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(This edition’s special data is provided by the Securities Times Center Database. Zhou Jingyu/Chart)

Securities Times reporter Guo Jie

According to statistics from Securities Times Databao, the trend of large funds entering the market through stock ETFs continues. Last week, the number of ETF shares increased by 16.427 billion, and the total scale increased by 29.925 billion yuan.

By type, last week stock ETFs and money market ETFs received net inflows of 23.587 billion yuan and 734 million yuan respectively; QDII cross-border ETFs, bond ETFs and alternative investment ETFs showed net outflows.

Bank and dividend ETFs performed well

High-dividend assets are still favored by the market. From the weekly rise and fall of the Shenwan Industry Index, the banking index performed best, up 2.66%; coal, petroleum and petrochemical and other high-dividend sector indices rose the most.

In this context, the performance of bank and dividend ETFs is outstanding. According to Databao statistics, among the 835 ETFs with stock investment types (excluding international QDII and other types of ETFs), 387 stock ETFs recorded positive growth rates of adjusted unit net value last week, and the ETF funds with the highest growth rates are all from the bank and dividend industry sectors.

ICBC Credit Suisse's Hong Kong Stock Dividend ETF performed best, with a net asset value growth rate of 3.62% last week, ranking first. The fund's major holdings include Orient Overseas International, SITC International, China Shenhua, China National Offshore Oil Corporation, PetroChina, Sinopec, Pacific Shipping, Yankuang Energy, and China Coal Energy. China Asset Management's Hong Kong Stock Connect Financial ETF had a net asset value growth of 3.25% last week, ranking second. The product tracks the CSI Hong Kong Stock Connect Mainland Financial Index and is positioned in the large financial industry of Hong Kong stocks, mainly banks.

Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, believes that the outstanding performance of the banking sector this year is mainly due to the current downward trend in deposit interest rates, large fluctuations in the financial market, and cautious investors, and the low valuation and high dividends of banks are favored. At the same time, the economy maintains a good recovery trend, and the market is optimistic about the valuation repair of banks. Shareholders' increased holdings and bank dividend reforms have boosted the long-term investment attractiveness of the banking sector.

Funds increase holdings of pharmaceutical and semiconductor-related ETFs

According to Databao statistics, among the on-exchange stock ETFs last week, the fund shares of 34 ETFs increased by more than 100 million shares, among which broad-based ETFs are still the target of market funds to increase holdings. The fund shares of the leading four ETFs, namely, E Fund CSI 300 ETF, CSI 300 ETF, Sci-Tech Innovation Board 50 ETF, and Sci-Tech Innovation 50 ETF, increased by more than 1 billion shares.

In addition to broad-based ETFs, among industry ETFs, many pharmaceutical and semiconductor-related ETFs have attracted funds' attention, and the fund share growth ranks first. The fund share of the medical ETF under Huabao Fund has increased the most, reaching 732 million shares. The semiconductor ETF fund share under Guolian An Fund increased by 714 million shares in a single week, ranking second. The fund shares of Huaxia Guozheng Semiconductor Chip ETF, Guotai CES Semiconductor Chip ETF, and Penghua Guozheng Semiconductor Chip ETF all increased by more than 100 million shares.

Since the beginning of the year, the demand for the semiconductor industry has picked up and entered the early stage of an upward trend. Many fund managers overweighted the semiconductor sector in the second quarter, believing that the semiconductor cycle is getting closer to bottoming out. If the AI ​​industry develops towards the end and application side, it is very likely to drive the semiconductor industry to reverse upward.

Fund managers focus on growth sectors

Judging from the recent updates of the top ten circulating shareholders of many A-share listed companies, the holdings of products under many well-known fund managers have changed, and some growth stocks with lower valuations have attracted attention. In addition, many of the active equity funds announced recently are intended to invest in technology growth.

Zhang Xiaonan, fund manager of Invesco Great Wall Fund, said that in the case of weak economic recovery, dividend investment may become the main line of long-term investment in A-shares, but as the pace of recovery accelerates, some investors may gradually begin to shift to the growth sector. The most important thing at present is that there is no very clear main line of growth stock investment, and investor sentiment needs to be boosted, but it may be a good opportunity to participate on the left side.

BOC Fund believes that considering that the market risk appetite may rebound to a certain extent, a balanced portfolio that takes into account both defense and prosperity may be worth paying attention to. Specifically, industries with high dividend characteristics still have an advantage, and sectors such as optical modules, consumer electronics, semiconductors, and defense and military industries that benefit from the high prosperity of the global AI industry and the new industrial cycle are also worthy of attention.