2025-05-18-Jefferies-杰富瑞（Jefferies）每周资金流向——由QQQ和科技股推动的股票温和流入；高收益债券流入更多_16页_1mb

Equity Market Overview (May 17, 2025)

Key Observations on Equity Flows:

• Equities: Modest inflows driven by QQQ (Nasdaq-100) and Tech sectors. Large Core ETFs saw ~$5B inflows, with VOO (S&P 500) leading. Small Caps attracted moderate interest.
• Selectors:
  • Inflows:
      • Tech (+4.6B QQQ), QQQ overall,
      • QQQ, VOO, Industrials, Health Care, Higher-yielding bonds.
  • Outflows: GLD (Gold ETF), Energy, Utilities, Biotech seen outflows.

Sector & Growth Style:

• Hot Sectors:
   • Tech (QQQ inflows), Discretionary, Health Care, Industrials.
  • Growth: Small & Large Growth saw modest inflows.
     • Large Core ETFs like VOO leading inflows.
• Notable Decline in Interest: Gold ETFs, Energy, some Discretionary sectors weakened.

Total Market & Fixed Income:

• Total Market ETF: Net inflows ≈$600M, slightly ahead vs. previous year.
• Fixed Income: Broad interest, especially High Yield. Credit ETFs saw inflows. Utilities ETFs saw outflows.

Top ETFs:

• Inflow Leaders:
   • VOO (S&P 500), QQQ, Tech, High Yield Credit ETFs.
• Outflow Leaders: GLD, Energy sectors, Utilities.

💎 The report concludes with cautious but modest inflows in equities, leaning toward Tech, Infrastructure, and cyclical sectors, while Gold and some defensive sectors continue to drain capital.