On January 15, the Shanghai Composite Index experienced a day of volatile adjustments, while the ChiNext Index saw a rebound after hitting bottom. Semiconductor and chip stocks strengthened in the afternoon, the tourism sector performed actively, while commercial aerospace and AI application concept stocks collectively retreated.
Against this backdrop of market divergence, the ETF market also displayed a "split personality": Broad-based ETFs like the CSI 300 ETF saw significant net outflows, with the CSI 300 index alone experiencing a net outflow exceeding 35 billion yuan yesterday. Leading ETF products tracking the STAR 50 Index, the SSE 50 Index, and the STAR 50 Index all recorded substantial net capital outflows. In contrast, sector-specific ETFs such as those for nonferrous metals and securities, along with Hong Kong market ETFs, were at the forefront of net inflows, indicating that selective market opportunities are attracting capital.
The stock ETF market recorded a net outflow of 66.809 billion yuan on January 15.
The CSI 300 Index was the primary focus of these outflows.
According to Wind data, as of January 15, the total assets under management for 1,307 stock ETFs (including cross-border ETFs) reached 4.99 trillion yuan. Amid the market's fluctuations, the stock ETF market witnessed a net capital outflow of 66.809 billion yuan.
Categorized by type, broad-based ETFs led the net outflows yesterday, amounting to 74.482 billion yuan. In terms of scale change, the AUM of broad-based ETFs decreased by 71.976 billion yuan.
Drilling down to specific indices, ETFs tracking the CSI 300 Index saw the largest net outflow, totaling 35.257 billion yuan. Notably, the Huatai-PineBridge CSI 300 ETF, the largest by scale in the market, saw its circulating shares decrease by 4.142 billion units, resulting in a net outflow of over 20 billion yuan—both figures setting record highs since the fund's inception.
Furthermore, the CSI 300 ETFs managed by E Fund Management, Harvest Fund Management, and China Asset Management recorded net outflows of 6.5 billion yuan, 4.4 billion yuan, and 3.9 billion yuan respectively. Combined, these four leading products accounted for a cumulative net outflow of nearly 34.5 billion yuan, constituting the main direction of yesterday's capital flight.
Additionally, the E Fund STAR 50 ETF saw a net outflow of nearly 10.5 billion yuan, while the SSE 50 ETF and the E Fund ChiNext ETF also experienced outflows exceeding 9 billion yuan. The CSI 500 ETF recorded a net outflow of over 6.9 billion yuan, also ranking high on the list.
Industry insiders noted that stock ETFs often exhibit a contrarian trading characteristic, where investors tend to "buy the dip and sell the rally." Since the market surge beginning in late September 2024, indices like the STAR 50 and the ChiNext Index have seen their values double, while the Shanghai Composite Index and the CSI 300 Index have gained nearly 50%. This has likely prompted some investors to take profits and reduce their positions.
"Establishing positions at low points and gradually lightening up at relatively high levels is a rational strategy," commented a marketing head from a mid-sized public fund company. As convenient, standardized, and transparent public offerings, stock ETFs serve as efficient tools for investors to track the market. Capital increasing positions at market lows and reducing them at relative highs helps to better stabilize market volatility. Overall, stock ETFs can effectively act as a "ballast" for market stability and a "shock absorber" during significant market swings, profoundly reshaping the ecology of the A-share market.
The executive further stated that as China's ETF market surpasses the 6 trillion yuan milestone, the scale and liquidity of leading ETF products continue to improve. This enhanced capacity to handle daily capital flows in the tens of billions of yuan range facilitates the entry and exit of large capital, making ETFs an increasingly valuable asset allocation tool for institutional investors.
Nonferrous Metals ETFs and Securities ETFs were among the leaders in net inflows.
On the inflow side, sector-specific ETFs and Hong Kong market ETFs led with net inflows of 5.591 billion yuan and 1.7 billion yuan respectively.
At the index level, the Securities Companies Index saw the highest single-day net inflow, reaching 1.375 billion yuan. Over a 5-day period, the CSI Media Index attracted over 8 billion yuan in inflows recently, while the CSI Software Index saw inflows exceeding 7.9 billion yuan.
Regarding specific products, the Nonferrous Metals ETF and the Semiconductor Equipment ETF each saw net inflows exceeding 900 million yuan yesterday. Multiple products, including the Securities ETF and the Power Grid Equipment ETF, recorded net inflows of over 500 million yuan, placing them near the top of the market rankings.
Despite the overall market divergence, ETFs under leading fund companies still showcased several bright spots.
Among E Fund's ETFs, the E Fund Semiconductor Equipment ETF attracted nearly 260 million yuan in net inflows, the E Fund Hong Kong Stock Connect Internet ETF saw 175 million yuan, the E Fund Software ETF attracted 160 million yuan, and the E Fund Cloud Computing ETF saw 140 million yuan. Additionally, the E Fund China Overseas Internet ETF had a net inflow of 90 million yuan.
For China Asset Management's ETFs, the ChinaAMC Nonferrous Metals ETF and the ChinaAMC Power Grid Equipment ETF led the daily net inflows with 883 million yuan and 579 million yuan respectively. Their latest AUM figures stand at 13.16 billion yuan and 6.916 billion yuan, with their corresponding underlying indices having average daily turnover of 429 million yuan and 515 million yuan over the past month. Furthermore, the ChinaAMC CSI 500 ETF and the ChinaAMC STAR 50 ETF both saw net inflows exceeding 200 million yuan, while the ChinaAMC Gold ETF, the ChinaAMC STAR Semiconductor ETF, and the ChinaAMC Gold Equity ETF all recorded inflows of over 100 million yuan.
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