Equity Exchange-Traded Funds (ETFs) experienced net outflows surpassing 330 billion yuan, while the semiconductor sector saw substantial capital inflows.
Positive sentiment from Micron Technology's latest earnings report provided a boost to AI-related trading. The storage chip sector saw a significant rise, MLCC concept stocks collectively surged, while the precious metals sector declined. The STAR 50 Index, which focuses on leading "hard tech" companies, surged nearly 4%, briefly hitting a new record high.
Amid the strong market rally, trading in stock ETFs showed significant divergence. Sector and thematic ETFs attracted capital, with semiconductor-related indices drawing in substantial funds, while broad-market indices like the CSI 300 faced net outflows.
Capital Flows into Semiconductor and STAR 50 Related ETFs
Wind data shows that as of June 25th, the total assets under management for the 1,477 stock ETFs (including cross-border ETFs) in the market reached 3.38 trillion yuan. During the market surge, the stock ETF market saw net outflows of 331.83 billion yuan.
By major category, bond ETFs and sector/thematic ETFs led in net inflows the previous trading day, reaching 83.29 billion yuan and 53.36 billion yuan, respectively. Regarding changes in scale, sector/thematic ETFs increased by 196.97 billion yuan.
Looking at specific indices, semiconductor-related indices saw net inflows exceeding 100 billion yuan yesterday. The AAA-rated Sci-Tech Innovation Bond Index had the highest single-day net inflow, reaching 40.54 billion yuan.
Observing from a five-day perspective, recent capital inflows into the Semiconductor Materials & Equipment Index exceeded 96 billion yuan, while inflows into the Sci-Tech Innovation Semiconductor Materials & Equipment Index surpassed 43 billion yuan.
In the strong market environment, ETFs managed by leading fund companies continued to see net inflows.
Among E Fund's ETFs, the E Fund Semiconductor Equipment ETF had a scale of 122.48 billion yuan yesterday, with net inflows of 4.97 billion yuan. Additionally, the E Fund Growth ETF and the E Fund Dividend ETF both saw net inflows exceeding 2.7 billion yuan. Furthermore, the E Fund Hong Kong Securities ETF and the E Fund Chip ETF both had net inflows surpassing 1 billion yuan.
Regarding ChinaAMC's ETFs, the ChinaAMC STAR Semiconductor ETF and the ChinaAMC Chip ETF led in net inflows yesterday, with inflows of 10.14 billion yuan and 4.68 billion yuan respectively. Their latest sizes reached 169.39 billion yuan and 331.26 billion yuan, with their corresponding tracked indices having average daily trading volumes of 27.86 billion yuan and 15.38 billion yuan over the past month, respectively.
CSI 300 Index Sees Net Outflows Exceeding 340 Billion Yuan
On the outflow side, broad-based ETFs led in net outflows yesterday, totaling 385.68 billion yuan. Among these, the CSI 300 Index had the highest net outflow, reaching 340.75 billion yuan.
Despite the significant divergence in the ETF market, institutions remain optimistic about sectors like AI hardware, suggesting that the current high concentration of trading in the tech sector may lead to a short-term style rebalancing.
Guotai Asset Management indicated that the upcoming July is a peak window for interim earnings pre-announcements. Clues for mid-2026 earnings momentum may primarily focus on three areas: the AI hardware industry chain, upstream cyclical commodities, and midstream manufacturing with advantages in overseas expansion. The firm continues to favor directions such as AI hardware, new energy, industrial metals, and chemicals.
Bosera Funds believes that as overseas geopolitical and liquidity risks gradually subside, it is optimistic about the prospects for A-share indices. Structurally, the short-term crowding in the tech sector has reached historical extremes, indicating that market sentiment and capital concentration are at extreme levels. This could amplify volatility from a trading perspective, and the high short-term crowding needs to be digested, potentially leading to some rebalancing in market style.
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