Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The first batch of CSI All-Share Free Cash Flow ETFs was officially approved, expanding the free cash flow investment track. On April 7, 12 leading fund companies were collectively approved to issue ETF products tracking the CSI All-Share Free Cash Flow Index, which focuses on screening the top 100 listed companies in terms of free cash flow rate in the entire market. The 12 approved tracking products have created a significant scale cluster effect among the existing 7 types of cash flow theme indices [2][14]. - The single-day net inflow of equity ETF funds reached a record high, indicating a continuous increase in market bottom-fishing sentiment. On April 8, the single-day net inflow of non-monetary ETFs in the entire market reached 111.78 billion yuan, breaking the previous record of 109.394 billion yuan on October 8, 2024. Six broad-based ETFs, including Huatai-PineBridge CSI 300 ETF and Southern CSI 500 ETF, attracted over 10 billion yuan each in a single day, with core index products becoming the main carriers of funds. The trading activity in the ETF market also increased synchronously, with a single-day trading volume of 411.6 billion yuan ranking third in history, echoing the trading volumes of over 500 billion yuan on October 8 and 9, 2024, suggesting that institutional investors are rebalancing their positions on a large scale through ETFs at key points [2][15]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - The first batch of CSI All-Share Free Cash Flow ETFs was approved, expanding the investment track and forming a scale cluster effect [2][14]. - The single-day net inflow of equity ETFs hit a record high, with increased trading activity and institutional position rebalancing [2][15]. 2 Last Week's Market Performance Review 2.1 Performance of Major Asset Class Indices - Domestic equity broad-based indices all declined, with the ChiNext Index, CSI 500, CSI 300, SSE 50, and STAR 50 falling by 6.73%, 4.52%, 2.87%, 1.6%, and 0.63% respectively [3][16]. - Major bond indices all rose, with the ChinaBond Long-Term Bond Net Price (Total Value) Index, ChinaBond Treasury Bond Total Net Price (Total Value) Index, ChinaBond Total Wealth (3 - 5 Years) Index, and ChinaBond Medium - Short - Term Bond Net Price (Total Value) Index increasing by 0.91%, 0.46%, 0.31%, and 0.21% respectively [3][16]. - Overseas equity indices showed mixed performance, with the Nasdaq, S&P 500, and Dow Jones Industrial Average rising by 7.29%, 5.7%, and 4.95% respectively, while the Hang Seng Index, Hang Seng Tech Index, Hang Seng China Enterprises Index, German DAX, and Nikkei 225 Index falling by 8.47%, 7.77%, 7.35%, 1.3%, and 0.58% respectively [3][16]. - Commodity indices also had mixed performance, with COMEX silver and gold rising by 10.14% and 7.23% respectively, and ICE Brent crude and NYMEX WTI crude falling by 1.51% and 0.82% respectively [3][16]. 2.2 Performance of Shenwan Primary Industries - Most Shenwan primary industries declined last week. Agriculture, Forestry, Animal Husbandry and Fishery, Commerce and Retail, and National Defense and Military Industry led the gains, rising by 3.28%, 2.88%, and 0.28% respectively, while Power Equipment, Communication, and Machinery fell by 8.09%, 7.67%, and 6.78% respectively [18]. 3 Valuation Situation - The valuation quantiles of major equity broad-based indices all declined last week. The valuations of CSI 1000, CSI 300, Wind All - A, CSI 800, SSE 50, CSI 500, and ChiNext Index fell by 11.72%, 10.73%, 10.2%, 8.31%, 6.5%, 4.2%, and 2.96% respectively [4][23]. - Most valuation quantiles of Shenwan primary industries declined. The top three rising industries were Commerce and Retail, Agriculture, Forestry, Animal Husbandry and Fishery, and Food and Beverage, rising by 2.8%, 2.31%, and 0.85% respectively, while the top three falling industries were Machinery, Comprehensive, and Textile and Apparel, falling by 13.62%, 12.34%, and 11.64% respectively [30]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - The scale of non-monetary ETFs increased by 97.908 billion yuan last week, with a net inflow of 214.983 billion yuan. Stock ETFs increased by 84.186 billion yuan with a net inflow of 173.451 billion yuan; commodity ETFs increased by 16.536 billion yuan with a net inflow of 13.455 billion yuan; bond ETFs increased by 56.19 billion yuan with a net inflow of 58.97 billion yuan; cross - border Hong Kong stock ETFs decreased by 23.33 billion yuan with a net inflow of 171.67 billion yuan; cross - border non - Hong Kong stock ETFs decreased by 61 billion yuan with a net inflow of 50.13 billion yuan [5][34]. - Among equity broad - based ETFs, the CSI 300 theme sector ETF had the largest scale increase of 75.377 billion yuan and the largest net inflow of 98.578 billion yuan, while the CSI A500 theme sector ETF had the largest scale decrease of 12.49 billion yuan and the largest net outflow of 23.63 billion yuan [6][34]. - By industry sector, the Hong Kong stock technology sector ETF had the largest scale increase of 22.22 billion yuan and the largest net inflow of 83.83 billion yuan, while the A - share large - financial sector ETF had the largest scale decrease of 74.33 billion yuan and the largest net outflow of 18.4 billion yuan [35]. - By theme, the top 5 themes with net inflows were the CSI 300 theme, CSI 1000, CSI 500, SSE Leading, and ChiNext theme, while the top 5 themes with net outflows were the CSI A500 theme, Semiconductor & Chip ETF, Securities Company theme, Shenzhen 100 theme, and Big Data theme [35]. - The themes with net inflows for two consecutive weeks were the CSI 300 theme, SSE Leading, ChiNext theme, Technology Broad - based theme, and Internet theme, with a total inflow of 146.346 billion yuan, while the themes with net outflows for two consecutive weeks were the Non - ferrous Metals theme, Consumer Electronics theme, Banking, Steel, and Coal, with a total outflow of 25.34 billion yuan [38]. - Among single ETFs, Huatai - PineBridge CSI 300 ETF had the largest net inflow of 34.042 billion yuan last week, while Huaxia SSE STAR 50 ETF had the largest net outflow of 2.633 billion yuan [39]. 4.2 ETF Trading Volume - Compared with the week before last, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume was E Fund CSI Overseas Internet ETF; the cross - border Hong Kong stock ETF was Huaxia Hang Seng Tech ETF; the stock ETF was Huatai - PineBridge CSI 300 ETF; the commodity ETF was HuaAn Gold ETF; and the bond ETF was Bosera CSI Convertible Bond and Exchangeable Bond ETF [44]. 5 ETF Performance - Among cross - border non - Hong Kong stock ETFs, Huaxia Nasdaq 100 ETF performed best with a 0.8% increase; among cross - border Hong Kong stock ETFs, HuaAn Hang Seng Hong Kong Stock Connect China Central State - owned Enterprises Dividend ETF performed best with a - 4.48% change; among stock ETFs, Jianxin SSE Smart - Selected STAR Market Innovation Value ETF performed best with an 11.58% increase; among commodity ETFs, Harvest Shanghai Gold ETF performed best with a 2.61% increase; among bond ETFs, Bosera SSE 30 - Year Treasury Bond ETF performed best with a 0.83% increase [7][47]. 6 ETF Margin Trading and Short Selling - The total margin buying amount this week was 93.82 billion yuan, an increase of 41.228 billion yuan from 52.592 billion yuan last week. The total margin selling volume this week was 542 million shares, an increase of 314 million shares from 227 million shares last week [49]. 7 Current ETF Market Scale - As of last Friday (April 11, 2025), there were 1,122 listed ETFs in the market, with a total scale of 3,918.982 billion yuan. Among stock ETFs, scale - index ETFs had the largest scale of 2,176.289 billion yuan, followed by theme - index ETFs with a scale of 447.444 billion yuan [50]. - By sector, A - share technology and A - share large - financial sectors had the largest scales of 212.747 billion yuan and 116.487 billion yuan respectively. By theme, the CSI 300 theme and CSI A500 theme had the largest scales of 1,001.627 billion yuan and 227.0 billion yuan respectively [57]. - As of April 11, 2025, 52 fund companies managed ETFs, with a high concentration of management scale. The top 10 and top 20 fund companies in terms of non - monetary ETF management scale accounted for 80.25% and 95.53% of the total respectively. The top 5 fund companies were Huaxia Fund Management Co., Ltd. (675.807 billion yuan, 17.86%), E Fund Management Co., Ltd. (619.034 billion yuan, 16.36%), Huatai - PineBridge Fund Management Co., Ltd. (474.467 billion yuan, 12.54%), Southern Fund Management Co., Ltd. (257.094 billion yuan, 6.79%), and Harvest Fund Management Co., Ltd. (243.592 billion yuan, 6.44%) [59]. 8 ETF Listing and Issuance - 11 ETFs were listed for trading last week. - 14 new ETFs were established last week, all of which were passive index funds. Since April, a total of 15 ETF products have been issued, with a total issuance scale of 11.142 billion yuan [64][65].
ETF周观察第74期（4.7-4.11）
西南证券·2025-04-14 06:14