August Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2024.
*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	289,106.35
2	510310	E Fund CSI 300 ETF Initiating Fund	194,556.53
3	510050	ChinaAMC China 50 ETF	131,776.51
4	510330	ChinaAMC CSI 300 ETF	130,685.79
5	159919	Harvest SZSE SME-CHINEXT 300 ETF	127,637.29
6	510500	China Southern CSI 500 ETF	88,162.05
7	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	69,363.78
8	159915	E Fund GEM ETF	58,945.36
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	40,985.42
10	512100	China Southern CSI 1000 ETF	40,001.65

• Huatai-PB: In August, the CSI 300 index experienced a notable decline, with the entire month closing at a 3% loss. However, when compared to the small and mid-cap index, it demonstrated greater resilience, continuing to generate excess returns in the face of downward pressure. In conclusion, given the prevailing market conditions, the potential benefits of the CSI 300 index's ability to effectively manage downside risk may be particularly pronounced. Furthermore, given the current valuation compression, the index's flexibility remains a key advantage, making it a valuable area of focus for allocation. (06/09/2024)
• Harvest Fund: The official manufacturing PMI for August further dropped from 49.4% in July to 49.1%, staying below the 50-point mark for four consecutive months. Overall, the main reason is still insufficient demand. However, with the continuous increase of loose real estate policies and the strengthening of fiscal policies, the sluggish demand is expected to improve, and the space for PMI to continue to fall is expected to be limited. Although the problem of insufficient demand still exists, with the gradual implementation of stable growth policies and the steady progress of economic transformation, the macro economy is expected to continue to recover, and the CSI 300 Index, as the core asset of the A-share market, is expected to fully benefit. Considering that the CSI 300 Index industry is relatively balanced and the attribute of technological innovation growth continues to strengthen, the current valuation of the CSI 300 Index is 11.2 times, which is in the 12.9% percentile of the past decade. At this stage, the investment cost-effectiveness of the CSI 300 Index is relatively high, with the potential for valuation repair and significant allocation value. (04/09/2024)
• China AMC: 2024中报季科创板块业绩突出，电子板块营收、净利润增速居前，通信板块延续正增长，计算机板块Q2净利润环比大幅改善。下半年随着AI功能加持的消费电子新品陆续发布，景气度有望提升。美联储9月降息已成大概率事件，外围流动性宽松、市场风险偏好回升叠加企业业绩回暖，科创板块有望迎来估值修复。 (04/09/2024)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	159869	ChinaAMC CSI Animation Game ETF	0.52%
2	516010	Guotai CSI Animation Game ETF	0.26%
3	510230	Guotai SSE 180 Finance ETF	-0.37%
4	560080	China Universal CSI Chinese Medicine ETF	-0.49%
5	159647	Penghua CSI Chinese Medicine ETF	-0.96%
6	517180	China Southern FTSE China China Enterprises Open All-Win ETF	-1.10%
7	517090	Guotai FTSE China China Enterprises Open All-Win ETF	-1.17%
8	515220	Guotai CSI Coal ETF	-1.34%
9	510050	ChinaAMC China 50 ETF	-1.38%
10	510100	E Fund SSE 50 ETF	-1.41%

• China AMC: 8月，备受瞩目的国产3A级游戏《黑神话：悟空》发售，为游戏板块带来广泛关注。板块经过一段时间的调整后风险释放已较为充分，近期暑期档重磅新游陆续上线，有望驱动游戏企业收入增速回升。长期来看，AI技术在游戏研发、运营中的应用逐步落地，将带来生产力的变革。游戏ETF聚焦A股动漫游戏产业公司，可一键配置板块内优质企业。(04/09/2024)

• Guotai Fund: The recent release of the first domestically produced 3A game "Black Myth: Wukong" has attracted market attention and boosted the emotional market of the game. On the policy front, the increase in the number of game licenses issued and the stable frequency of distribution since the beginning of this year reflect the support from the policy side, which is conducive to the continuous expansion of the domestic game market and the medium - to long-term development of the game industry. In addition, the gaming sector also has multiple advantages such as "local games going global+AIGC driven cost reduction and innovation". The current valuation of the gaming sector is relatively reasonable, and it can be appropriately focused on. (06/09/2024)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	33,827.58
2	510310	E Fund CSI 300 ETF Initiating Fund	25,884.70
3	510330	ChinaAMC CSI 300 ETF	11,487.41
4	510050	ChinaAMC China 50 ETF	9,211.87
5	159919	Harvest SZSE SME-CHINEXT 300 ETF	7,785.23
6	510500	China Southern CSI 500 ETF	7,135.67
7	512100	China Southern CSI 1000 ETF	5,692.94
8	159915	E Fund GEM ETF	5,548.61
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	3,849.62
10	159845	ChinaAMC CSI 1000 ETF	2,415.89

• China AMC: 二季度GDP增速放缓，高层会议定调下半年加码政策保经济，设备更新和以旧换新有望加快落地、提振内需。上证50行业分布均衡，内需复苏相关板块权重较高，有望受益政策刺激和经济复苏带来的盈利回升，且央国企含量高、股息率高，在7月市场回调后更具配置价值。(09/08/2024)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	4,042.98
2	510050	ChinaAMC China 50 ETF	2,071.39
3	510310	E Fund CSI 300 ETF Initiating Fund	1,768.12
4	159915	E Fund GEM ETF	1,530.60
5	510500	China Southern CSI 500 ETF	1,497.54
6	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	1,486.89
7	512100	China Southern CSI 1000 ETF	1,157.66
8	159919	Harvest SZSE SME-CHINEXT 300 ETF	947.71
9	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	894.04
10	510330	ChinaAMC CSI 300 ETF	888.34

• China Southern: 国内宏观经济数据仍底部运行，消费活动温和恢复，但地产和基建投资存在持续减速的压力；美国经济数据与通胀预期均指向美联储转向交易短期仍存不确定性，维持通胀和海外利率有一定粘性的判断，预计将持续压制大盘蓝筹表现。当前中证500、中证1000等中小盘指数估值仍处历史低位，安全边际较高；国家政策多次强调“新质生产力”概念，重点聚焦战略新兴产业，也构成对成长新经济的催化。短期市场经过反弹后或偏区间盘整，建议企稳后超配中小市值风格，有望获取超额收益。(10/04/2024)

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	137,888.65	3.78%	2,025.77	6,536.20
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	22,843.14	3.63%	1,383.38	2,683.73
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	28,493.43	1.17%	-557.44	2,010.52
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	9,298.26	1.22%	-53.37	87.26
3037	CSOP HSI ETF	Hang Seng Index	1,299.58	3.89%	-143.97	14.39
3032	HSTECH ETF	Hang Seng TECH Index	2,889.93	1.18%	11.23	23.71
2837	GX HS TECH	Hang Seng TECH Index	2,617.52	1.20%	0.00	0.33
3088	CAM HS TECH	Hang Seng TECH Index	1,602.77	1.22%	-0.04	21.82
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	6,002.97	3.50%	3,174.71	10.14
3403	CAM HSI ESG	HSI ESG Enhanced Index	7,574.40	4.66%	-44.83	22.99
2801	ISHARES CHINA	MSCI CHINA	14,195.10	0.83%	1,472.85	3.84
2825	WISECSIHK100ETF	CSI HK 100	1,694.58	3.34%	-4.92	0.14
3040	GX MSCI CHINA	MSCI CHINA	4,843.66	0.85%	-1,193.93	0.23
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	656.27	3.97%	-30.05	0.57
3070	PING AN HKDIV	CSI HK Dividend	1,068.42	2.47%	0.00	1.34
3115	ISHARESHSI	Hang Seng Index	1,514.26	3.88%	-32.00	1.54

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2024.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market

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