On October 26, as of press time, the Huatai-PineBridge CSI 300 ETF (510300) declined 0.38%, with turnover reaching 4.564 billion yuan. Among its constituent stocks, gainers and losers were mixed. On the upside, Cambricon led the advance, with Kweichow Moutai and CATL rising in tandem. On the downside, Zijin Mining led the decline, with GigaDevice and Eoptolink falling in sympathy.
On the capital flow front, Wind data shows that the Huatai-PineBridge CSI 300 ETF (510300) has recorded net subscriptions for seven consecutive trading days, with cumulative net inflows of 44.065 billion yuan during this period, ranking first among equity ETFs by net inflows. Over the past five days, the ETF attracted 27.715 billion yuan in net subscriptions; over the past ten days, 45.362 billion yuan; and over the past twenty days, 48.447 billion yuan, all ranking No. 1 out of 1,367 equity ETFs by net inflows.
On the liquidity side, as of October 23, the Huatai-PineBridge CSI 300 ETF (510300) had accumulated turnover of 112.05 billion yuan over the past twenty trading days, with average daily turnover of 5.602 billion yuan. Since the start of this year, across 193 trading days, cumulative turnover reached 1,151.117 billion yuan, with average daily turnover of 5.964 billion yuan.
Regarding institutional views, China Merchants Securities stated that following the recent sharp market decline, multiple A-share indicators have approached historically low ranges: trading volume has contracted significantly, and turnover rates have fallen to levels close to historic market bottoms. Medium- and long-term capital represented by ETFs is accelerating its entry into the market, and efforts to stabilize the market are intensifying. The institutionalization of market stabilization mechanisms is strengthening, and the policy bottom is gradually being solidified. Market bottoms often lead fundamental bottoms, and with current earnings and PPI still on an improving trajectory, the outlook for A-shares remains positively driven. On the external pressure front, leverage in Japanese and Korean markets has been noticeably reduced, and overseas transmission risks are manageable. However, US AI pricing is shifting from "investment expansion" to "capital return verification," and combined with elevated US Treasury yields and rising oil prices compressing room for monetary easing, high interest rates continue to constrain valuations.
Looking ahead, China Merchants Securities believes that given the historically high probability of market rebounds following ETF volume-driven support, the short term may be dominated by range-bound bottoming and structural opportunities. It recommends maintaining a balanced allocation and paying close attention to key upcoming milestones over the next two weeks. Over the next three to six months, the core approach to sector allocation should be: during the high interest rate phase, focus on earnings-side advantages, followed by whether the chip structure is healthy; when interest rates turn lower, prioritize technology breadth; and as domestic policy measures follow through, further expand toward domestic demand.
Guosen Securities stated that with the "September 29" package of macro stabilization policies and the series of incremental policies from the recent Financial Street Forum gradually taking effect, China's fourth-quarter consumption and investment stabilization and recovery momentum is solid. Combined with structural earnings highlights emerging from third-quarter reports, expectations for fundamental improvement are relatively strong. In addition, market valuations are in a historically cost-effective range, and medium- to long-term capital is expected to accelerate its entry, potentially ushering in a substantive recovery in market confidence. The current moment represents a favorable opportunity to "wait for dawn and act," actively seizing the allocation window at the turn of the year.
Everbright Securities stated that looking ahead to the fourth quarter, the market's core anchor may shift from earnings-side beats to changes in policy expectations. Since the beginning of the year, steady earnings-side recovery has been the core anchor driving the market's upward oscillation, and the earnings cadence has also influenced the overall market rhythm. Going forward, the fourth-quarter market's core anchor will shift from earnings-side beats to changes in policy expectations, with a relatively clear floor for risk appetite. However, considering that third-quarter earnings growth is likely to decline marginally and technology sector valuations remain at relatively high levels, the index's upward elasticity is limited. Under a structure constrained by fundamentals on the upside and supported by policy expectations on the downside, the market is likely to exhibit range-bound characteristics, with volatility anchored by the timing of policy meetings and data releases.
In terms of allocation, Everbright Securities recommends focusing on three balanced directions: first, the policy chain—positioning along key policy priority areas, covering the infrastructure chain, real estate chain, consumption chain, and various sub-sectors; second, the hard technology track—focusing on semiconductors, AI, high-end manufacturing, and other areas with core technological barriers and domestic substitution logic. These sectors benefit from the upward global technology industry cycle and align with national policy directions for technological innovation and self-reliance, offering strong growth certainty and valuation elasticity; third, other sectors with bottom-up fundamental support, such as agriculture, forestry, animal husbandry and fisheries, pharmaceuticals, and non-bank financials. These industries are driven more by their own fundamental logic, generating independent performance without relying on strong macro policy stimulus, and can provide certain excess returns amid market volatility.
In summary, as one of China's first ETF products tracking the CSI 300 Index, the Huatai-PineBridge CSI 300 ETF (510300) has latest assets under management of 147.353 billion yuan, making it the largest non-money-market ETF with significant liquidity advantages. The fund is managed by Liu Jun of Huatai-PineBridge Fund, established on May 4, 2012, with total returns of 96% since inception and 47% over the past decade, both surpassing the CSI 300 Index performance benchmark over the same periods. In terms of product fee rates, the Huatai-PineBridge CSI 300 ETF (510300) has management fees and custodian fees of 0.15% per year and 0.05% per year respectively, placing it at the lowest tier of fee levels among current A-share equity index products. For off-exchange investors, related feeder funds are available: Huatai-PineBridge CSI 300 ETF Feeder A (460300), Feeder C (006131), Feeder I (022699), and Feeder Y (022948), providing one-stop access to A-share core assets. As a large-cap balanced-style product among passive index funds, this ETF is a stable tool for investors to participate in A-share core asset allocation at low cost and high efficiency.
Risk disclosure: Funds involve risk, and investment requires caution. Past performance does not predict future results. Before making investment decisions, investors should carefully read fund contracts, prospectuses, and other documents, and invest rationally based on their own risk tolerance. MACD golden cross signals have formed; these stocks are performing well!
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