February Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 28 Feb 2023.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of January

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	70,132.91
2	510050	ChinaAMC China 50 ETF	57,623.77
3	510500	China Southern CSI 500 ETF	49,371.26
4	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	31,578.84
5	510330	ChinaAMC CSI 300 ETF	25,081.00
6	159995	ChinaAMC Guozheng Semiconductor Chip ETF	24,684.00
7	512000	Hwabao WP CSI All Share Investment Banking & Brokerage Index ETF	24,252.59
8	159915	E Fund ChiNext ETF	23,921.94
9	159919	Harvest CSI 300 ETF	21,515.43
10	510180	Huaan SSE 180 Index ETF	20,256.06

• Huatai-PB Fund: As of February 28, the U.S. PCE price index ticked higher in January, a sign that could lead the Fed to raise interest rates higher than the market’s predictions. The yield spread between Chinese and U.S. sovereign bonds widened, suppressing the performance of the CSI 300 Index. The PBOC reiterated “the prudent monetary policy” in its fourth-quarter monetary policy report released at the end of February, the breakthrough of A-share in the short term will thus depend on the recovery of economic data alongside the policy support by Two Sessions 2023. Currently, the equity risk premium of the CSI 300 Index has risen slightly to 5.5%, and the equity assets are more advantageous in terms of cost-efficiency. The future performance of the CSI 300 Index can be promising. (02/03/2023)
• Harvest Fund: In 2023, China's economic recovery is highly certain. In February, the official manufacturing PMI jumped from 50.1 in January to 52.6, reaching a new high since April 2012, indicating that the short-term manufacturing activity has recovered rapidly and the economic recovery has been confirmed. Therefore, in the context of loose domestic liquidity and expected economic recovery, the CSI 300 index, which represents China's core assets, is expected to continue to dominate. The CSI 300 index has gathered many leading domestic enterprises and is more competitive in the process of economic recovery. As of March 2, 2023, the valuation of the CSI 300 Index was 12.07 times, at the 31.93% percentile level since its release, and still at a lower position in history. It has the potential for valuation repair and significant allocation value. (03/03/2023)
• Huaan Fund: The SSE 180 Index is the first tradable index released by the Shanghai Stock Exchange. It selects leading companies across all secotors and provides investors with an one-click investment tool for blue-chip companies in Shanghai. At present, the central state-owned enterprises account for a high proportion of the market value (about 70%) and their valuation is significant low. With the further advancement of the reform policy of Chinese enterprises at the two sessions, the valuation of the SSE 180 Index is expected to increase. (06/03/2023)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	159819	E Fund Artificial Intelligence ETF	6.36%
2	515880	Guotai CSI All Share Communication Equipment ETF	6.27%
3	159998	Tianhong CSI Computer Theme ETF	4.84%
4	512980	GF CSI Media Index ETF	4.03%
5	512690	Penghua CSI Alcoholic Drink Index ETF	3.67%
6	515900	Bosera CSI Central-Soes’Innovation Power ETF	3.26%
7	510880	Huatai-PB SSE Dividend Index ETF	3.17%
8	515680	Harvest CSI Central-Soes’Innovation Power ETF	3.16%
9	159996	Guotai CSI All Share Household Appliances Index ETF	3.09%
10	516970	GF CSI Construction & Engineering ETF	2.95%

• E Fund: 当前，人工智能已经从理论研究逐渐进入商业应用阶段。特别是2010年以来，由于大数据和云计算、物联网等信息技术的发展，人工智能技术迎来了爆发式的增长，有望成为我国经济新的增长引擎。近期ChatGPT引发行业热潮和市场关注，人工智能行业成长潜力进一步显现，中长期来看，人工智能主题ETF具备较好的投资价值。(03/03/2023)
• Guotai Fund: The economic value of data will be further clarified and explored. In the era of digital economy, the communication industry will further improve the information and computing infrastructure, ensure the reasonable construction of the digital base and the highly reliable transmission of information, and on this basis, through its own capacity extension, empower the industry and enterprises for digital transformation. (06/03/2023)
• Tianhong AM: Tianhong Fund believes that the top-level plan of Digital China has defined the construction task with "information innovation" and "data element" as the core objectives, which further accelerating the pace of domestic digital economy construction. Meanwhile, incorporating the construction situation into the assessment of government cadres is a substantive impetus to IT construction. (03/03/2023)
• GF Fund: 今年以来，疫后修复和经济恢复带来的估值业绩双修复的预期拉动板块上涨。春节后，ChatGPT带来AIGC相关主题热度，传媒互联网板块迎来一波主题行情，相关概念股股价短期上涨明显。展望今年，传媒板块业绩及估值双修复机会仍是主线，同时关注数字经济等主题行情。(06/03/2023)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	2,612.34
2	159915	E Fund ChiNext ETF	2,590.00
3	159995	ChinaAMC Guozheng Semiconductor Chip ETF	1,900.61
4	159949	Huaan SZSE Chinext 50 ETF	1,761.43
5	512760	Guotai CES Semiconductor Chip Industry ETF	820.70
6	512400	China Southern CSI SWS Non-Ferrous Metal ETF	816.99
7	512290	Guotai CSI BIOMEDICINE ETF	744.15
8	512170	Hwabao WP CSI Medical Service ETF	730.42
9	159992	Yinhua CSI Innovative Drugs Industry ETF	715.55
10	159755	GF CNI New Energy Vehicle Battery ETF	681.76

• Huaan Fund: The market fluctuated in a narrow range in February. A sharp fall in the new electricity sector, which is due to the increase of upstream raw material prices and capital diversion, led to a significant correction in the GEM, and the GEM 50 index fell by 7.74%. Now the domestic economy is recovering, and the PMI in February exceeded expectations and rebounded rapidly. Looking ahead, we remain positive on the market. We recommend to The GEM 50 index shows a significantly higher growth rate of net profit in 2023, and focuses on the layout of high boom industries under the growth style. (06/03/2023)
• Guotai Fund: Through fundamental Analysis, semiconductor chip industry has to survive a cycle of order reduction. In the long term, in the context of domestic substitution, semiconductor chip industry still has long-term investment opportunities, which is expected to usher in the value restoration logic driven by the triple cycle of scientific and technological innovation、domestic substitution and inventory. (06/03/2023)
• China Southern AM: In short term, market’s concern about the Fed's continuing tightening have certain suppressing effects on commodity prices. But in the medium to long term, the uncertainties of constraints on the domestic economy from the epidemic have been effectively removed, residential consumption expectations have warmed up, and the market's expectations for the domestic economy remain optimistic. The continuous introduction of economic stimulus policies and favorable real estate policies in China have boost expansion in domestic demand, strengthening market expectations for an improving recovery of domestic consumption and real estate resilience. At the same time, supply side disturbances still exist for some metal varieties, such as Yunnan power blow to China's aluminium output exceeding expectations and overseas copper mine supply being blocked due to supply chain issues, which are expected to support metal prices.(06/03/2023)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	2,703.42
2	510500	China Southern CSI 500 ETF	2,119.05
3	510050	ChinaAMC China 50 ETF	1,978.20
4	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	1,049.55
5	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,047.67
6	159915	E Fund ChiNext ETF	1,028.86
7	159922	Harvest CSI 500 ETF	774.27
8	159949	Huaan SZSE Chinext 50 ETF	710.70
9	159919	Harvest CSI 300 ETF	674.04
10	512690	Penghua CSI Alcoholic Drink Index ETF	642.04

• China Southern AM: In February, with domestic micro-economic recovery accelerating, macro-economic expectations improved as well, especially the significantly rebounded manufacturing PMI has boost confidence in economic recovery. At the same time, market traded on policy expectations prior and after the Two Sessions that stabilizing economy growth policy would further strengthen; market sentiment was boosted and spring market is expected to continue. Overseas-wise, expectations for contraction resurfaced, US yield and dollar appreciation suppressed blue chips stocks which have more foreign capital holdings, while small and medium-sized stocks may still have relative advantages. Currently, the PE ratio of CSI 500 index is at the P21 percentile of historical data, with PB at the P13 percentile and risk premium above P84 percentile, which implies high safety margin and less risk of sharp decline. (06/03/2023)
• Guotai Fund: The reform of the comprehensive registration system is a positive release for capital market. It will boost market trading volume and market sentiment in the short term. In the long term, it is expected to accelerate the pace of IPO, drive the further growth of IPO scale, which will promote the investment banking business of securities companies. and support the upward shift of the securities industry’s valuation. (06/03/2023)
• Harvest Fund: The China Securities 500 Index is a typical representative of the mid-cap stocks, with both valuation and growth advantages. The industry distribution of the CSI 500 Index is relatively balanced. Most of the constituent stocks are the leaders of the segment industry, and cover many emerging industries, with high growth. As of March 2, 2023, the valuation of the CSI 500 Index was 24.53 times, at the 20.84% percentile level since the release, still at the bottom of the history. The medium and long-term allocation value of the CSI 500 index is significant. (03/03/2023)

 

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	126,110.78	-9.40%	1,142.97	6,362.72
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	30,417.11	-11.41%	3,932.77	3,540.69
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	20,568.23	-13.65%	463.89	1,882.23
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	11,527.28	-13.61%	407.31	112.75
3037	CSOP HSI ETF	Hang Seng Index	1,377.17	-9.42%	0.00	11.92

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 28 Feb 2023.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market 

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