May Overview

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

Top 10 Northbound ETFs of May

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	376,354.71
2	510310	E Fund CSI 300 ETF Initiating Fund	260,755.00
3	510330	ChinaAMC CSI 300 ETF	192,621.42
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	167,516.85
5	510050	ChinaAMC China 50 ETF	162,520.78
6	510500	China Southern CSI 500 ETF	109,522.04
7	159915	E Fund Chinext ETF	82,116.54
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	79,345.88
9	512100	China Southern CSI 1000 ETF	62,286.02
10	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	60,319.66

• Huatai-PB: In May, both large- and small-cap styles exhibited a close alignment in their performance, with the CSI 300 registering a 1.85% gain for the month. It has been two months since geopolitics became the core factor affecting the market in April, and its marginal impact is gradually declining as information is fully digested, and the weight of fundamentals is thus slowly starting to rise. At present, market mood and trend indicators have exhibited a slight weakening; however, a clear bias is yet to be identified, and the market is anticipated to persist in a state of weak oscillation. (03/06/2025)

• 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。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。(12/05/2025)

• 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)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	515120	GF CSI Innovative Drugs Industry ETF	8.03%
2	159992	Yinhua CSI Innovative Drugs Industry ETF	7.91%
3	512710	Fullgoal CSI Military Top ETF	7.23%
4	512290	Guotai CSI BIOMEDICINE ETF	6.95%
5	159859	Tianhong CNI BIOMEDICINE ETF	6.74%
6	515880	Guotai CSI All Share Communication Equipment ETF	6.55%
7	512700	China Southern CSI Banks ETF	6.39%
8	159837	E Fund CSI Biotechnology Thematic ETF	6.35%
9	515290	Tianhong CSI Bank ETF	6.32%
10	512800	Hwabao WP CSI Banks ETF	6.25%

• Guotai Fund: Innovative drugs are witnessing continuous Business Development (BD) activities, with a rich pipeline of future potential, poised to unlock overseas market opportunities. The internationalization of innovative drugs represents a critical strategic move in the globalization efforts of Chinese pharmaceutical enterprises. In recent years, domestic pharmaceutical companies have seen a steady increase in the global recognition of their pipelines, accompanied by a surge in significant BD transactions. In terms of transaction value, the number and total value of China's pharmaceutical License-out transactions hit new highs in 2024, reaching US$51.9 billion across 94 deals. Regarding product types, the diversity of License-out projects by Chinese firms has grown annually, shifting gradually from technology platform licensing to pipeline rights transfer. Emerging product categories with high proportions include bispecific/multispecific antibodies and antibody-drug conjugates (ADCs), reflecting differentiated deployments of next-generation therapies.In terms of the number of original drug clinical trials, China led the world in 2024 with 704 original drugs entering the clinical phase, surpassing the United States to rank first globally. (05/06/2025)

• Guotai Fund: The short-term sustainability uncertainty of high prosperity in AI computing power investment coexists in a contradictory yet advancing manner with the rapid development of AI large model capabilities and the firm investment commitments from tech giants. Despite export restrictions on the NVIDIA H20 chip, NVIDIA delivered strong performance results and forward guidance, demonstrating that AI industry innovation is flourishing across multiple dimensions. Beyond the United States and China, an increasing number of countries and regions globally are accelerating AI infrastructure development. On the path of exploring large-scale commercial applications of AI, computing resources remain the primary bottleneck for AI innovation. AI infrastructure requires synchronized systemic innovation in computing, storage, and networking, making computing power investment and upgrading a deterministic central theme. (05/06/2025)

 

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	4,931.49
2	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	2,363.74
3	588200	Harvest SSE STAR Chip Index ETF	1,874.12
4	512710	Fullgoal CSI Military Top ETF	1,406.42
5	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	1,324.97
6	159995	ChinaAMC Guozheng Semiconductor Chip ETF	990.15
7	512670	Penghua CSI Defense ETF	838.02
8	512680	GF CSI Military Industry ETF	794.00
9	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	614.68
10	515450	China Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF	613.01

• 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)

• Guotai Fund: In 2025, the core drivers for the rise of the securities sector are the sustained high trading volume in the market and the fundamental recovery brought about by the upward trend in the equity market. New developments in the main theme of mergers and acquisitions (M&A) also serve as important catalysts for the sector. Additionally, documents issued by the General Offices of the Communist Party of China Central Committee and the State Council support listed companies in introducing institutional investors holding more than 5% shares as active shareholders, and encourage insurance companies to publicly disclose shareholdings in listed companies to improve investment returns. This is expected to offset the short-term pressure of "interest rate spread losses" through "equity spread gains," forming synergistic positive effects on the securities sector. (05/06/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	2,955.26
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	2,167.20
3	159915	E Fund Chinext ETF	1,910.49
4	510050	ChinaAMC China 50 ETF	1,759.90
5	512100	China Southern CSI 1000 ETF	1,192.99
6	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,159.52
7	588200	Harvest SSE STAR Chip Index ETF	1,142.25
8	510500	China Southern CSI 500 ETF	1,089.11
9	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	801.34
10	512660	Guotai CSI Military Industry ETF	776.88

• 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)

• Guotai Fund: Behind the continuous global attention drawn by China's military trade equipment lies the comparative advantages highlighted by the iterative upgrades of its military products and the accumulated strength following the continuous improvement of its military production capabilities. At present, China's military trade products have achieved comprehensive advantages in three aspects: production capacity, performance, and cost-effectiveness. From the perspective of production capacity, after decades of military production capacity development, China's equipment manufacturing capacity has continued to rise. The previous situation where military production capacity was primarily oriented to meet domestic demand is expected to gradually change, and the military industry has initially established the foundation for production capacity spillover. (05/06/2025)

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	143,424.80	5.88%	2,940.59	13,389.70
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	30,376.30	4.63%	193.35	9,230.63
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	43,260.07	1.67%	-862.14	4,608.48
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	13,679.28	1.72%	-1,319.79	240.38
3037	CSOP HSI ETF	Hang Seng Index	986.23	5.87%	0.00	1.51
3032	HSTECH ETF	Hang Seng TECH Index	4,909.72	1.68%	143.83	100.94
2837	GX HS TECH	Hang Seng TECH Index	1,636.02	4.29%	12.72	2.17
3088	CAM HS TECH	Hang Seng TECH Index	1,553.87	1.70%	-46.46	80.28
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	2,807.79	7.41%	5.76	11.82
3403	CAM HSI ESG	HSI ESG Enhanced Index	8,970.26	6.59%	304.65	11.16
2801	ISHARES CHINA	MSCI CHINA	20,841.41	3.87%	302.47	17.92
2825	WISECSIHK100ETF	CSI HK 100	2,214.65	5.09%	19.92	0.05
3040	GX MSCI CHINA	MSCI CHINA	7,351.86	5.82%	-2,035.42	1.54
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	429.85	8.77%	116.69	7.08
3070	PING AN HKDIV	CSI HK Dividend	1,949.50	8.48%	84.87	6.32
3115	ISHARESHSI	Hang Seng Index	2,031.64	5.88%	41.79	5.25
3039	EFUNDHSIESG	HSI ESG Enhanced Index	618.39	6.60%	0.00	0.87

 

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

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