June Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 30 Jun 2024.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of June

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	211,817.51
2	510310	E Fund CSI 300 ETF Initiating Fund	139,241.68
3	510050	ChinaAMC China 50 ETF	113,005.91
4	159919	Harvest CSI 300 ETF	103,605.46
5	510330	ChinaAMC CSI 300 ETF	99,221.62
6	510500	China Southern CSI 500 ETF	73,892.48
7	588000	ChinaAMC China STAR 50 Component ETF	71,608.21
8	159915	E Fund ChiNext ETF	51,397.46
9	588080	E Fund China STAR 50 Component ETF	35,352.96
10	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	29,972.60

• Huatai-PB: In June, the equity market experienced a decline due to the challenging macro environment and capital outflows. While the CSI 300 index saw a 3.30% decrease at month's end, its performance remained stronger than the small and mid-cap indices. The current performance of the CSI 300 index indicates the relatively favorable win rate and odds. In the event of a market downturn, the index will experience relative returns, while in the case of a market rebound, it will enjoy absolute returns. Consequently, when viewed through the lens of beta exposure, the CSI 300 is still a prudent option compared to other indices. (04/07/2024)
• China Southern: 上半年市场波动较大，市场经历年初反转后，二季度有所回落，中证500二季度下跌6.50%，上半年累计下跌8.96%。从目前情绪和估值位置来看，市场在估值极低水平进一步下行空间已不大。国内经济二季度以来复苏幅度有所放缓，“供给偏强、需求偏弱”的经济结构依然未变，消费复苏偏缓，地产新政发力效果仍待检验，而PMI在5-6月连续两月回落至枯荣线以下，显示国内生产端也在同步放缓；美国经济与通胀数据在高利率压制下有序降温，但5月非农数据大超预期显示就业仍有韧性，美联储对年内降息态度依然谨慎，仍需等待下半年更多线索；近期北向资金连续大幅流出，给市场流动性带来较大压力，下半年在美国大选等扰动下，美元指数可能持续偏强，为外资回流带来较大阻碍；整体而言，随着国内经济复苏再度放缓、海外降息时点难以确定，以及下半年海外进入政治周期等扰动下，建议投资以高胜率策略驱动，右侧顺势而为。自上而下来看，在国内经济景气恢复以及美国降息之前，以大盘低估为代表的高股息资产或仍是投资者较为青睐的品种，短期市场或震荡消化，企稳后中小成长有望获取超额受益。当前中证500指数市盈率位于历史P10分位，市净率位于历史P1分位，风险溢价位于历史P99以上区间，安全边际较高，大幅下跌的风险较小。在当前估值历史底部区域布局，有望受益中小盘估值修复。 (04/07/2024)

• Guotai Fund: The current capital market is in a period of development standardization, with the new "National Nine Measures" setting the tone and deepening institutional reforms. Securities firms are expected to further improve and strengthen through mergers and acquisitions, laying a foundation for performance growth. In addition, the current policy is still in a virtuous cycle, and it is expected that active capital market measures will be further implemented in the future, boosting trading activity and benefiting the securities sector. (03/07/2024)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	515050	ChinaAMC CSI 5G Communication Theme ETF	9.40%
2	159994	Yinhua CSI 5G Communication Theme ETF	9.32%
3	515880	Guotai CSI All Share Communication Equipment ETF	5.84%
4	159997	Tianhong CSI Electronic ETF	4.65%
5	159801	GF Guozheng Semiconductor Chip ETF	3.17%
6	159813	Penghua Guozheng Semiconductor Chip ETF	3.02%
7	512760	Guotai CES Semiconductor Chip Industry ETF	2.70%
8	159995	ChinaAMC Guozheng Semiconductor Chip ETF	2.66%
9	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	2.45%
10	159611	GF CSI All Share Power Public Service ETF	2.15%

• Tianhong Fund: In June, the SW Electronics Industry rose by over 3%, ranking first among the primary industries in the SW classification, with sub-sectors such as components, consumer electronics, and semiconductors all performing well.The strong market performance of the electronics industry was mainly driven by AI and semiconductors. Overseas AI benefited from the accelerated launch of Nvidia's new GPU architecture, Robin, and the release of Apple's Apple Intelligence, which positively resonated with both cloud and edge computing; moreover, WSTS raised the semiconductor growth rate forecast, coupled with continuous policy catalysis from the “Big Fund III” and the "Sci-Tech board eight rules", sustaining the semiconductor cycle recovery. Looking ahead, as cloud and edge AI accelerate, along with the gradual implementation of policies such as the “Big Fund III” and the "Sci-Tech board eight rules" and combined with a rebound in consumer electronics demand, the sector's prosperity is expected to further improve. (04/07/2024)

• Guotai Fund: The landing of the third phase of the large fund is expected to provide strong support for China's semiconductor chip industry and promote the realization of domestic substitution logic. In addition, recent data released by the Semiconductor Industry Association (SIA) in the United States showed that global semiconductor sales in April increased by 15.8% year-on-year and 1.1% month on month, reaching $46.43 billion, indicating a promising reversal in the chip industry chain cycle. In the future, under the catalysis of artificial intelligence models and policies, the chip industry chain is expected to see an upward trend. (03/07/2024)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	16,535.37
2	510310	E Fund CSI 300 ETF Initiating Fund	6,959.17
3	510500	China Southern CSI 500 ETF	6,015.08
4	159919	Harvest CSI 300 ETF	5,182.11
5	510330	ChinaAMC CSI 300 ETF	4,311.28
6	588000	ChinaAMC China STAR 50 Component ETF	3,239.15
7	510050	ChinaAMC China 50 ETF	2,484.48
8	588080	E Fund China STAR 50 Component ETF	2,420.79
9	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	2,202.30
10	510210	Fullgoal SSE Composite Index ETF	1,797.15

• HarvestFund: The official manufacturing PMI in June was 49.5%, unchanged from the previous month. Overall, due to factors such as seasonal off-season and insufficient demand, the manufacturing PMI in June is still below the boom bust line. Looking ahead to the future, the domestic CPI is expected to slowly rise, while the continued easing of real estate policies and the strengthening of fiscal policies are expected to improve the state of sluggish demand. Coupled with exchange rate depreciation and strong overseas demand, 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, macroeconomic recovery is expected to continue. The CSI 300 Index, as a core asset of the A-share market, is expected to fully benefit. Considering that the industry of the CSI 300 Index is relatively balanced and the growth attributes of technological innovation continue to strengthen, the current valuation of the CSI 300 Index is 11.92 times, which is in the 32% percentile since its listing. At present, the investment cost-effectiveness of the CSI 300 Index is relatively high, with the potential for valuation restoration and significant allocation value. (04/07/2024)
• Fullgoal: The Shanghai Composite Index is the most important and historically longest-standing benchmark index in the market. Since its release, it has consistently been a focal point for both investors and the government, frequently serving as a reference for monitoring market risks and formulating financial policies. The constituent stocks of the Shanghai Composite Index are well-balanced in terms of asset allocation and industry distribution, offering good diversification. Currently, the overall valuation of the index's constituent stocks is low, with relatively high dividend yield levels. The index tends to feature large-cap, low-valuation, high-profitability, low-growth, and low-volatility stocks compared to the overall market. (09/07/2024)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	3,395.25
2	588000	ChinaAMC China STAR 50 Component ETF	2,244.30
3	510050	ChinaAMC China 50 ETF	2,083.84
4	510500	China Southern CSI 500 ETF	1,619.34
5	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	1,283.21
6	159915	E Fund ChiNext ETF	1,157.67
7	159919	Harvest CSI 300 ETF	1,083.16
8	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	954.92
9	512100	China Southern CSI 1000 ETF	856.76
10	510310	E Fund CSI 300 ETF Initiating Fund	852.44

• China AMC: 新“国九条”近期发布，政策层对公司分红、财务真实度等方面做出了重点指导，体现了促进高质量发展的主线，未来市场环境或利好大盘龙头、高股息风格。上证50指数相对其他大盘宽基指数，红利属性更强，复苏链相关板块成份股权重较高，是政策环境和经济复苏受益的投资方向。(07/05/2024)

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	129,691.71	-1.12%	-280.13	6,398.38
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	22,387.16	0.03%	91.97	3,515.89
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	27,598.97	-3.54%	785.09	1,599.61
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	9,358.05	-3.50%	-180.16	94.60
3037	CSOP HSI ETF	Hang Seng Index	1,355.54	-1.12%	-37.65	2.79
3032	HSTECH ETF	Hang Seng TECH Index	2,772.39	-3.53%	50.20	29.14
2837	GX HS TECH	Hang Seng TECH Index	3,002.20	-3.50%	-73.54	0.56
3088	CAM HS TECH	Hang Seng TECH Index	1,596.86	-3.49%	-21.95	6.56
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	2,491.18	-0.87%	306.36	18.62
3403	CAM HSI ESG	HSI ESG Enhanced Index	7,391.12	-4.85%	365.26	13.47

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 30 Jun 2024.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market 

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