This week saw the ChiNext Index surge to a new high before retreating, while the Shanghai Composite Index continued its downward trend, marking its fourth consecutive weekly decline. A combined net outflow of 310.6 billion yuan was recorded from stock and cross-border ETFs listed in Shanghai and Shenzhen.
Looking at sector themes, ETFs related to communications, coal, and power attracted capital, while those focused on semiconductor equipment, STAR Market chips, and artificial intelligence faced significant selling pressure.
Over 300 Billion in Capital Exits via ETFs
Total trading volume for the Shanghai and Shenzhen markets this week reached 14.63 trillion yuan, with Shanghai at 6.67 trillion yuan and Shenzhen at 7.96 trillion yuan. At the latest close, the Shanghai Composite Index stood at 4027.74 points, down 1% for the week, while the Shenzhen Component Index closed at 15314.7 points, falling 1.67% over the same period.
Data shows a net outflow of 310.6 billion yuan from stock and cross-border ETFs this week. Broad-based index ETFs saw a net outflow of 66.22 billion yuan, sector-themed ETFs had a net outflow of 93.7 billion yuan, and cross-border ETFs experienced a net outflow of 151 billion yuan.
A breakdown of major broad-based index fund flows reveals the STAR 50 Index saw a net outflow of 1.842 billion yuan this week, while the CSI 500 Index attracted a net inflow of 1.607 billion yuan.
Among specific ETFs, the ten largest broad-based index ETFs by size collectively recorded a net outflow of 1.485 billion yuan for the week. Notably, the Southern CSI 500 ETF bucked the trend with a net inflow exceeding 1.3 billion yuan.
Performance of Major Index ETFs This Week
Some brokerages suggest that, from a medium to long-term perspective, the overall market's upward trend remains intact, albeit with fluctuations. However, they advise carefully managing investment timing, recommending prudent position control in June and a shift towards undervalued sectors while awaiting the next optimal buying window.
Communications and Power ETFs Reach Record Highs in Fund Units
In the sector-themed ETF space, 35 funds saw net inflows exceeding 100 million yuan this week. Specifically, the Guotai Communication ETF, the Guotai Coal ETF, and the GF Power ETF saw their fund units increase by 1.788 billion, 2.114 billion, and 2.148 billion respectively, translating to net inflows of 3.086 billion yuan, 2.909 billion yuan, and 2.634 billion yuan.
On the outflow side, 56 sector-themed ETFs experienced net outflows of over 100 million yuan. The Guotai Semiconductor Equipment ETF, the Harvest STAR Chip ETF, and the GF Battery ETF saw reductions of 2.47 billion, 525 million, and 1.516 billion units, corresponding to net outflows of 2.929 billion yuan, 1.903 billion yuan, and 1.66 billion yuan respectively.
Recently, the communications and power sectors have continued to attract capital attention, with related ETFs consistently seeing increases in their fund units.
Guotai Communication ETF (515880) Fund Unit Changes
Analysts point to strong demand in the optical module market, with technological advancements driving accelerated growth in the equipment sector. It is projected that by 2028, the expansion of 800G/1.6T optical module production will push the market capacity to 64 billion yuan. The equipment field is expected to benefit from increased optical module output and technological upgrades, with testing and coupling being particularly critical segments offering significant potential for domestic substitution.
GF Power ETF (159611) Fund Unit Changes
From an industrial logic perspective, the power sector combines demand resilience, profit stability, and defensive attributes. Industry insiders note a high probability of an El Niño climate pattern this summer, which could align cooling load demand with the power needs of computing centers, supporting robust growth in overall electricity consumption. Furthermore, driven by policy catalysts like "computing-power coordination" and the deepening of power market reforms, power assets are transitioning from a pure utility narrative to a dual narrative of "infrastructure + energy security." The power sector, with its essential demand profile, offers stable cash flows and relatively high dividend yields, highlighting its defensive value.
Additionally, the artificial intelligence sector has recently faced sustained selling pressure. The E Fund Artificial Intelligence ETF has seen its fund units drop to a near one-year low, with cumulative net outflows approaching 5 billion yuan so far this year.
E Fund Artificial Intelligence ETF (159819) Fund Unit Changes
Currently, global AI technology is accelerating its innovation cycle, with deepening integration across various industries and fields. From a brokerage perspective, large models are entering an era of agent execution. The convergence of AI application deployment and policy support is accelerating, with domestic and international large model capabilities evolving from "content generation" to "process agency." This represents a simultaneous acceleration in both technological paradigm shifts and commercial value realization.
20 ETFs Record Weekly Turnover Exceeding 10 Billion Yuan
This week, 20 stock and cross-border ETFs achieved weekly turnover figures surpassing 10 billion yuan. Among them, the Huatai-PineBridge China-South Korea Semiconductor ETF saw weekly turnover approach 50 billion yuan.
It is noteworthy that while the secondary market prices of ETFs tracking the ChiNext Index, communications sector, and Nasdaq Index hit new highs, Hong Kong-listed innovative drug-related ETFs reached 60-day lows this week.
Brokerage analysis indicates that the government work report for the first time positioned biopharmaceuticals as an emerging pillar industry. It also outlined plans to implement industrial innovation projects during the 15th Five-Year Plan period, aiming to establish biopharma as a key engine for new quality productive forces. Concurrently, international collaboration for innovative drugs is deepening, with Chinese innovative drug R&D capabilities gaining recognition from multinational pharmaceutical companies. Business development transactions are experiencing explosive growth, pointing to a continuously improving commercial outlook.
11 ETFs Set for Listing Next Week
Funds' heavily held stocks are always a focus for investors. However, the disclosure of major holdings in actively managed funds often lags. In contrast, the investment targets of ETFs are very clear. By tracking newly listed ETFs, investors can often identify recent market hotspots and individual stocks. The incremental capital brought by new ETF listings is also worth noting.
Currently, 11 ETFs have disclosed plans to list next week. Their tracking targets include non-ferrous metals, banking, medical devices, robotics, and agricultural commodities.
Additionally, 7 ETFs have been disclosed for issuance next week, tracking targets such as STAR Market chip design, livestock breeding, artificial intelligence, non-ferrous metals, and dividend low-volatility strategies.
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