April Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 30 Apr 2025.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of April

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	373,034.66
2	510310	E Fund CSI 300 ETF Initiating Fund	257,626.36
3	510330	ChinaAMC CSI 300 ETF	189,978.83
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	165,965.19
5	510050	ChinaAMC China 50 ETF	162,178.52
6	510500	China Southern CSI 500 ETF	109,201.92
7	159915	E Fund Chinext ETF	84,272.96
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	77,212.95
9	512100	China Southern CSI 1000 ETF	62,573.77
10	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	61,118.97

• Huatai-PB: In April, market fluctuations were characterized by adjustments, with minimal divergence observed between major and minor market indicators. The CSI 300 index concluded the month with a 3.00% decline, indicating an overall downward trend that was subsequently followed by an upward movement. Although the impact of tariffs has decreased in the short term, it remains a significant factor among the three main influences on the market (fundamentals, technology cycle and geopolitics), while the importance of fundamentals is gradually increasing. Overall, the current market position and macroeconomic expectations may support a relatively high equity position, but a full or leveraged position may not be appropriate and should be carefully considered. (08/05/2025)

• China AMC: 行业景气整体上行，板块2024年、2025年一季度营收、归母净利润均实现同比增长。受益于全球宏观经济改善、国内补贴政策推出以及AI大模型导入等因素推动，智能终端需求呈现复苏状态，同时大模型快速发展进一步加大对云端算力硬件需求，电子行业整体业绩向好，受益AI驱动需求复苏和关键领域国产替代持续推进，板块景气度有望延续。(12/05/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	516670	China Merchants CSI Animal Husbandry ETF	3.89%
2	159867	Penghua CSI Animal Husbandry ETF	3.67%
3	159865	Guotai CSI Animal Husbandry ETF	3.36%
4	159825	Fullgoal CSI Agriculture Theme ETF	2.56%
5	159995	ChinaAMC Guozheng Semiconductor Chip ETF	1.87%
6	159813	Penghua Guozheng Semiconductor Chip ETF	1.77%
7	517520	Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	1.74%
8	159801	GF Guozheng Semiconductor Chip ETF	1.63%
9	516350	E Fund CSI Chip Industry ETF	1.53%
10	159310	Tianhong CSI Chip Industry ETF	1.49%

• China Merchants: Policy-Driven Industrial Intensification and Green Transition: The 2025 Central Document No. 1 outlines a roadmap for the livestock sector to "stabilize production capacity, reduce costs, and strengthen technology," driving structural optimization through dynamic regulation of hog production capacity, resource utilization of livestock waste (targeting 85% by 2030), and enhanced seed industry self-reliance. This is backed by 20 billion yuan in fiscal funding dedicated to R&D in gene editing and epidemic early-warning technologies.
  Supply-Demand Imbalances Compel Full-Industry Chain Integration: In 2024, China’s total meat output reached 96.63 million tons, yet structural mismatches persist , with feed costs exceeding 60% of expenses. Large-scale farming now accounts for 65% of production. Consumer trends skew toward premium products: demand for prepared dishes and chilled meat products grew by 25% annually, while e-commerce channels captured 28.6% of sales. Tariff Impacts Accelerate Tech Upgrades and Supply Chain Reshaping.U.S. tariff hikes raised soybean and corn import costs , spurring adoption of feed substitution technologies and import diversification. (07/05/2025)

• Guotai Fund: In the first quarter of 2025, the pig farming sector achieved a total operating revenue of 96.167 billion yuan, representing a year-on-year increase of 19.99%, with net profit attributable to parent companies reaching 7.615 billion yuan. The pig farming industry maintained high profitability in the first quarter. Additionally, in terms of costs, recent farming costs for pig enterprises have continued a downward trend, driven by three core factors: a decline in feed prices, improvement in production efficiency, and enhancements in disease prevention/control as well as pig herd health. In the short term, attention can be focused on the pig farming sector and its corresponding post-cycle segments. (07/05/2025)

• China AMC: 行业景气整体上行，板块2024年、2025年一季度营收、归母净利润均实现同比增长。受益于全球宏观经济改善、国内补贴政策推出以及AI大模型导入等因素推动，智能终端需求呈现复苏状态，同时大模型快速发展进一步加大对云端算力硬件需求，电子行业整体业绩向好，受益AI驱动需求复苏和关键领域国产替代持续推进，板块景气度有望延续。(12/05/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	42,535.19
2	510330	ChinaAMC CSI 300 ETF	34,615.14
3	510310	E Fund CSI 300 ETF Initiating Fund	30,902.35
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	21,345.44
5	510050	ChinaAMC China 50 ETF	17,732.76
6	510500	China Southern CSI 500 ETF	16,972.11
7	512100	China Southern CSI 1000 ETF	12,320.60
8	159845	ChinaAMC CSI 1000 ETF	8,429.45
9	159915	E Fund Chinext ETF	6,463.08
10	560010	GF CSI 1000 ETF	5,502.86

• Harvest Fund: In April 2025, the official manufacturing PMI fell to 49%, once again falling below the boom bust line, mainly due to unexpected tariffs and a short-term decline in exports, which dragged down market demand. But the market had expectations in the early stage, so the impact of PMI decline on the market is currently controllable. Considering the booming consumption during the May Day holiday and the strong demand for domestic and outbound tourism, it indicates that residents' consumption confidence is gradually recovering, which will contribute to the resilience of 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. (07/05/2025)

• China AMC: A股整体的低估值具备较高安全边际，且政策层面对市场的呵护更进一步，“持续稳定股市”等举措提供支持，随着市场步入相对稳定阶段以及局部赚钱效应出现，做多力量会凝聚，在此背景下市场将延续震荡修复区间，在震荡中积蓄力量。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。(12/05/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	5,494.97
2	159915	E Fund Chinext ETF	3,183.13
3	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	3,062.48
4	510050	ChinaAMC China 50 ETF	2,913.48
5	510310	E Fund CSI 300 ETF Initiating Fund	2,468.28
6	512100	China Southern CSI 1000 ETF	2,257.15
7	510330	ChinaAMC CSI 300 ETF	2,200.92
8	510500	China Southern CSI 500 ETF	2,140.77
9	588200	Harvest SSE STAR Chip Index ETF	1,899.14
10	159919	Harvest SZSE SME-CHINEXT 300 ETF	1,622.20

• China AMC: 经济转型升级背景下，新质生产力是长期主线。4月末政治局会议定性国际经贸斗争，强调培育壮大新兴产业、未来产业，激发数字经济创新活力，以高质量发展的确定性应对外部环境急剧变化的不确定性。5月7日一揽子金融政策重磅公布，政策明显向科技创新倾斜，增加科技创新和技术改造再贷款，创设风险分担工具，并优化科创企业金融服务，政策将持续全方位发力支持新质生产力企业，强调通过技术革命性突破、产业深度转型升级推动先进生产力发展，“以科技创新引领现代化产业体系建设”是主要方向，科创板是“国九条”指导下新质生产力的代表。在此背景下，以科创板为代表的新质生产力上市公司大有可为，结合新“国九条”出台后资本市场高质量发展等时代背景，中国权益资产或处于长牛起点。(12/05/2025)

• 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 2025 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 2025 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. (07/05/2025)

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	132,628.04	-4.01%	-9,845.83	21,976.96
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	28,837.90	-4.77%	-2,753.97	11,959.84
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	43,366.22	-5.56%	3,062.93	8,984.10
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	14,748.17	-5.48%	-3,631.56	402.73
3037	CSOP HSI ETF	Hang Seng Index	940.94	-4.03%	-60.09	13.37
3032	HSTECH ETF	Hang Seng TECH Index	4,690.80	-5.55%	116.01	229.60
2837	GX HS TECH	Hang Seng TECH Index	1,556.28	-5.51%	-579.16	2.75
3088	CAM HS TECH	Hang Seng TECH Index	1,573.12	-5.52%	-63.76	50.36
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	2,608.31	-0.44%	-1,901.34	17.95
3403	CAM HSI ESG	HSI ESG Enhanced Index	8,295.09	-3.04%	-250.55	24.26
2801	ISHARES CHINA	MSCI CHINA	19,786.81	-4.61%	-1,460.34	12.07
2825	WISECSIHK100ETF	CSI HK 100	2,096.73	-4.26%	2.05	0.07
3040	GX MSCI CHINA	MSCI CHINA	8,892.18	-4.60%	2,032.25	0.36
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	274.85	1.44%	20.53	12.70
3070	PING AN HKDIV	CSI HK Dividend	1,716.96	-3.73%	-70.59	4.73
3115	ISHARESHSI	Hang Seng Index	1,878.42	-4.06%	3.79	7.09
3039	EFUNDHSIESG	HSI ESG Enhanced Index	580.13	-3.05%	0.00	2.04

 

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

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