Last Friday saw equity ETFs experience a net capital outflow exceeding 70 billion yuan.
On Friday, January 23rd, the A-share market displayed broad-based gains, with the three major indices collectively closing higher. The total trading volume for the two markets surged back above the 3 trillion yuan mark.
Some capital continued to opt for profit-taking and exiting the market. Throughout the market on that Friday, equity ETFs (including cross-border ETFs) witnessed a net capital outflow surpassing 71.7 billion yuan. Broad-based ETFs tracking indices like the CSI 300, SSE 50, and CSI 1000 were the categories with the most significant net outflows. Four individual ETFs each experienced a single-day net outflow exceeding 10 billion yuan, with the largest single ETF seeing a net outflow of over 20 billion yuan for the day.
In fact, over the past week, due to substantial outflows from some broad-based ETFs, equity ETFs have recorded net capital outflows for five consecutive trading sessions, accumulating a total net outflow of nearly 450 billion yuan.
ETF sectors related to photovoltaics and satellites led the gains in terms of performance.
According to Wind data, as of January 23, 2026, the total assets under management for all 1,315 equity ETFs in the market reached 4.58 trillion yuan.
The total trading volume for equity ETFs on that day amounted to 368.61 billion yuan, an increase of over 68 billion yuan compared to the previous trading day's volume of 300.128 billion yuan. Among them, the Huatai-PB CSI 300 ETF led with a daily turnover of 31.835 billion yuan. The E Fund CSI 300 ETF and the ChinaAMC CSI 300 ETF followed with daily turnovers of 31.579 billion yuan and 20.768 billion yuan, respectively.
In terms of secondary market performance, ETFs focused on the photovoltaic and satellite sectors were the top performers. Among the top ten gainers for the day, the photovoltaic and new energy sector ETFs occupied four spots, while satellite-related ETFs took six spots.
Specifically, 21 equity ETFs saw gains exceeding 8% on the day. The STAR Market New Energy ETF, Satellite ETF, E Fund Photovoltaic ETF, and Satellite Industry ETF all recorded gains reaching 10%.
Last Friday, equity ETFs experienced a net outflow of 71.7 billion yuan.
Some funds continued to choose to realize gains. Wind data shows that the total shares outstanding in the equity ETF market decreased by 7.811 billion shares on the previous trading day (January 23rd). Calculated based on the average trading price, the net capital outflow for the day was 71.709 billion yuan. Nevertheless, 58 equity ETFs still saw net inflows exceeding 100 million yuan, with the CSI 500 ETF, STAR Market Chip ETF, and Chemical ETF ranking top three in net inflows. Over the past five trading days, the cumulative net capital outflow from equity ETFs approached 450 billion yuan.
On January 23rd, the entire market witnessed a net capital outflow of 68.6 billion yuan. Categorized by major types, sector-themed ETFs and commodity ETFs saw net inflows leading the previous trading day, while broad-based ETFs experienced the largest net outflows.
Additionally, among equity ETFs, 26 individual ETFs had net outflows exceeding 100 million yuan on the day. ETFs tracking indices such as the CSI 300, SSE 50, and CSI 1000 were the primary directions of significant net outflows. Four ETF products each recorded a single-day net outflow exceeding 10 billion yuan, with the highest single-product outflow surpassing 20 billion yuan for the day.
ETF products under leading public fund managers continued to attract capital.
Data indicates that some ETFs managed by top-tier fund companies sustained their net inflow momentum.
On January 23rd, E Fund Management's Pharmaceutical ETF saw a net inflow of 300 million yuan, its Artificial Intelligence ETF attracted 280 million yuan, its Gold ETF took in 260 million yuan, its STAR Market 50 ETF gained 240 million yuan, and its SSE 50 ETF received 170 million yuan.
Regarding ChinaAMC's ETFs, on the previous trading day, the STAR Market 50 ETF had a net inflow of 707 million yuan. The Nonferrous Metals ETF Fund and the Chip ETF received inflows of 540 million yuan and 509 million yuan respectively. The Gold Equity ETF saw a net inflow of 417 million yuan, while the Free Cash Flow ETF and the STAR Market Semiconductor ETF both attracted over 300 million yuan in net inflows.
Fullgoal Fund believes that, overall, with proactive policy guidance, an improving industrial cycle, and resilient investor sentiment, the fundamental economic foundation is expected to strengthen further. There remains room for the "Spring Rally" to develop in depth. In the short term, as the dense period for annual report earnings pre-announcements arrives, attention should focus on the performance theme.
Fang Han, Equity Strategy Research Director at Harvest Fund, expressed a rationally optimistic outlook for the equity market in 2026. He suggested that market style and structure may undergo significant shifts, with potential intensification of volatility in terms of pace. The index's peak level might ultimately be determined by the performance of domestic demand-oriented sectors.
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