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recently, a-shares have fluctuated and adjusted, and incremental funds have continued to enter the market through a-share etfs. it is worth noting that since july, more than 300 billion yuan of funds have been added through etfs, mainly flowing into the four csi 300 etfs.

large funds continue to enter the market

recently, incremental funds are still pouring into a-share etfs, but the structure is clearly differentiated. wind data shows that this week, a total of 5.481 billion yuan of funds entered the market through a-share etfs. among them, large-cap broad-based index etfs continued to attract funds, while small- and medium-cap etfs were net sold.

specifically, the four csi 300 etfs are still the main destinations for funds. among them, e fund csi 300 etf became the largest fund-attracting target, with a net inflow of 5.559 billion yuan; huatai-pinebridge csi 300 etf had a net inflow of 3.258 billion yuan; hua xia csi 300 etf and harvest csi 300 etf had a net inflow of more than 1 billion yuan.

however, small and medium-cap broad-based index etfs such as csi 1000 and csi 500 showed a net outflow of funds. among them, gf csi 1000 etf, huaxia csi 1000 etf and southern csi 1000 etf had a total net outflow of 3.443 billion yuan, and southern csi 500 etf had a net outflow of 1.639 billion yuan.

in terms of industry themes, the previously very popular dividend etfs have shown signs of fatigue, and many dividend etfs have experienced net outflows of funds this week. in contrast, chip and military-related etfs have received small net inflows of funds.

it is worth noting that the speed of large funds entering the market has increased significantly in the volatile market since july. wind data shows that since july, the net inflow of funds in a-share etfs has reached 309.9 billion yuan, and the above four csi 300 etfs have a total net inflow of 219.9 billion yuan. in addition, huaxia sse 50 etf has a net inflow of 20.6 billion yuan.

as institutional funds continue to increase their positions, the scale of the top broad-based index etfs continues to hit new highs. recently, the scale of the csi 300 etf under huatai-pinebridge and e fund management has continued to grow. as of september 6, the shares of huatai-pinebridge csi 300 etf reached 86.241 billion, and the scale reached 284.77 billion yuan. huatai-pinebridge csi 300 etf has made rapid progress since 2023. after successfully breaking through the 100 billion yuan mark, it quickly crossed the 200 billion yuan mark and has firmly established itself as the largest etf in the market.

the e fund csi 300 etf, which received the largest incremental capital inflows this week, has the latest shares reaching 120.678 billion shares and the latest scale of 194.823 billion yuan. it is approaching the 200 billion yuan mark and is expected to become the second stock etf with a scale of over 200 billion yuan.

layout of core assets at low levels

since the beginning of this year, the csi 300 etf has undoubtedly been the most popular product, with a large amount of funds continuously pouring in. according to the statistics of the exchange, huatai-pinebridge fund has increased its etf scale tracking the csi 300 index by more than 440 billion yuan by the end of august, accounting for 70% of the total net purchase scale of etfs in the same period.

in this regard, industry insiders believe that from the perspective of dividend rate, risk-return ratio, etc., the advantages of core assets are gradually emerging. huatai-pinebridge fund said that after a long period of rest, the csi 300 index may have sufficient room for rebound, and from the perspective of dividend rate, its dividend level in the past year has also been more attractive among the mainstream broad-based indexes. in addition, as the results of economic recovery gradually emerge, the csi 300 index, which is close to the fundamental trend, is expected to become an important tool for low-level interval layout of the equity market. on the one hand, the csi 300 index is one of the most representative broad-based indexes in the a-share market, representing the main direction of economic and social development, and its strong pro-cyclical attributes are expected to make it the first to benefit from economic recovery. on the other hand, broad-based indexes are usually not overly exposed to a single industry sector. when a rebound comes, they may be able to keep up with the overall trend of the market, and are expected to reduce the overall volatility and retracement of the portfolio in a balanced style, achieving a holding experience that is better than betting on a single industry.