Last week, the ETF had a net inflow of 74.226 billion yuan, with a net inflow of 34.047 billion yuan for the CSI 300 Index.
1. Market Overview
Last week, the major broad-based indices in the A-share market showed differing trends. The SSE Composite Index, CSI 300 Index, and SSE Science and Technology Innovation Board 50 Index had leading returns of 1.19%, 0.59%, and -0.31% respectively, while the SME, Chinext Price Index, and Shenzhen Component Index had lagging returns of -1.15%, -0.64%, and -0.54% respectively.
From the perspective of trading volume, last week saw a decrease in trading volume for the major broad-based indices. In terms of sectors, last week, Banks, Real Estate, and Coal sectors had leading returns of 4.23%, 3.78%, and 2.62% respectively, while Military Industry, Agriculture, Forestry, Animal Husbandry and Fishery, and Computer sectors had lagging returns of -2.73%, -2.03%, and -0.98% respectively.
Last week, the performance of the A-share market diverged, with the North Securities 50 Index showing the largest increase at 3.48%. The Hong Kong stock market saw some gains, with the Hang Seng Index rising by 2.30%. The leading ETFs primarily focused on the financial and real estate sectors.
2. Capital Trend
Last week, ETFs had a net inflow of 74.226 billion yuan, with the net inflow for the CSI 300 Index being 34.047 billion yuan. Money Market Funds continued to receive a net inflow of 15.055 billion yuan, followed by Gold, with the SEG Gold 999 seeing a net inflow of 10.512 billion yuan, and Shanghai Gold continuing to see a net inflow of 1.224 billion yuan.
The other broad-based indices continued to see net subscriptions, with the SSE 50, CSI 500 Index, and SSE Composite Index receiving net inflows of 7.89 billion yuan, 3.479 billion yuan, and 3.097 billion yuan respectively.
In terms of Outflow, the CSI 500 Index continues to face capital sell-offs, with a net outflow of 6.807 billion yuan last week. The ChinaAMC STAR50 Index and the SSE A50 had net outflows of 1.768 billion yuan and 1.374 billion yuan respectively.
The top 10 in net inflow were mostly the 300ETF; the top 10 in net outflow were mostly the CSI 500 ETF. Among broad-based ETFs, the ETFs tracking the CSI 300 Index had the highest net inflow, while those tracking the CSI 500 Index had the highest net outflow; in the Industry ETF segment, the pharmaceutical and biotechnology sector ETF had the highest net inflow.
Specifically, the HUAXIA300, Huatai-PB CSI 300 ETF, ChinaAMC Shanghai A50 Exchange Traded Fund, 300ETF, and the Jiashi CSI 300 ETF had net inflows of 11.504 billion yuan, 9.383 billion yuan, 7.991 billion yuan, 7.699 billion yuan, and 6.391 billion yuan respectively last week.
The Huaan Gold ETF had a net inflow of 4.648 billion yuan last week, while the Southern Fund CSI 500 ETF had a net inflow of 3.691 billion yuan.
In terms of Outflow, the ChinaAMC STAR50 ETF had a net outflow of 1.209 billion yuan.
Multiple CSI 500 ETFs faced net outflow, with the CSI 500 ETF, CSI 500 ETF from Fuguo, A500 Index ETF, and the CSI 500 ETF from Southern experiencing net outflows of -0.867 billion yuan, -0.737 billion yuan, -0.679 billion yuan, and -0.661 billion yuan respectively last week.
Last week, the ZHENGQUANETF had a net outflow of 0.669 billion yuan.
3. ETF Performance
Last week (from April 14, 2025 to April 18, 2025, the same below), the median weekly return of Stock ETFs was -0.27%. Among broad-based ETFs, the median fluctuation of the Chinaamc Shanghai A50 Exchange Traded Fund was 1.50%, yielding the highest return. By Sector classification, the median fluctuation of the Financials ETF was 2.30%, yielding the highest return. By theme classification, the median fluctuation of the Banks ETF was 4.18%, yielding the highest return.
Specifically, last week, the GTAA Fund Hong Kong Stock Connect 50 ETF, GF Fund Hang Seng ETF Hong Kong Stock Connect, Yinhua Fund Hang Seng Hong Kong Stock Connect ETF, and E Fund Hong Kong Stock Connect 100 ETF rose by 12.29%, 11.65%, 10.91%, and 10.83% respectively.
In terms of decline, the Grain 50 ETF, Penghua CSI Defense ETF, Grain ETF, and SSE High-End Equipment Manufacturing 60 Index all fell by more than 3% last week.
IV. New ETF Products Issuance
Last week, 25 new Funds were established, with a total issuance scale of 20.476 billion yuan, an increase compared to the previous week. In addition, last week, 34 Funds entered the issuance phase for the first time, and this week, 27 Funds will start issuing.
Last week, a total of 8 Stock ETFs were reported in the mainland market, including 3 Shanghai Star Comprehensive Enhanced ETFs; 15 new Stock ETFs were established, and 7 free cash flow ETFs are currently being issued.
V. Hot News
1. Hong Kong stocks are on holiday, and speculative funds continue to炒作 the China Merchants SSE HK Equities ETF.
From April 18 to 21, the Hong Kong stock market was closed due to public holidays, but related ETFs in Hong Kong Stock Connect experienced a 'crazy market.' These heavily炒作 ETFs are generally small in scale, and with the subscription channels closed during the market closure, the ETF prices became decoupled from their true values. The Hong Kong Stock Connect 50 ETF has issued a risk warning announcement. Once the Hong Kong Stock market resumes trading and the subscription channels reopen, arbitrage funds may sell, leading to a rapid price drop in the ETFs.
2. Over 70 billion yuan net inflow, broad-based ETFs continue to receive investment.
Last week (April 14 to April 18), the overall net inflow of funds into ETFs exceeded 70 billion yuan, with the All Market ETF scale surpassing 4 trillion yuan, where broad-based ETFs significantly attracted investment. With the continuous inflow of funds, the total scale of the 300ETF has returned to over 1 trillion yuan. Looking ahead, institutions believe that China's assets show clear resilience supported by multiple advantages; and in the near future, fundamentals are expected to become the main pricing factor in the market.
