2025-05-26-Jefferies-杰富瑞每周资金流向——股票资金流入疲软_但至少小盘股有资金流入_16页_1mb

Equity Strategy: Market Flows and Trends

Key Points

• General Market Flows for Equity: ETF flows to equities remain weak overall, with outflows in Large Cap Growth, Mid Cap Growth, and several factor ETFs (e.g., Dividend, Low Volatility). Conversely, Small Cap ETFs saw inflows, led by the IWM (+$1.8B).
• Sector Performance:
  • Communication Services, Staples, and Energy attracted inflows, with Energy posting its first weekly gain in weeks.
  • Cyclicals (Materials, Industrials, Financials) and large growth sectors continue to face outflows.
• ETF Highlight:
  • The QQQ (+$2.1B) and ESG funds performed strongly, while High Yield Bonds maintained a four-week inflow streak (~2% of assets).
• Risk Areas: Weakness in Tech (InfoTech, Biotech) and Real Estate/Utilities ETFs indicates flattening investor interest.

Flow Data

Outlook

• Opportunities: Small Caps, Energy, Credit (High Yield).
• Caution: Cyclical sectors (Materials, Financials) and factor ETFs (Dividend, Low Volatility) may underperform.

Analyst Certification

• All views reflect personal analysis; no compensation tied to recommendations.
• Equity Strategy: Buy/Hold/Underperform ratings provided for key sectors.

**Summary Tracked on May 26, 2025.**