On Tuesday (December 9), the A-share market continued its volatile adjustment, with mixed performances across the three major indices. The combined trading volume in Shanghai and Shenzhen reached 1.92 trillion yuan.
Amid the market fluctuations, some investors opted to lock in profits. Data shows that stock ETFs (including cross-border ETFs) saw a net outflow exceeding 6.3 billion yuan on Tuesday. Sectors such as healthcare, Hang Seng Tech, dividends, non-ferrous metals, and China-concept internet-related ETFs led in net inflows.
This marks the second consecutive trading day of net outflows this week, totaling over 10 billion yuan in capital withdrawals.
**Communication and AI-Related ETFs Lead Gains** According to Wind data, as of December 9, the total assets under management (AUM) of 1,272 stock ETFs reached 4.60 trillion yuan.
On December 9, the total trading volume of stock ETFs was 180.85 billion yuan, down nearly 30 billion yuan from the previous session's 209.55 billion yuan. Among them, Huatai-PineBridge's A500ETF topped the list with a daily turnover of 7.76 billion yuan.
Other notable performers included ChinaAMC's A500ETF, Southern's A500ETF, E Fund's Hong Kong Securities ETF, Guotai's CSI A500ETF, and Huatai-PineBridge's China-Korea Semiconductor ETF, each with trading volumes exceeding 5 billion yuan. E Fund's A500ETF and GF Fund's Hong Kong Innovative Pharma ETF also saw strong activity, with turnovers above 4.5 billion yuan.
In terms of secondary market performance, communication and 5G-related ETFs led the gains. Guotai's Communication ETF, Bosera's 5G50ETF, and Yinhua's 5GETF were among the top performers. Growth-themed ETFs, such as E Fund's Growth ETF and ChinaAMC's 5G Communication ETF, as well as AI-focused ETFs under Southern, Guotai, ChinaAMC, Huaan, and Huabao, all rose over 2%.
Conversely, gold, non-ferrous metals, and related ETFs underperformed, with products like Gold Stock ETF, Industrial Non-Ferrous Metals ETF, Non-Ferrous 50 ETF, and Gold Equity ETF declining over 3%.
**Broad-Based ETFs See Significant Outflows** The market adjustment prompted capital withdrawals, with stock ETFs experiencing a net outflow of 6.35 billion yuan on December 9, based on average trading prices.
From a broader perspective, the overall market saw a net outflow of 6.59 billion yuan, with Hong Kong market ETFs and bond ETFs leading inflows at 2.48 billion yuan and 1.12 billion yuan, respectively. Broad-based ETFs faced the largest outflows, totaling 6.35 billion yuan, while their AUM dropped by 16.73 billion yuan.
E Fund data revealed the top five sectors attracting inflows: healthcare (1.01 billion yuan), Hang Seng Tech Index (890 million yuan), dividends (780 million yuan), non-ferrous metals (590 million yuan), and China-concept internet (390 million yuan).
At the index level, AAA-rated tech bonds led inflows with 1.4 billion yuan, while the CSI 300 Index saw the largest outflow at 2.4 billion yuan. Over a five-day period, the CSI A500 Index attracted 6.9 billion yuan, and the Hang Seng Tech Index drew 2.6 billion yuan.
Among stock ETFs, 37 recorded net outflows exceeding 100 million yuan, with broad-based ETFs like CSI 300 ETF, ChiNext ETF, and CSI 500 ETF, as well as sector-specific ETFs in AI, banking, and securities insurance, experiencing significant withdrawals.
**Leading Fund Houses Continue ETF Inflows** Data indicates sustained inflows into ETFs managed by top fund houses.
As of December 9, E Fund's ETF AUM stood at 820.87 billion yuan, with a year-to-date increase of 220.22 billion yuan (56.17 billion yuan in net inflows and 164.05 billion yuan from net asset growth). Key products included China Internet ETF (370 million yuan inflow), STAR 50 ETF (280 million yuan), Energy Storage Battery ETF (250 million yuan), E Fund Hang Seng Tech ETF (170 million yuan), and Hang Seng Innovative Pharma ETF (110 million yuan).
ChinaAMC's ETFs also saw notable inflows, with Hang Seng Tech Index ETF and A500ETF leading at 448 million yuan and 189 million yuan, respectively. Their AUM reached 47.83 billion yuan and 22.78 billion yuan, with average daily trading volumes of 4.29 billion yuan and 5.71 billion yuan over the past month. The ChinaAMC Solar ETF attracted 92 million yuan.
GF Fund reported inflows across multiple products, including its Hong Kong Innovative Pharma ETF, which saw 215 million yuan in net purchases after eight consecutive days of inflows, bringing its AUM to 24.9 billion yuan. The STAR 50 ETF also gained 108 million yuan, reaching 7.5 billion yuan. Other notable inflows were seen in Hang Seng Tech ETF, Battery ETF, Hong Kong Connect Tech ETF, High Dividend ETF, Innovative Pharma ETF, and Hang Seng Consumer ETF.
**Market Outlook** E Fund’s portfolio manager Yu Haiyan noted that with key policy meetings scheduled for December, market focus may shift from "earnings validation" to "policy expectations." After consolidation, indices could rally on policy catalysts, though short-term pressures from year-end liquidity tightening and institutional profit-taking may persist. However, accommodative monetary policies should mitigate risks. Positive factors include potential clarity on the "15th Five-Year Plan" and expectations of steady economic growth in 2026.
GF Fund’s Luo Guoqing highlighted the battery sector’s "V-shaped" recovery last week, initially pressured by oversupply concerns but later buoyed by strong November EV sales and stabilizing lithium prices. Solid-state battery developments also spurred interest. Long-term drivers remain robust, with EVs and energy storage sustaining demand, while advancements in solid-state and sodium-ion batteries may reshape industry value chains.
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