On August 28th, A-shares continued to fluctuate, with stock ETFs attracting 12.4 billion yuan against the market trend in a single day, with the CSI 300 ETF remaining the main force in attracting funds.

Net inflow of 12.4 billion yuan in a single day

As of the net value update on August 28th, the total scale of 913 stock ETFs (including cross-border ETFs) in the entire market was 2,332.2 billion yuan. On that day, the stock ETF market as a whole saw a net inflow of 12.4 billion yuan.

Looking at the list of net inflows of stock ETF funds, among the detailed categories, broad-based ETFs led the net inflow with 12.3 billion yuan. The CSI 300 category of ETFs is still the absolute main force in attracting funds, with a single-day net inflow of 8.8 billion yuan. Among them, the combined net inflow of the CSI 300 ETFs under the four companies Huatai-PineBridge, Yifangda, China Asset Management, and Harvest Fund reached 884 million yuan, accounting for more than 70% of the stock ETF inflow funds on that day.

Specifically, Huatai-PineBridge 300 ETF had a net inflow of 3.677 billion yuan, ranking first; Yifangda CSI 300 ETF had a net inflow of 2.651 billion yuan, ranking second, with a total scale breaking through 190 billion yuan; China Asset Management and Harvest Fund's CSI 300 ETFs respectively attracted 1.316 billion yuan and 1.196 billion yuan. In the past 5 days, the CSI 300 index has received more than 32.4 billion yuan in fund inflows.

Furong Fund believes that when the market is in a low range, "buying broad-based" may be a relatively simple and effective layout strategy for investors who are risk-matched. The continuous increase in large funds for CSI 300 index products, buying high-quality core assets in the market with real money, is also a recognition of the investment value of this index.

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Looking at the characteristics of the index constituent stocks, the top five industries of the CSI 300 are banking, food and beverages, non-bank finance, electronics, and power equipment, which include a large number of traditional cyclical industries as well as emerging industries with strong growth potential. Manulife Fund points out that these sectors have been well-adjusted in the previous period, and they are easy to form a joint force in the bottom rebound process, which may have better upward elasticity. The CSI 300 covers a wide range of industries and has a more balanced style, reducing the exposure to a single style, and can also play a role in driving the investment sentiment of the entire market.

During the process of A-shares exploring the low, ETFs under the top fund companies continued to receive net inflows of funds. On August 28th, the ETFs under Yifangda Fund received a total net inflow of funds of 2.99 billion yuan. In addition to the large inflow of funds for the CSI 300 ETF Yifangda, the STAR Market 50 ETF, ChiNext ETF, Pharmaceutical ETF, and Gold ETF also received different degrees of net inflows.

In the ETFs of China Asset Management Company, after a single day of receiving more than 1 billion yuan in net inflows of funds, the scale of the CSI 300 ETF China reached 128.708 billion yuan; the Shanghai Stock Exchange 50 ETF received a net inflow of funds of 1.114 billion yuan, with the latest scale reaching 130.658 billion yuan; the Zhongzheng 1000 ETF received a net inflow of funds of 241 million yuan, with the latest scale reaching 20.043 billion yuan.

Some ETFs have a net outflow of fundsWhile stock ETFs overall saw inflows at the level of tens of billions of yuan, some ETFs experienced a certain net outflow.

Specifically, several broad-based ETFs related to the ChiNext and STAR Market saw net outflows at the forefront, including Huaxia ChiNext ETF, Huaxia ChiNext Momentum Growth ETF, Harvest Shanghai STAR Market Chip ETF, and Tianhong ChiNext ETF, among others.

Looking ahead, Taiping Fund believes that investor confidence is expected to gradually recover, and the investment opportunities in the market may increase, mainly for five reasons: First, domestic real estate policies continue to be introduced, and the expectation for macroeconomic growth is likely to gradually rise; Second, the capital market deepens reforms and continuously releases vitality; Third, the economic structure continues to transform, with the contribution proportion of emerging industries steadily increasing; Fourth, the negative impacts brought by international geopolitical conflicts and major power competition have mostly been reflected; Fifth, the main economies around the world are successively entering a cycle of interest rate cuts, which is conducive to incremental funds entering the equity market.

Lang Chengcheng, fund manager of Furong Shanghai-Shenzhen 300 Index Enhanced Fund, believes that the emergence of the PPI inflection point means that corporate profits have likely bottomed out. If the risk preference of the private sector can improve and money can be reactivated, the macroeconomy will regain vitality. For A-shares, after the release of the new "Nine National Articles", the correction of small-cap companies has squeezed out most of the premium bubbles. At present, when the Shanghai Composite Index is below 3000 points, it is expected that the implied medium-term returns of stock prices may have sufficient attractiveness, and the performance of A-shares in the next stage is optimistic.