Last week (November 7-November 11), the Shanghai Composite Index closed up 0.54%, the Shenzhen Composite Index closed down 0.43%, and the GEM Index closed down 1.87%.

Choice data shows that there were 623 million net redemptions of on-market equity ETFs last week.

Among them, there were 2.422 billion net subscriptions for Shanghai stock ETFs and 3.045 billion net redemptions for Shenzhen stock ETFs.

Based on the latest net worth, net subscription funds last week reached 857 million yuan.

Real estate ETFs led the gains. Data showed that among the stock ETFs on the market last week, real estate ETF funds, real estate ETF funds, and financial real estate ETFs had the highest gains. Among them, real estate ETFs had a weekly increase of 13.86%, ranking first.

The CSI 300 ETF had the most subscriptions. The CSI 300 ETF had the largest net subscription amount last week, with a net subscription amount of 3.323 billion yuan.

In addition, Kechuang 50ETF and CSI 500ETF also topped the list of subscriptions, with net subscription amounts of 2.123 billion yuan and 1.254 billion yuan respectively.

The redemption data of the 1000ETF fund also shows that the on-site stock ETF with the largest net redemption amount last week was the 1000ETF fund, with a redemption amount of 3.663 billion yuan.

Securities ETFs followed closely, with redemption amount of 486 million.

Looking at the market outlook, the CICC research report pointed out that under the baseline scenario, it has a neutral to positive view on the A-share market in the next 12 months.

It is recommended to focus on three main lines: 1) Cross-cyclical policies and reforms: high-quality development and realization of Chinese-style modernization.

2) Whether there are structural changes in the market valuation center.

We expect markets to experience a return to normalization from low sentiment over the next 12 months.

3) The profit growth of listed companies will accelerate in 2023 compared with 2022, which will support asset prices.

In terms of rhythm, from the end of this year to the first quarter of next year, the index may usher in periodic opportunities, with the focus on stabilizing growth expectations in the mid-term.

In terms of major categories of assets, it is recommended to increase the allocation of equity assets in the next 3-6 months. Domestic asset allocation may be stronger than debt.

Zhongtai Securities believes that the short-term market risk appetite has strengthened, and the market may be stepping out of the bottom range. The subsequent market may systematically repair the market and gradually enter a state of focusing on individual stocks and light indexes.

Short-term market sentiment has improved, but the current valuation of A-shares is still in the bottom range. With the gradual establishment of economic recovery signals and the accelerated implementation of stabilizing growth policies, the "warm winter market" in the fourth quarter is expected to be gradually realized.