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on september 24, as the a-share market rebounded sharply, the net inflow of stock etfs hit a new high in the past two months. at the same time, after the e fund csi 300 etf broke through the 200 billion yuan mark the day before, the huatai-pinebridge csi 300 etf officially reached 300 billion yuan yesterday, setting a new record for the scale of non-money funds in the entire market.

refreshing the record of non-monetary fund size

on september 24, the state council released a number of important favorable policies at a press conference. the a-share market rebounded across the board, and the shanghai composite index returned to above 2,860 points. on the same day, many broad-based etfs received large funds to increase their holdings. wind data showed that on september 24, the total net inflow of stock etfs reached 18 billion yuan, setting a new single-day high in the past two months.

among them, huatai-pinebridge csi 300 etf had a net inflow of 7.326 billion yuan on the day, ranking first on the etf list. at the same time, the latest fund size of the etf exceeded the 300 billion yuan mark, reaching 311.373 billion yuan. this is also the first non-monetary fund in the market to exceed 300 billion yuan. since the beginning of this year, the cumulative net inflow of the etf has reached more than 180 billion yuan, making it the etf product with the largest net inflow this year.

in the first half of this year, huatai-pinebridge csi 300 etf received a large increase in holdings from central huijin investment co., ltd. (referred to as "central huijin").

comparing the top ten holders disclosed in the 2023 annual report and the 2024 interim report, it can be found that the number of shares held by central huijin in this etf increased significantly from 6.247 billion shares at the beginning of the year to 35.655 billion shares at the end of the second quarter, and the proportion of shares held in the total listed shares increased rapidly from 16.68% at the beginning of the year to 58.70% at the end of the second quarter. as of the end of the second quarter, the scale of central huijin's holdings in this etf reached 124.338 billion yuan, which is also the largest etf product held by central huijin in the entire market.

according to the information, huatai-pinebridge csi 300 etf was established in may 2012; in august 2023, the scale of the etf exceeded 100 billion yuan for the first time; in april 2024, the scale of the etf fund exceeded 200 billion yuan; in september 2024, the scale of the etf fund exceeded 300 billion yuan.

passive investing trend continues

since the beginning of this year, broad-based etfs have been sought after by big funds.

on september 23, the second largest etf product in the market, e fund csi 300 etf, officially became the second etf product to exceed 200 billion yuan in size after huatai-pinebridge csi 300 etf. wind data shows that e fund csi 300 etf was established in march 2013. in february 2024, the etf broke through the 100 billion yuan mark for the first time, and broke through the 200 billion yuan mark more than 7 months later.

as of september 24, the top five etf products with the largest scale in the market are all broad-based etfs. at present, huatai-pinebridge csi 300 etf and e fund csi 300 etf have reached 300 billion yuan and 200 billion yuan respectively; china asset management csi 300 etf, china asset management sse 50 etf and harvest csi 300 etf are closely behind, with scales of around 130 billion yuan.

at present, the cumulative fund size of the top five broad-based etfs mentioned above has reached nearly one trillion yuan, accounting for nearly one-third of the total size of etfs; since the beginning of this year, the cumulative net inflow of the above five etfs has been nearly 580 billion yuan, accounting for nearly 70% of the overall net inflow of etfs.

image source: wind

on september 24, wu qing, chairman of the china securities regulatory commission, pointed out at a press conference held by the state council information office that the next step will be to further optimize the registration of equity fund products, vigorously promote the innovation of index products such as broad-based etfs, and launch more small and medium-sized etf fund products including gem and sci-tech innovation board in a timely manner to better serve investors and better serve national strategies and the development of new productivity. in addition, the china securities regulatory commission will work with relevant parties to further support the arrangements of central huijin investment co., ltd. to increase its holdings and expand its investment scope, and promote various types of medium- and long-term funds, including central huijin investment co., ltd., to invest in the stock market.

huatai-pinebridge fund research department said that with the fed's interest rate cut, the offshore rmb exchange rate and hong kong stock market performed well, indicating that expectations for chinese assets have improved. in the short term, the market may have stronger upward momentum, and the previously oversold sectors and small and medium-sized market capitalization styles may see a phased market trend. the policy-driven direction may be relatively dominant. hong kong stocks with high dividends, the internet, and a-share consumption and cyclical sectors are worth paying attention to.