and US stocks, the Hang Seng Index fell 1.42% to 17196.96 points, the Hang Seng Technology Index fell 1.46%, and the Hang Seng State-owned Enterprises Index fell 1.68% on Monday. The three major US stock indexes closed higher across the board. The Dow rose 1.2%, the S&P 500 index rose 1.16%, and the NASDAQ rose 1.16%.

Looking at ETF capital flows, on September 9, the top 10 ETFs with net capital inflows were Yinhua Daily ETF, E-Fangda Fund GEM ETF, Huabao Tianyi ETF, Huatai Berry Fund Shanghai and Shenzhen 300ETF, Huaxia Fund SSE 50ETF, Shanghai and Shenzhen 300ETF eFangda, Wells Fargo Fund Shanghai Index ETF, Huaxia Fund Science and Technology Innovation 50 ETF, Harvest Fund Shanghai and Shenzhen 300ETF, and China Southern Fund China Securities 500 ETF, respectively, received 2.859 billion yuan, 1.684 billion yuan, and China Southern Fund China Securities 500 ETF on September 9 Net capital inflows of 1.112 billion yuan, 1.092 billion yuan, 0.762 billion yuan, 0.681 billion yuan, 0.289 billion yuan, 0.282 billion yuan, 0.275 billion yuan, and 0.202 billion yuan.

On September 9, the ETFs with the top 10 net outflows of ETFs were bank ETF, securities ETF, NASDAQ 100 ETF, convertible bond ETF, low-dividend ETF, currency ETF, bank ETF Tianhong, securities ETF, securities ETF fund, China Securities A50 index ETF, and low-dividend 100 ETF, which received -0.15 billion yuan, -0.132 billion yuan, -0.11 billion yuan, -0.082 billion yuan, and -0.073 billion yuan respectively on September 9 Net capital inflows of billion yuan, -0.058 billion yuan, -0.04 billion yuan, -0.039 billion yuan, -0.035 billion yuan, and -0.034 billion yuan.

Since this year, the issuance scale of new public funds has exceeded 810 billion yuan, far exceeding the same period last year. Judging from the issuance of new funds, ETFs are being updated intensively, and bond funds are still popular.

The broad-based ETF welcomed another major product. The first batch of CSIC A500 ETFs tracking the China Securities A500 Index reported by 10 public fund companies, including Southern, China Merchants, Huatai Berry, Fuguo, and Jingshun Great Wall, was recently “quickly” approved. On September 10, the first batch of 10 products officially went on sale, and a new round of distribution war was “just a click away”. Industry insiders expect that as the first important broad-based index since the new “Nine Rules”, the China Securities A500 Index has higher coverage and representation of A-shares, and may provide a new benchmark for investing in the Chinese economy and A-share core assets.

Regarding the current market, Huabao Securities believes that in the short term, the market style will shift to conceptual hype, and that the industry sector generally has poor performance and lacks profit effects. The weak downward pattern of low activity has not been effectively reversed. Until a real money incremental policy is implemented, due caution is still needed, and it is not advisable to be too aggressive.

Huafu Securities pointed out that the dividend index has continued to pull back since June, or it is a reflection of “extremely counterproductive.” According to this judgment, although Hong Kong stocks continue to be optimistic about high dividends, gold, and ships, which are resistant to both domestic and foreign demand in the medium to long term, at a time when internal and external liquidity is expected to ease marginally, more emphasis should be placed on deterministic growth. It is recommended to focus on the Internet, optical modules, and fruit chains benefiting from the upward cycle of AI and global technology, as well as inverters and transformers benefiting from the increasing demand of emerging markets in Asia, Africa, and Latin America. In the short term, various trade-in policies are frequently compounded by holiday sentiment. It is recommended to focus on the consumer sector that benefits from the boost in domestic demand.