Major indices showed mixed performance this week, with combined net outflows from Shanghai and Shenzhen stock ETFs and cross-border ETFs reaching 59.654 billion yuan. By sector theme, semiconductor equipment and securities-related ETFs attracted capital inflows, while medical and communication-related ETFs faced selling pressure.
Nearly 60 billion yuan in funds exited via ETFs this week. Total trading volume in Shanghai and Shenzhen reached 11.69 trillion yuan, with Shanghai at 5.37 trillion yuan and Shenzhen at 6.32 trillion yuan. As of the latest close, the Shanghai Composite Index stood at 3,927.18 points, down 0.33% for the week, while the Shenzhen Component Index closed at 14,354.31 points, up 0.3% over the same period.
Wind data shows that combined net outflows from Shanghai and Shenzhen stock ETFs and cross-border ETFs amounted to 59.654 billion yuan this week, with broad-based index ETFs seeing 42.4 billion yuan in outflows and sector-themed ETFs recording 8.835 billion yuan in outflows. Breaking it down, overall subscription and redemption statistics for major broad-based indices indicate that the CSI 1000 saw net outflows of 14.2 billion yuan, while the CSI 300 experienced 11 billion yuan in outflows.
Among specific ETFs, the 10 largest broad-based index ETFs by scale recorded combined net outflows of 18.548 billion yuan this week. The CSI 300 ETF Huatai-PineBridge, CSI 500 ETF China Southern, and ChiNext ETF E Fund saw net outflows of 7.729 billion yuan, 3.853 billion yuan, and 3.199 billion yuan, respectively.
Some brokerages suggest that the A-share market's cycle logic is returning, with fundamentals becoming a key pricing factor. Specifically, earnings growth, revenue growth, and order growth rates have become market "watersheds" recently, serving as the main pricing drivers for most sectors, with fundamentals remaining at the core of trading.
Medical and healthcare ETFs have both seen capital outflows of approximately 3 billion yuan recently. In sector-themed ETFs, 26 funds recorded net inflows exceeding 100 million yuan this week. Among them, the Semiconductor Equipment ETF Guotai, Semiconductor Equipment ETF E Fund, and Securities ETF Guotai saw share increases of 2.22 billion, 1.152 billion, and 1.069 billion units, respectively, with net capital inflows of 1.685 billion yuan, 1.359 billion yuan, and 1.166 billion yuan.
On the outflow side, 52 sector-themed ETFs saw net outflows exceeding 100 million yuan this week. The Medical ETF China Asset Management, Communication ETF Guotai, and Chemical ETF Penghua saw share decreases of 3.196 billion, 1.66 billion, and 1.279 billion units, respectively, with net capital outflows of 1.132 billion yuan, 1.109 billion yuan, and 1.045 billion yuan.
With the market rebounding this week, ETFs focused on semiconductor equipment and securities attracted capital, while medical and communication ETFs faced selling pressure. Some analysts believe that from an investment perspective, the securities industry, as the core of capital markets, is closely tied to market activity, policy direction, and macroeconomic conditions. Currently, as capital market reforms deepen, investor structures improve, and financial technology continues to empower the sector, securities firms are transforming their business models from traditional channel businesses to diversified areas such as wealth management, asset management, and investment banking, potentially enhancing profitability and resilience to cycles.
Notably, the once-hot healthcare and medical ETFs have seen persistent capital outflows. Wind data shows that since June, the two largest funds in this space—Pharmaceutical ETF E Fund and Medical ETF China Asset Management—have accumulated net outflows of 2.916 billion yuan and 3.149 billion yuan, respectively.
However, from an institutional perspective, the medical industry is at a triple inflection point of valuation recovery, earnings growth, and industry upgrading. Innovative drugs are benefiting from comprehensive policy support, surging outbound BD transactions, and concentrated commercialization milestones, with the sector entering a commercialization phase and an inflection point for profitability improvement. The Hong Kong stock medical sector, supported by aging population-driven rigid demand, favorable policies, and globalization-driven innovation dividends, may see a double whammy of valuation and earnings growth.
This week, 21 stock ETFs and cross-border ETFs recorded weekly trading volumes exceeding 10 billion yuan. Among them, the China-South Korea Semiconductor ETF Huatai-PineBridge and Hong Kong Stock Innovative Drug ETF GF saw weekly trading volumes surpass 40 billion yuan. Some viewpoints suggest that the innovative drug sector is shifting from valuation-driven to earnings and globalization-driven factors. Products that have secured business development (BD) partnerships are progressively entering overseas key clinical trials, regulatory approvals, and commercial revenue-sharing stages. This year's ESMO conference (2026 European Society for Medical Oncology Annual Meeting) data, major BD deals, and technological breakthroughs will continue to serve as key positive catalysts for the sector.
Five ETFs are set to launch next week. Fund heavyweights have always been a focus for investors, but active fund holdings often emerge with a lag. In contrast, ETF holdings are clearly defined. By tracking newly listed ETFs, investors can identify recent hot stocks, and the incremental capital from new ETFs is also noteworthy. Three ETFs have announced listings for next week, tracking rare metals, cloud computing, and Hong Kong Stock Connect medical stocks. Five ETFs have announced launches for next week, tracking dividend quality, home appliances, chemicals, software, and auto parts.
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