October brought a broad decline across major A-share indices, with trading volume contracting, yet capital flowing into ETFs was clearly evident.
Wind data shows that in October, equity ETFs and cross-border ETFs on the Shanghai and Shenzhen exchanges recorded a combined net inflow of 397.7 billion yuan, with broad-based index ETFs attracting 374.2 billion yuan and sector-themed ETFs drawing 6.834 billion yuan.
From a sector perspective, banking and robotics-related ETFs were favored by capital, while semiconductor and telecom-related ETFs faced selling pressure.
Over 390 billion yuan entered the market through ETFs in October. Major A-share indices all fell in October, with the ChiNext and STAR Market indices dropping more than 23% for the month, the ChiNext Index down over 44% from its historical high in June, and the Shenzhen Component Index, CSI 500, and CSI 2000 all declining more than 15%.
Among sectors, cross-border ETFs such as the S&P Oil & Gas ETF were active against the trend, the banking sector fluctuated upward, while tech stocks collectively adjusted and the semiconductor supply chain weakened.
Notably, despite the significant pullback in October, capital entering through ETFs was pronounced. Wind data shows that in October, equity ETFs and cross-border ETFs on the Shanghai and Shenzhen exchanges recorded a combined net inflow of 397.66 billion yuan, with broad-based index ETFs attracting 374.2 billion yuan, cross-border ETFs drawing 7.075 billion yuan, and sector-themed ETFs bringing in 6.834 billion yuan.
Statistics on subscription and redemption for major broad-based indices show that the CSI 300 saw a net inflow of 155.6 billion yuan in October. In terms of broad-based index ETF net inflows, eight ETFs each attracted over 10 billion yuan in October.
Among them, the Huatai-PineBridge CSI 300 ETF recorded a net inflow of 61.468 billion yuan, while the E Fund ChiNext ETF, ChinaAMC STAR 50 ETF, and E Fund CSI 300 ETF each saw net inflows exceeding 43 billion yuan.
Analysts noted that this round of adjustment involves both emotional resonance and a reassessment of overseas AI demand and financing sustainability. External shocks may affect the pace of China's economic recovery, but the overall direction is unlikely to change easily.
Chinese assets are currently in a phase where earnings expectation revisions and structural transformation intersect, with opportunities appearing more structural than broad-based.
Nine sector-themed ETFs saw net inflows exceeding 1 billion yuan. In the sector-themed ETF category, nine funds attracted over 1 billion yuan in net inflows in October, with the Huabao Bank ETF, E Fund Robotics ETF, and E Fund Securities & Insurance ETF drawing 3.155 billion yuan, 2.539 billion yuan, and 1.665 billion yuan respectively.
On the outflow side, the Guotai Semiconductor Equipment ETF, Guotai Telecom ETF, and ChinaAMC Grid Equipment ETF saw net outflows of 3.01 billion yuan, 2.229 billion yuan, and 1.398 billion yuan respectively.
It is worth noting that in October, the banking and robotics sectors continued to attract capital favor. Market analysis suggests that AI large models are accelerating their penetration into the physical world, and robots are transitioning from traditional machines to intelligent machines.
Tech giants like OpenAI and Anthropic are working to bridge the gap between large models and hardware, accelerating the systemic engineering of physical AI. Models, which were previously a bottleneck for humanoid robots entering practical application scenarios, are expected to break through.
Meanwhile, the U.S. suspension of robot tariff increases has eased market concerns about disruptions to supplying North American customers, and domestic manufacturers, leveraging cost-effectiveness and production capacity advantages, will see smoother industry development logic.
The Nasdaq 100 ETF attracted capital favor. In cross-border ETFs, five funds attracted over 1 billion yuan in net inflows in October, with the Bosera Nasdaq 100 ETF, ChinaAMC Hang Seng Tech ETF, and ChinaAMC Hang Seng Internet ETF drawing 1.506 billion yuan, 1.349 billion yuan, and 1.245 billion yuan respectively.
On the outflow side, the Fullgoal Hong Kong Stock Connect Internet ETF, GF Hong Kong Stock Connect Non-Bank ETF, and GF Hong Kong Innovative Drug ETF saw net outflows of 1.936 billion yuan, 968 million yuan, and 801 million yuan respectively.
Two ETFs to list next week. Fund heavy holdings have always been a focus for investors, but actively managed fund heavy holdings typically emerge with some lag. ETF targets, however, are very clear. By tracking newly listed ETFs, recent hot stocks can often be identified, and the incremental capital brought by new ETFs is also worth watching.
Currently, two ETFs have disclosed listings for next week, tracking targets including ChiNext batteries and the grain industry. One ETF has disclosed issuance for next week, tracking intelligent driving.
MACD golden cross signals have formed, and these stocks are performing well.
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