每周资金流向：半导体资金流入提振科技股，QQQ遭遇赎回

USA | Equity Strategy Weekly Flows—Flows to Semis Boosting Tech,Whereas QQQ Suffered Withdrawal STRATEGY NOTE With addition of SPCX to QQQ, index rebalancings behind us. With that, equitiessaw an outflow of $5.8B with all of that and then some being QQQ, while LargeCore also saw a withdrawal of $3.1B. Small took in $2.6B with much of thatbeing IWM, while modest inflows to Total Market. Tech flows strong, driven by >$7B into Semis with rolling 20-day at 5-year high. Also hot has been Fin'ls, HealthCare, & Industrials, while Energy and Discretionary out of favor. Source: FactSet; Jefferies Steven G. DeSanctis, CFA * | Equity Strategist+1 (212) 284-2056 | sdesanctis@jefferies.com Jane Gibbons * | Equity Associate+1 (212) 778-8657 | jgibbons1@jefferies.com Gurbax Assie * | Equity Associate+1 (646) 352-5616 | gassie@jefferies.com What's Hot & What's Not: What's Hot:More of the ETFs we track saw inflows on the week with Semis the hot group. The rolling20-day flow to the group is well above its +1 standard deviation line and at its 5-year high. Small tookin over $2B with all of that going to the IWM, while Health Care, Fin'ls, and Industrials continued to seeinterest. On the Fixed Income front, Investment Grade and Aggregate continued to take in money. What's Not:Overall equity flows were weak with a total outflow of $5.8B thanks to the QQQ, whichwe find surprising. The vehicle saw a withdrawal of about $8B, whereas Large Core also witnessedoutflows. More interesting to us was the withdrawal from High Yield of 3.4% of its asset base, whichwe think is something to watch. Some withdrawals from Mid Growth. Modest inflows to Total Market, but YTD interest is tracking ahead of last year. Index rebalancing may have skewed the flows to the QQQ, but it saw anoutflow of close to $8B on the week. Fixed Income flows: Lots of interest in Investment Grade... A look across sectors using the rolling 20-day average flows: We are now looking at the rolling 20-day flows for each of the GICs sectors, along with Biotech, to detect changes in sentiment around groups.Weare trying to capture what's hot and what's not. Interest in Discretionary has been weak at best, and we think it should pick up. Energy remains very of out of favor, while some interest towards Staples. .Source: FactSet; Jefferies Both Fin'ls and Health Care are now part of the "in crowd". .Source: FactSet; Jefferies Investors cannot get enough Industrials exposure. Tech flows have been driven by the interest in the Semis. Real Estate flows are still well above the +1 standard deviation line, whileinterest is building toward Utilities. Analyst Certification: I, Steven G. DeSanctis, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Jane Gibbons, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Gurbax Assie, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJuly 12, 2026 2:23 A.M.Recommendation DistributedJuly 12, 2026 2:23 A.M. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securitie