The three major A-share indices fluctuated and declined after opening low today. By the close, the Shanghai Index fell 1.06% to 2,765 points, a new low since February 6. As the market fluctuates and adjusts, incremental capital continues to enter the market through A-share ETFs.

Since July, more than 350 billion yuan of capital has been used to increase positions through ETFs, mainly to 4 Shanghai and Shenzhen 300 ETFs. As of September 6, the net capital inflows of Huatai Berry's Shanghai and Shenzhen 300 ETFs since July have been 88.232 billion yuan, 65.95 billion yuan, 36.84 billion yuan, and 28.922 billion yuan respectively; the four Shanghai and Shenzhen 300 ETFs have attracted more than 500.2 billion yuan in total.

Furthermore, since July, the net capital inflows of Huaxia Fund Shanghai Securities 50 ETF, China Southern Fund China Securities 500 ETF, China Southern Fund China Securities 1000 ETF, E-Fangda Fund GEM ETF, and Huaxia Fund China Securities 1000 ETF have been 20.606 billion yuan, 17.324 billion yuan, 15.089 billion yuan, 9.908 billion yuan, and 8.15 billion yuan, respectively.

In addition to the national team buying the Shanghai and Shenzhen 300 ETF, China Securities 1000 ETF, China Securities 500 ETF, and Shanghai Securities 50 ETF, private equity and futures bosses also used ETFs to allocate assets in the first half of the year. However, in the first half of the year, Bin's Oriental Harbor bought NASDAQ Technology ETFs, NASDAQ 100 ETFs, and NASDAQ ETFs owned by fund companies such as Invesco Great Wall, Huaxia, China Merchants, Bosch, Guangfa, Hua'an, Cathay Pacific, and Huatai Berry.

By the end of the second quarter, the nine Oriental Harbor products held a total fund size of more than 0.7 billion yuan in the US stock ETFs mentioned above. With the latest disclosure of the fund's semi-annual report, commodity futures investors and private equity institutions have revealed the tip of the iceberg in the ETF market.

In the soybean meal ETF market, Yongan Guofu Asset Management Company, a 10 billion private equity institution that started with futures investment, continues to dominate the list. Its chairman, Xiao Guoping, appeared twice in a row on the list of the top ten holders in the soybean meal ETF fund report. Futures boss Liang Ruian holds 24.2442 million shares in gold ETFs and holds a total of 7.5 million shares in gold ETF funds.

Regarding the current A-share market, the CICC research report points out that the market has recently had some bottom-up characteristics: the A-share turnover rate, calculated by free circulation market value, fell to the historical bottom level of 1.5%; at the valuation level, the Shanghai and Shenzhen 300 dividend rate exceeded the 10-year treasury bond interest rate by 1.1 percentage points, and the forward valuation of the Shanghai and Shenzhen 300 Index is close to double the standard deviation of the historical bottom, and the market has good valuation appeal; strong stocks are also often a common phenomenon at the bottom of historical stages.

According to the Everbright Securities Research Report, since August 28, the banking sector, which had previously performed well, has experienced a phenomenon of making up for the decline, and stock price performance has lagged significantly behind the overall market. Logically, making up for the decline in strong sectors may be a left-hand signal that the market is about to bottom out. On the one hand, making up for the decline in strong sectors may mean that market sentiment is already extremely sluggish, and there is limited room for further decline in the future. On the other hand, making up for the decline in strong stocks may mean that other sectors are “unable to fall” and that the strength of the bears is weakening. This is also a sign that the market may be bottoming out.