China's ** newspaper reporter Tianxin
On January 9, the three major A-share indexes collectively closed positive. The Shanghai Composite Index, the Shenzhen Stock Exchange Component Index and the ChiNext Index respectively**27% and 037%。In terms of industry sectors, the tourism and hotel sector rose sharply. **ETF fund flow shows that in *** on the same day, there were 444.7 billion yuan of net inflow. CSI 300 ETF, SSE 50 ETF and ChiNext ETF have the highest net inflows, while CSI 1000 ETF and CSI 500 ETF have become the main force of "blood loss". It is worth mentioning that since January this year, **ETF has accumulated a net inflow of 654.2 billion yuan. The net inflow of funds in a single day was 444.7 billion yuanOn Tuesday, the main A-share indices collectively closed higher. The Shanghai Composite Index rose 020% to close at 289325 o'clock;The Shenzhen Component Index rose 027% to close at 897172 points;The GEM index rose 037% to close at 175078 points. The tourism and hotel sector rose sharply, and commercial department stores, aviation airports, railways and highways, textiles and garments, decoration and building materials were among the top gainers. From the perspective of the capital flow of **ETF (including cross-border ETF), in the *** of the day, the net inflow of funds is dominant. On January 9, the total share of **ETF increased by 299.4 billion shares, measured by the average transaction price in the range, the net inflow of funds reached 444.7 billion yuanJudging from the net ** fund ranking, on Tuesday, 11 ** ETFs had a net inflow of more than 100 million yuan, of which 10 were broad-based ETFs and only 1 was an industry-themed ETF. CSI 300 ETF, SSE 50 ETF and ChiNext ETF led the net inflow. Specifically, ChinaAMC CSI 300 ETF had a net subscription of 47 billion shares, with a net inflow of funds of 15$8.2 billion;Harvest CSI 300 ETF was net subscribed 44.6 billion shares, with a net inflow of funds of 152.8 billion yuan;E Fund CSI 300 ETF had a net subscription of 93.6 billion shares, with a net inflow of funds of 150.4 billion yuan. In addition, the net inflows of ChinaAMC SSE 50 ETF, GF CSI 300 ETF, and E Fund ChiNext ETF were all above 100 million yuan. In addition, the net subscription of Cathay Pacific Military ETF was 15.8 billion shares, with a net inflow of 14.1 billion yuan, and it is also the only industry-themed ETF with a net inflow of more than 100 million yuan. Since January, there are still a number of broad-based ETFs that are strong "gold absorbers", and the CSI 300 ETF is particularly prominent. Among them, the Harvest CSI 300 ETF had a net inflow of 366.9 billion yuan, with a net inflow of 3.5 billion9.3 billion yuan, with a net inflow of 336.1 billion yuan, with a net inflow of 290.8 billion and 27$2.1 billion. This means that in only 6 trading days this year, several CSI 300 ETFs have attracted more than 10 billion yuan. ETFs owned by large ** companies continue to be sought after by funding. According to the data, on January 9, the total net inflow of ETF under E Fund** was 1.7 billion yuan. Among them, E Fund CSI 300 ETF had a net inflow of 1.5 billion yuan on the same day, helping the scale of the ** market to reach 48.9 billion yuan, and if the scale of the OTC market is added, it will exceed the 50 billion yuan mark. E Fund ChiNext ETF also had a net inflow of 1900 million yuan. Huang Haodong, manager of E Fund**, said that the market in 2023 that has ended is more pessimistic, the index performance is weak, and the style shows an obvious small-cap style and value style. Looking ahead to 2024, we might as well be more optimistic. At present, equity assets are in a very cost-effective position in history, and every round of ** in history is often born in this cost-effective bottom area. In Huang Haodong's view, in 2024, the market may switch to the growth style of the dominant **. On the one hand, the Fed's interest rate hike is nearing its end, US Treasury yields are gradually falling, and global risk appetite is improvingOn the other hand, domestic credit spreads have further narrowed, the year-on-year growth rate of the two markets has gradually turned positive, domestic risk appetite has gradually improved, and market sentiment has begun to recover. As a result, growth stocks are expected to perform better. Chen Jie, general manager of the equity research department of Wells Fargo, also said that from 2008 to 2012, the "investment clock" could be perfectly interpreted in the A** field, and after turning to the "stock economy", the cyclical fluctuations were no longer obviousUnder the "stock economy", the time cycle of earnings is still there, but the fluctuation range of earnings has converged significantly, and the impact on market trends has also been significantly weakened. Chen Jie expects that the first three quarters of 2024 will be in a profit upward cycle, and the current round of profit upward cycle will be relatively weak and will not constitute the main driving force of the market. At the same time, the interest rate pivot in 2024 is expected to be higher than in 2023 as the demand for funds increases due to the recovery of corporate earnings, but the downward shift in the economic growth pivot and the maintenance of loose monetary policy will keep the interest rate ceiling at a lower level. Against the backdrop of slight fluctuations in earnings and interest rates, the biggest market variable in 2024 may be risk appetite. The main improvement paths after the risk appetite reaches the extreme value are: 1. The emergence of new industrial wave clues;2. Capital market reform. 
CSI 1000 ETF, CSI 500 ETF, etcinto the main force of "blood loss".As of January 9, the total AUM of 834** ETFs in the market was 165 trillion yuan. Since January, the **ETF market has been dominated by net inflows, and the overall share has increased by more than 1538.8 billion shares (including newly listed**) were measured at the average transaction price in the range, and the net inflow of funds reached 654.2 billion yuan. From the perspective of net outflow of funds, on January 9, the net outflow of 8 ** ETFs exceeded 100 million yuan, and some CSI 300 ETFs, CSI 1000 ETFs, and CSI 500 ETFs were among the top "blood loss". Among them, the share of Huatai Pineapple CSI 300 ETF decreased by 18.8 billion shares, with a net outflow of 63.2 billion yuan, becoming the largest ETF with the largest net outflow of funds on the dayGF CSI 1000 ETF net outflow of 44.6 billion yuan, ranking second;ChinaAMC CSI 1000 ETF had a net outflow of 18.7 billion yuan. In addition, the net outflow of funds such as CSI ETF and Wells Fargo CSI 1000 ETF exceeded 100 million yuan. Since January, some CSI 300 ETFs, CSI 1000 ETFs and CSI 500 ETFs have been the main force of "blood loss". Among them, Huatai Pineapple CSI 300 ETF had a net outflow of 557.3 billion yuan, with a net outflow of 27 during the GF CSI 1000 ETF7.2 billion yuan, with a net outflow of 25$2.6 billion. In addition, the net outflow of CSI 1000 ETF and ChinaAMC CSI 1000 ETF exceeded 1 billion yuan. 
Editor: Joy Review: Chen Siyang.