Last week, the ETF market experienced a substantial net inflow of 45.5 billion yuan, with stock ETFs seeing a remarkable inflow of 28.199 billion yuan, while bond ETFs continued to record a net inflow of 12.294 billion yuan.
I. Market Overview
The A-share market experienced a volatile upward trend, with the full A index rising by 1.90%. The ChiNext Index and the Sci-Tech 50 led the performance, both increasing by over 7%, while the Beijing Stock Exchange 50 recorded a decline. The Shanghai Composite Index approached 3,900 points on Monday, followed by a short-term adjustment during the week, with a renewed upward trend observed on Thursday and Friday.
Under the dominance of a structural market, growth stocks continued to lead, with sectors such as telecommunications, non-ferrous metals, electronics, electrical equipment, new energy, and agriculture showing significant gains. The TMT-themed funds performed particularly well, having led the market for several consecutive weeks.
Although the Shanghai Composite Index failed to break through 3,900 points last week, market trading remained robust, setting a historical second-highest trading volume record twice during the week. The average daily trading volume surged to 2.98 trillion yuan, representing a week-on-week increase of 15.3%, indicating ample market liquidity.
In terms of market style, last week the large-cap style was relatively dominant, with the CSI 300 (2.71%) outperforming the CSI 1000 (1.03%); the growth style has now outperformed for three consecutive weeks, with a weekly increase of 4.45%.
From an industry perspective, the last week saw a divergence in the performance of primary sectors, with the technology sector remaining hot. The telecommunications and electronics industries continued to show strength, with the telecommunications sector achieving a weekly increase of 12.38%. Other sectors such as non-ferrous metals, conglomerates, and electrical equipment also performed relatively well, while industries like textiles and apparel, coal, and banking recorded declines.
II. Fund Flows
Last week, the ETF market saw a significant net inflow of 45.5 billion yuan, with stock ETFs experiencing a substantial inflow of 28.199 billion yuan, bond ETFs continuing to attract a net inflow of 12.294 billion yuan, commodity ETFs having a slight net outflow of 2.497 billion yuan, and cross-border stock ETFs recording a net inflow of 8.181 billion yuan.
From an index perspective, securities companies once again topped the capital absorption chart, with a net inflow of 8.158 billion yuan last week. The subdivided chemical index also recorded a significant net inflow of 6.172 billion yuan, while the CS Artificial Intelligence, Sci-tech Chips, Hang Seng Technology, and Hong Kong Stock Connect Internet sectors saw net inflows of 5.228 billion yuan, 5.141 billion yuan, 5.118 billion yuan, and 4.902 billion yuan, respectively.
Broad-based indices faced substantial profit-taking, with the Sci-tech 50, CSI 500, ChiNext Index, CSI 1000, ChiNext 50, and SSE 50 experiencing net outflows of 12.825 billion yuan, 4.759 billion yuan, 3.758 billion yuan, 3.720 billion yuan, 3.223 billion yuan, and 2.945 billion yuan, respectively.
In terms of specific ETF products, the Bosera Convertible Bond ETF, Penghua Chemical ETF, Guotai Junan Securities ETF, FT Port Stock Connect Internet ETF, and E Fund Artificial Intelligence ETF each recorded net inflows of 6.372 billion yuan, 5.349 billion yuan, 4.400 billion yuan, 3.753 billion yuan, and 2.996 billion yuan last week.
The Sci-tech 50 ETF, CSI 500 ETF, ChiNext ETF, Sci-tech Board 50 ETF, and ChiNext 50 ETF experienced net outflows of 8.137 billion yuan, 4.337 billion yuan, 3.869 billion yuan, 3.582 billion yuan, and 3.003 billion yuan last week.
III. ETF Performance
Last week (from August 25 to August 29, 2025, hereinafter the same), the median weekly return of equity ETFs was 2.75%. Among broad-based ETFs, the median fluctuation of ChiNext ETFs was 7.72%, yielding the highest returns. By sector, the median fluctuation of technology ETFs was 5.97%, yielding the highest returns. By theme, the median fluctuation of AI ETFs was 11.23%, yielding the highest returns.
In terms of ETFs, the Communication ETF, Communication Equipment ETF, 5G ETF, 5G Communication ETF, Artificial Intelligence ETF, and ChiNext Artificial Intelligence ETF from Southern Asset Management rose by 17.11%, 16.68%, 15.52%, 15.44%, 14.28%, and 14.04% respectively last week.
Last week, the Hong Kong Securities ETF, Hang Seng Innovation Drug ETF, Hong Kong Stock Connect Innovation Drug ETF, and Industrial and Commercial Bank of China Innovation Drug ETF fell by -4.50%, -4.04%, -3.88%, -3.77%, and -3.31% respectively.
IV. New ETF Products
Last week, five equity ETFs were reported in the mainland market; 17 new equity ETFs were established. In the US market, three new equity ETFs were established last week, one of which is an actively managed ETF.
V. Hot News
Shanghai Stock Exchange: By the end of August, the scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan.
According to the Shanghai Stock Exchange, as of the end of August, the scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with more than 70% held domestically, and 5 products exceeding 100 billion yuan in scale. Among these, the scale of stock ETFs is approximately 2.6 trillion yuan, while bond ETFs account for about 450 billion yuan. Since the beginning of this year, net inflows have surpassed 350 billion yuan, with significant broad-based ETFs such as the CSI 300, CSI A500, and SSE 180 ETFs becoming important long-term allocation tools for institutional investors.
Central Huijin significantly increased its holdings in stock ETFs, with a total market value reaching 1.28 trillion yuan.
In the first half of this year, Central Huijin Investment Co., Ltd. explicitly defined its role as a 'stabilization fund' for the first time, significantly increasing its holdings in ETFs, which greatly boosted market confidence. Following the completion of the 2025 semi-annual reports of public funds, the detailed holdings of ETFs by Central Huijin have all been revealed. Statistics show that as of the end of June, Central Huijin Investment Co., Ltd. and its subsidiary Central Huijin Asset Management Co., Ltd., collectively known as the 'national team', held a market value of 1.28 trillion yuan in stock ETFs, an increase of nearly 23% compared to the end of last year. In the first half of the year, Central Huijin Investment remained relatively stable, but Central Huijin Asset significantly increased its positions in stock ETFs, with the number of stock ETFs held at the end of June being 1.58 times that of the end of last year, with several broad-based ETFs receiving increases of over 1 billion units.
