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Stock indices adjusted collectively this week, with net inflows of more than 40 billion yuan in equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

From the perspective of industry themes, ETFs such as semiconductors and artificial intelligence are favored by funds, while securities and photovoltaic-related ETFs are sold off by funds.

ETFs saw a net inflow of more than 40 billion yuan this week

This week, the Shanghai and Shenzhen stock markets traded 3.14 trillion yuan, of which the Shanghai market traded 1.46 trillion yuan and the Shenzhen market traded 1.68 trillion yuan. As of the latest closing, the Shanghai Composite Index closed at 2890.9 points, down 3.07% for the week, and the Shenzhen Component Index closed at 8597.17 points, down 3.44% for the week.

This week, market stock indices collectively adjusted. Among the five major index ETFs, the Science and Technology Innovation 50 ETF and ChiNext ETF fell by nearly 4%.

In terms of capital flows, the shares of CSI 300 ETF, SSE 50 ETF, ChiNext ETF, CSI 500 ETF and Sci-Tech Innovation 50 ETF increased by 4.411 billion, 1.886 billion, 995 million, 338 million and 329 million respectively.

The above five index ETFs had a total net inflow of more than 20 billion yuan this week, of which the CSI 300 ETF had a net inflow of 15.451 billion yuan.

Overall, stock indices adjusted collectively this week, with net inflows of more than 40 billion yuan in equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

Regarding the recent market, some securities firms said that the average price-earnings ratios of the Shanghai Composite Index and the ChiNext Index are 12.42 and 26.65 times, respectively, which are below the median level in the past three years. The market valuation is still in a relatively low area, which is suitable for medium- and long-term layout. In the future, the overall stock index is expected to maintain a volatile pattern, and it is still necessary to pay close attention to changes in policies, funds and external factors. Investors are advised to pay attention to investment opportunities in new energy, automobiles, software development and medical services in the short term.

Photovoltaic ETF continues to be sold off by funds

In terms of industry-themed ETFs, there were eight funds whose shares increased by more than 100 million shares this week. Among them, the semiconductor ETF, artificial intelligence ETF and media ETF increased by 1.398 billion shares, 165 million shares and 165 million shares respectively, with net inflows of 1.019 billion yuan, 205 million yuan and 96 million yuan.

In terms of capital outflow, 16 industry-themed ETFs saw their shares decrease by more than 100 million shares this week, with securities ETF, brokerage ETF and photovoltaic ETF shares decreasing by 936 million, 522 million and 498 million shares respectively, with net outflows of 744 million yuan, 398 million yuan and 339 million yuan.

It is worth noting that the photovoltaic sector has been continuously sold off by funds recently. The number of shares of the Photovoltaic ETF (515790) decreased by nearly 500 million shares this week, hitting a new low in nearly a year.

Some securities firms said that through policy constraints and market-based competition, backward photovoltaic production capacity will gradually enter a substantial clearance stage. With the continued growth of installed capacity demand and the acceleration of technological upgrades, the photovoltaic supply side may be gradually restructured as early as before the second half of 2025. Prices and profits in the industrial chain are expected to stabilize, and high-quality leaders with advantages in products, costs, funds and internationalization are expected to take the lead in leading the industry reversal.

4 ETFs' turnover exceeded 10 billion this week

This week, there were 20 stock ETFs and cross-border ETFs with a trading volume of over 4 billion yuan, of which 4 ETFs had a weekly trading volume of over 10 billion yuan.

Looking at individual ETFs, the weekly trading volume of the CSI 300 ETF exceeded 26.3 billion yuan, while the weekly trading volume of the Saudi ETF, SSE 50 ETF, and Hang Seng Technology Index ETF exceeded 10 billion yuan.

It is worth noting that the semiconductor ETF and science and technology chip ETF hit a 60-day high this week.

A brokerage firm said that according to the SW electronics industry's 2024 H1 performance forecast, the industry's overall profitability has improved, mainly due to the recovery of downstream terminals and the accelerated construction of the AI ​​industry chain, which boosted the demand for the semiconductor industry. The semiconductor industry cycle is expected to bottom out and rebound. In terms of sub-sectors, it is recommended to seize the dual main line opportunities of computing power construction and terminal innovation under the AI ​​wave, and pay attention to targets with good performance.

1 ETF to be launched next week

The stocks that funds hold heavily have always been a hot topic for investors, but there is usually a certain lag in the revelation of the stocks that actively managed funds hold heavily, while the targets of ETF layout are very clear. By tracking newly listed ETFs, you can usually discover recent hot stocks, and the incremental funds brought by newly listed ETFs are also worthy of attention.

Currently, no ETF has been announced to be listed next week, but one ETF has been announced to be issued next week, tracking the dividends of central enterprises in the Hong Kong-Shenzhen Stock Connect. In addition, two more ETFs were issued on August 5, tracking power grid equipment and high dividends in the Hong Kong-Shenzhen Stock Connect.

Investment is risky, independent judgment is important

This article is for reference only and does not constitute a basis for buying or selling. You should bear the risks of entering the market at your own risk.

Ye Feng, editor of Every Economic Review

Cover image source: Visual China-VCG41N1162556855

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