On March 3, the A-share market experienced a sharp intraday decline, with the three major indices closing significantly lower. Total trading volume across the two exchanges reached 3.16 trillion yuan.
Some investors seized the opportunity to enter the market. On Tuesday, net inflows into stock ETFs, including cross-border ETFs, exceeded 22 billion yuan. Sector-themed ETFs focused on the oil and gas industry, semiconductors, and non-ferrous metals, as well as broad-based ETFs like the STAR Market 50, saw significant net inflows. Conversely, broad-based ETFs tracking indices such as the CSI 500, CSI 300, and SSE 50 were among those with the largest net outflows.
Over the past five trading days, inflows into ETFs linked to the oil and gas industry index surpassed 9.5 billion yuan, while those tracking the Hang Seng Tech index attracted over 8.8 billion yuan.
According to Wind data, as of March 3, 2026, the total assets under management for the 1,349 stock ETFs in the market reached 4.02 trillion yuan.
On March 3, the total share volume of the stock ETF market increased by 19.001 billion shares. Based on the average trading price, net inflows for the day amounted to 22.319 billion yuan. Among these, 70 stock ETFs recorded net inflows exceeding 100 million yuan each. The top three ETFs by net inflows were Oil ETF (Guotai), Oil ETF (Penghua), and STAR 50 ETF (ChinaAMC).
Overall market funds were primarily net inflows on March 3, totaling 24.52 billion yuan. By category, sector-themed ETFs and commodity ETFs led inflows on the previous trading day, with net inflows of 26.695 billion yuan and 2.666 billion yuan, respectively. Broad-based ETFs experienced the largest net outflows, totaling 4.782 billion yuan. In terms of asset size changes, the scale of broad-based ETFs decreased by 44.642 billion yuan.
Data from E Fund Management shows that the top five sectors by inflows for the day were the oil and gas industry (net inflow of 11.33 billion yuan), STAR Market 50 ETF (net inflow of 2.91 billion yuan), semiconductors (net inflow of 2.80 billion yuan), non-ferrous metals (net inflow of 2.42 billion yuan), and gold (net inflow of 2.22 billion yuan).
At the index level, the oil and gas industry index saw the highest single-day net inflow on March 3, reaching 6.277 billion yuan. In contrast, the CSI 500 index experienced the largest single-day net outflow, at -3.042 billion yuan. Over a five-day period, recent inflows into the oil and gas industry index exceeded 9.5 billion yuan, while the Hang Seng Tech index attracted over 8.8 billion yuan.
Additionally, among stock ETFs, 40 ETFs recorded net outflows exceeding 100 million yuan on the day. Broad-based ETFs tracking indices like the CSI 500, CSI 300, SSE 50, and A500, as well as sector-themed ETFs focused on dividends, media, and fintech, were among those with significant net outflows.
Data indicates that ETF products under leading asset managers continued to attract capital.
On March 3, E Fund Management's Chemical Industry ETF saw its assets reach 2.745 billion yuan, with a net inflow of 763 million yuan. Its Gold ETF assets stood at 47.243 billion yuan, with a net inflow of 527 million yuan. The STAR Market 50 ETF under E Fund reported assets of 40.499 billion yuan, with a net inflow of 370 million yuan. The ChiNext ETF had assets of 56.925 billion yuan, with a net inflow of 166 million yuan. The CSI 1000 ETF's assets were 1.942 billion yuan, with a net inflow of 151 million yuan.
For ChinaAMC's ETFs, the STAR Market 50 ETF and the Power Grid Equipment ETF led single-day net inflows on the previous trading day, with inflows of 2.094 billion yuan and 1.274 billion yuan, respectively. Their latest asset sizes reached 73.505 billion yuan and 25.564 billion yuan, with their corresponding benchmark indices averaging daily trading volumes of approximately 3.68 billion yuan and 1.581 billion yuan over the past month. The Hang Seng Tech Index ETF saw a net inflow of 564 million yuan. The Free Cash Flow ETF and the Non-ferrous Metals ETF both recorded net inflows exceeding 400 million yuan, while the Aerospace ETF attracted a net inflow of 266 million yuan.
Looking ahead, Fullgoal Fund believes that the combination of geopolitical tensions overseas, fluctuating narratives around AI, and the domestic two sessions period may lead to a market dominated by structural opportunities, with "rebalancing" being a key theme. Emphasis is placed on technology and resources. Short-term escalation of U.S.-Iran tensions could suppress global risk appetite, further highlighting the strategic value of resource commodities. The future direction of U.S.-Iran relations remains a core variable affecting global assets. The AI narrative continues to seesaw, with "HALO" trades deepening. As the domestic two sessions approach, policy catalysts may bring structural opportunities, particularly in industries related to new productive forces.
BOC Fund suggests that the market may maintain a volatile pattern in March, with styles tending toward balance. On one hand, downside risks to the domestic economy appear limited, and post-holiday work resumption has shown significant improvement compared to last year. The strength of the March peak construction season is anticipated. Additionally, pre-holiday risk aversion in market liquidity may have already been released. Furthermore, the trend of Chinese households increasing allocations to equity assets remains in its early stages. However, from a calendar effect perspective, as the earnings disclosure period approaches, the A-share spring rally is likely to conclude in March, with fundamentals gradually exerting a greater influence on stock prices. Meanwhile, due to the escalation of U.S.-Iran conflicts, market risk appetite may retreat from previous highs, putting pressure on high-valuation and crowded sectors. Overall, the market may maintain a slightly stronger, albeit volatile, trend.
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