The Shanghai Composite Index continued to decline on the third trading day of the year, with a total turnover of 1.06 trillion in the Shanghai and Shenzhen stock markets for the whole day, a decrease of 209.2 billion from the previous trading day, reaching a new low since September 25 last year. During this policy vacuum period, funds are relatively cautious. In the past 4 trading days, the Shanghai Composite Index has fallen by 5.88%, and A-shares have entered a tug-of-war around 3200 points. On January 6th, two performances of the China Securities A500ETF are worth paying attention to: first, the trading volume of many stock ETFs has increased, with 22 stock ETFs with a turnover of over 10 billion, and the China Securities A500ETF occupies 9 seats; secondly, after the callback, the net values of the 22 China Securities A500ETFs have temporarily returned below the surface, with current net values lower than 1. The total scale of the China Securities A500ETF once exceeded 250 billion, becoming the second largest index-tracking scale in the market in just 4 months. Facing the market callback, it cannot be denied that investors are experiencing a poor performance, and there is controversy in the market about being "completely locked up". How should one rationally view this? What are the highlights in the market before the Spring Festival? These topics are still worth paying attention to. The total turnover exceeded 33 billion, and the China Securities A500ETF collectively increased in volume Although the turnover of the two markets decreased on January 6th, the turnover of ETFs increased, indicating a clear trend of funds flowing through ETFs. Wind data shows that the largest turnover of the top-ranked Huatai Bairui Shanghai and Shenzhen 300ETF exceeded 5 billion, maintaining the top spot. In terms of index performance, the China Securities A500ETF performed exceptionally well, with 9 ETFs having a turnover of over 10 billion. The Guotai China Securities A500ETF and Huaxia China Securities A500ETF had turnovers of around 4.1 billion and closely followed the Huatai Bairui Shanghai and Shenzhen 300ETF. The significant increase in volume of the China Securities A500ETF is reflected in the turnover rate, with the Huaxia China Securities A500ETF having a turnover rate as high as 22.36%, and Guotai, Huatai Bairui, Nanfang, Yifangda, Guangfa, and other China Securities A500ETFs having turnover rates exceeding 10%, and even 20%. Overall, on January 6th, the total turnover of the 22 China Securities A500ETF reached 33.085 billion. Some industry insiders suggest that after the net asset value update that night, the top A500ETF products may have considerable net capital inflows. These insiders point out that during the entire New Year period, the newly listed products were relatively lackluster, but the competition for the A500s was fierce. By January 3rd, the total share of the 22 China Securities A500ETFs had reached 266.1 billion shares. Among them, the Guotai China Securities A500ETF was the first to break through the 30 billion share mark. However, due to the net asset value adjustment, the current total scale of the 22 products is 248.6 billion yuan, falling below 250 billion. In terms of post-holiday fund flows, it is evident that investors are bottom fishing through A500ETFs, with a total net inflow of over 4 billion in just 2 trading days. Net asset values are all below 1, collectively facing a major net value test for the first time All 22 current China Securities A500 ETF net asset values have fallen below 1, which is the first time since the listing of A500ETF that they have collectively experienced a significant market correction. Currently, the net asset values of the 22 China Securities A500ETF range from 0.909 to 0.969, with the weakest performing products just a step away from "breaking 9". It cannot be denied that there is also controversy in the current market about being "completely locked up". In response to this, industry insiders point out that, on the one hand, as a broad-based index, due to its unique characteristics, the A500ETF is affected by the overall performance of A-shares, making it difficult for the A500 index to perform well in the overall market adjustment process; on the other hand, the index naturally faces tests of different market conditions of bull and bear markets, and investors can use a longer period to assess the performance of index-tracking products. In the past two days, institutions have increased their holdings against the market Before the Spring Festival, the market performance was relatively weak, but funds continued to buy the dips. Wind data shows that in just 2 trading days, the net inflow of funds for all stock ETFs in the entire market reached 30 billion. Among them, the Huatai Bairui Shanghai and Shenzhen 300ETF saw a net inflow of 4.131 billion yuan, the Nanfang China Securities 1000ETF saw a net inflow of 3.151 billion yuan, and the Huaxia Science and Technology Innovation Board 50ETF followed closely with 3 billion yuan. In addition, the Guotai China Securities A500ETF, the Guolian An China Securities Global Semiconductor ETF, the Nanfang China Securities 500ETF, the Yifangda Science and Technology Innovation Board 50ETF, and the Yifangda Shanghai and Shenzhen 300ETF all saw net inflows of over 1 billion yuan. Nearly 360 stock ETFs in the entire market received net inflows of funds. At the end of the year, many domestic institutions issued annual strategic views, generally holding optimistic views on the trend of the A-share market in 2025, and expecting the market to follow an oscillating upward trend. Head foreign institutions such as Goldman Sachs expressed optimism about the trend of A-shares in 2025, believing that the recent adjustments in domestic policies have effectively boosted market confidence. It is understood that current domestic professional institutions such as securities firms and quant funds, as well as foreign capital, are actively positioning themselves for 2025. In the past two days, with the market sharply falling, institutional funds have increased their holdings by hundreds of billions, focusing on buying into emerging growth industries such as new energy and artificial intelligence. The confidence of professional institutions remains relatively stable. This article is reprinted from "CaiLian News", GMTEight Edit: Chen Xiaoyi.