February Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 28 Feb 2025.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of February

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	347,014.78
2	510310	E Fund CSI 300 ETF Initiating Fund	239,835.67
3	510330	ChinaAMC CSI 300 ETF	163,267.16
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	153,830.55
5	510050	ChinaAMC China 50 ETF	142,679.11
6	510500	China Southern CSI 500 ETF	96,351.62
7	159915	E Fund Chinext ETF	84,973.35
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	81,711.33
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	59,423.17
10	512100	China Southern CSI 1000 ETF	54,073.42

• Huatai-PB: In January, the market experienced a decline before stabilizing, with the CSI 300 Index recording a nearly 3% decrease during this period. It is anticipated that the recovery of market confidence will be contingent on the enhancement of statistical data and the resumption of economic growth. While the most recent data has not shown sufficient improvement to allow for a definitive assessment, the emergence of DeepSeek has led to an overestimation of expectations. In conclusion, the CSI 300 Index, with its focus on fundamental value, continues to demonstrate significant investment potential by its balanced approach to risk and reward. (12/02/2025)

• China AMC: 四季度GDP超预期增长5.4%，伴随超常规逆周期调节开启及“一揽子增量政策”发力显效，宏观经济供需两端都会有不同程度改善，指数行业分布均衡，配置价值凸显。重点行业地产、非银、消费板块有望直接受益于增量政策下的基本面预期改善。指数目前估值水平依然具有优势，具有较高的投资价值。(13/02/2025)

• Harvest Fund: In February 2025, the official manufacturing PMI rebounded to 50.2%, once again above the boom bust line. The rebound in PMI in February was mainly due to factors such as resuming work and production after the Spring Festival and policy support. Since the end of September 2024, policies have been continuously implemented, including reserve requirement ratio cuts, interest rate cuts, lowering the interest rates of existing housing loans, lowering the down payment ratio for second homes, and facilitating swaps. In addition, the press conference of the Ministry of Finance in October sent positive signals to the market, such as the central government still having a large borrowing space and room for deficit increase. The political bureau meeting in December 2024 and the central economic work statement continue to follow the previous tone. Currently, policies have gradually been implemented, and the macro economy is expected to continue to recover, which will help to enhance market sentiment and investor risk appetite. As the core asset of the A-share market, the CSI 300 Index is expected to fully benefit, with significant allocation value. (04/03/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	515400	Fullgoal CSI Big Data Industry ETF	20.27%
2	516010	Guotai CSI Animation Game ETF	17.43%
3	159869	ChinaAMC CSI Animation Game ETF	16.92%
4	159852	Harvest CSI Software Services ETF	15.94%
5	516510	E Fund CSI Cloud Computing And Big Data Theme ETF	15.92%
6	562500	ChinaAMC CSI Robot ETF	15.54%
7	159770	Tianhong CSI Robot ETF	15.37%
8	159998	Tianhong CSI Computer Theme ETF	14.64%
9	588200	Harvest SSE STAR Chip Index ETF	14.48%
10	588290	Huaan SSE STAR Chip Index ETF	14.32%

• Guotai Fund: The global gaming market is entering a structural recovery cycle, driven by mobile gaming, cloud gaming, and efficiency gains in R&D powered by AIGC tools. In China, the regularization of domestic game license approvals and sustained benefits from overseas expansion are making companies with capabilities in high-quality R&D, global publishing, and IP matrix development more competitive. Short-term opportunities lie in monetization potential from emerging formats like mini-games and AI NPCs, while the medium to long term holds promise for a revaluation of metaverse entry points. (03/03/2025)

• Harvest Fund: The core investment value of the software sector in the next 25 years will revolve around the dual main lines of deepening the progress of information and innovation and scaling up the implementation of AI technology, forming a resonance logic of "policy driven demand and technological innovation increment". At the policy level, the localization of XinChuang (IT Application Innovation) has entered the deep water zone, and the improvement of fiscal funds combined with the increase in the penetration rate of the "2+8" industry has promoted the increase in orders for basic software, core applications and other links. The demand for billions of yuan worth of substitutes has extended from the party and government to key areas such as finance and energy. The increase in localization rate and ecological improvement will solidify the performance certainty of the sector. On the technical level, domestically produced, open-source, and advanced DeepSeek empowers software enterprises with the ability to model large models. The increase in penetration rate of enterprise level AI applications drives software services to upgrade from "tool empowerment" to "productivity reconstruction". AI+software will be the highlight that can be seen to be implemented continuously for 25 years, and the software industry is expected to open a second growth curve. Of course, when it comes to specific investments, we need to be vigilant about the emotional downturn after short-term high gains, while also closely monitoring the specific progress of software implementation. Overall, the software sector combines policy dividends with innovation momentum, with high R&D investment and light asset attributes making it more resilient in its overall performance over the past 25 years. It is recommended to focus on investment opportunities in the software sector throughout the year. (04/03/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	562500	ChinaAMC CSI Robot ETF	4,399.87
2	159819	E Fund Artificial Intelligence ETF	4,297.65
3	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	3,809.28
4	512000	Hwabao WP CSI All Share Investment Banking & Brokerage Index ETF	2,844.39
5	516510	E Fund CSI Cloud Computing And Big Data Theme ETF	2,440.86
6	159770	Tianhong CSI Robot ETF	2,284.28
7	515790	Huatai-PB CSI Photovoltaic Industry ETF	1,829.43
8	159992	Yinhua CSI Innovative Drugs Industry ETF	1,789.30
9	515070	ChinaAMC CSI Artificial Intelligence ETF	1,471.52
10	159928	China Universal CSI Consumer Staples ETF	1,342.84

• Guotai Fund: Recent active market trading, coupled with policy tailwinds (RRR cut expectations and deepening capital market reforms), has boosted sector sentiment. Against the backdrop of rising expectations for M&A activity, short-term focus centers on rumor-driven valuation rerating of small-cap brokers, while the medium to long term prioritizes the investment thesis around post-M&A ROE improvement. (03/03/2025)

• Yinhua Fund: 2月伴随海外知名投资公司方舟投资发布《Big Ideas 2025》，称医药可能是最被低估的AI领域，AI赋能创新药的产业逻辑在A股市场演绎。多家创新药企要求公司内部各部门制定详细的DeepSeek应用计划，甚至AI大模型已在赋能药物研发。2024年政府工作报告首次纳入创新药，2024年7月“全链条支持创新药”顶层设计出台，面向今年的全国“两会”，叠加国产创新药出海、商业健康保险等行业本身利好，创新药板块或具有较好的配置性价比。(03/03/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	5,404.04
2	510300	Huatai-PB CSI 300 ETF	4,917.65
3	159915	E Fund Chinext ETF	3,348.11
4	588200	Harvest SSE STAR Chip Index ETF	2,698.38
5	510050	ChinaAMC China 50 ETF	2,378.01
6	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	2,072.32
7	510500	China Southern CSI 500 ETF	2,003.17
8	512100	China Southern CSI 1000 ETF	1,993.59
9	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	1,783.93
10	510310	E Fund CSI 300 ETF Initiating Fund	1,500.13

• China AMC: 科创板2021年来深度调整，估值经历了长期大幅下行周期后风险释放较充分，近期政策催化下表现出明显的弹性优势，科创50自9月低点反弹近62%（截至2025/2/13）。科创板是“国九条”指导下新质生产力的代表，是政策支持与产业升级的重点领域，叠加近期国内流动性改善、市场风险偏好大幅度提升、成长风格逐渐占优、AI与半导体产业持续高景气，多重积极因素下板块有望继续吸引关注。(13/02/2025)

• Harvest Fund: Against the backdrop of industry cycle recovery, policy dividends release, and deepening domestic substitution, the medium - and long-term growth space for SSE STAR Chip Index is clear. However, at the current stage, there are various problems with the sector, such as overvaluation, capital games, external disturbances, and uncertain market environment, which may significantly exacerbate short-term fluctuations. From a fundamental perspective, on the one hand, chips in the next 25 years will benefit from the performance recovery of traditional sectors such as storage, simulation, and microprocessors. On the other hand, the deepening of AI applications will also drive the explosion of new growth demand in the entire chip sector. Moreover, the opportunities for AI growth in the next 25 years are not overly concentrated in the field of computing chips as in the past two years. There is a possibility of an explosion in AI hardware in the next 25 years, which will drive the growth of the entire sector from the underlying consumer electronics product attributes. Therefore, there may be some short-term fluctuations in the chip sector. From a full year perspective, the investment value of SSE STAR Chip Index is significant and deserves special attention. (04/03/2025)

Southbound Eligible ETFs Overview

Code	Name	Tracking Index	AUM (HKD mil)	1M Return	Net Buy** (HKD mil, 1M)	ADT*** (HKD mil, 1M)
2800	TRACKER FUND OF HONG KONG	Hang Seng Index	152,436.71	13.35%	-11,015.22	20,462.74
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	29,700.95	13.96%	-640.41	11,126.92
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	42,248.95	17.78%	-3,300.84	7,800.30
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	13,811.66	17.85%	1,906.52	458.77
3037	CSOP HSI ETF	Hang Seng Index	1,062.60	13.41%	0.00	4.35
3032	HSTECH ETF	Hang Seng TECH Index	4,966.54	17.79%	-702.56	230.61
2837	GX HS TECH	Hang Seng TECH Index	2,809.64	24.39%	-839.59	3.65
3088	CAM HS TECH	Hang Seng TECH Index	2,637.97	17.81%	204.12	148.38
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	5,707.11	6.10%	382.74	144.13
3403	CAM HSI ESG	HSI ESG Enhanced Index	8,585.55	14.61%	-388.25	51.65
2801	ISHARES CHINA	MSCI CHINA	22,048.18	11.48%	1,686.38	34.79
2825	WISECSIHK100ETF	CSI HK 100	2,125.70	13.25%	-10.45	0.07
3040	GX MSCI CHINA	MSCI CHINA	9,489.67	15.61%	7,624.94	0.57
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	411.68	16.34%	5.95	7.77
3070	PING AN HKDIV	CSI HK Dividend	1,810.08	3.13%	-75.08	28.12
3115	ISHARESHSI	Hang Seng Index	1,931.97	13.40%	0.00	8.23
3039	EFUNDHSIESG	HSI ESG Enhanced Index	625.30	14.63%	0.00	2.22

 

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 28 Feb 2025.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market

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