October Overview
Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Oct 2024.
*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 |
510300 |
Huatai-PB CSI 300 ETF |
376,611.83 |
| 2 |
510310 |
E Fund CSI 300 ETF Initiating Fund |
246,826.47 |
| 3 |
510330 |
ChinaAMC CSI 300 ETF |
162,302.71 |
| 4 |
159919 |
Harvest SZSE SME-CHINEXT 300 ETF |
156,915.97 |
| 5 |
510050 |
ChinaAMC China 50 ETF |
154,204.59 |
| 6 |
510500 |
China Southern CSI 500 ETF |
113,143.35 |
| 7 |
588000 |
ChinaAMC China Science And Technology Innovation Board 50 Component ETF |
110,200.78 |
| 8 |
159915 |
E Fund GEM ETF |
102,247.49 |
| 9 |
588080 |
E Fund China Science And Technology Innovation Board 50 Component ETF |
63,803.01 |
| 10 |
512100 |
China Southern CSI 1000 ETF |
59,795.31 |
- Huatai-PB: In October, the market underwent a series of adjustments and stylistic divergences, with the CSI 300 Index closing at a 3.16% decline for the month. Since the current market cycle commenced in late September, there have been indications of structural imbalances and risks that require monitoring. Nevertheless, the overall risk remains within an acceptable range, with the majority of companies still trading at reasonable valuations. The latest macroeconomic data for October also indicated an improvement. If this trend is sustained, it will pave the way for a gradual recovery in the market. (05/11/2024)
- China AMC: 9月以来强势反弹，主要催化来自于央行政策力度超预期，及随后政治局会议释放稳地产、促消费、重视民生、支持资本市场等积极信号，目前估值水平依然具有优势，具有较高的投资价值。分行业看，地产、非银、消费板块有望直接受益于增量政策下的基本面预期改善，前期回调较深的TMT板块在风险偏好回升后弹性较大，经济复苏和科技成长双重主线下，行业分布均衡的沪深300配置价值凸显。(06/11/2024)
- Harvest Fund: The official manufacturing PMI for October was 50.1%, returning to above the boom bust line after a 5-month hiatus. Combined with the GDP exceeding expectations in the third quarter, it indicates signs of macroeconomic stabilization. Since the end of September, policies have been continuously implemented, including reserve requirement ratio cuts, interest rate cuts, lowering interest rates on existing housing loans, lowering down payment ratios 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 large borrowing space and deficit increase potential of the central government. With the gradual implementation of policies, the macro economy is expected to continue to recover, which will help to enhance market sentiment and investors' risk appetite. As the core asset of the A-share market, the Shanghai and Shenzhen 300 Index is expected to fully benefit, with significant allocation value. (05/11/2024)
| TOP10 ETFs by Monthly Return |
| Rank |
Code |
Name |
Return
(1Month) |
| 1 |
512480 |
GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF |
24.18% |
| 2 |
516640 |
Fullgoal CSI Chip Industry ETF |
23.88% |
| 3 |
512760 |
Guotai CES Semiconductor Chip Industry ETF |
22.25% |
| 4 |
159801 |
GF Guozheng Semiconductor Chip ETF |
22.15% |
| 5 |
159995 |
ChinaAMC Guozheng Semiconductor Chip ETF |
22.02% |
| 6 |
159813 |
Penghua Guozheng Semiconductor Chip ETF |
21.76% |
| 7 |
588290 |
Huaan SSE STAR Chip Index ETF |
17.90% |
| 8 |
159516 |
Guotai CSI Semiconductor Material Equipment Theme ETF |
17.54% |
| 9 |
588200 |
Harvest SSE STAR Chip Index ETF |
17.29% |
| 10 |
560800 |
Pengyang CSI Digital Economy Theme ETF |
15.73% |
- Guotai Fund: In August 2024, the global semiconductor industry's sales revenue was $53.1 billion, a year-on-year increase of 20.6%, achieving five consecutive months of positive year-on-year growth. With the arrival of the intensive period of new product launches by major manufacturers, the demand for smartphones has entered the peak season. Boosted by AI hardware innovation, PC demand is also expected to recover, and the chip and semiconductor market is worth looking forward to. In the long run, chip semiconductors will remain a key direction for technology investment, and there is ample room for domestic substitution. The current domestic policies are frequently favorable, and market expectations are constantly recovering. The chip related industry chain may have a certain degree of rebound elasticity. (05/11/2024)
- Huanan Fund: Since the beginning of this year, the STAR Market Chip Index has risen by 31.6% (data source: Wind, as of 6th November 2024). The STAR Market Chip Index covers high-end manufacturing sub-sectors such as digital chip design, semiconductor equipment, and integrated circuit manufacturing. In terms of policy, since the release of a series of significant policies at the end of September, market risk appetite has increased, driving the performance of the semiconductor sector. Regarding the industry fundamentals, with the recovery in demand from sectors such as consumer electronics, communications, and automobiles, the semiconductor industry is showing signs of revival, especially in upstream equipment and materials, which have grown along with the expansion of domestic wafer fabs. In terms of capital flows, the scale of related ETFs, such as the STAR 50 and semiconductor ETFs, has rapidly expanded. With the rapid restoration of market risk appetite, the technology growth sector has benefited, and valuations have risen. The STAR Market Chip is worth continued attention." (07/11/2024)
| TOP 10 ETFs by Monthly Net-Buy |
| Rank |
Code |
Name |
Net Buy**
(RMB mil) |
| 1 |
588200 |
Harvest SSE STAR Chip Index ETF |
16,975.78 |
| 2 |
159915 |
E Fund GEM ETF |
16,507.09 |
| 3 |
159949 |
Huaan SZSE Chinext 50 ETF |
8,115.45 |
| 4 |
588000 |
ChinaAMC China Science And Technology Innovation Board 50 Component ETF |
7,609.08 |
| 5 |
159682 |
Invesco Great Wall SZSE Chinext 50 ETF |
2,896.00 |
| 6 |
159928 |
China Universal CSI Consumer Staples ETF |
2,082.00 |
| 7 |
512690 |
Penghua CSI Alcoholic Drink Index ETF |
2,054.92 |
| 8 |
588080 |
E Fund China Science And Technology Innovation Board 50 Component ETF |
2,038.88 |
| 9 |
159952 |
GF ChiNext ETF |
1,928.90 |
| 10 |
159992 |
Yinhua CSI Innovative Drugs Industry ETF |
1,530.23 |
- Harvest Fund: At present, the chip sector is still in the middle position, and the index is still declining at around 20% from the 2021 high point. The index is currently in a volatile stage after a crazy rise in the early stage, and the subsequent trend will follow changes in market strength. From a fundamental perspective, in the just concluded third quarter, the overall performance of the chip sector was good, and IC design companies had good overall revenue. Both IC design and IC manufacturing achieved revenue growth of over 20%. The industry's overall revenue in the 23rd quarter was close to 140 billion yuan, a year-on-year increase of 20% and a month on month increase of 6%. The net profit attributable to shareholders was close to 10 billion yuan, a year-on-year increase of 46.7%. The overall sector is experiencing a cyclical recovery trend. Looking ahead to the future, the SSE STAR Chip Index is compatible with the high elasticity of the Sci Tech Innovation Board and the high volatility, high attention, high technology, and high domestic substitution of chips, which is in line with the bullish capital rhythm of this round of market. Against the backdrop of sustained hot market transactions, the investment value is relatively high. At the same time, with the recovery of the industry cycle and the emergence of new categories such as AI phones, it is expected to drive the performance of individual stocks to continue to strengthen, forming a Davis double click. At this point, the SSE STAR Chip Index should be given special attention. (05/11/2024)
- Yinhua Fund: 创新药板块10月份估值催化频现。一方面，10月24日相关政策提出自11月1日起对创新药上市许可申请提供受理靠前服务；另一方面，10月份2024年创新药医保现场谈判顺利结束，“扩容”后的新版医保药品目录预计于11月底对外发布，明年1月1日起正式实施。整体在“全链条支持创新药”的顶层指引之下，创新药板块有望持续迎来政策细则支持。(04/11/2024)
| TOP 10 ETFs by Monthly ADT |
| Rank |
Code |
Name |
ADT***
(RMB mil) |
| 1 |
159915 |
E Fund GEM ETF |
12,808.12 |
| 2 |
588000 |
ChinaAMC China Science And Technology Innovation Board 50 Component ETF |
12,691.24 |
| 3 |
510300 |
Huatai-PB CSI 300 ETF |
12,003.70 |
| 4 |
588200 |
Harvest SSE STAR Chip Index ETF |
7,095.97 |
| 5 |
588080 |
E Fund China Science And Technology Innovation Board 50 Component ETF |
4,843.86 |
| 6 |
510500 |
China Southern CSI 500 ETF |
4,616.94 |
| 7 |
510050 |
ChinaAMC China 50 ETF |
4,494.15 |
| 8 |
512100 |
China Southern CSI 1000 ETF |
4,320.99 |
| 9 |
159949 |
Huaan SZSE Chinext 50 ETF |
3,893.62 |
| 10 |
512480 |
GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF |
3,199.10 |
- 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，近期政策催化下表现出明显的弹性优势，科创50自9月低点反弹近57%（截至11/6）。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，叠加近期国内流动性改善、市场风险偏好大幅度提升、成长风格逐渐占优、AI与半导体产业持续高景气，多重积极因素下板块有望继续吸引关注。(06/11/2024)
- Huanan Fund: Since the beginning of this year, the ChiNext 50 Index has risen by 27.7% (data source: Wind, as of 8th November 2024), ranking among the top performers in China's major broad-based indices. The ChiNext 50 Index focuses on companies that align with the 'Three Innovations and Four New' concept, representing the new quality productivity in China's latest round of economic structural transformation.The ChiNext 50 Index emphasizes new quality productivity, covering four core sectors: new energy, information technology, healthcare, and financial technology. After experiencing a significant adjustment earlier, the valuation once entered a bottom range, and it currently stands at 33 times, located at the 20th percentile over the past decade. When market risk appetite significantly improves, the ChiNext 50 Index exhibits high elasticity, and the investment value garners attention." (07/11/2024)
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 |
146,991.82 |
-3.78% |
-8,854.45 |
17,483.85 |
| 2828 |
HANG SENG CHINA ENTERPRISES INDEX ETF |
Hang Seng China Enterprises Index |
24,809.49 |
-3.21% |
-219.35 |
6,810.02 |
| 3033 |
CSOP HANG SENG TECH INDEX ETF |
Hang Seng TECH Index |
40,586.06 |
-5.39% |
5,631.14 |
6,211.58 |
| 3067 |
ISHARES HANG SENG TECH ETF |
Hang Seng TECH Index |
10,452.83 |
-5.34% |
-659.66 |
436.91 |
| 3037 |
CSOP HSI ETF |
Hang Seng Index |
1,327.48 |
-3.85% |
0.00 |
7.73 |
| 3032 |
HSTECH ETF |
Hang Seng TECH Index |
4,877.65 |
-5.37% |
1,111.36 |
319.10 |
| 2837 |
GX HS TECH |
Hang Seng TECH Index |
2,956.78 |
-5.34% |
-299.52 |
5.82 |
| 3088 |
CAM HS TECH |
Hang Seng TECH Index |
1,865.08 |
-5.35% |
-129.51 |
78.00 |
| 3110 |
GX HS HIGH DIV |
Hang Seng High Dividend Yield Index |
2,689.19 |
-1.09% |
-2,748.32 |
37.55 |
| 3403 |
CAM HSI ESG |
HSI ESG Enhanced Index |
8,588.99 |
-4.82% |
-252.09 |
12.72 |
| 2801 |
ISHARES CHINA |
MSCI CHINA |
20,590.31 |
-5.12% |
1,952.18 |
37.87 |
| 2825 |
WISECSIHK100ETF |
CSI HK 100 |
1,903.50 |
-5.25% |
2.33 |
0.07 |
| 3040 |
GX MSCI CHINA |
MSCI CHINA |
5,642.09 |
-5.87% |
1,304.57 |
1.41 |
| 3069 |
CAM HSBIOTECH |
Hang Seng Hong Kong-Listed Biotech |
754.80 |
-9.56% |
9.57 |
8.06 |
| 3070 |
PING AN HKDIV |
CSI HK Dividend |
1,504.46 |
-1.34% |
362.91 |
7.18 |
| 3115 |
ISHARESHSI |
Hang Seng Index |
1,676.14 |
-3.85% |
-54.08 |
16.27 |
Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Oct 2024.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market
DATABASE
More Info of ETFs' Issuers
Guotai Fund is one of the first fund management company established in China. As of July 22, 2022, there were 41 non-currency ETFs in Guotai Fund, with a total scale of 98.478 billion yuan.
Huaan Funds Management Company was founded in 1998. At the end of 2021, the total AUM of Huaan is nearly 600 Billion CNY.
China Asset Management Company (ChinaAMC) was founded in 1998. By the end of 2021 it managed 58 ETF with a combined asset under management of RMB 245.7 billion.
China Southern Asset Management Co., Ltd. was founded on March 6. As of June 30 2022, SAM managed 296 mutual funds worth RMB 1050.2 billion.
Penghua Fund was established in 1998, As of June 30, 2022, the company has managed 267 public funds with a total scale of 929.2 billion. A total of 22 ETFs were managed, with a total scale of 24.2 billion.
Harvest Fund was established in March, 1999. As of June 2022, the company has managed 275 public funds with a total scale of 781.623 billion. A total of 32 ETFs were managed, with a total scale of 36.258 billion.
Fullgoal Fund Management Co Ltd was founded in 1999. As of 30 June, 2022, Fullgoal Fund has a total mutual fund AUM CNY 647 billion (excluding MMF and short-term wealth management bond funds).
Yinhua Fund was established in May 2001. By the end of 2023, there are 40 ETFs under management, with a total AUM over RMB 130 billion.
China Merchants Fund Management Co., Ltd. was established in 2002. As of December 31, 2022, the non-monetary fund assets under management of China Merchants Fund was more than 560 billion yuan, ranking No.5 in the industry at first time.
Hwabao WP Fund Management Co., Ltd. established on March 7, 2003. As of Dec 31th, 2023, the company's assets under management reached over 320 billion yuan, with 138 open-end funds under management.
GF Fund Management Co., Ltd. established on August 5, 2003. As of Dec 31th, 2021, the company's assets under management reached over a trillion, with 295 open-end funds under management.
Tianhong Asset Management was established in 2004. As of June 30, 2022, 160 public funds had been managed，which the scale of public fund management is up to 1196.90 billion yuan.
Huatai-PineBridge Fund Management Co., Ltd (“Huatai-PineBridge” or “HTPB”) was Established in 2004. HTPB’s ETFs have combined assets under management of over US $16 billion (as of 31 Dec 2021).
China Universal Asset Management Co., Ltd. ("CUAM") was established in 2005 and is headquartered in Shanghai. As of the end of the second quarter of 2022, CUAM has managed 252 mutual funds in China.
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