Stock Connect ETF Information Portal

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
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)
(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 


More Info of ETFs' Issuers

GF Fund Management Co., Ltd. established on August 5, 2003. As of Dec 31th, 2021, the company's assets under management reached over a trillion, with 295 open-end funds under management.
For more information please visit:;
Guotai Fund is one of the first fund management company established in China. As of July 22, 2022, there were 41 non-currency ETFs in Guotai Fund, with a total scale of 98.478 billion yuan.
For more information, please refer to;
Tianhong Asset Management was established in 2004. As of June 30, 2022, 160 public funds had been managed,which the scale of public fund management is up to 1196.90 billion yuan.
For more information, please refer to the company's official website:;
Huaan Funds Management Company was founded in 1998. At the end of 2021, the total AUM of Huaan is nearly 600 Billion CNY.
For more information, please visit:;
China Merchants Fund Management Co., Ltd. was established in 2002. As of December 31, 2022, the non-monetary fund assets under management of China Merchants Fund was more than 560 billion yuan, ranking No.5 in the industry at first time.
For more information ,please visit;
Harvest Fund was established in March, 1999. As of June 2022, the company has managed 275 public funds with a total scale of 781.623 billion. A total of 32 ETFs were managed, with a total scale of 36.258 billion.
Please check the official website for more information:;
China Southern Asset Management Co., Ltd. was founded on March 6. As of June 30 2022, SAM managed 296 mutual funds worth RMB 1050.2 billion.
For more information ,please visit;
China Universal Asset Management Co., Ltd. ("CUAM") was established in 2005 and is headquartered in Shanghai. As of the end of the second quarter of 2022, CUAM has managed 252 mutual funds in China.
For more information, please visit CUAM official website;
China Asset Management Company (ChinaAMC) was founded in 1998. By the end of 2021 it managed 58 ETF with a combined asset under management of RMB 245.7 billion.
For more information you can visit:;
Fullgoal Fund Management Co Ltd was founded in 1999. As of 30 June, 2022, Fullgoal Fund has a total mutual fund AUM CNY 647 billion (excluding MMF and short-term wealth management bond funds).
For more information, please visit the company's website:;
Huatai-PineBridge Fund Management Co., Ltd (“Huatai-PineBridge” or “HTPB”) was Established in 2004. HTPB’s ETFs have combined assets under management of over US $16 billion (as of 31 Dec 2021).
For more Information, please visit;
Penghua Fund was established in 1998, As of June 30, 2022, the company has managed 267 public funds with a total scale of 929.2 billion. A total of 22 ETFs were managed, with a total scale of 24.2 billion.
For more information please visit;
Yinhua Fund was established in May 2001. By the end of April 2023, the company has managed 185 public offering of funds with a total asset management scale of over RMB 900 billion, including 33 equity ETFs with a total scale of RMB 21.61 billion.
For more information, please check the company's official website:;
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