Risk appetite rises, and capital flow releases a new signal.

Last week, the market sentiment was high, driven by the significant positive stimulus in the infrastructure sector, leading to a sharp rise in several building materials and rare earth-related ETF products. In terms of trading volume, ETFs tracking broad-based indices such as the CSI A500, the Shanghai and Shenzhen 300, and the ChiNext 50 led in terms of trading volume. In addition, the weekly trading volume of Hong Kong stock ETFs exceeded 100 billion yuan. It is worth noting that last week, the "stock-bond seesaw" clearly tilted, with several credit bond ETFs experiencing net outflows of funds, and money market ETFs facing a significant withdrawal of funds, reflecting a noticeable increase in risk appetite in the capital market.