ETF异动 | 科创50ETF集体回落韩股去杠杆尾部风险仍存机构指仍需关注市场反攻外部约束

智通财经

Aug 03

智通财经APP获悉，科创50ETF集体回落，截至发稿，PP科创50(03151)跌5.25%，报11.01港元；南方科创板50(03109)跌5.24%，报15.2港元；博时科创50(02832)跌4.54%，报11.36港元。

消息面上，据市场媒体报道，韩国金融监管部门正在推动引入一项“紧急行动权限”，允许监管机构在紧急情况下快速降低单股杠杆产品的杠杆倍数。此前，这类产品被认为是导致市场剧烈波动的主要因素之一。据高盛数据显示，截至7月31日，韩国杠杆ETF的资产管理规模已从峰值的530亿美元降至240亿美元，杠杆敞口降至市场自由流通规模的1.9%。高盛表示，潜在的杠杆ETF每日再平衡资金流已较峰值大致减半，但其影响依然显著。

华创证券认为，后视镜视角来看，本轮回撤是在宏观流动性不明朗、中报披露前市场对AI资本开支持续性产生担忧的背景下，筹码分歧被集中放大。然而，影响本轮反攻的主要外部约束是来自于美联储政策。市场对年内不加息的期待可能构成灰犀牛风险，美联储一旦启动加息通常意味着进入加息周期。复盘美联储加息，美股整体呈现首次加息前涨、加息后跌的规律，A股在加息后1-3个月也会受到传导影响。

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