Last week, the ETF market recorded a net inflow of 24.025 billion yuan, with stock ETFs experiencing a net inflow of 12.403 billion yuan.
I. Market Overview
Last week, the major broad-based indices of the A-share market all rose, with the STAR 50, ChiNext Index, and SME Index leading in returns at 13.31%, 5.85%, and 4.64%, respectively. Conversely, the CSI 1000, Shanghai Composite Index, and CSI 500 lagged behind with returns of 3.45%, 3.49%, and 3.87%, respectively.
In terms of transaction volume, the A-share market has exceeded 2 trillion yuan in trading volume for eight consecutive trading days, setting a record for the longest duration with over 2 trillion yuan in trading volume. The average daily trading volume last week was 25,875 billion yuan, an increase of 4,855.89 billion yuan compared to the previous week; the average turnover rate was 2.3141%, up by 0.36 percentage points from the previous week. The trading volumes of major broad-based indices all saw an increase last week. By industry, telecommunications, electronics, and computing led in returns, with gains of 10.47%, 9.00%, and 7.80%, respectively, while real estate, pharmaceuticals, and coal lagged behind, with returns of 0.98%, 1.17%, and 1.23%, respectively.
II. Fund Flows
Last week, the ETF market recorded a net inflow of 24.025 billion yuan, including a net inflow of 12.403 billion yuan for stock ETFs, 7.602 billion yuan for cross-border stock ETFs, and 11.736 billion yuan for bond ETFs. Conversely, commodity ETFs experienced a slight net outflow of 0.63 billion yuan, while money market fund ETFs saw a significant net outflow of 7.653 billion yuan.
From the index perspective, last week saw net inflows of 6.827 billion yuan into securities companies, 4.705 billion yuan into Hang Seng Technology, 4.693 billion yuan into CSI 500, 3.425 billion yuan into the Hong Kong Stock Connect Internet, 2.603 billion yuan into segmented chemicals, and 2.502 billion yuan into the Shanghai 50.
At the same time, there was a strong tendency for profit-taking, with net outflows last week from the STAR 50, CSI A500, CSI 300, National Chip Index (CNI), CSI All-Share Semiconductor, and STAR Entrepreneur 50 amounting to 13.613 billion yuan, 4.170 billion yuan, 3.472 billion yuan, 2.877 billion yuan, 2.032 billion yuan, and 1.748 billion yuan, respectively.
From the perspective of specific ETF products, the convertible bond ETF, CSI 500 ETF, securities ETF, 30-year treasury bond ETF, and Hong Kong Stock Connect Internet ETF experienced net outflows of 5.185 billion yuan, 4.321 billion yuan, 3.956 billion yuan, 3.466 billion yuan, and 2.929 billion yuan last week, respectively.
Last week, the Science and Technology Innovation 50 ETF, Huabao Tianyi ETF, short-term bond ETF, government financial bond ETF, and chip ETF saw net outflows of 9.671 billion yuan, 5.791 billion yuan, 2.850 billion yuan, 2.700 billion yuan, and 2.326 billion yuan, respectively.
III. ETF Performance
For the week of August 18 to August 22, 2025, the median weekly return of stock ETFs was 3.89%. Among broad-based ETFs, the median price change of the STAR Market ETF was 8.12%, yielding the highest returns. By sector, the median price change of technology ETFs was 10.03%, also yielding the highest returns. By thematic classification, the median price change of chip ETFs was 14.15%, yielding the highest returns.
Within broad-based ETFs, the valuation percentile of ChiNext ETFs is relatively low; by sector, the valuation percentile of consumer ETFs is relatively moderate; by sub-theme, the valuation percentiles of wine, photovoltaic, and new energy vehicle ETFs are relatively low. Compared to the previous week, the valuation percentile of AI ETFs has significantly increased.
Specifically, the Science and Technology Innovation Chip Design ETF, the Science and Technology Innovation Chip ETF Index, the Science and Technology Innovation 50 ETF by FT Fund, and the Science and Technology Innovation Chip ETF by Southern Asset Management all rose by over 20% last week.
Last week, the NASDAQ Technology ETF, the NASDAQ ETF by E Fund, the NASDAQ 100 ETF, the NASDAQ ETF by FT Fund, and the NASDAQ ETF by Harvest respectively fell by 4.32%, 3.33%, 3.31%, 3.25%, and 3.23%.
IV. New ETF Products
Last week, the total issuance scale of newly launched funds was 23.314 billion yuan, an increase compared to the previous week. Among them, equity funds raised 19.518 billion yuan, hybrid funds raised 116 million yuan, and bond funds raised 3.679 billion yuan.
Last week, 39 new funds were established, with the most common types among the newly launched funds being passive index funds (18 funds) and enhanced index funds (7 funds), with issuance scales of 12.101 billion yuan and 4.452 billion yuan, respectively.
Last week, 45 funds entered the issuance phase for the first time, among which Yongying Resource Select A, China Merchants CSI Robot ETF, and Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF Link A have completed their issuance and been established.
This week, 28 funds will enter the issuance phase, including 11 passive index funds, 8 enhanced index funds, and 5 equity hybrid funds.
Last week, a total of 63 funds were reported, an increase compared to the previous week. The reported products include 4 Fund of Funds (FOF), 1 Real Estate Investment Trust (REIT), as well as the AAA Technology Innovation Bond ETF, the Harvest Hang Seng Index Hong Kong Stock Connect ETF, and the Technology Innovation Entrepreneurship Artificial Intelligence ETF.
On August 20, the official website of the China Securities Regulatory Commission (CSRC) showed that 14 Technology Innovation Bond ETFs were reported in quick succession, including 1 Shenzhen AAA Technology Innovation Corporate Bond ETF, 3 Shanghai AAA Technology Innovation Corporate Bond ETFs, and 10 CSI AAA Technology Innovation Corporate Bond ETFs.
The CSRC's official website indicates that recently there have been 10 applications for CSI Technology Innovation Entrepreneurship Artificial Intelligence ETFs. This ETF tracks the CSI Technology Innovation Entrepreneurship Artificial Intelligence Index.
V. Hot News
1. The number of ETFs with assets exceeding 10 billion yuan has surpassed 100.
As of August 22, 2025, the total number of ETFs with assets exceeding 10 billion yuan has surpassed 100, reaching 101 funds (including stocks, cross-border, commodities, bonds, etc.). Among them, the number and scale of equity ETFs exceeding 10 billion yuan are the highest, totaling 50 funds with a combined scale of 2.5 trillion yuan, followed by bond ETFs, which number 25 funds with a combined scale exceeding 500 billion yuan.
2. Seven doubling ETFs have been launched this year.
As of August 22, 2025, there are already seven ETFs in the market that have doubled their annual returns, all of which are related to innovative pharmaceuticals.
