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China Fund News reporter Zhang Ling

Since July, the net inflow of funds into the stock ETF market has continued unabated. Wind data shows that on July 15, the stock ETF market saw a net inflow of more than 4 billion yuan.

Specifically, many CSI 300 ETF products were the top money-attracting products on that day. For example, the CSI 300 ETF of E Fund saw a net inflow of 1.035 billion yuan, and the CSI 300 ETF of Hua Xia also received a net inflow of nearly 800 million yuan.

Net inflow exceeded 4 billion yuan on July 15

Wind data shows that as of July 15, the total scale of 907 stock ETFs (including cross-border ETFs, the same below) in the market was approximately 2.18 trillion yuan.

On that day, the three major A-share indices rose and fell. As of the close, the Shanghai Composite Index rose 0.09%, the Shenzhen Component Index fell 0.59%, and the ChiNext Index fell 0.63%. In terms of industry performance, banks and coal industries had the highest growth, while real estate and light manufacturing industries had the largest declines.

Judging from the capital flows in the stock ETF market, funds continued to flow in net, with the number of fund shares increasing by 1.106 billion on the day. Calculated based on the average transaction price, the net inflow was approximately 4.222 billion yuan.

In terms of specific net inflows, a total of 13 products had net inflows of more than 100 million yuan on July 15. Among them, Huatai-PineBridge and E Fund's CSI 300 ETF products ranked first and second with net inflows of 1.082 billion yuan and 1.035 billion yuan respectively. GF Fund's CSI 1000 ETF index ranked third with a net inflow of 1.02 billion yuan.

Many cross-border ETF products also received a large amount of net inflows. For example, the Nasdaq 100 ETF ranked 12th with 160 million yuan, and the net inflows of Nasdaq ETF Wells Fargo and Southeast Asia Technology ETF all exceeded 30 million yuan.

On the other hand, the ETFs under the leading fund companies showed a net inflow trend as a whole. Data showed that on July 15, the ETFs under E Fund received a total net inflow of 948 million yuan. In addition to the aforementioned "big guy" CSI 300 ETF, which received a net inflow of 1.035 billion yuan, the Science and Technology Innovation Board 50 ETF also received a net inflow of 227 million yuan on the same day. In addition, the Hang Seng Dividend Low Volatility ETF, China Internet ETF, and Pharmaceutical ETF also received net inflows to varying degrees.

Among China Asset Management's ETF products, CSI 300 ETF received a net inflow of 792 million yuan, with the latest scale reaching 104.534 billion yuan. CSI 1000 ETF received a net inflow of 512 million yuan, with the latest scale reaching 14.430 billion yuan. Hang Seng ETF received a net inflow of 47 million yuan, with the latest scale reaching 16.559 billion yuan.

ETFs in the banking, semiconductor and other industries have seen large net outflows

In terms of net outflow, there were 7 products with net outflow of more than 100 million yuan on that day. Among them, the net outflow of SSE 50ETF exceeded 1.3 billion yuan. In addition, many industry-themed products such as banking, semiconductors, and wine also had large net outflows.

Looking ahead to the market, Yu Haiyan of E Fund Management said that as of June 30, the rolling P/E ratio of the CSI 300 Index dropped to 11.84 times, which is at the 30% percentile in the past 10 years. The current valuation level may have reflected overly pessimistic expectations, and there is limited room for further decline. In terms of allocation structure, we are relatively optimistic about dividend indices that have fully declined in the short term and benefited from the asset shortage environment, such as CSI Dividend, Dividend Low Volatility, Hang Seng Hong Kong Stock Connect High Dividend Low Volatility, etc., as well as high-quality core asset directions with profit advantages, such as CSI A50 and CSI 300.

Minsheng Jiayin Fund said that July is the peak period for the disclosure of mid-year performance forecasts. Given the low base last year, the proportion of positive performance forecasts this year may increase, which will help alleviate previous concerns about fundamentals. After the previous market correction, pessimism has been significantly released. In the future, as reform expectations heat up and performance gradually stabilizes, the market remains relatively optimistic.

Manulife Fund also believes that the domestic macro demand is expected to improve marginally, fiscal and monetary policies will continue to be implemented, A-share corporate profits will continue to climb, and overseas liquidity may also usher in an important turning point. The market is expected to regain upward momentum, and the current valuation and price performance of Chinese equity assets are attractive. In terms of investment direction, it is expected that the style will be biased towards the large market, and there will be opportunities for growth and value in structure.

Editor: Joey

Reviewer: Chen Siyang

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