Last week, the ETF market saw a net inflow of 29.3 billion yuan.
I. Market Overview
Last week, the A-share market experienced a rise followed by a decline. The weekly returns for the CSI 300, CSI 500, and CSI 1000 were -0.43%, 1.00%, and 1.18%, respectively.
II. Fund Flows
Last week, the ETF market saw a net inflow of CNY 29.3 billion, including CNY 23.426 billion for equity ETFs, CNY 4.968 billion for cross-border equity ETFs, a net outflow of CNY 5.963 billion for commodity ETFs, a net inflow of CNY 13.052 billion for bond ETFs, and a net outflow of CNY 6.092 billion for money market ETFs.
In terms of indices, the CSI 300, AAA Sci-Tech Innovation Bond, CSI A500, STAR 50 Index, 0-4 Year Local Government Bond, Securities Companies Index, Hang Seng Tech Index, and Telecommunication Equipment Index recorded net inflows of CNY 7.263 billion, CNY 7.235 billion, CNY 4.548 billion, CNY 3.242 billion, CNY 3.029 billion, CNY 2.962 billion, CNY 2.956 billion, and CNY 2.474 billion, respectively, last week.
The money market funds, SGE Gold 9999, CSI Bank, CS Battery, CSI Convertible Bond & Exchangeable Bond, Rare Earth Industry Index, Sub-Industry Chemicals Index, and ChiNext Index recorded net outflows of CNY 6.092 billion, CNY 5.727 billion, CNY 2.668 billion, CNY 2.479 billion, CNY 1.979 billion, CNY 1.644 billion, CNY 1.473 billion, and CNY 1.307 billion, respectively, last week.
Regarding ETFs, the CSI 300 ETF, Sci-Tech Innovation Bond ETF (Tianhong), 0-4 Year Local Government Bond ETF, STAR 50 ETF, Telecommunication ETF, A500 ETF Fund, and SSE 50 ETF recorded net inflows of CNY 5.893 billion, CNY 4.463 billion, CNY 3.029 billion, CNY 2.967 billion, CNY 2.474 billion, CNY 2.438 billion, and CNY 2.264 billion, respectively, last week.
The net outflows of Yinhua Daily Profit ETF, Gold Fund ETF, Convertible Bond ETF, Bank ETF, Gold ETF Fund, Battery 50 ETF, and Gold ETF amounted to RMB 5.908 billion, RMB 2.336 billion, RMB 1.979 billion, RMB 1.953 billion, RMB 1.319 billion, RMB 1.138 billion, and RMB 1.035 billion, respectively.
III. ETF Performance
Last week, the median stock return was 0.30%, with 53% of stocks rising and 47% falling; the median return of actively managed equity funds was -0.05%, with 48% of funds rising and 52% falling.
Last week, most broad-based ETFs in the A-share market declined, with the CSI 500 ETF slightly increasing, while the STAR 50 ETF fell significantly by -3.17%; among U.S. equity ETFs, the Nasdaq ETF and the S&P 500 ETF rose by 1.96% and 3.98%, respectively. In terms of commodity ETFs, the Soybean Meal ETF increased modestly by 2.22%, while the Gold ETF continued its downward trend, falling by 1.52%.
Among A-share ETFs, various industry ETFs showed mixed performance. The advanced manufacturing category saw significant increases, with the Photovoltaic ETF posting the highest gain at 6.55%, followed by the Battery ETF and the New Energy Vehicle ETF, which rose by 5.80% and 4.86%, respectively. Among other major categories of ETFs, the Chemical ETF posted a relatively high increase of 3.93%, while the Technology category’s Chip ETF and Communication ETF experienced notable declines of -4.40% and -2.47%, respectively.
Specifically, the Nikkei 225 ETF, China-Korea Semiconductor ETF, Nikkei ETF, Harvest Battery ETF, Battery 50 ETF, and Battery ETF increased last week by 10.23%, 8.67%, 8.12%, 7.75%, 7.56%, and 7.52%, respectively.
Last week, the STAR Chip Design ETF, STAR Chip ETF Fund, Guotai STAR Chip ETF, Bosera STAR Chip ETF, Southern STAR Chip ETF, and STAR Chip 50 ETF all fell by more than 5%.
IV. Newly Issued ETF Products
In terms of product launches, three products including China AMC SSE 180 ETF were listed in the past week; 24 products including Guoshou Security CSI A500 Dividend Low Volatility ETF were established. In addition, two Brazil market investment products, China AMC Bradesco Brazil Ibovespa ETF and E Fund Itaú Brazil Ibovespa ETF, have completed fundraising and are about to be established.
Regarding fundraising, 11 index products will conclude their fundraising in the coming week, while 15 products will begin fundraising. The index products concluding their fundraising include China AMC SSE 180 ETF Link A, CICC CSI Full Index Enhanced A, and Huaan Hang Seng Stock Connect Technology Theme Index A, among 11 products. The index products starting their fundraising include Bosera CSI Bank ETF, E Fund CSI A500 Dividend Low Volatility ETF, and Orient Red SSE STAR Market Composite Index Enhanced A, among 15 products.
In terms of filings, a total of 20 index products were filed for approval in the past week. Thematic products accounted for half, including Huatai SSE STAR Market Chip ETF, E Fund SSE STAR Market Chip Design Theme ETF, and seven other products; only one broad-based product, Yongying SSE STAR Market 200 Index Securities Investment Fund, was filed.
V. Hot News
World Gold Council: Q3 gold jewelry demand in the Chinese market rose 21% quarter-over-quarter but fell 18% year-over-year.
The latest data disclosed by the World Gold Council shows that in Q3 2025, retail gold investment and consumer demand (including jewelry, bars, coins, and gold ETFs) in the Chinese market reached 152 tons, down 7% year-over-year and 38% quarter-over-quarter. Among this, Q3 gold jewelry demand reached 84 tons, showing a seasonal quarter-over-quarter increase of 21%, but still down 18% year-over-year.
Central Huijin and others hold over 200 billion yuan in single-quarter growth of ETF scale.
According to the fund's Q3 report, Central Huijin Investment, Central Huijin Assets, and their two specialized asset management plans maintained their holdings of broad-based ETFs largely unchanged, continuing to support the stock market, with only minor adjustments made to some industry-themed ETFs. In terms of scale, based on rough calculations, as of the end of Q3, the ETF scale held by Central Huijin Investment, Central Huijin Assets, and others grew by over 200 billion yuan in a single quarter, reaching approximately 1.55 trillion yuan.
Moutai’s 'fundamental position' declines, as Zhang Kun continues to increase holdings.
Due to the sluggish performance of the baijiu sector, the share price of Kweichow Maotai has been weak, leading to reductions in holdings by some funds and significantly diminishing its 'status among funds' compared to the past. Data shows that Kweichow Maotai fell from being the third-largest holding of actively managed equity-leaning funds at the end of the second quarter to the tenth-largest holding (including Hong Kong stocks) at the end of the third quarter. This drop of seven positions within a single quarter is a rare occurrence in recent years. At the corporate level, during the third quarter, several fund management companies, including China Merchants Fund, E Fund Management (Hui Tianfu Fund), Penghua Fund, and Jiaoyin Schroders Fund, increased their holdings in Kweichow Maotai. By contrast, more fund companies opted for reductions, including China AMC, E Fund Management, Huatai-PineBridge Fund, Harvest Fund, Invesco Great Wall Fund, and Fullgoal Fund.
