Recently, there has been a very interesting phenomenon in the market's capital flow during a trading day—massive funds are undergoing structural adjustments. Although the Shanghai Composite Index only rose by 0.53%, appearing stable, the underlying capital flow tells a different story.

Speaking of this round of adjustment, we need to first look at the broad-based indices. The CSI A500 Index ETF performed the best, with a single-day net subscription of 7.532 billion yuan—this number has already exceeded the total net subscription of all ETFs in the market that day. More importantly, this index has been continuously attracting funds recently and has become a market focal point.

Following closely are the CSI 500 and SSE 50, which absorbed 972 million yuan and 701 million yuan respectively. Traditional broad-based indices like CSI 300 and CSI 1000 also saw subscriptions, but on a much smaller scale, at 401 million yuan and 315 million yuan respectively. Conversely, indices like the STAR Market 50 and SSE Composite Index experienced fund withdrawals, with redemptions reaching 437 million yuan and 101 million yuan.

In the sector theme area, investor preferences are even more pronounced. Sectors such as non-ferrous metals, dividends, and new energy are attracting capital: Industrial Non-Ferrous Metals received 335 million yuan, and subdivided non-ferrous metals attracted 147 million yuan. Dividend indices also performed well, with various dividend ETFs totaling net subscriptions of over 200 million yuan. The new energy sector’s CSI New Energy Index received a subscription of 754 million yuan, and themes like healthcare, automotive, and consumer sectors also made it onto the inflow list.

At the same time, previously popular sectors like chips and semiconductors are experiencing significant capital pressure. The STAR Market Chips ETF saw redemptions of 554 million yuan, and the Semiconductor Index was redeemed by 284 million yuan. The military industry sector is in an even worse situation, with net redemptions of 408 million yuan for CSI Military Industry, 213 million yuan for CSI National Defense, and 205 million yuan for military leading stocks. The financial sector is also being heavily withdrawn from, with redemptions of 367 million yuan from securities firms and 334 million yuan from CSI Banks. Previously favored segments like photovoltaics, STAR Market AI, and rare earths are also on the redemption list.

This actually reflects a very clear signal—the capital is reallocating from high-heat sectors to medium-sized broad-based indices and areas with stronger value attributes.