Over 13 Billion Yuan Flees the Market!

On February 2, stock ETFs witnessed a net outflow exceeding 13 billion yuan.

In January, the stock ETF market recorded a total net capital outflow of 790 billion yuan, with broad-based ETFs being the primary segment experiencing outflows.

Entering February, the market's capital outflow trend continued. On the first trading day, influenced by significant declines in the three major stock indices, stock ETFs recorded a single-day net capital outflow of 13.771 billion yuan.

Broad-based ETFs and non-ferrous metals ETFs were the major contributors to the outflows, while sector-specific ETFs such as semiconductors and pharmaceuticals, Hong Kong stock ETFs, and dividend ETFs attracted capital, ranking high in net inflows.

Sector-specific ETFs saw substantial capital inflows.

Wind data shows that as of February 2, the total assets under management (AUM) of 1,321 stock ETFs (including cross-border ETFs) in the market stood at 4.09 trillion yuan, showing a noticeable contraction, a change primarily dragged down by the decline in the broader market.

By major category, sector-specific ETFs and Hong Kong stock ETFs led net inflows on the previous trading day, reaching 3.715 billion yuan and 3.346 billion yuan, respectively.

The semiconductor sector saw the most significant net inflow. On February 2, the semiconductor sector recorded a net inflow of 2.61 billion yuan. Looking at individual products, the Guotai Junan Securities All Share Semiconductor ETF had a net inflow of 903 million yuan, ranking among the top.

The dividend sector also experienced significant net inflows. On February 2, dividend-related indices saw a net inflow of 1.65 billion yuan. Among them, the Huatai-PineBridge SSE Dividend ETF recorded a single-day net inflow of 741 million yuan.

The Hang Seng Tech sector also attracted substantial capital deployment. On February 2, Hang Seng Tech-related indices saw a net inflow of 1.73 billion yuan. Among individual products, the E Fund Hang Seng Tech ETF, ChinaAMC Hang Seng Internet & Tech ETF, and Huatai-PineBridge Hang Seng Tech ETF all recorded significant single-day net inflows.

Additionally, sectors like pharmaceuticals and securities also ranked relatively high in terms of net inflows. Looking at a single product, the HuaBao CSI Healthcare ETF recorded a single-day net inflow of 355 million yuan.

Observing from a five-day perspective, recent capital inflows into the SGE Gold 9999 Index exceeded 13.9 billion yuan, while inflows into the segmented chemical industry index surpassed 7 billion yuan.

Regarding major institutions, E Fund Management's ETF assets under management stood at 642.71 billion yuan, with a net inflow of 800 million yuan yesterday. For individual products, the E Fund ChiNext ETF saw a net inflow of 526 million yuan, the E Fund Hang Seng Tech ETF saw 352 million yuan, the E Fund China Internet ETF saw 260 million yuan, the E Fund Chemical Industry ETF saw 240 million yuan, the E Fund Pharmaceutical ETF saw 230 million yuan, and the E Fund SSE Sci-Tech Innovation Board 50 ETF saw 130 million yuan.

For ChinaAMC's ETFs, on the previous trading day, the ChinaAMC SSE Sci-Tech Innovation Board 50 ETF and the ChinaAMC Hang Seng Internet ETF led single-day net inflows, with 482 million yuan and 416 million yuan respectively. Their latest AUM reached 77.456 billion yuan and 36.014 billion yuan, with their corresponding underlying indices' average daily turnover over the past month being 5.508 billion yuan and 3.125 billion yuan, respectively.

Broad-based ETFs remained the major segment experiencing outflows.

Yesterday, the broad-based ETF sector continued to be the major contributor to outflows, with a single-day net outflow reaching 23.778 billion yuan. In terms of AUM change, broad-based ETFs saw their size decrease by 68.672 billion yuan.

Among them, the CSI 500 ETF led single-day net outflows, reaching 13.02 billion yuan; the CSI 300 ETF saw a single-day net outflow of 7.2 billion yuan; the CSI 1000 ETF saw a single-day net outflow of 3.59 billion yuan; and the SSE 50 ETF had a single-day net outflow of 1.53 billion yuan.

The non-ferrous metals sector also saw a significant net outflow, with 4.39 billion yuan exiting yesterday.

In a letter to holders of the China Universal Xinxiang Tianli Six-Month Holding Mixed Fund yesterday, it was stated that the non-ferrous metals sector has recently experienced phased adjustments due to disturbances from expectations regarding the Federal Reserve's monetary policy, fluctuations in the US dollar's trend, and short-term profit-taking sentiment in some commodities. This sector volatility represents a concentrated release of short-term sentiment and capital flow pressures, while its long-term investment rationale remains solid. The long-term performance of the non-ferrous metals sector is deeply tied to the global manufacturing cycle and energy transition demand. With the long-term demand explosion for new materials from industries like new energy and artificial intelligence, the fundamental support for the resource-rich non-ferrous metals sector remains strong.

The current adjustment, conversely, provides a better valuation window for long-term positioning.

Looking at future investment opportunities in the A-share market, Great Wall Fund expressed that the foundation for the market's long-term structure remains solid. Firstly, policy support remains strong; the "15th Five-Year Plan" emphasizes AI and technology sectors, the State Grid's 4 trillion yuan investment plan for the "15th Five-Year" period provides growth momentum for the infrastructure chain, and the central bank's targeted interest rate cuts inject liquidity into the market. Secondly, the economic fundamentals are showing marginal improvement; the manufacturing PMI returned above the boom-bust line in December 2025, the CPI has been positive for three consecutive months, and export prosperity has exceeded market expectations. Thirdly, capital flows continue to improve; medium- to long-term funds such as insurance capital and foreign capital are continuously increasing their allocation to A-shares, retail investor participation is recovering, stock ETF inflows and public fund equity fund issuance are warming up, and expectations for inflows from bank wealth management subsidiaries and quantitative funds into A-shares are positive. Fourthly, the Renminbi exchange rate has entered a long-term appreciation cycle, and A-shares are expected to continue benefiting from the influx of incremental capital.