October Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Oct 2022.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of October

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510050	CHINAAMC SSE 50 ETF	56,780.77
2	510300	HUATAI-PB CSI 300 ETF	51,281.64
3	510500	CHINA SOUTHERN CSI 500 ETF	42,305.26
4	512880	GUOTAI CSI ALL SHARE INDEX ETF	28,516.23
5	512000	HWABAO WP BROKER ETF	21,615.52
6	510330	CHINAAMC CSI 300 ETF	19,206.50
7	159995	CHIPS ETF	18,501.48
8	159915	CHINEXT ETF	17,841.72
9	159919	CSI300ETF	17,400.83
10	510180	HUAAN SSE 180 INDEX ETF	17,275.41

 

• ChinaAMC: 当前上证50指数估值回落至上市以来10%分位以下，安全边际较高；国内稳增长政策持续，流动性相对宽松，部分投资者看好中国资本市场长期发展，选择低位布局。上证50作为表征A股龙头的重要指数，有望持续吸引资金流入。(2022-10-27)
• Huatai-PineBridge: As of October 31, the P/E (TTM) of the CSI 300 Index is 10.29x, and in the 97th percentile when it comes to valuation versus 5-year historical data. The CSI 300 Index with a high safety margin is therefore the preferred target for value investing. China's CPI rose to 2.8% y/y in September, which was higher than China 10-year government bond yield of 2.7%. The advantageous cost-efficiency of equity will take the CSI 300 Index on its value return journey. (2022-11-03)
• HuaAn Funds: On the backdrop of more flexible epidemic control policy and continuing released favorable real estate polices, analysts believe that A-share market is expected to usher in a volatile upward trend. Besides, market consensus is that Fed will slow down their monetary tightening, which is also a good news for China A-share market. We recommend investors to focus on low-valued blue-chip sectors and high-growth and reasonably valued sectors in the near term.(2022-11-17)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	159998	TH COMPUTER ETF	13.94%
2	512670	PENGHUA CSI DEFENSE INDEX ETF	12.10%
3	512660	GUOTAI CSI NATION DEFENSE IND INDEX ETF	11.42%
4	512680	GF CSI NATIONAL DEFENSE INDUSTRY ETF	11.30%
5	512290	GUOTAI CSI BIO-MEDICINE INDEX ETF	10.22%
6	512710	FULLGOAL CSI AERO DEFENSE INDEX ETF	10.05%
7	159992	BRAND NAME DRUG ETF	6.58%
8	159938	HEALTH CARE ETF	6.28%
9	159819	AI INTELLIGENCE	5.90%
10	159837	BIOTECHNOLOGY	5.62%

 

• Tianhong Fund: As the improvement of covid-19 in the third quarter, the delivery of the computer industry has gradually returned to normal level, and orders in the second quarter have been postponed to the third quarter for confirmation, which means that the industry will usher in a single quarter improvement peak. In the medium and long term, the current pace of the implementation of ICT is "2+8+N", ushering in a peak period of development. Among them, the financial industry is the fastest, the automobile, logistics, tobacco and other N industries are expected to start domestic substitution in 2023. (2022-10-31)
• GF Fund：随着军工板块三季报逐步落地，四季度或有一定的估值切换投资机会。中长期看，装备采购“十四五”规划中期，招投标有望密集落地，叠加产能瓶颈破除，行业景气度或将持续提升，未来三至五年行业或继续较快增长。(2022-10-27)
• Guotai Fund: Biomedical industry is one of the most promising areas of pharmaceutical industry，which will continuously benefit from population aging and consumption upgrading. With the marginal improvement of the centralized purchase policy, the overall valuation of pharmaceutical industry is outstanding, and the performance and valuation are expected to have continuous repair. (2022-11-01)
• Yinhua Fund: As a high-tech industry, pharmaceutical industry has a high growth potential. Brand-name drugs are a product-based industry with large investment and high return. With the accelerated upgrading of demand and the boost in technological innovation, brand-name drugs are riding on the great momentum to start a new journey of high-quality development, and the future of innovative drug is limitless. (2022-11-07)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510300	HUATAI-PB CSI 300 ETF	4,111.78
2	510050	CHINAAMC SSE 50 ETF	2,994.95
3	510500	CHINA SOUTHERN CSI 500 ETF	2,846.11
4	159915	CHINEXT ETF	2,581.88
5	512010	E FUND CSI 300 HEALTH CARE ETF	1,481.85
6	512690	PENGHUA CSI ALCOHOLIC DRINK INDEX ETF	1,124.17
7	510880	HUATAI-PB SSE DIVIDEND ETF	911.35
8	512170	HWABAO WP HEALTHCARE ETF	774.30
9	515790	HUATAI-PB CSI PHOTOVOLTAIC INDUSTRY ETF	739.92
10	510310	E FUND CSI 300 ETF	678.32

 

• China Southern AM: A share is consolidating and in its process of bottoming out, as the FED spread of CSI500 is reaching historical extreme level, which indicates an attractive valuation. Despite the FED tightening causing the Northbound capital outflow, we see limited impact on mid-small cap from here. With favorite policies coming out, we think the new growth economy, like CSI 500, representing Chinese modernization will regain its triumph. (2022-11-04)
• Penghua Fund: CSI Alcoholic Drink Index covers companies in the liquor, also known as Chinese Baijiu, beer and wine brewing business, reflecting the overall market performance of such companies in China.   (2022-11-03)
• Huatai-PineBridge:Affected by the global inflation pressure, the rising expectation of interest rate has hiked in the US, and particularly under the geopolitical conflict between Russia and Ukraine, the risk preference of the market has declined sharply, the high dividend sector has performed better. Since this year, the annual return of SSE Dividend Total Return Index is still positive, outperforming the SSE Composite Index and Shenzhen Component Index by 16.43% and 25.50% respectively, showing outstanding defensive characteristics. Meanwhile, under the background of rising equity risk premium and declining bank financial management yield, the cost performance of high dividend strategy is prominent, and investors are more inclined to allocate funds to high dividend and low-risk targets. At present, the dividend yield of the SSE Dividend Total Return Index is 7.27%, a new high in nearly a decade. (2022-11-04)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510050	CHINAAMC SSE 50 ETF	2,254.73
2	510300	HUATAI-PB CSI 300 ETF	2,071.14
3	159915	CHINEXT ETF	1,314.35
4	510500	CHINA SOUTHERN CSI 500 ETF	1,304.36
5	512010	E FUND CSI 300 HEALTH CARE ETF	788.65
6	512880	GUOTAI CSI ALL SHARE INDEX ETF	783.96
7	159949	CHINEXT 50 ETF	758.39
8	515790	HUATAI-PB CSI PHOTOVOLTAIC INDUSTRY ETF	727.19
9	512170	HWABAO WP HEALTHCARE ETF	663.55
10	159922	CSI500ETF	663.29

 

• HuaAn Funds: Recently, the Chinese A share market has performed strongly. In terms of policy, the report of the 20th National Congress emphasizes the importance of high-quality development, which has a positive effect on boosting market confidence. After the recent adjustment of the A-share market, some indicators have shown the market has probably reached the bottom. At present, we recommend sectors with low valuations and policy support, such as new energy, biomedicine, and technology manufacturing. (2022-11-07)
• Huatai-PineBridge:With the decrease in silicon chip price, the market is increasingly expecting the recent decline of silicon material price, and the end of the year might be the critical point of the upstream supply-demand relationship. From the perspective of demand, projects of domestic ground power plants are flourishing in the fourth quarter, which supports the high price of photovoltaic modules, and causes a particular scarcity of some subsidiary materials. Besides, overseas demand maintains high prosperity. (2022-11-15)

 

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	99,987.37	-14.17%	14,433.70	4,467.61
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	22,210.82	-16.64%	3,742.82	3,728.06
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	14,815.60	-17.35%	1,851.73	1,718.28
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	8,425.94	-17.08%	269.72	175.83

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Oct 2022.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market 

More Info of ETFs' Issuers

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