On October 29, A-shares opened lower and drifted down throughout the day, with both the ChiNext and STAR Market indices falling more than 4%. By the close, the Shanghai Composite Index was down 0.82% at 3,651.43 points, the Shenzhen Component Index had dropped 2.92%, and the ChiNext Index had tumbled 4.45%. Computing hardware stocks underwent a sharp correction that day, while the banking sector bucked the trend to move higher, commercial aerospace shares rallied, and several ETFs tracking the CSI 300 Index saw concentrated surges in trading volume late in the session.
Stock ETF flows overall showed a net inflow trend. On October 29, stock ETFs across the entire market recorded a combined net inflow of 17.395 billion yuan, with broad-based ETFs standing out by attracting a net inflow of 17.146 billion yuan on the previous trading day, and the CSI 300 Index leading on a single-day basis.
Wind data shows that as of October 29, the total scale of 1,618 stock ETFs (including cross-border ETFs) across the whole market reached 3.37 trillion yuan. By category, broad-based ETFs and sector-themed ETFs led with net inflows of 17.146 billion yuan and 1.601 billion yuan respectively on the previous trading day. The CSI 300 Index saw the most pronounced single-day net inflow, reaching 8.885 billion yuan on the previous trading day. It was followed by the ChiNext Index, which drew a single-day net inflow of 5.97 billion yuan. The STAR 50 Index and the CSI A500 Index also ranked among the top with single-day net inflows of 4.51 billion yuan and 2.02 billion yuan respectively. Extending the time horizon, over the past five days, cumulative inflows into the CSI 300 Index have reached 66.1 billion yuan, while the CSI A500 has accumulated more than 21.5 billion yuan.
On the sector-themed side, the Communications ETF ranked among the top with a single-day net inflow of 1.36 billion yuan. Among leading public fund managers, several broad-based ETF products under their management showed notable capital movements. The latest scale of ETFs under E Fund Management reached 684.85 billion yuan. The ChiNext ETF managed by E Fund stood at 92.202 billion yuan with a net inflow of 3.753 billion yuan; the CSI 300 ETF managed by E Fund reached 89.296 billion yuan with a net inflow of 940 million yuan; the A500 ETF managed by E Fund came in at 28.41 billion yuan with a net inflow of 587 million yuan; the STAR 50 ETF managed by E Fund totaled 39.406 billion yuan with a net inflow of 555 million yuan; and the Robotics ETF managed by E Fund stood at 18.37 billion yuan with a net inflow of 340 million yuan.
Regarding ETFs under China AMC, on the previous trading day, the STAR 50 ETF China AMC and the Communications ETF China AMC led with single-day net inflows of 3.481 billion yuan and 156 million yuan respectively, with their latest scales reaching 113.944 billion yuan and 13.067 billion yuan, and the corresponding tracked indices posting average daily turnover of 9.52 billion yuan and 750 million yuan over the past month. The ChiNext Growth ETF China AMC also saw a net inflow exceeding 100 million yuan.
For ETFs under China Southern Fund, the CSI A500 ETF China Southern recorded a single-day net inflow of 429 million yuan, with a current scale of 32.184 billion yuan; the ChiNext ETF China Southern saw a single-day net inflow of 90 million yuan, with a current scale of 3.857 billion yuan; the ChiNext Artificial Intelligence ETF China Southern drew a single-day net inflow of 81 million yuan, with a current scale of 1.602 billion yuan; the Semiconductor ETF China Southern recorded a single-day net inflow of 16 million yuan; the ChiNext Computing Power ETF China Southern saw a single-day net inflow of 14 million yuan; and the STAR Growth ETF China Southern posted a single-day net inflow of 18 million yuan.
Among ETFs under Fullgoal Fund, the SSE Index ETF Fullgoal attracted capital against the trend. Wind data shows that from the beginning of 2026 through October 29, its cumulative net inflow over that period reached 13.7 billion yuan, and over the past 20 trading days the ETF drew a net inflow of nearly 7.4 billion yuan, reflecting a significant "buying spree" by capital. Currently, the SSE Index ETF Fullgoal has a scale and unit count of 19.363 billion yuan and 20.438 billion units respectively. During 2026, its units and scale have grown by 14.514 billion units and 13.486 billion yuan respectively, making it the SSE Index ETF with the largest unit growth and the largest scale on the market.
Hong Kong market ETFs stood out with notable net outflows. On the outflow side, Hong Kong market ETFs saw prominent net outflows amounting to 1.362 billion yuan; in terms of scale changes, sector-themed ETFs declined by 28.315 billion yuan. Some broad-based ETFs also experienced net outflows. The CSI 1000 ETF and the CSI 500 ETF ranked among the top with single-day net outflows of 2.77 billion yuan and 2.49 billion yuan respectively. In addition, semiconductor-themed ETFs saw a single-day net outflow of 1.05 billion yuan.
Looking ahead to the market outlook, Wang Baohe, fund manager of the SSE Index ETF Fullgoal, stated that recent market volatility has been mainly driven by a combination of factors including Middle East geopolitical tensions, tightening overseas liquidity, and shifts in AI industry narratives, but these disturbances have already begun to ease at the margin. From the domestic market perspective, multiple trading and liquidity indicators for A-shares have approached historical bottom ranges. At the same time, broad-based ETFs have continued to see elevated net inflows, with broad-based ETFs represented by the CSI 300 frequently experiencing intraday pulse-style net buying. Taken together, as external disturbances ease at the margin, internal market-stabilizing mechanisms continue to exert their effect, market capital naturally clears out, and corporate earnings gradually recover, the Shanghai Composite Index already possesses fairly evident bottom-level allocation value, and the short-term market is expected to be dominated by oscillating bottoming and a mild rebound.
Turning to specific sectors, China Southern Fund believes that China's pharmaceutical industry is one of the few industries where demand can still undergo major changes, and it is currently in an upward major cycle. The cash flow realization brought by innovative drug overseas expansion and the two-way verification of CXO order performance have formed a resonance, and last week's pullback in Hong Kong pharmaceutical stocks may offer a better risk-reward ratio for medium- to long-term allocation. As for gold stocks, looking ahead, continued gold purchases by global central banks, U.S. fiscal deficit constraints, and the trend toward diversification of dollar credit still provide medium- to long-term support for gold assets, but short-term gold prices remain affected by the interest rate path, dollar movements, and fluctuations in capital flows; if deleveraging pressure recurs, sector volatility may increase. Going forward, key areas to watch include whether gold prices can sustain stabilization, central bank gold purchase data, and changes in the global liquidity environment. Regarding the non-ferrous metals sector, if pressure from the dollar and interest rates eases, China-U.S. trade frictions improve at the margin, and downstream demand gradually recovers, there may be room for valuation repair in the non-ferrous metals sector.
Comments