March Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Mar 2025.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of March

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	340,816.00
2	510310	E Fund CSI 300 ETF Initiating Fund	235,417.70
3	510330	ChinaAMC CSI 300 ETF	160,173.03
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	151,555.82
5	510050	ChinaAMC China 50 ETF	146,310.85
6	510500	China Southern CSI 500 ETF	95,804.04
7	159915	E Fund Chinext ETF	83,909.79
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	82,483.32
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	58,088.60
10	512100	China Southern CSI 1000 ETF	51,067.03

• Huatai-PB: The divergence in market styles observed in March saw a gradual easing, with large and small caps finishing close to each other and the CSI 300 index marginally declining. In the near term, market participants are focused on the impact of tariffs, with the export chain experiencing greater challenges, while the domestic demand sector is poised to benefit from policy hedges. On balance, despite heightened geo-political uncertainty, the current opportunity to add to the CSI 300 index may offer relative returns in terms of style, given that the underlying narrative remains unchanged. (09/04/2025)

• China AMC: 近期特朗普超预期关税导致市场风偏回落，而国内宏观政策储备工具和空间充足有望发力对冲，核心资产优势凸显。指数行业分布均衡，内需、红利等板块有望直接受益于增量政策下的基本面预期改善。指数目前估值水平依然具有优势，具有较高的投资价值。(08/04/2025)

• Harvest Fund: In February 2025, the official manufacturing PMI rebounded to 50.2%, once again above the boom bust line. The rebound in PMI in February was mainly due to factors such as resuming work and production after the Spring Festival and policy support. Since the end of September 2024, policies have been continuously implemented, including reserve requirement ratio cuts, interest rate cuts, lowering the interest rates of existing housing loans, lowering the down payment ratio for second homes, and facilitating swaps. In addition, the press conference of the Ministry of Finance in October sent positive signals to the market, such as the central government still having a large borrowing space and room for deficit increase. The political bureau meeting in December 2024 and the central economic work statement continue to follow the previous tone. Currently, policies have gradually been implemented, and the macro economy is expected to continue to recover, which will help to enhance market sentiment and investor risk appetite. As the core asset of the A-share market, the CSI 300 Index is expected to fully benefit, with significant allocation value. (04/03/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	517520	Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	17.29%
2	512400	China Southern CSI SWS Non-Ferrous Metal ETF	7.70%
3	560500	Pengyang CSI 500 Quality Growth ETF	4.55%
4	512670	Penghua CSI Defense ETF	4.02%
5	159992	Yinhua CSI Innovative Drugs Industry ETF	3.93%
6	159905	ICBCCS Shenzhen Dividend Index ETF	3.65%
7	515120	GF CSI Innovative Drugs Industry ETF	3.37%
8	515650	Fullgoal CSI Consumption 50 ETF	3.34%
9	159865	Guotai CSI Animal Husbandry ETF	3.29%
10	159996	Guotai CSI All Share Household Appliances Index ETF	3.24%

• Guotai Fund: From the supply perspective, the market supply of finishing pigs is increasing, while as temperatures rise, demand for finishing pigs may weaken, leading the hog farming industry to enter a phase dominated by capacity rationalization. Looking ahead, under the scenario of sustained low hog prices in 2025, the ease of subsequent capacity rationalization may increase again, and long-term capacity is expected to continue adjusting through fluctuations. With sector valuation currently at relatively low levels, the value of the hog farming sector is becoming increasingly evident. (02/04/2025)

• Guotai Fund: The 2025 Government Work Report indicates that this year's key priorities include "vigorously boosting consumption, improving investment efficiency, and comprehensively expanding domestic demand." Economic policies will focus on improving people's livelihoods and stimulating consumption, while accelerating efforts to address weaknesses in domestic demand - particularly in consumption. The central government has earmarked 300 billion yuan in special treasury bonds to support consumer goods trade - in programs. As local governments implement 2025 home appliance trade - in policies, this initiative is expected to provide a significant boost to household appliance consumption. (02/04/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	4,962.95
2	588200	Harvest SSE STAR Chip Index ETF	3,696.80
3	159819	E Fund Artificial Intelligence ETF	2,060.38
4	562500	ChinaAMC CSI Robot ETF	1,772.49
5	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	1,506.04
6	510050	ChinaAMC China 50 ETF	1,496.81
7	159869	ChinaAMC CSI Animation Game ETF	1,496.41
8	159995	ChinaAMC Guozheng Semiconductor Chip ETF	1,194.55
9	512200	China Southern CSI All Share Real Estate ETF	1,142.79
10	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	1,093.80

• China AMC: 科创板2021年来深度调整，估值经历了长期大幅下行周期后风险释放较充分，整体估值处于偏低位置。科创板是“国九条”指导下新质生产力的代表，是政策支持与产业升级的重点领域，叠加近期在关税扰动和科技“卡脖子”背景下，具备技术壁垒和国产替代确定性的硬科技板块或成为短期资金避风港，且受全球宏观下行实质性影响最小。(08/04/2025)

• Harvest Fund: Against the backdrop of industry cycle recovery, policy dividends release, and deepening domestic substitution, the medium - and long-term growth space for SSE STAR Chip Index 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. (04/03/2025)

• China AMC: 海内外巨头纷纷布局，人形机器人政策不断加码，叠加技术突破，关键技术与产业化加速。2025 年以DeepSeek为代表的大模型开源趋势加快，机器人成本与壁垒降低，应用终端百花齐放。在老龄化与人力成本推动下，人形机器人性价比凸显、需求增长，有望成为新兴产业。关税问题影响短期风险偏好，而机器人技术对于一国制造业成本与效率的长期影响将使得机器人产业的重要性更加凸显。(08/04/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	3,992.44
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	3,944.10
3	159915	E Fund Chinext ETF	2,501.18
4	510050	ChinaAMC China 50 ETF	2,102.73
5	588200	Harvest SSE STAR Chip Index ETF	2,070.58
6	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,749.31
7	510500	China Southern CSI 500 ETF	1,507.58
8	512100	China Southern CSI 1000 ETF	1,483.83
9	510310	E Fund CSI 300 ETF Initiating Fund	1,365.34
10	562500	ChinaAMC CSI Robot ETF	1,214.48

• China AMC: 近期特朗普超预期关税导致市场风偏回落，而国内宏观政策储备工具和空间充足有望发力对冲，核心资产优势凸显。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国产替代带来的盈利回升，且央国企含量高、股息率高，市场更具配置价值。(08/04/2025)

• Guotai Fund: Benefiting from increased market activity and improved investment returns, the fundamentals of the securities industry have strengthened. Looking ahead, as domestic and foreign institutions increasingly express optimism or revise upwards their expectations for China's economy and markets, market activity and the sustainability of market momentum are expected to be maintained. Additionally, government policies encouraging mergers and acquisitions (M&A) within the industry may emerge as a key investment theme throughout the year. (02/04/2025)

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	152,937.31	2.46%	-3,494.61	18,735.83
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	34,513.08	2.20%	4,238.45	13,967.81
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	43,457.42	-1.14%	1,783.23	6,685.32
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	19,625.82	-1.08%	6,443.12	442.01
3037	CSOP HSI ETF	Hang Seng Index	1,064.95	2.46%	-23.85	5.17
3032	HSTECH ETF	Hang Seng TECH Index	4,941.58	-1.12%	27.27	186.59
2837	GX HS TECH	Hang Seng TECH Index	2,326.12	-1.11%	-326.21	5.94
3088	CAM HS TECH	Hang Seng TECH Index	1,773.48	-1.09%	-852.97	127.37
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	4,656.10	2.19%	-1,086.70	17.76
3403	CAM HSI ESG	HSI ESG Enhanced Index	8,822.35	2.00%	166.40	85.60
2801	ISHARES CHINA	MSCI CHINA	22,671.55	3.55%	-144.42	9.66
2825	WISECSIHK100ETF	CSI HK 100	2,219.42	2.67%	-13.79	0.12
3040	GX MSCI CHINA	MSCI CHINA	6,720.28	3.53%	-2,510.06	1.81
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	267.30	9.63%	-172.83	14.99
3070	PING AN HKDIV	CSI HK Dividend	1,845.04	3.20%	-23.47	21.33
3115	ISHARESHSI	Hang Seng Index	1,979.40	2.46%	0.00	5.86
3039	EFUNDHSIESG	HSI ESG Enhanced Index	608.74	2.32%	-31.02	1.49

 

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Mar 2025.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market

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