On June 29th, the A-share market's three major indices collectively closed higher, led by gains in the pharmaceutical sector.
Despite the positive market performance, the equity ETF market witnessed a net outflow of funds exceeding 5.8 billion yuan as investors opted to take profits.
According to Wind data, the total assets under management for the 1,479 equity ETFs (including cross-border ETFs) reached 3.37 trillion yuan as of June 29th.
The data showed a reduction of 9.067 billion fund shares on the day, resulting in a net capital outflow of 5.846 billion yuan.
Top Inflow Sectors
The sectors with the highest net inflows on June 29th were semiconductors (77.8 billion yuan), the CSI 1000 Index (46.1 billion yuan), the Science and Innovation Bond Index (44.6 billion yuan), communications (34.6 billion yuan), and the CSI A500 Index (20.5 billion yuan).
Specifically, 42 individual stock ETFs recorded net inflows of over 100 million yuan each.
Among the leaders were the China Securities 1000 ETF GF, the Communication ETF GT, and the Semiconductor Equipment ETF GT, with net inflows of 2.583 billion yuan, 2.034 billion yuan, and 1.454 billion yuan, respectively.
Major Fund Managers Attract Capital
Leading fund companies continued to see net inflows into their ETF products.
GF Fund saw net buying across 24 of its ETFs, with its total listed ETF assets reaching 255 billion yuan, ranking fifth overall.
Low-fee broad-based index funds, semiconductor equipment, and bond series ETFs attracted significant net purchases.
The lowest-fee China Securities 1000 ETF GF received net buying of 2.58 billion yuan, making it the product with the highest net capital inflow in the market, with its latest size exceeding 8.1 billion yuan.
The Semiconductor Equipment ETF GF saw a single-day net inflow of 806 million yuan, marking its seventh consecutive trading day of net purchases, with its latest size surpassing 10.4 billion yuan.
This ETF has gained 263.55% over the past year, ranking in the top 1% of the market.
Additionally, the High Dividend ETF GF, the Credit Bond ETF GF, and the Science and Innovation Bond ETF GF saw net inflows of 86 million yuan, 120 million yuan, and 20 million yuan, respectively, with latest sizes of 1.7 billion yuan, 15.3 billion yuan, and 11.4 billion yuan.
At E Fund, the Semiconductor Equipment ETF E Fund saw a net inflow of 1.31 billion yuan, reaching a record high size of 15.292 billion yuan.
The Securities and Insurance ETF E Fund, the Science and Innovation Chip ETF E Fund, the A500 ETF E Fund, and the Securities ETF E Fund saw net inflows of 179 million yuan, 178 million yuan, 170 million yuan, and 151 million yuan, respectively.
ChinaAMC's ETFs also saw notable inflows.
The Science and Innovation Semiconductor ETF ChinaAMC and the Communication ETF ChinaAMC led with single-day net inflows of 1.207 billion yuan and 951 million yuan, respectively.
Furthermore, the China Securities 1000 ETF ChinaAMC, the Chip ETF ChinaAMC, and the Semiconductor Equipment ETF ChinaAMC saw net inflows of 714 million yuan, 630 million yuan, and 453 million yuan, respectively.
The Science and Innovation Bond ETF ChinaAMC and the Credit Bond ETF ChinaAMC saw net inflows of 386 million yuan and 278 million yuan, respectively.
Areas of Capital Withdrawal
On the outflow side, ETFs tracking the Science and Technology Innovation 50 Index saw a net outflow of 2.65 billion yuan on June 29th.
ETFs tracking the Hang Seng Tech Index and the pharmaceutical sector saw net outflows of 2.43 billion yuan and 1.64 billion yuan, respectively.
Market Outlook
An analyst from GF Fund noted that the current AI investment theme is gradually narrowing and converging, with capital flowing from terminal computing power and chip design to upstream segments.
Equipment, as a prerequisite for wafer fab capacity expansion, has high visibility for orders and certainty for earnings realization.
Wafer production capacity has become a core focus in major nations' technological competition, with countries continuously investing in domestic production lines, thereby raising the industry's long-term ceiling.
With overseas equipment delivery cycles saturated, domestic etching, cleaning, and deposition equipment are being adopted by South Korean memory manufacturers, opening a second growth curve for equipment exports.
Coupled with ongoing expansion and bidding by domestic memory manufacturers and the steady increase in equipment localization rates, this provides independent alpha for domestic substitution.
The CSI Semiconductor Materials and Equipment Theme Index, which focuses more on the upstream equipment and materials sector, presents noteworthy investment opportunities going forward.
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