August Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2025.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of Aug

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	419,682.20
2	510310	E Fund CSI 300 ETF Initiating Fund	299,383.82
3	510330	ChinaAMC CSI 300 ETF	220,876.50
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	193,359.10
5	510050	ChinaAMC China 50 ETF	182,732.56
6	510500	China Southern CSI 500 ETF	133,141.90
7	159915	E Fund Chinext ETF	102,193.04
8	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	81,945.75
9	512100	China Southern CSI 1000 ETF	75,637.14
10	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	75,548.39

• Huatai-PB: In July, the CSI 300 Index rose by 3.54%, with overall growth remaining modest. In recent months, market sensitivity to geopolitical issues and U.S. stock performance has continued to decline, with A-shares increasingly focusing on domestic factors. Investors are now focusing more on the performance and expectations of listed companies, returning to a more conventional rhythm. We are optimistic about the medium-term outlook for A-shares. However, we anticipate a relatively flat upward trajectory, which makes it unlikely that there will be a sharp rally. In terms of allocation value, the CSI 300 Index continues to demonstrate superior performance in comparison to small- and mid-cap indices. (12/08/2025)

• Harvest Fund: The official manufacturing PMI for June 2025, although still below the boom bust line, slightly rose to 49.7%, mainly due to the continued contribution of the "export rush" during the US China tariff window period, as well as the gradual improvement of domestic demand under the effect of supportive policies in the early stage, which also reflects strong economic resilience. Considering the gradual implementation of stable growth policies and the recovery of consumer confidence, it will contribute to a sustained and moderate macroeconomic recovery. Looking ahead, although exports may gradually face pressure due to the impact of tariffs, the policy of expanding domestic demand is expected to have a negative impact on the economy caused by the decline in exports. The macro economy is expected to continue to recover, and market sentiment and investor risk appetite are expected to remain. As the core asset of the A-share market, the CSI 300 Index is expected to fully benefit, with significant allocation value. (03/07/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	515880	Guotai CSI All Share Communication Equipment ETF	45.89%
2	515980	Harfor CSI Artificial Industry ETF	45.67%
3	515050	ChinaAMC CSI 5G Communication Theme ETF	38.29%
4	159994	Yinhua CSI 5G Communication Theme ETF	38.07%
5	159819	E Fund Artificial Intelligence ETF	36.74%
6	512930	Ping An CSI Artificial Intelligence ETF	36.37%
7	515070	ChinaAMC CSI Artificial Intelligence ETF	36.25%
8	588200	Harvest SSE STAR Chip Index ETF	35.72%
9	588290	Huaan SSE STAR Chip Index ETF	35.21%
10	159780	China Southern CSI Scientific Innovation And Entrepreneurship 50 ETF	34.20%

• Guotai Fund: Looking ahead, the AI trend remains unequivocal. In North America, rapidly growing cloud revenues are already recycling back into compute infrastructure investments, forming a virtuous cycle. Domestically, major cloud providers are demonstrating similar momentum. Overall, AI development is poised to accelerate. Since the volume production of NVIDIA's GB200 this year, cloud providers have gained enhanced compute resources while software development velocity has increased. Against the backdrop of sustained global investments in compute infrastructure, the optical module market is expected to maintain strong growth momentum.  (08/09/2025)
• China AMC: 中长期看AI应用仍处于极早期，作为算力集群拓展的基础组件，光模块及电路板仍然具备高增长能力，叠加相关公司技术迭代，存在量价齐升机会，这是板块长期逻辑，决定市场长期的表现。而短期看光模块的需求持续高增，AI电路板存在供需缺口，整体高景气度有望持续凝聚资金共识，适合以跟踪景气度为主的右侧投资方式，投资者需紧盯海外算力资本开支及投资者对海外算力预期的变化。风险视角看近期二级市场持续演绎乐观预期，已经积累不少涨幅，出现拐点需要适当性防御，且注意美股科技股业绩情况。(03/09/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	8,841.52
2	159870	Penghua CSI Subdivision Chemical Industry Theme ETF	8,614.08
3	515880	Guotai CSI All Share Communication Equipment ETF	4,414.31
4	512000	Hwabao WP CSI All Share Investment Banking & Brokerage Index ETF	3,817.32
5	159928	China Universal CSI Consumer Staples ETF	3,757.13
6	515220	Guotai CSI Coal ETF	2,916.65
7	510050	ChinaAMC China 50 ETF	2,606.16
8	516150	Harvest CSI Rare Earth Industry ETF	2,574.55
9	512690	Penghua CSI Alcoholic Drink Index ETF	2,478.08
10	159819	E Fund Artificial Intelligence ETF	2,275.05

• Guotai Fund: From a supply perspective, the current 'anti-overcapacity' initiative primarily addresses structural supply-demand imbalances, with China's coal industry policy now shifting from scale expansion to quality-driven transition. Domestic coal production capacity is increasingly constrained by dual-carbon policies and stricter safety regulations, making new capacity additions more susceptible to policy adjustments. As anti-overcapacity measures gain traction, coal prices continue their upward trend. On the demand side, coal maintains relative demand inelasticity as a foundational energy source. With the supply-demand balance tightening marginally and policy catalysts accelerating, coal price recovery expectations are strengthening. Should economic fundamentals improve subsequently, resource-side demand would receive direct support. (08/09/2025)

• Harvest Fund: Firstly, in terms of location, the current rare earth industry index has a TTM P/E ratio of around 32x, which is in the historical lower 35% percentile and is in a typical undervalued range. At the same time, the current level of the rare earth industry index has fallen by about 31% compared to the high point in September 2021, which is also a relatively low point. Therefore, the current position of rare earths is not high. From a long-term investment perspective, rare earths are important metals in the era of "all things electric drive" and have strong long-term investment value. Rare earth is an industry with constantly changing downstream demand. The main function of rare earth is to make rare earth permanent magnets, which are mainly used in various motors. From a first principles perspective, rare earth permanent magnets are metals that convert electrical energy and kinetic energy. In the future, under the background of dual carbon, electricity will be our main energy source. Starting from new energy vehicles, various electric energy application tools will have countless layers, and rare earths as such energy metals will continue to highlight their value. Finally, the direct reason for this round of upward trend is the reassessment of the strategic value of rare earths as a strategic resource in China under the trade conflict between China and the United States. In the past, the A-share market mainly reflected the cyclical growth attribute of rare earths, and did not demonstrate the value of strategic resource commodities. In this trade conflict, rare earths have been repeatedly mentioned as an important bargaining chip in the negotiations between China and the United States, which is more important and conducive to improving the long-term valuation of rare earths. (03/07/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	6,119.62
2	159915	E Fund Chinext ETF	4,374.85
3	510300	Huatai-PB CSI 300 ETF	3,932.54
4	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	3,458.95
5	588200	Harvest SSE STAR Chip Index ETF	3,386.93
6	510050	ChinaAMC China 50 ETF	2,519.65
7	510500	China Southern CSI 500 ETF	2,103.04
8	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	2,049.10
9	159949	Huaan SZSE Chinext 50 ETF	1,882.97
10	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	1,712.05

• Guotai Fund: Listed securities firms reported 'better-than-expected' first-half performance, with both revenue and net profit attributable to parents achieving robust growth, significantly boosting market confidence. Since the beginning of the year, the equity market has demonstrated a steady upward trajectory, accompanied by notably improved trading activity. Key indicators including turnover, margin trading balances, and equity product issuance have consistently recovered, collectively driving the securities sector into a valuation restoration phase and fueling earnings growth. With their strong beta characteristics, securities firms’ core business performance remains closely tied to capital market dynamics. As global liquidity narratives converge, capital markets exhibit vigorous trading activity and rising risk appetite, synchronously lifting the securities industry’s sentiment. (08/09/2025)

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	156,648.75	1.32%	-4,984.51	17,819.71
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	36,278.73	0.68%	5,190.07	9,380.24
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	62,558.07	4.01%	10,746.15	7,775.15
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	25,688.21	4.07%	3,301.65	291.60
3037	CSOP HSI ETF	Hang Seng Index	1,096.62	1.33%	25.89	4.16
3032	HSTECH ETF	Hang Seng TECH Index	6,146.49	4.02%	490.19	167.12
2837	GX HS TECH	Hang Seng TECH Index	1,521.44	4.04%	0.00	2.46
3088	CAM HS TECH	Hang Seng TECH Index	1,729.32	4.03%	-7.14	18.95
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	3,842.19	0.76%	105.79	17.80
3403	CAM HSI ESG	HSI ESG Enhanced Index	10,142.16	2.93%	687.90	57.74
2801	ISHARES CHINA	MSCI CHINA	24,162.61	4.19%	0.00	8.32
2825	WISECSIHK100ETF	CSI HK 100	2,494.28	2.33%	9.96	0.02
3040	GX MSCI CHINA	MSCI CHINA	1,723.21	4.11%	261.86	0.55
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	1,287.49	1.18%	271.08	71.36
3070	PING AN HKDIV	CSI HK Dividend	4,553.41	-0.83%	-708.47	18.30
3115	ISHARESHSI	Hang Seng Index	2,154.00	1.33%	9.42	4.39
3039	EFUNDHSIESG	HSI ESG Enhanced Index	654.99	2.94%	0.00	1.13

 

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Aug 2025.
**Net-Buy(estimated)= Σ(Fund units Increment × Daily Turnover / Daily Volume)
***ADT: ADT in home market

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