January Overview

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

Top 10 Northbound ETFs of January

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	352,546.76
2	510310	E Fund CSI 300 ETF Initiating Fund	241,639.19
3	510330	ChinaAMC CSI 300 ETF	161,182.84
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	155,290.50
5	510050	ChinaAMC China 50 ETF	144,134.76
6	510500	China Southern CSI 500 ETF	98,864.40
7	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	90,296.07
8	159915	E Fund Chinext ETF	86,252.16
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	58,306.41
10	512100	China Southern CSI 1000 ETF	53,402.11

• 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: The official manufacturing PMI for January 2025 fell to 49.1% due to the Spring Festival effect, a decrease of 1.0 percentage point from the previous month. This decline is greater than the average level of the Spring Festival months in comparable years, indicating that the PMI performance in January was weaker than seasonal. However, during the Spring Festival, residents' travel and consumption data showed relatively positive performance, and the overall market sentiment was still acceptable. 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. (11/02/2025)

• China Southern: 本周，受DeepSeek驱动AI行情影响，主要宽基指数节后先抑后扬，中小盘成长风格明显占优。中证500指数上涨4.38%，跑赢沪深300幅度超2%。海外方面，美联储1月决议暂缓降息，特朗普关税政策仍有反复，需进一步跟踪其对市场流动性及风险偏好的影响。国内方面，受春节假期影响，1月制造业PMI放缓，积极点在于价格指数回暖、企业生产经营预期回升明显。当前，春节后资金活跃度较高，受政策发力和流动性宽松等利好影响，小盘题材股后续或有阶段性机会，但需警惕AI相关交易的拥挤度。(11/02/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	517520	Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	7.81%
2	159770	Tianhong CSI Robot ETF	4.96%
3	562500	ChinaAMC CSI Robot ETF	5.01%
4	512400	China Southern CSI SWS Non-Ferrous Metal ETF	4.83%
5	159732	ChinaAMC Guozheng Consumer Electronic Theme ETF	3.35%
6	560500	Pengyang CSI 500 Quality Growth ETF	2.41%
7	515250	Fullgoal CSI Intelligent Automobile Theme ETF	1.50%
8	516310	E Fund CSI Banks ETF	1.40%
9	515290	Tianhong CSI Bank ETF	1.13%
10	512700	China Southern CSI Banks ETF	1.41%

• Tianhong Fund: In the short term, humanoid robots are at a critical breakthrough stage from 0 to 1, with technology maturing and mass production imminent. As more companies join the industry, the sector's popularity continues to rise, accelerating technological innovation and commercial implementation. The main drivers of development are the integration of the industrial chain and the release of market potential. In the long term, driven by advancements in large models, chips, and other technologies, robots are expected to become key tools for intelligence and efficiency, leading transformations in industrial, commercial, and household fields, and becoming a core force in societal development. The current market is entering a growth phase for small-cap companies, highlighting the growth potential of related firms, which are rapidly expanding under the impetus of policies and market demand. Additionally, the robotics sector embodies both technological and cyclical characteristics and is closely correlated with the prosperity of the manufacturing industry. If economic stimulus policies are implemented, the sector stands to benefit. (11/02/2025)

• China AMC: 消费电子行业在政策与技术双轮驱动下前景向好。2025 年 “两新” 扩围，国补纳入手机等 3C 数码，有望拉动国内需求。技术上，AI 持续向终端渗透，安卓因 AI 升级与国补需求平稳，苹果产业链有估值吸引力和新品周期催化，AI 穿戴设备渗透率也将提升。在政策利好与技术进步下，估值有望提升，关注产业链相关投资价值。(13/02/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	510330	ChinaAMC CSI 300 ETF	4,451.89
2	510300	Huatai-PB CSI 300 ETF	2,970.02
3	159919	Harvest SZSE SME-CHINEXT 300 ETF	2,796.96
4	510310	E Fund CSI 300 ETF Initiating Fund	2,208.41
5	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	1,431.44
6	512100	China Southern CSI 1000 ETF	1,414.78
7	510880	Huatai-PB SSE Dividend Index ETF	1,395.79
8	510500	China Southern CSI 500 ETF	1,137.17
9	562500	ChinaAMC CSI Robot ETF	1,082.40
10	512890	Huatai-PB CSI Dividend Low Volatility ETF	966.84

• China Southern: 本周市场回暖，中证1000指数涨4.93%，产业催化下TMT强势领跑。情绪方面，周五单日成交额约2万亿，节后市场风险偏好显著回升；价格指标方面，大小盘相对比价本周继续下穿60日均线，短期小盘呈占优之势。站在当前，交易型资金是市场主要定价力量，目前国内宏观平稳，而关税及美债利率等海外扰动阶段缓释，叠加AI链再迎重磅催化，资金对产业趋势主题博弈意愿较强。展望后市，历史上看春节后往往是情绪进一步回暖的窗口期，加之主题催化不断，小盘成长仍存机会；中期需留意海外政策释放节奏及潜在的影响。(11/02/2025)

• Huatai-PB: In January, the performance of the dividend style demonstrated a certain degree of volatility. The mainstream dividend index generally fell between 2% and 5%, though this was still viewed favorably by some investors. On 22 January, the CFC Office and six other ministries and commissions jointly issued the 'Implementation Plan on Promoting the Entry of Medium to Long-Term Funds into the Market'. The policy explicitly calls for public funds and insurance funds to increase their investment in A-shares, with high-dividend, low-volatility assets expected to be a key focus area. (12/02/2025)

• China AMC: 海内外巨头纷纷布局，人形机器人政策不断加码，叠加技术突破，关键技术与产业化加速。2025 年以DeepSeek为代表的大模型开源趋势加快，机器人成本与壁垒降低，应用终端百花齐放。在老龄化与人力成本推动下，人形机器人性价比凸显、需求增长，有望成为新兴产业。中期来看，成长板块在市场估值扩张时表现较好，机器人板块受主题驱动，具备配置价值。(13/02/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	4,457.94
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	4,206.44
3	159915	E Fund Chinext ETF	3,444.00
4	588200	Harvest SSE STAR Chip Index ETF	2,641.74
5	512100	China Southern CSI 1000 ETF	2,507.80
6	510050	ChinaAMC China 50 ETF	2,440.79
7	510500	China Southern CSI 500 ETF	2,158.94
8	512480	CPIC CSI All Share Semiconductors & Semiconductor Equipment ETF	1,611.62
9	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,295.85
10	159949	Huaan SZSE Chinext 50 ETF	1,217.49

• 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: The SSE STAR Chip Index is currently in a window period of resonance between cyclical recovery and long-term growth. In the short term, the downward trend in overseas hardware stock prices driven by DeepSeek has lowered domestic hardware investment expectations. However, in the medium to long term, the improvement in efficiency will increase the demand for hardware, and the trend of industrial upgrading will not change. At present, the entire chip sector is still continuously sinking and catalyzing along the five main logic lines of "AI computing power + AI terminals + consumer electronics cycle +a utomotive chips + domestic substitution", with huge investment potential. In the next 3-5 years, with the continuous advancement of domestic technology, China's chip industry is expected to achieve a hierarchical transition in the global value chain. The SSE STAR Chip Index, constructed by leading stocks with strong innovation, high technological barriers, stable cash flow, and solutions to bottleneck problems, can better enable investment and seize long-term investment opportunities in the industry chain, and needs to be given special attention. (11/02/2025)

• Guotai Fund: Influenced by factors such as the fluctuating adjustment of the 10-year Treasury bond yield, the volatile expectations of US interest rate cuts, the implementation of new policies for medium - and long-term funds to enter the market, and the optimistic effect of the technology market under the AI parity triggered by DeepSeek, the market has recently rebounded with increased volume. As a barometer of the stock market, the securities sector, with its proprietary trading, brokerage and other businesses, directly benefits from the market recovery and is expected to witness a dual restoration of valuation and performance. (12/02/2025)

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	145,108.94	1.14%	3,701.46	10,043.72
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	26,413.44	1.78%	3,866.13	6,494.57
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	38,759.63	5.64%	-1,100.06	3,636.89
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	10,080.02	5.70%	-39.48	143.21
3037	CSOP HSI ETF	Hang Seng Index	936.94	1.15%	0.00	6.28
3032	HSTECH ETF	Hang Seng TECH Index	4,801.63	5.66%	-30.10	63.98
2837	GX HS TECH	Hang Seng TECH Index	2,965.20	5.67%	-6.77	2.23
3088	CAM HS TECH	Hang Seng TECH Index	1,975.71	5.67%	28.47	66.05
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	5,129.34	-1.83%	2,830.99	57.83
3403	CAM HSI ESG	HSI ESG Enhanced Index	7,779.23	0.51%	-110.85	49.60
2801	ISHARES CHINA	MSCI CHINA	18,294.62	1.26%	85.79	6.74
2825	WISECSIHK100ETF	CSI HK 100	1,914.65	1.66%	0.00	0.00
3040	GX MSCI CHINA	MSCI CHINA	744.19	1.28%	-853.10	0.39
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	350.35	0.51%	-14.36	1.21
3070	PING AN HKDIV	CSI HK Dividend	1,825.48	-0.71%	-225.48	20.20
3115	ISHARESHSI	Hang Seng Index	1,703.62	1.15%	85.25	6.21
3039	EFUNDHSIESG	HSI ESG Enhanced Index	545.52	0.51%	2.23	0.92

 

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

DATABASE

More Info of ETFs' Issuers

SZHK Stock Connect	ETF via SHHK Stock Connect	ETFs in Stock Connect

IMPORTANT NOTICE

IMPORTANT RISK WARNINGS / NOTES
Information provided on this webpage of Stock Connect ETF Information Portal (the “Webpage”) is for general information and reference only. None of the information contained on the Webpage constitutes nor is intended to be construed as an advertisement or investment advice or an offer, solicitation, or recommendation to deal in any securities or investments in any jurisdiction and does not purport to represent or warrant the outcome of any investment strategy, program or product.
The Webpage is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject China Exchanges Services Company Limited (“CESC”), Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange and Shenzhen Stock Exchange (together, the “Entities”, each an “Entity”) to any registration requirement within such jurisdiction or country. No content in the Webpage may be regarded as creating any obligation on the part of any of the Entities.
CESC does not provide investment, legal, tax or other advice through any information and nothing herein should be construed as being investment, legal, tax or other advice. CESC does not represent that any investment instruments or services discussed are suitable for any investor.
Investors should note that all investments involve risks including the possibility of loss of the capital invested. Prices of investment products may go up as well as down and may even become valueless, and past performance information presented is not indicative of future performance. Investors should not base on the information to make any investment decision, but should read in detail the offering documents and terms and conditions (including the full text of the risk factors stated therein) of the relevant investment products, and should seek the advice of a professional financial advisor when making a decision about investments.

DISCLAIMER
All information contained in this website and any pages (the “Website”) thereof (the “Information”) is provided for reference only. The information is provided by China Exchanges Services Company Limited (“CESC”) for general information and reference only. CESC endeavours to ensure the accuracy and reliability of the Information but makes no warranty or representation as to its accuracy, completeness, reliability or suitability for any particular purpose. CESC accepts no liability (whether in tort or contract or otherwise) whatsoever to any person for any loss or damage arising from any inaccuracy or omission in the Information and/or from any decision, action or non-action based or in reliance upon the Information. None of the Information is intended to constitute investment advice and/or a recommendation to make (or refrain from making) any kind of investment decision. Any person intending to use the Information and/or any part thereof should seek independent professional advice. The Information is provided without warranties of any kind, either expressed or implied, including (but not limited to) warranties of merchantability, merchantable quality, title, fitness for a particular purpose, security and non-infringement.
Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange and Shenzhen Stock Exchange do not guarantee the accuracy and reliability of the Information and accepts no liability (whether in tort or in contract or otherwise) for any loss or damage suffered by any person arising from any inaccuracies or omissions and/or for any reliance placed on such Information.
CESC neither endorses nor is responsible for the accuracy or reliability of the information produced and provided by third-party information providers on this webpage of ETF Connect Information Portal (the “Webpage”), and under no circumstances will CESC be liable for any loss or damage caused by any opinion or statement made in the Webpage. The information is for general information and reference only and does not constitute nor is it intended to be construed as any professional advice, offer, solicitation or recommendation to deal in any of the securities or investments mentioned herein. Any projections and opinions expressed herein are expressed solely as general market commentary and do not constitute solicitation, recommendation, investment advice, or guaranteed return. The opinions expressed are those of the featured speaker(s), and do not represent CESC's views. The opinions given by the featured speaker(s) are subject to changes without notice and should not be construed as a solicitation, recommendation, or advice on any individual holdings or market sectors. No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any third party information, projections and/or opinions provided on the Webpage and the basis upon which any such third party projections and/or opinions have been made, and no liability or responsibility is accepted by CESC in relation to the use of on any such third party information, projections and/or opinions whatsoever provided on the Webpage. Investors must make their own assessment of the relevance, accuracy and adequacy of the information, projections and/or opinions provided on the Webpage and make such independent research/investigations as they may consider necessary or appropriate for the purpose of such assessment. CESC does not make any representation, solicitation, recommendation, or assessment as to whether or not any of the information mentioned herein is/are suitable or applicable to any persons and thus shall not be held responsible in this regard. Investors should make investment decision(s) based on his/her own financial situation, investment experience, investment objectives, and specific needs; and if necessary, should seek independent professional advice before making any investment decision(s).

LINKED WEBSITES
The Webpage may contain links to other websites which are not operated by CESC. These links have been provided solely for you to obtain further information about other relevant entities in the market. CESC have no control over the information referred to on these sites or the products or services on them, and therefore makes no representations and accepts no responsibility regarding the accuracy or suitability of the information, services or products described on them. You are advised to make your own enquiries in relation to third parties described or linked on this internet site. Inclusion of a link to a third party site should not be construed as an endorsement of such third party site by CESC or that party's endorsement of the Website.
By linking to sites not operated by CESC, CESC is not authorizing the reproduction of any material on such sites, as such material may be the subject of third party intellectual property rights.

DOWNLOADS AND E-MAIL
The Webpage allows for downloading of files. CESC does not accept liability for any loss or damage which may result from the downloading or e-mailing of any of these files. E-mail is not secure and can be intercepted, corrupted or amended. CESC does not accept liability for errors or omissions arising as a result of interrupted or defective transmission.

COPYRIGHT NOTICE
On the premise of complying with relevant laws and this statement, any institution or individual may browse and download the content of the Website for non-commercial purposes, but distribution, redistribution, reproduction, modification, transmission, use, reuse and/or storage of the Information in whole or in part, in any form or by any means are strictly prohibited without the prior written permission of CESC.