August Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2023.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of August

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	120,333.66
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	96,329.03
3	510050	ChinaAMC China 50 ETF	64,047.74
4	510500	China Southern CSI 500 ETF	57,738.06
5	159915	E Fund ChiNext ETF	41,142.34
6	510330	ChinaAMC CSI 300 ETF	33,050.59
7	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	30,463.48
8	159919	Harvest CSI 300 ETF	29,540.79
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	29,375.12
10	510310	E Fund CSI 300 ETF Initiating Fund	29,272.26

• Huatai-PB: The CSI 300 Index closed down more than 6% In August. As the index returned to the deep value range, the bottom-fishing funds flowing into the CSI 300 ETF has reached a historical peak. Against the background of clear policy attitudes and gradual improvement in economic expectations, the CSI 300 Index, as a procyclical representative index, has high certainty. We believe that the current time will be one of the best opportunities for the year. (05/09/2023)
• China AMC: 当前中国经济逐步转向高质量发展，科技板块具备较高增长潜力和空间。科创50指数是参与科技成长风格投资的优质工具。据统计，机构投资者上半年增持科创板超百亿元，公募基金重仓股中科创板配置比例达到9.47%，1年以来接近翻倍。资金对科创板的配置快速上行。(05/09/2023)
• China Southern: From August 28, 2023 to September 1, 2023, the market rebounded significantly, and the CSI 500 rose by 3.04% (source: Wind). After successive policies that aim to activate the capital market and stabilize economic growth, the A-share market sentiment has bottomed out and rebounded. Recently, A package of policies have been introduced to help stabilize economic growth and expectations, which are related to economic growth, property and capital market reform. These policies face the market directly, and under the catalysis of positive signals, the A-share market has shown signals of stabilization. From the perspective of historical review, when the market is pricing from the bottom, and the policy effect is expected to be limited but can set up a foundation for economy, the low elastic sector is dominant, and the Science&Technology Mid- and Small-Cap will be expected to outperform the large-cap. After the previous volatility, the current index has a high cost performance. In the short term, the Blue Chips still has to wait for the improvement of the economy. However, the current market may still be in "weak reality, strong sentiment", and there will be more opportunities for Mid- and Small-Cap growth. The current P/E ratio of CSI 500 is 24 times, which is at the historical point of about 19%. The cost performance is still in the configuration interval, which is expected for valuation repair and exerting upward elasticity. (11/09/2023)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	512980	GF CSI Media Index ETF	0.12%
2	588200	Harvest SSE STAR Chip Index ETF	-1.59%
3	512710	Fullgoal CSI Military Top ETF	-1.63%
4	512670	Penghua CSI Defense ETF	-1.66%
5	159869	ChinaAMC CSI Animation Game ETF	-1.81%
6	515220	Guotai CSI Coal ETF	-2.12%
7	159638	Harvest CSI High-End Equipment Subdivision 50 ETF	-2.13%
8	560080	China Universal CSI Chinese Medicine ETF	-2.15%
9	588050	ICBCCS China Science And Technology Innovation Board 50 Component ETF	-2.70%
10	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	-2.76%

• GF Fund: “AI+”将成为传媒板块中长期的重点主线之一，AI技术为内容产业带来的变化值得关注。当前，AIGC正逐步渗透游戏产业链，从图文生成、玩家互动、智能营销等多方面为游戏研运降本增效，或驱动业绩中长期增长。在ChatGPT等AIGC类应用加持和赋能下，游戏、影视、广告等领域的内容交互性和丰富性都有较大程度的提升，有望带来更多的变现增长空间。(05/09/2023)
• Harvest Fund: From a policy perspective, increasing liquidity, restricting major shareholders from reducing their holdings, and tightening IPOs through methods such as lowering fees, taxes, and reserve requirements have all directly promoted the growth of the SSE STAR market. As a chip index specifically invested in the SSE STAR market, SSE STAR Chip Index directly benefit. From a market perspective, if the market recovers in the fourth quarter of this year due to policy dividends, the lag elasticity of traditional economies constrained by economic recovery is not significant. Growth tracks such as chips with low points and promising prospects may become the focus of market attention; Finally, from an industry perspective, with the release of the MATE60 series of mobile phones, the opportunity for breakthroughs in domestic substitution has begun. The domestic substitution market in the fourth quarter is expected to repeat, and coupled with the upcoming turning point of the semiconductor industry cycle and the gradual increase in computing power demand, the chip industry is expected to become a focus industry in the fourth quarter. Therefore, the fourth quarter SSE STAR Chip Index has high potential for configuration value! (15/09/2023)
• Fullgoal: 军工行业经过了过去近两年时间的较快增长，未来或进入稳定增长期，细分领域业绩差异显著，结构分化加剧或为未来趋势。随着装备技术不断发展，新技术、新产品层出不穷，在新域新质作战领域或将产生较多投资机会。另外，随着中国日益走向世界舞台中央，军贸出口有望成为军工板块新的增长点。（15/09/2023）

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	35,280.85
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	21,287.75
3	510500	China Southern CSI 500 ETF	11,429.27
4	510050	ChinaAMC China 50 ETF	9,677.53
5	510330	ChinaAMC CSI 300 ETF	7,603.69
6	510310	E Fund CSI 300 ETF Initiating Fund	7,554.83
7	159919	Harvest CSI 300 ETF	7,025.95
8	560010	GF CSI 1000 ETF	4,620.25
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	4,390.59
10	512170	Hwabao WP CSI Medical Service ETF	3,769.70

• Harvest: Recently, with the implementation of policies to activate the capital market, such as the reduction of stamp duty by the Ministry of Finance, the "Four Arrows" of the China Securities Regulatory Commission, individual income tax policies, and a series of policies focusing on stabilizing the real estate industry chain and enhancing the confidence of private enterprises, market confidence is expected to continue to improve. The logic of macroeconomic recovery will continue to strengthen, and the CSI 300, as the "barometer" of the A-share market, is expected to fully benefit. Considering that the industry of the CSI 300 is relatively balanced, the growth attribute of science and technology innovation continues to strengthen, and the yield difference between stocks and bonds also shows that the current cost-effectiveness of the CSI 300 is relatively high. As of September 8, 2023, the valuation of the CSI 300 is 11.61 times, which is at the 23.6% percentile level since its listing and still at a historically low position. It has the potential for valuation restoration and significant allocation value. (15/09/2023)
• GF Fund: 当前资产价格已经很大程度计价了对经济的悲观预期，一方面A股整体估值处于历史偏低位置，另一方面当前投资者对经济的悲观不仅讨论短周期问题，且更多的在讨论长期结构性问题；7月政治局会议释放了明显的稳增长信号，随着配套政策的逐步落地，经济如果能够实现企稳反弹，那么业绩弹性更大的小盘股风格的表现可能占优。流动性宽松的宏观环境下小盘风格容易相对大盘风格实现超额收益，预计年内流动性大概率仍将维持偏宽松的状态，这对小盘风格是更有利的。(05/09/2023)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	4,731.18
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	3,577.79
3	510050	ChinaAMC China 50 ETF	2,332.41
4	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	2,170.25
5	510500	China Southern CSI 500 ETF	1,923.81
6	159845	ChinaAMC CSI 1000 ETF	1,788.08
7	159915	E Fund ChiNext ETF	1,461.37
8	512000	Hwabao WP CSI All Share Investment Banking & Brokerage Index ETF	1,322.58
9	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	1,294.48
10	512100	China Southern CSI 1000 ETF	1,272.63

• Guotai Fund: The policy emphasizes the need to invigorate the capital market and boost investor confidence, which holds significant significance for the development of the capital market. Currently, the economy is in the process of recovery, and the policy orientation towards expanding domestic demand is positive, maintaining the long-term positive trend of the capital market. The securities sector is currently at the bottom of its valuation, and it is expected to achieve a simultaneous rebound in valuation and performance in the future. (07/08/2023)
• China Southern: In August 2023, the monthly increase of the CSI 1000 index was -6.32%. In Q2 of 2023, the Small-Cap advantage was temporarily suppressed by the valuation system with Chinese characteristics. After a stage correction, the CSI 1000 has returned to the bottom point of last October, which is at the position of 10% below the annual line, and the bottom signal has appeared. From a macro perspective, since 2023, China's economy has maintained a weak recovery pace as a whole, monetary policy still maintains the interest rate cut trend since 2019. Short - and Mid-term liquidity funds remain abundant, and Medium-and Long-term loans for enterprises have rebounded, However, Medium - and Long-term loans for residents are still at the bottom. The overall macro environment is similar to 2013, with ample liquidity providing a basis for Small-caps. From the perspective of industry, the industrial revolution led by AI is on the rise. Combined with digital economy and others, the potential investment opportunities for Mid- and Small- caps brought by the emerging industrial trend logic may continue to attract funds. Small - cap growth space is broad, and its market continues to deduce. From the perspective of the market, the emerging industrial chain represented by semiconductors and TMT has risen again, driving the incremental diffusion of industry investment. In the case of no significant improvement in ROE of industries related to the aggregate economy, TMT and other industries are likely to make a comeback and boost the Small-caps. In general, the Small-cap market continues to have a solid foundation, and current is a good opportunity to layout CSI 1000. (11/09/2023)

 

Southbound Eligible ETFs Overview

Code	Name	Tracking Index	AUM (HKD mil)	1M Return	Net Buy** (HKD mil, 1M)	ADT*** (HKD mil, 1M)
2800	TRACKER FUND OF HONG KONG	Hang Seng Index	127,725.97	-8.06%	-4,190.47	5,554.14
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	25,215.79	-8.25%	-2,039.95	2,999.96
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	29,375.44	-8.20%	4,966.90	2,355.96
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	12,228.20	-8.15%	161.69	102.04
3037	CSOP HSI ETF	Hang Seng Index	1,325.53	-8.17%	205.11	19.53
3032	HSTECH ETF	Hang Seng TECH Index	2,652.97	-8.18%	85.31	43.80

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2023.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market 

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