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下半年以来千亿元级资金借道股票型ETF布局A股,下半年以来千亿元级资金借道股票型ETF布局A股_我的网站

A |     　　证券日报记者 吴 珊　　7月以来，A股市场呈现震荡调整态势。    BARCELONA, Spain -- Barcelona accountant Oriol Calvo ran afoul of the law when he was arrested in 2019 during a mass protest by supporters of Catalonia's independence from Spain that turned violent. A court found him guilty of public disorder and of aggressive behavior toward a police officer — offenses he denies. The 25-year-old is among several thousand ordinary citizens who faced legal trouble for their often tiny part in Catalonia’s illegal secession bid that brought Spain to the brink of rupture six years ago.Now Calvo hopes his conviction and those of many others will be wiped clean if Spain’s acting prime minister, Pedro Sánchez, follows through and issues a sweeping amnesty for the separatists in exchange for their movement's political parties helping him form a new government in Madrid.Calvo's sentence of 18 months was suspended since it was his first offense, but it is still a stain on his record and has affected his willingness to participate in politics. He has stopped going to rallies for independence for fears that it could complicate his legal situation. He also felt betrayed.“I became very bitter,” Calvo said. “I felt betrayed by the justice system, but also I thought about all the efforts that the movement had made in the fight to achieve independence that had gotten us nowhere.”Sánchez, who has granted pardons to several leaders of the movement in the past, says that the amnesty will be positive for Spain because it will further reduce tensions inside Catalonia. Yet no one doubts that he is doing it only out of political necessity given how divisive the Catalan independence movement is both inside Catalonia and the rest of Spain.A national election in July left no party close to an absolute majority and with Sánchez in need of the support of several smaller parties to stay in power. Those include two pro-secession Catalan parties who led the unsuccessful 2017 breakaway attempt and who now find themselves holding the key votes in Parliament that Sánchez requires. Given the chance to play kingmaker, the two separatist parties are using their leverage. They have made an amnesty law as a prerequisite for supporting Sánchez.The clock is already ticking. Sánchez has until Nov. 27 to form a government, otherwise new elections will be triggered for January.Sánchez and his center-left Socialist party have tried to keep as quiet as possible on the amnesty question, but the leader has acknowledged that talks are on-going with the Catalan parties, including one led by the fugitive former regional leader of Catalonia, Carles Puigdemont, who fled Spain for Belgium after his dream to carve out a new state in northeast Spain collapsed.Spain’s courts are still trying to have Puigdemont extradited. Given that Puigdemont is considered an enemy of the state for many Spaniards, any deal that could benefit him is politically toxic.Tens of thousands of people rallied in downtown Barcelona on Oct. 8 against a possible amnesty in a sign of the danger that Sánchez runs.An amnesty "would be shameful because Spain can’t be governed by people who want to split from the country,” said 23-year-old Pablo Seco, an aeronautical engineer who attended the rally.For Montserrat Nebrera, professor of constitutional law at the International University of Catalonia, the negotiations between Sánchez and the separatist leaders are a “hall of mirrors” wherein both sides try to appear that they have the upper hand, when in reality they need one another.“Pedro Sánchez needs the amnesty law to pass so he can get the four votes he is lacking,” Nebrera told the AP. “The secessionists, however, also need to show their people that they are not only interested in saving the necks of their leaders ... but also of the people who disobeyed authorities or damaged public property and whose punishments, while not huge, have greatly complicated their lives.”Spain’s conservative party, which lost a bid to form a government last month, is already bashing Sánchez for what it describes as selling Spain out to stay in power. Former Socialist prime minister Felipe González has also said that the amnesty is not merited.Spain granted a sweeping amnesty during its transition back to democracy following the death of dictator Francisco Franco in 1975. But legal experts are divided over the constitutionality of an amnesty for the Catalan separatists.The pro-independence Catalan organization Omnium Cultural says that an amnesty should benefit some 4,400 more people, mostly minor officials and ordinary citizens who either helped to organize an illegal 2017 referendum or participated, like Calvo, in protests that turned ugly.But Omnium and the two Catalan separatist parties say they want much more than just a clean slate for people in trouble with the law: they want the terms of the amnesty to establish a legal pretext for Catalonia eventually holding a binding, authorized referendum on independence.“For us, the amnesty is not the solution to the conflict, it is the starting point from which the conflict can begin to be resolved,” said Xavier Antich, president of Omnium Cultural.That going-for-broke position, however, may run the risk of wrecking the whole operation, as well as leaving people like Calvo in the lurch.“They have already tried to have a referendum authorized and it has not worked,” Calvo said. “So I believe that trying to force something that we know isn’t going to happen is useless and could derail the amnesty talks.”___Videojournalist Hernán Muñoz contributed to this report.。在市场分歧加大、投资者情绪趋于谨慎的背景下，大规模增量资金正通过股票型ETF(交易型开放式指数基金)入场布局。　　Wind数据显示，截至8月21日(下同)，7月以来，股票型ETF资金净流入已达3676.05亿元。仅本周股票型ETF资金净流入就超百亿元，达到183.35亿元。

B | 具体来看，本周科创半导体ETF华夏、创业板ETF易方达两只产品资金净流入额均在20亿元以上；此外，科创50ETF华夏、通信ETF国泰、科创50ETF易方达、半导体设备ETF国泰、沪深300ETF华泰柏瑞等产品期间资金净流入额也均超10亿元。　　对此，鑫元基金基金经理莫志刚在接受《证券日报》记者采访时表示，资金在市场调整时通过ETF布局，将市场调整视为优化配置的窗口。　　资金持续流入的同时，ETF供给端也在加速扩容。目前，市场上有25只股票型ETF正在发行，覆盖宽基、红利及行业指数等多个类别，指数投资工具的选择空间进一步拓宽。　　兴华基金投资总监黄生鹏在接受《证券日报》记者采访时表示，前期科技板块经历了显著的估值扩张与资金集中，短期仍存在一定的整固需求。随着2026年半年报数据的披露，各行业的盈利预期将得到重新校准，市场也将据此对结构性估值中枢进行调整。　　莫志刚认为，后续需关注四大影响因素，其一，存量政策实施效果和增量政策空间。

C | 其二，当前处于中报业绩密集披露期，科技板块面临“去伪存真”的业绩考验，业绩兑现情况将直接影响后续走势。其三，海外流动性持续扰动，美债走势与美联储政策预期仍是影响全球风险偏好的关键变量。其四，市场情绪和量能变化，当前A股市场成交额和融资余额尚未完全企稳，有待情绪进一步修复以及量能温和放大。　　展望后市投资机会，黄生鹏建议，重点关注前期被阶段性“冷落”的低位小市值品种和偏传统价值品种。小市值品种的估值目前已处于历史较低分位数水平。部分经营基本面扎实、现金流健康的公司，估值回落主要是由于流动性挤压而非基本面恶化，具备典型的“错配修复”机会。此外，偏传统价值品种，例如红利、高股息等传统价值板块在前期同样受到资金分流的压制，但其稳定的现金流与较高的股息率提供了坚实的安全垫。

D | 在全球经济增长前景仍存不确定性的背景下，具备防御属性与相对稳定回报的传统价值资产，依然是组合中重要的压舱石，当前其估值水平已具备较好的安全边际，适合中长期资金逐步布局。　　莫志刚则建议关注“红利+小盘+科技”。莫志刚表示，红利资产经历调整后，估值性价比凸显，且有业绩支撑，叠加高股息、低波动等特征，能够在组合中充当“稳定器”。当科技成长等主线内部出现分化、进入高位震荡阶段，或者当市场流动性未大幅收缩但缺乏明确热点时，资金往往会自发流向小盘股寻找机会。科技成长依然是重要主线，前期调整后拥挤度已明显回落，人工智能基础设施相关领域景气度依然较高，但需关注业绩与估值的匹配程度；创新药预期持续兑现，同样是科技板块内部值得关注的重要方向。

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