ETF starts the year with large-scale subscription and redemption, with over 10 billion yuan flowing into high-growth thematic tracks

The A-share ETF market at the beginning of 2026 presents a striking “ice and fire” double scene: on one side, mainstream broad-based ETFs face nearly 100 billion yuan in redemptions, with several leading Shanghai and Shenzhen 300 ETFs experiencing a decline of over 40% in shares; on the other side, thematic ETFs such as chemicals, non-ferrous metals, and power grid equipment attract capital, with significant increases in shareholdings. This decrease and increase clearly outline a strategic shift of funds from large-cap blue chips to specific high-growth sectors. Industry insiders told Securities Times that the redemptions of mainstream broad-based ETFs mainly stem from a short-term decline in risk appetite among investors, reflecting institutional caution about the market’s short-term trend. However, many institutions remain optimistic about the overall investment outlook for 2026 in their latest forecasts, believing that the macro economy will continue to steadily advance in the first year of the “14th Five-Year Plan,” and that the A-share and Hong Kong markets possess long-term resilience. Looking ahead for the year, market styles are expected to gradually shift from liquidity-driven and thematic narratives to profit-driven and fundamental validation stages. (People’s Financial News)