On March 27, China's A-share market rebounded with all three major indices closing higher, while total trading volume reached 1.85 trillion yuan. Despite the upward trend, some investors chose to cash out, resulting in a net outflow of over 1.9 billion yuan from equity ETFs (including cross-border ETFs) on that day. Broad-based ETFs tracking the CSI 500 and CSI 1000 indices, as well as sector-specific ETFs focused on utilities, telecommunications, and dividends, attracted significant inflows. Conversely, ETFs linked to the Shanghai Composite Index, ChiNext, Hang Seng Tech, and SSE 50 indices, along with thematic ETFs covering Hong Kong Stock Connect internet stocks, semiconductor equipment, and non-ferrous metals, experienced notable outflows.
Throughout the past week, equity ETFs collectively recorded net outflows exceeding 10 billion yuan. While Monday saw substantial inflows of over 20 billion yuan, the following four trading days witnessed cumulative outflows surpassing 30 billion yuan.
According to Wind data, as of March 27, the total assets under management for 1,364 equity ETFs reached 3.81 trillion yuan. During the market rebound, ETF shares outstanding decreased by 3.996 billion units, translating to a net outflow of over 1.928 billion yuan based on average trading prices. Fifteen equity ETFs registered inflows exceeding 100 million yuan each, with the top three being CSI 500 ETF Southern, Consumption Leaders ETF Huabao, and Utilities ETF GF.
Sector-wise, significant inflows were observed in CSI 500 index-related products (1.36 billion yuan), utilities (750 million yuan), and CSI 1000 index funds (740 million yuan). Major outflows occurred in semiconductor-themed ETFs (1 billion yuan), Shanghai Composite Index trackers (970 million yuan), and gold-related products (790 million yuan).
Among the top 20 equity ETFs by inflows, two were linked to the CSI 500 index and two to the CSI 1000 index. Broad-based ETFs tracking the ChiNext Growth and CSI 300 indices each claimed one spot. Thematically, ETFs covering telecommunications, dividends, non-ferrous metals, free cash flow, and new energy secured two positions each.
Twenty-seven ETF products experienced outflows exceeding 100 million yuan, with broad-based ETFs following the Shanghai Composite Index, ChiNext, Hang Seng Tech, and SSE 50 indices, alongside thematic ETFs focused on Hong Kong Stock Connect internet, semiconductor equipment, and non-ferrous metals, recording the largest withdrawals.
Leading asset managers continued to attract capital into their ETF offerings. E Fund Management saw its total ETF assets grow by 2.75 billion yuan to 606.66 billion yuan as of March 27. Key products included E Fund CSI 300 ETF (inflows of 177 million yuan), E Fund Dividend ETF (129 million yuan), E Fund AI ETF (77 million yuan), E Fund Shenzhen 100 ETF (68 million yuan), and E Fund Hang Seng Tech ETF (52 million yuan).
China Asset Management reported substantial inflows into its ChinaAMC ChiNext Growth ETF (215 million yuan), with both ChinaAMC Communication ETF and ChinaAMC Free Cash Flow ETF attracting over 100 million yuan each.
E Fund's Li Shujian noted that profound changes in the external environment, including geopolitical conflicts and shifts in trade policies, require continued monitoring for their impact on global markets. He suggested that the inherent resilience of A-shares and Hong Kong markets may enhance their appeal to international long-term capital, given current attractive valuations.
Galaxy Fund Management highlighted potential opportunities in "hard tech" sectors, green power operations benefiting from computing-power synergy, and non-ferrous metals leveraging commodity cycles. The firm emphasized monitoring ETF flow trends and margin lending balances as key liquidity indicators.
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