On the morning of September 18, the A-share technology sector continued its strong momentum. The Sci-Tech 50 Index surged with increased volume, rising 2.99%. Sci-Tech chip-related ETFs collectively topped the gainers list, with multiple products climbing more than 4%, while the artificial intelligence theme also advanced by over 3%. Funds had already positioned themselves in advance: over the past month, ETFs tied to the Sci-Tech 50, communications, chip semiconductors, and artificial intelligence-related themes collectively attracted about RMB 40.6 billion. Among them, ETFs related to the Sci-Tech 50 saw net inflows of RMB 19.1 billion, and semiconductor-related ETFs recorded net inflows of RMB 9.2 billion. A clear “buy when it falls” pattern is evident. For example, on September 1, the Huaxia Sci-Tech Semiconductor ETF led with daily net inflows of about RMB 1.4 billion, yet that same day it still fell by more than 4%. Institutions say the main reasons include the Fed’s policy decision taking effect, the realization of AI-related optimism, and a decline in crowding. Other views also point to risks such as high volatility, some ETFs’ net inflows turning negative, and the pressure from U.S. Treasury yields. Clear signs of left-side positioning by funds are apparent.#日本央行加息至31年高位 $G