- New energy and growth-style funds surged significantly during the full-day trading in the A-share market, with the ChiNext Index closing up 1.72%. The total market turnover slightly increased to 3.0863 trillion yuan.
- The Shenwan Lingxin G60 Innovation ETF (560860) soared 5.70% in a single day, leading the market. Several segmented products, such as the GF Energy Storage Battery ETF, saw gains exceeding 4%, with funds concentrating on the Sci-Tech Innovation Board and high-end manufacturing sectors.
- The Southern CSI 500 ETF (510500) recorded a net inflow of 20.69 billion yuan in a single day, marking the highest single-day subscription amount in the entire market, indicating that core broad-based indices are attracting incremental funds for low-level layouts.
New Energy Segments Strengthen Across the Board
In terms of specific market performance, the growth style became the absolute main line of the market today. The energy storage battery and power battery segments formed a complete upward echelon, with the GF Energy Storage Battery ETF and E Fund Energy Storage Battery ETF rising by 4.41% and 4.37%, respectively. Battery ETFs under several public funds such as Dacheng, Southern, and Huatai-PineBridge also maintained gains between 3.48% and 4.15%. Meanwhile, the high-end manufacturing sector also gained momentum, with the Guotai Industrial Mother Machine ETF rising 4.07% and the ChinaAMC Machine Tool ETF rising 3.92%. The Sci-Tech Innovation Board and cyclical materials segments also performed actively, with the E Fund Sci-Tech Innovation 100 Enhanced ETF surging 4.69%, and the Bosera Rare Earth ETF and ChinaAMC Power Grid Equipment ETF recording gains of 3.80% and 3.59%, respectively, showing a multi-point blossoming feature.
Cyclical and Semiconductor Long-term Returns Remain Stable
Reviewing recent phased performance, the market has shown a clear dual-mainline rotation pattern. In the past five trading days, rare metals and semiconductor equipment have led the gains, with the GF Rare Metals ETF rising 12.04% and the Penghua Sci-Tech Innovation Semiconductor Equipment ETF rising 11.05%. Extending the cycle from the beginning of the year to the present, the semiconductor and communication sectors have occupied an absolutely dominant position. The Huatai-PineBridge China-Korea Semiconductor ETF has risen 131.20% year-to-date, significantly leading similar market varieties; the ChinaAMC Sci-Tech Innovation Semiconductor ETF and Penghua Sci-Tech Innovation Semiconductor Equipment ETF have also seen year-to-date gains exceeding 87%. The communication sector follows closely, with the ChinaAMC Communication ETF rising 70.69% year-to-date, reflecting the long-term prosperity of the technology growth mainline.
CSI 500 Broad-based and Non-ferrous Resources Attract Large Inflows
In terms of capital flows, core broad-based indices and cyclical sectors have become the focus of short-term capital inflows. The Southern CSI 500 ETF received a net inflow of 20.69 billion yuan in a single trading day, ranking first in the entire market. The non-ferrous metals segment also demonstrated a strong ability to attract funds, with the Southern Non-ferrous Metals ETF seeing a net inflow of 13.21 billion yuan and the Wanjia Industrial Non-ferrous ETF seeing a net inflow of 7.58 billion yuan. Additionally, chemicals, semiconductors, and fixed-income safe-haven assets have also diverted incremental funds to varying degrees. The ChinaAMC SSE 50 ETF saw a net inflow of 3.75 billion yuan, and the Harvest Sci-Tech Innovation Chip ETF saw a net inflow of 6.08 billion yuan, reflecting a balanced allocation of funds between risk assets and high-liquidity varieties.
Fixed Income and Communication Themes Build the Annual Capital Base
From a longer time span, the underlying logic of long-term allocation funds is very clear. The Guotai Communication ETF recorded net inflows of 50.46 billion yuan, 128.77 billion yuan, and 207.86 billion yuan over the past 5 trading days, 20 trading days, and year-to-date, respectively, firmly ranking first in equity asset inflows. Another major destination for funds parallel to high-prosperity technology stocks is fixed-income assets. The HFT Urban Investment Bond ETF has seen a cumulative net inflow of 251.92 billion yuan year-to-date, ranking first among all ETF products, and the HFT Short-term Bond ETF has also attracted 150.29 billion yuan in funds year-to-date. Long-term funds anchor fixed-income assets as a safety cushion while adjusting portfolio elasticity through communication, power grid equipment, and precious metals.
Future Macro Variables and Pricing Reassessment Considerations
For the subsequent market evolution, multiple macro policies and marginal changes in the capital side remain core variables. If future domestic macroeconomic data continues to improve, the capital inflow trend of cyclical resource classes and core broad-based ETFs may be further consolidated. However, if overseas central banks' monetary policies unexpectedly shift, and international commodity prices experience increased volatility, the valuations of non-ferrous metals and cross-border thematic ETFs may face temporary downward pressure. In the current high-volatility market environment, various investors should closely monitor changes in the total market turnover. If the trading volume of the two markets shrinks, the growth style sector may face liquidity revaluation.
