June Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 30 June 2025.
*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	374,702.49
2	510310	E Fund CSI 300 ETF Initiating Fund	265,905.20
3	510330	ChinaAMC CSI 300 ETF	196,702.74
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	169,570.28
5	510050	ChinaAMC China 50 ETF	165,444.20
6	510500	China Southern CSI 500 ETF	113,438.01
7	159915	E Fund Chinext ETF	85,526.91
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	83,338.78
9	512100	China Southern CSI 1000 ETF	64,952.13
10	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	62,680.37

• Huatai-PB: The CSI 300 Index closed June up 2.5%, with small and mid-cap stocks outperforming in the month. While technical indicators suggest a potential for a market breakout, the lack of a clear market narrative makes a significant short-term rally unlikely. The core index is more likely to continue its pattern of consolidation, albeit with a gradual upward trend. Given the CSI 300 Index's attractive valuation and steady improvement, maintaining a medium to high allocation to the index remains a sound long-term strategy. (08/07/2025)

• Harvest Fund: The official manufacturing PMI for June 2025, although still below the boom bust line, slightly rose to 49.7%, mainly due to the continued contribution of the "export rush" during the US China tariff window period, as well as the gradual improvement of domestic demand under the effect of supportive policies in the early stage, which also reflects strong economic resilience. Considering the gradual implementation of stable growth policies and the recovery of consumer confidence, it will contribute to a sustained and moderate macroeconomic recovery. Looking ahead, although exports may gradually face pressure due to the impact of tariffs, the policy of expanding domestic demand is expected to have a negative impact on the economy caused by the decline in exports. The macro economy is expected to continue to recover, and market sentiment and investor risk appetite are expected to remain. As the core asset of the A-share market, the CSI 300 Index is expected to fully benefit, with significant allocation value. (03/07/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	159851	Hwabao WP CSI Financials Theme ETF	18.64%
2	515880	Guotai CSI All Share Communication Equipment ETF	17.54%
3	159869	ChinaAMC CSI Animation Game ETF	15.69%
4	515050	ChinaAMC CSI 5G Communication Theme ETF	15.49%
5	159994	Yinhua CSI 5G Communication Theme ETF	0.15
6	516010	Guotai CSI Animation Game ETF	15.20%
7	512710	Fullgoal CSI Military Top ETF	11.56%
8	512670	Penghua CSI Defense ETF	11.34%
9	516780	Huatai-PB CSI Rare earth industry ETF	11.03%
10	516150	Harvest CSI Rare Earth Industry ETF	10.82%

• Guotai Fund: In June, China approved 147 domestic game licenses – the highest monthly tally since 2022 and a 17-title increase from May – including Kaiying's Soul Land and Giant Network's Endless Cultivation. Imported game licenses reached 11 titles, featuring Tencent's CrossFire and NetEase's Abyssal Starfield. This licensing recovery is expected to sustainably boost sector valuations. Concurrently, 2024 industry data shows robust performance: Giant Network's Paranormal Agency surpassed 1 million DAU by mid-June, achieving 40% of Identity V's user base with 125-minute average daily playtime (2.6x longer than Identity V). Meanwhile, G-bits' M88 maintained strong rankings despite lower marketing spend than predecessor M72, demonstrating exceptional ROI. As summer begins, market focus shifts to performance metrics following game updates and seasonal marketing campaigns. (03/07/2025)

• Guotai Fund: Optical communication sector momentum continues expanding, with key trends emerging: NVIDIA's upcoming CX-8 NIC adoption is poised to trigger volume shipments of 1.6T optical modules, accelerating earnings growth for leading manufacturers. The persistent hyperscale GPU cluster trend reinforces positive demand outlooks for optical modules and emerging technologies like CPO and DCI in large-scale deployments. Notably, optical interconnect solutions are transitioning from Scale-out to Scale-up architectures, potentially increasing their value share within AI computing chains. (03/07/2025)

•  Harvest Fund: Firstly, in terms of location, the current rare earth industry index has a TTM P/E ratio of around 32x, which is in the historical lower 35% percentile and is in a typical undervalued range. At the same time, the current level of the rare earth industry index has fallen by about 31% compared to the high point in September 2021, which is also a relatively low point. Therefore, the current position of rare earths is not high. From a long-term investment perspective, rare earths are important metals in the era of "all things electric drive" and have strong long-term investment value. Rare earth is an industry with constantly changing downstream demand. The main function of rare earth is to make rare earth permanent magnets, which are mainly used in various motors. From a first principles perspective, rare earth permanent magnets are metals that convert electrical energy and kinetic energy. In the future, under the background of dual carbon, electricity will be our main energy source. Starting from new energy vehicles, various electric energy application tools will have countless layers, and rare earths as such energy metals will continue to highlight their value. Finally, the direct reason for this round of upward trend is the reassessment of the strategic value of rare earths as a strategic resource in China under the trade conflict between China and the United States. In the past, the A-share market mainly reflected the cyclical growth attribute of rare earths, and did not demonstrate the value of strategic resource commodities. In this trade conflict, rare earths have been repeatedly mentioned as an important bargaining chip in the negotiations between China and the United States, which is more important and conducive to improving the long-term valuation of rare earths. (03/07/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	512800	Hwabao WP CSI Banks ETF	3,376.58
2	512690	Penghua CSI Alcoholic Drink Index ETF	2,391.63
3	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	1,635.64
4	588200	Harvest SSE STAR Chip Index ETF	1,566.71
5	512890	Huatai-PB CSI Dividend Low Volatility ETF	1,356.91
6	562500	ChinaAMC CSI Robot ETF	1,290.57
7	512710	Fullgoal CSI Military Top ETF	1,216.67
8	515450	China Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF	1,046.15
9	512500	ChinaAMC CSI 500 ETF	859.28
10	159995	ChinaAMC Guozheng Semiconductor Chip ETF	855.56

• Harvest Fund: Against the backdrop of industry cycle recovery, policy dividends release, and deepening domestic substitution, the medium - and long-term growth space for sci-tech chips is clear. However, at the current stage, there are various problems with the sector, such as overvaluation, capital games, external disturbances, and uncertain market environment, which may significantly exacerbate short-term fluctuations. From a fundamental perspective, on the one hand, chips in the next 25 years will benefit from the performance recovery of traditional sectors such as storage, simulation, and microprocessors. On the other hand, the deepening of AI applications will also drive the explosion of new growth demand in the entire chip sector. Moreover, the opportunities for AI growth in the next 25 years are not overly concentrated in the field of computing chips as in the past two years. There is a possibility of an explosion in AI hardware in the next 25 years, which will drive the growth of the entire sector from the underlying consumer electronics product attributes. Therefore, there may be some short-term fluctuations in the chip sector. From a full year perspective, the investment value of SSE STAR Chip Index is significant and deserves special attention. (03/07/2025)

• Huatai-PB: In June, the banking sector was the primary driver behind the rally in dividend-yielding assets, while other dividend stocks remained relatively flat. Performance among major dividend indexes diverged, with Hong Kong dividend stocks showing particular strength. Looking ahead, an easing of global geopolitical tensions and supportive domestic policies have improved risk appetite. However, weak economic data and a continued decline in domestic interest rates are expected to further fuel demand for dividend-producing assets. (08/07/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	3,042.73
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	2,325.75
3	510050	ChinaAMC China 50 ETF	1,795.68
4	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,672.34
5	159915	E Fund Chinext ETF	1,648.75
6	588200	Harvest SSE STAR Chip Index ETF	1,424.07
7	510500	China Southern CSI 500 ETF	1,196.89
8	512100	China Southern CSI 1000 ETF	1,008.11
9	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	932.94
10	510310	E Fund CSI 300 ETF Initiating Fund	909.64

• Guotai Fund: The securities sector's upward trajectory is primarily driven by sustained high market trading volumes in 2025 and fundamental recovery stemming from equity market gains, with new progress in M&A restructuring serving as a key catalyst. China's policy objectives of 'maintaining economic/market stability' and 'revitalizing capital markets' will continue to steer the sector's direction. Multiple tailwinds—including persistently accommodative liquidity conditions, ongoing optimization of capital market infrastructure, rebuilding of investor confidence, and enhanced expectations for medium-to-long term capital inflows—collectively underpin the sector's improving momentum while strengthening prospects for fundamental recovery. (03/07/2025)

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	154,508.58	4.02%	5,467.18	10,400.25
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	30,638.07	3.58%	-279.70	8,984.38
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	46,105.81	2.82%	1,635.49	5,225.02
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	15,634.65	2.92%	1,595.35	201.14
3037	CSOP HSI ETF	Hang Seng Index	1,025.69	4.00%	0.00	1.77
3032	HSTECH ETF	Hang Seng TECH Index	5,082.68	2.87%	31.86	82.33
2837	GX HS TECH	Hang Seng TECH Index	1,594.44	2.88%	-47.30	1.53
3088	CAM HS TECH	Hang Seng TECH Index	1,597.40	2.89%	-1.33	3.34
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	2,881.70	6.76%	-93.65	18.80
3403	CAM HSI ESG	HSI ESG Enhanced Index	9,410.86	4.04%	442.90	26.63
2801	ISHARES CHINA	MSCI CHINA	22,169.02	3.81%	553.03	7.19
2825	WISECSIHK100ETF	CSI HK 100	2,304.13	3.34%	7.92	0.09
3040	GX MSCI CHINA	MSCI CHINA	2,628.57	3.76%	-4,503.70	0.20
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	709.85	9.25%	239.37	41.05
3070	PING AN HKDIV	CSI HK Dividend	1,859.04	5.20%	-150.86	6.28
3115	ISHARESHSI	Hang Seng Index	2,119.39	4.04%	25.45	4.26
3039	EFUNDHSIESG	HSI ESG Enhanced Index	630.31	4.00%	-12.39	1.15

 

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 30 June 2025.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market

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