Zhang Ling, a reporter from China** Daily, on December 5, the three major A-share indexes collectively closed down, and the Shanghai Composite Index fell 167%, the Shenzhen Component Index fell 197%, the GEM index fell 198%, the turnover of the Shanghai and Shenzhen stock markets was 822.5 billion yuan, and the net selling of northbound funds was 785.3 billion yuan. **In terms of ETF secondary market performance, the mid-cap 88 ETF led the gains, and the Xinchuang Index ETF was the top decliner. Judging from the flow of funds in the ** ETF market yesterday, the funds continued on December 4, and the more they fell, the more they bought, and the ** share increased by 508.2 billion shares, measured by the average transaction price in the interval, the net inflow of funds was 380.9 billion yuan. On the same day, the central enterprise technology ETF was 2The net inflow of 7.6 billion yuan was among the top five. It is worth noting that since Guoxin Investment increased its holdings in the CSI Guoxin Central Enterprises Technology Index last Friday and said that it would continue to increase its holdings in the future, the trading activity of the central enterprise technology ETF has increased significantly, and the trading volume has also been significantly enlarged, and the turnover on December 4 has reached 3200 million yuan, the second highest since the listing and trading, only lower than the first day of listing. Yesterday's net inflow was 3.8 billion yuanAs of December 4, the total management scale of 810** ETFs (including cross-border ETFs, the same below) in the whole market was 164 trillion yuan. On December 4, the three major A-share indices collectively closed down, and the Shanghai Composite Index fell 029%, the Shenzhen Component Index fell 062%, the GEM index fell 09%。In terms of industry performance, non-ferrous metals led the two cities, the ** sector performed strongly, and medicine, real estate, food and beverage were among the top decliners. Judging from the flow of funds in the ** ETF market on the same day, the funds are continuing to buy more and more, with a net increase of 50 in the share8.2 billion shares, measured by the average transaction price in the interval, the net inflow of funds was 380.9 billion yuan. From the perspective of net inflow, a total of 13 products had a net inflow of more than 100 million yuan on the same day. Among them, the CSI 300 ETF is priced at 9The net inflow of 3.1 billion yuan ranked first, followed by the SSE 50 ETF and the Hang Seng TECH Index ETF with 43.8 billion yuan, 4The net inflow of 1.1 billion yuan was in the ranks.
Two or three. 
The central enterprise science and technology ETF is 2The net inflow of 7.6 billion yuan ranked fifth. It is worth noting that since Guoxin Holding Company announced last Friday (December 1) that its Guoxin Investment increased its holdings in the CSI Guoxin Central Enterprises Technology Index** on the same day, and will continue to increase its holdings in the future, the trading activity of the central enterprise technology ETF has increased significantly, and the trading volume has also been significantly enlarged, and the turnover on December 4 has reached 3200 million yuan, the second highest since the listing and trading, only lower than the first day of listing. In addition, the central enterprise dividend 50 ETF is 1The net inflow of 7.6 billion yuan ranked among the top 10, and on the whole, the total share of central enterprise theme ETFs increased by 52.9 billion shares, with a total net inflow of 48.5 billion yuan. Wells Fargo said that the previous **Huijin** ETF "**A-shares" reshaped market confidence and opened the current round of A-shares, which is expected to once again gather market consensus and drive A-shares into the ** channel. CICC believes that the increase in the relevant ETFs will help bring incremental funds to the A** market on the one hand, and on the other hand, combined with the statement of "active capital market" at the Politburo meeting in July and the financial work conference in October, it will help maintain stability and enhance investor confidence. In addition, Guoxin's increase in ETFs in the field of scientific and technological innovation also matches the key areas of Guoxin's investment and the general direction of serving China's scientific and technological innovation strategy. Many broad-based ETFs are among the top in blood lossJudging from the ranking of net outflows, there were many broad-based ETFs "bleeding" on December 4, among which the CSI 300 ETF ranked 3The net outflow of 3.7 billion yuan ranked first, and the CSI 500 ETF and CSI 1000 ETF indices were respectively 26.7 billion yuan, 1The net outflow of 1.5 billion yuan was discharged.
Two or three. 
In terms of industry-themed ETFs, many pharmaceutical-themed ETFs lost more "blood" on the day, among which biomedical ETFs had a net outflow of 10.1 billion yuan, the net outflow of innovative drug ETF and pharmaceutical industry ETF was 06.2 billion yuan, 04.7 billion yuan. In addition, the net outflows of military ETFs and game ETFs exceeded 02.5 billion yuan. Looking forward to the market outlook, ICBC Credit Suisse** manager Shan Wen said that the current economic growth momentum is moderately restored, and the magnitude of fiscal policy will become an important variable affecting growth expectations, focusing on economic growth-related sectors and technology manufacturing under innovation. Taking into account the development space of the industry, the position of valuation, as well as factors such as policies and competitive landscape, the medium-term will focus on opportunities in the growth direction of AI, cloud computing, military industry, automotive intelligence and electrification, and new power systems. China Life Security ** also believes that the current equity market opportunities are still structural, although the early stage in the U.S. bond interest rate, RMB exchange rate, policy expectations driven by the denominator side of the improvement, the market out of a wave of over-falling, but the fundamental pressure has not been substantially improved, the latest released PMI, industrial and enterprise profit data all show that the molecular end of the power is insufficient, to further stabilize the growth of policy expectations or the next stage of core pricing logic. CEIBS** also said that the current economic environment is more conducive to the balanced allocation of cyclical and defensive sectors. In the near term, the following sectors can be focused: firstly, cyclical sectors with historically low valuations that are highly sensitive to economic recovery, and which are also more popular against the backdrop of lower interest rates;The second is the consumer discretionary and pharmaceutical industries that have a higher margin of safety after a significant adjustment in valuation, especially consumer goods companies with overseas market development capabilitiesand new energy in the technology sector, which has a cost-effective valuation and continues to expand overseas. Editor: Captain Review: Chen Siyang.