Pre-holiday funds "increase positions for the New Year," ChiNext and Satellite Industry ETFs become "hot favorites"

(Original Title: Hot Tracks, Increased Positions)

Source: China Fund News Author: Wang Siwen

On February 11, the three major A-share indices showed mixed performance. Amid market fluctuations, stock ETF funds remained relatively stable, with a net outflow of only 2.36 billion yuan for the day.

The ChiNext Index sector experienced the most significant net inflow of funds, reaching 1.14 billion yuan. The CSI A500 sector saw a net outflow of funds. Additionally, satellite industry and robotics sectors received net inflows, while new energy and dividend sectors experienced net outflows.

ETFs in the Satellite Industry and ChiNext sectors saw increased positions

Specifically, according to Wind data, as of February 11, the total market size of 1,339 stock ETFs (including cross-border ETFs) reached 4.19 trillion yuan. Based on the average trading price over the period, the overall net outflow of stock ETFs on February 11 was 2.36 billion yuan.

On that day, bond ETFs and commodity ETFs were highly favored, with inflows of 4.166 billion yuan and 405 million yuan, respectively. Among stock ETFs, the ChiNext ETF had the largest net inflow, while the CSI A500 ETF experienced a clear net outflow.

Looking at ETF types, the ChiNext ETF had the most notable net inflow, reaching 1.14 billion yuan on February 11. Among individual products, the E Fund’s ChiNext ETF saw a net inflow of 1.065 billion yuan, ranking top.

The satellite industry sector also saw significant net inflows. On February 11, satellite-related indices had a net inflow of 890 million yuan. Notably, the Yongying Fund’s Satellite ETF had a single-day net inflow of 394 million yuan, and the GF Fund’s Satellite 50 ETF saw a net inflow of 260 million yuan.

Additionally, sectors such as CSI 1000, robotics, and gold also ranked high in net inflows. For individual products, the Southern Fund’s CSI 1000 ETF had a net inflow of 510 million yuan, and the Huaxia Fund’s Robotics ETF had a net inflow of 280 million yuan.

From a five-day perspective, recent fund inflows into the Hang Seng Tech Index ETF exceeded 6 billion yuan, and inflows into the SGE Gold 9999 Index ETF surpassed 4.2 billion yuan.

Regarding leading institutions, E Fund’s ETF total size is 661.02 billion yuan, with a net inflow of 1.53 billion yuan yesterday. Among them, the ChiNext ETF size is 637.20 billion yuan, with a net inflow of 1.065 billion yuan; the Hong Kong Stock Connect Consumer ETF size is 23.62 billion yuan, with a net inflow of 400 million yuan; the Artificial Intelligence ETF size is 254.27 billion yuan, with a net inflow of 189 million yuan; and the Semiconductor Equipment ETF size is 50.24 billion yuan, with a net inflow of 185 million yuan.

Huaxia Fund ETFs saw the top net inflows yesterday, with the Robotics ETF and Free Cash Flow ETF each recording net inflows of 280 million yuan and 212 million yuan, respectively. Their latest sizes are 25.792 billion yuan and 13.607 billion yuan, with average daily trading volumes over the past month of 1.484 billion yuan and 604 million yuan, respectively. Additionally, the Sci-Tech Innovation 50 ETF, CSI 1000 ETF, and Artificial Intelligence AI ETF each had net inflows exceeding 100 million yuan.

Broad Market ETFs Show Net Outflows

Yesterday, broad market ETFs experienced net outflows, but the amount was modest, with a net outflow of only 755 million yuan. The fund flows among different broad market products varied significantly. The total size of broad market ETFs decreased by 6.318 billion yuan.

Among them, the CSI A500 ETF had the largest single-day net outflow of 1.605 billion yuan; the CSI 300 ETF saw a net outflow of 920 million yuan; and the SSE 50 ETF experienced a net outflow of 480 million yuan.

Furthermore, the new energy sector also saw significant net outflows, with a single-day outflow of 820 million yuan.

Looking ahead, Lin Weibin, General Manager of Index Investment at E Fund, stated that the Spring Festival holiday and the post-holiday reopening period have led macro data into a relative vacuum. Market focus is gradually shifting from January’s credit and liquidity performance to observing macroeconomic and industry clues. With economic momentum still needing further data validation, market trading logic may become more focused on structural and expectation-based changes. Overall, the February market is likely to continue its structural trend amid a stabilizing rhythm.

In terms of allocation, continued focus should be on large-cap growth core assets. Currently, core assets are valued at a median level historically, with some valuation repair potential; meanwhile, stable earnings expectations and increasing marginal inflows from foreign capital give these assets strong anchoring properties in volatile environments. Key indices to watch include the CSI A500 and CSI 300, which can help achieve steady allocation and flexible response amid market fluctuations.

Cush Wenyu, Deputy General Manager of Research at Great Wall Fund, believes that this year is likely to still be a structural market, with a more balanced market style. From a fundamental perspective, major technology sectors will enter earnings realization phases, and technological innovation both domestically and abroad continues to accelerate, maintaining the sector’s market-leading position. Cyclical midstream manufacturing and consumer sectors are also expected to gradually recover in the context of economic recovery. From a valuation standpoint, the past two years have seen intensive valuation repairs in the tech sector, making pure valuation expansion unlikely. The market will focus on genuine performance-driven companies. Cyclical sectors, having experienced three years of valuation compression, may enter a valuation uplift phase.

(Edited by: Wen Jing)

Keywords: Funds ETF