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on the last trading day of august, a-shares closed in the green, the three major indexes rebounded collectively, nearly 4,700 stocks in the two markets rose, the transaction volume exceeded 870 billion yuan, and stock etfs had a net inflow of 4.545 billion yuan in a single day, maintaining a net inflow of funds for 12 consecutive trading days. broad-based etfs are still the main source of capital.

according to wind data, the net inflow of stock etf funds in august totaled more than 130 billion yuan, marking three consecutive months of net inflow. among them, three etfs received net inflows of more than 10 billion yuan, all of which were the csi 300 etf.

with the continuous inflow of funds, the share of stock etfs has increased significantly. wind data shows that the overall share of stock etfs has increased by more than 50 billion shares for three consecutive months. as of august 30, the total scale of 782 stock etfs in the market (excluding cross-border etfs) was 2.05 trillion yuan, and the total share was 1.71 trillion shares.

over 130 billion yuan of funds to buy at the bottom

on august 30, the stock indexes of the two cities rose across the board during the intraday trading session. the net inflow of stock etfs totaled 4.545 billion yuan in a single day, and the net inflow of funds has been maintained for 12 consecutive trading days. broad-based etfs are still the main force to attract funds. recently, against the background of the continuous shrinking of a-shares, the transaction volume of etfs previously disclosed by central huijin has continued to increase. the "national team" represented by central huijin may continue to purchase broad-based etfs. the 2024 mid-term reports disclosed recently also show central huijin's increase in holdings.

according to wind data, the net inflow of equity etfs in august totaled over 130 billion yuan, marking three consecutive months of net inflow. among them, three etfs received net inflows of over 10 billion yuan, all of which were csi 300 etfs. broad-based etfs continue to be favored by funds. the top ten etfs in terms of net inflow of equity etfs in august were all broad-based etfs, including five csi 300 etfs, one each of the sse 50 etf, csi 500 etf, gem etf, csi 1000 etf, and star 50 etf.

specifically, huatai-pinebridge csi 300 etf topped the list with a net inflow of 33.828 billion yuan, with a net inflow of 162.573 billion yuan this year, making it the etf with the highest inflow this year. as of august 30, the total size of the fund reached 289.106 billion yuan, an increase of 120.54% from the end of last year, setting a new record since its establishment.

in addition, e fund csi 300 etf received a net inflow of 25.885 billion yuan in august, with the latest shares reaching 117.266 billion shares and the latest scale exceeding 190 billion yuan, both of which hit record highs. at the same time, huaxia csi 300 etf, harvest csi 300 etf and gf csi 300 etf received net inflows of 11.487 billion yuan, 7.681 billion yuan and 2.274 billion yuan respectively. overall, the net inflows of the five csi 300 etfs totaled 81.155 billion yuan in august, accounting for 61.39% of the total net inflows of stock etfs.

the advantages of the leading fund companies in attracting funds continue to stand out. according to wind data, in august, the stock etfs under e fund received a total net inflow of 36.413 billion yuan. in addition to the e fund csi 300 etf, which attracted a lot of funds, the e fund chinext etf and the e fund sse star 50 etf also received net inflows of 6.162 billion yuan and 3.85 billion yuan respectively. among the stock etfs of china asset management co., ltd., the china asset management sse 50 etf received a net inflow of 9.212 billion yuan, with the latest scale reaching 131.77 billion yuan; the china asset management sse star 50 etf received a net inflow of 9.093 billion yuan, with the latest scale reaching 69.364 billion yuan.

stock etfs continue to increase in volume

the latest data from the fund industry association shows that by the end of july, the scale of public funds under management reached 31.49 trillion yuan, a record high, and increased by more than 400 billion yuan compared with june. among them, stock funds increased by 180.838 billion yuan. on-site funds, especially the national team, used stock etfs to buy at the bottom, which was the main reason for the growth of stock funds in july. data shows that the scale of stock etfs increased by more than 190 billion yuan in july, and the total scale exceeded the 2 trillion yuan mark for the first time.

in august, stock etfs continued to increase in volume, with a total transaction volume of nearly 800 billion yuan. from the perspective of individual etfs, there were 13 stock etfs with transaction volumes exceeding 10 billion yuan. the huatai-pinebridge csi 300 etf had the largest transaction volume, reaching 88.946 billion yuan. the transaction volumes of five etfs, including hua xia sse 50 etf, e fund csi 300 etf, e fund chinext etf, and southern csi 500 etf, were all above 30 billion yuan.

with the continuous inflow of funds, the share of stock etfs has increased significantly. wind data shows that the overall share of stock etfs has increased by 64.45 billion, 58.454 billion, and 68.989 billion in the past three months, respectively, with an increase of more than 50 billion shares for three consecutive months. as of august 30, the total scale of 782 stock etfs (excluding cross-border etfs) in the market was 2.05 trillion yuan, and the total share was 1.71 trillion shares.

specifically for individual funds, a total of 20 etfs saw their shares increase by more than 1 billion shares. among them, e fund csi 300 etf and huatai-pinebridge csi 300 etf ranked first in terms of share increase, with shares increasing by 15.536 billion shares and 9.905 billion shares, an increase of 15.28% and 13.16% respectively.

the benchmark indices tracked by the above two funds are both the csi 300 index. the csi 300 index is the most representative large-cap blue-chip index in the a-share market. it gathers the most core equity assets of a-shares and covers leading companies in various industries. the index performance is closely related to china's macroeconomic cycle and the overall profitability of leading listed companies in various industries, and is basically consistent with the trend of the a-share market.

investor confidence is expected to recover

as the stock etf with the largest net inflow, the largest transaction volume and the largest total scale in august, huatai-pinebridge csi 300 etf recently disclosed in its 2024 interim report that as of the end of the reporting period, the net value of the fund share was 3.49 yuan, the net value growth rate of the fund share in the reporting period was 1.74%, and the performance benchmark rate of return was 0.89%. at the same time, another "giant" fund, e fund csi 300 etf, also disclosed its performance in the interim report. as of the end of the reporting period, the net value of the fund share was 1.71 yuan, the net value growth rate of the fund share in the reporting period was 1.86%, and the performance benchmark rate of return was 0.89% during the same period.

the 2024 mid-term report of hua xia csi 300 etf pointed out that my country's economic operation was generally stable in the first half of the year, continuing the upward trend. however, it can be seen that under the complex external environment, domestic effective demand is still insufficient, and the foundation for economic recovery still needs to be consolidated. in terms of the market, the performance of major a-share indices is differentiated, and large-cap indices such as the csi 300 have the upper hand. the industries that have performed well include banking, coal, utilities, household appliances, and petroleum and petrochemicals, which are basically industries covered by dividend strategies. in terms of market style, the large-cap value style is relatively dominant, and the small-cap growth style is relatively weak.

looking ahead to the future market, lin kaisheng of taiping fund is positive and optimistic. in his research report, he said that investor confidence is expected to gradually recover and there may be more investment opportunities in the market, mainly based on five reasons: first, domestic real estate policies continue to be introduced, and macroeconomic growth expectations are likely to gradually rise; second, the domestic capital market is deepening reforms and continuously releasing vitality; third, the economic structure is continuing to transform, and the contribution of emerging industries is steadily increasing; fourth, the negative impacts of international geopolitical conflicts and competition among major powers have mostly been reflected; fifth, major economies around the world have successively entered a cycle of interest rate cuts, which will help incremental funds enter the equity market.

liu jun of huatai-pinebridge fund also believes that the allocation opportunities in the second half of the year outweigh the risks. in his mid-term report, he pointed out that under the macro paradigm shift, the financial cycles of china and foreign countries are differentiated. combined with the active steady growth policies and medium- and long-term reforms, economic momentum is expected to continue to improve moderately, and the market style may continue to have relative returns. it is recommended to look for structural opportunities. in the medium term, with the chinese economy ushering in a new round of profit cycle and the misalignment of the sino-us economic cycle entering the second half, the valuation of the a-share market is relatively attractive, with outstanding cost performance.