December Overview

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Dec 2024.
*SouthBound/Northbound ETF ADT: ADT under Stock Connect.

Top 10 Northbound ETFs of December

TOP 10 ETFs by AUM
Rank	Code	Name	AUM (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	359,629.46
2	510310	E Fund CSI 300 ETF Initiating Fund	246,294.23
3	510330	ChinaAMC CSI 300 ETF	164,007.51
4	159919	Harvest SZSE SME-CHINEXT 300 ETF	156,461.29
5	510050	ChinaAMC China 50 ETF	151,511.91
6	510500	China Southern CSI 500 ETF	101,749.02
7	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	92,934.56
8	159915	E Fund GEM ETF	91,227.06
9	588080	E Fund China Science And Technology Innovation Board 50 Component ETF	58,903.02
10	512100	China Southern CSI 1000 ETF	53,872.81

• Huatai-PB:  In December, the market initially surged, subsequently declined, and the market style transitioned from small-cap to large-cap. The CSI 300 index closed marginally higher. In our view, market expectations have moderated, and exuberance has been significantly tempered, enhancing the likelihood of a favorable market outcome. The fundamentals of the CSI 300 index remain sound, and in the medium term, there is still upside potential, making it a viable option for portfolios. (07/01/2025)

• China AMC: 四季度GDP增速预期上行，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。(07/01/2025)

• HarvestFund: The official manufacturing PMI for December was 50.1%, which remained above the boom bust line for three consecutive months, indicating an overall recovery trend in the manufacturing industry and signs of macroeconomic stabilization. Since the end of September, policies have been continuously implemented, including reserve requirement ratio cuts, interest rate cuts, lowering interest rates on existing housing loans, lowering down payment ratios 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 large borrowing space and deficit increase potential of the central government. At present, 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. (06/01/2025)

 

TOP10 ETFs by Monthly Return
Rank	Code	Name	Return (1Month)
1	515290	Tianhong CSI Bank ETF	6.68%
2	515020	ChinaAMC CSI Banks ETF	6.67%
3	512800	Hwabao WP CSI Banks ETF	6.53%
4	512700	China Southern CSI Banks ETF	6.41%
5	517090	Guotai FTSE China China Enterprises Open All-Win ETF	5.62%
6	159994	Yinhua CSI 5G Communication Theme ETF	5.50%
7	515300	Harvest CSI 300 Dividend Low Volatility Index ETF	5.26%
8	515050	ChinaAMC CSI 5G Communication Theme ETF	5.26%
9	517180	China Southern FTSE China China Enterprises Open All-Win ETF	5.04%
10	515450	China Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF	4.86%

• Tianhong Fund: In 2025, listed companies in the banking sector are expected to maintain stable operations, with revenue and net profit growth remaining steady . Due to the repricing of maturing deposits, net interest margin pressure is anticipated to ease compared to 2024. Currently, listed banks maintain relatively high provision coverage ratios, while the overall non-performing loan generation rate remains low. The ongoing advancement in debt disposal efforts is expected to further strengthen banks' asset quality. Additionally, we believe the high-dividend strategy will continue to be the primary theme driving the performance of bank stocks in 2025. Furthermore, expectations around policy stimulus and economic recovery are likely to support the share price performance of banks. (07/01/2025)

• China AMC: 银行股利润稳定性强、分红比例确定性高、股息的可持续性有保障，在无风险利率持续下行的阶段的配置价值得到关注。基本面上从政策转向到经济实现企稳向好的过程中，银行板块有望取得绝对收益。目前板块估值仍处于历史较低区间，在悲观预期改善、无风险收益率下行背景下，估值上限或进一步打开，关注银行板块投资机会。 (07/01/2025)

• Guotai Fund: The proposal of the "valuation of Chinese state-owned enterprises with Chinese characteristics" and the comprehensive incorporation of market value management into the assessment of the heads of central state-owned enterprises have further promoted the realization and creation of the value of central state-owned enterprises. In addition, the new "Nine Guidelines" have put forward diversified and effective market value management means such as dividends, share repurchases, mergers and acquisitions, equity incentives and information disclosure, bringing new investment opportunities for central state-owned enterprises. (03/01/2025)

• Harvest Fund: Under the low interest rate cycle, dividend assets are a new direction for residents and institutions to allocate their assets. With relatively high dividend yields, dividend assets have become one of the core assets of A-shares, and there are clear signs of institutional investors such as insurance companies continuing to increase their holdings. With the heavyweight conference setting a moderately loose monetary policy, the cost-effectiveness of equity dividend asset allocation is further highlighted. In the future, with the continuous deepening of high-quality development of the Chinese economy and the continuous promotion of high-quality development of the Chinese capital market, the normalized dividend mechanism of listed companies is gradually improving, and the dividend scale and proportion of the A-share market are expected to continue to increase. Dividend allocation may be evolving into a medium - to long-term investment logic, which deserves continuous attention. (06/01/2025)

 

TOP 10 ETFs by Monthly Net-Buy
Rank	Code	Name	Net Buy** (RMB mil)
1	512890	Huatai-PB CSI Dividend Low Volatility ETF	5,542.43
2	510880	Huatai-PB SSE Dividend Index ETF	4,611.58
3	515180	E Fund CSI Dividend ETF	2,905.50
4	515450	China Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF	2,373.74
5	562500	ChinaAMC CSI Robot ETF	2,218.38
6	515100	Invesco Great Wall CSI Dividend Low Volatility 100 ETF	2,014.88
7	159952	GF ChiNext ETF	1,716.48
8	512000	Hwabao WP CSI All Share Investment Banking & Brokerage Index ETF	1,455.61
9	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,325.54
10	515080	China Merchants CSI Dividend ETF	1,119.14

• Huatai-PB:  December is of significance for funds to plan across the year, and the intensification of the dividend style is evident, with dividend assets demonstrating clear excess returns. From a medium- to long-term allocation perspective, the underlying logic supporting dividend assets remains unchanged. The sustained enhancement of the fundamentals of publicly-traded entities is also a pivotal factor in the comprehensive stabilization of the market. Dividend assets have demonstrated resilience and offer a high degree of certainty. (07/01/2025)

• China AMC: 海内外巨头纷纷布局，人形机器人政策不断加码，将为具体研发和应用提供强有力的支持，在政策和技术的双重支持下，加速突破关键技术与产业化；老龄化与人力成本因素下，人形机器人性价比渐显，需求日增，有望发展成新兴产业。中期看在市场估值整体扩张大周期，成长板块往往表现较好，而具有主题驱动的方向能快速汇聚市场资金，机器人板块具有一定配置价值。(07/01/2025)

• Guotai Fund: With the support of policies, the current A-share market enjoys abundant liquidity and the upward trend is expected to continue. All businesses in the securities industry will benefit from the recovery of the market. It is likely to embrace the "Davis Double Play" in terms of profitability and valuation. Besides, the expectation of mergers and acquisitions in the securities industry is constantly intensifying, and the overall profitability and valuation level are expected to keep rising. (03/01/2025)

 

TOP 10 ETFs by Monthly ADT
Rank	Code	Name	ADT*** (RMB mil)
1	510300	Huatai-PB CSI 300 ETF	5,495.75
2	588000	ChinaAMC China Science And Technology Innovation Board 50 Component ETF	4,701.91
3	159915	E Fund GEM ETF	3,499.00
4	588200	Harvest SSE STAR Chip Index ETF	3,069.18
5	510500	China Southern CSI 500 ETF	2,519.12
6	510050	ChinaAMC China 50 ETF	2,518.95
7	512100	China Southern CSI 1000 ETF	2,501.54
8	512480	GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF	1,741.91
9	512880	Guotai CSI All Share Investment Banking & Brokerage Index ETF	1,677.10
10	510310	E Fund CSI 300 ETF Initiating Fund	1,653.10

• Harvest Fund: There are many highlights of science and technology innovation chips in 2025. Firstly, there are good opportunities in the 2025 cycle. Global semiconductor sales are expected to maintain a growth rate of over 10% in 2025, and the industry as a whole will only experience a slight recovery without any other driving force, with a relatively stable foundation. According to the current guidance provided by wafer fabs, it is still good to start production at least in Q1 2025, so the overall downward risk of the industry in 2025 is not significant. Secondly, the most anticipated logic for 2025 is growth opportunities. Recently, the concept of tofu pudding has exploded, and this time it is not just an AI big model, but also involves a series of AI glasses At the Central Economic Work Conference, the concept of "AI+" was even explicitly mentioned, such as AI toys. The combination of the two means that we have technology (represented by breakthroughs in domestic big models such as Dou Bao) and policies, but what we lack is the commercialization of technology. This is something I think is very promising in 2025. Some hardware products of AI+ will be implemented, and next year's AI phone is also certain. Therefore, 2025 is a year where AI hardware is highly likely to have explosive opportunities, which will undoubtedly bring growth opportunities to the semiconductor industry. SSE STAR Chip Index is the most promising chip index, and the investment value next year is not low. Thirdly, 2025 is still a key year for domestic substitution, especially as Trump's uncertain policies after taking office will bring irregular stimulus opportunities to the sector. Therefore, the science and technology innovation chip sector deserves special attention in 2025. At present, before various events occur, the chip sector is still a high beta sector in the market, with stronger elasticity in rising and falling, and maintaining high volatility in the overall market fluctuation range. (06/01/2025)

• China AMC: 四季度GDP增速预期上行，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。上证50行业分布均衡，内需复苏相关板块权重较高，有望受益政策刺激和经济复苏带来的盈利回升，且央国企含量高、股息率高，在当然市场更具配置价值。 (07/01/2025)

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	138,598.29	3.28%	-1,267.89	10,099.30
2828	HANG SENG CHINA ENTERPRISES INDEX ETF	Hang Seng China Enterprises Index	22,090.46	4.89%	-1,320.05	4,838.73
3033	CSOP HANG SENG TECH INDEX ETF	Hang Seng TECH Index	37,752.29	2.51%	-1,801.35	3,076.06
3067	ISHARES HANG SENG TECH ETF	Hang Seng TECH Index	9,630.42	2.16%	-165.29	170.04
3037	CSOP HSI ETF	Hang Seng Index	926.31	3.26%	-121.10	5.88
3032	HSTECH ETF	Hang Seng TECH Index	4,606.48	2.56%	-185.84	62.83
2837	GX HS TECH	Hang Seng TECH Index	2,810.50	2.57%	-119.86	1.09
3088	CAM HS TECH	Hang Seng TECH Index	1,950.07	2.57%	-7.87	50.06
3110	GX HS HIGH DIV	Hang Seng High Dividend Yield Index	2,286.34	6.05%	-21.63	12.31
3403	CAM HSI ESG	HSI ESG Enhanced Index	7,737.64	2.45%	-255.50	27.36
2801	ISHARES CHINA	MSCI CHINA	17,980.35	2.49%	440.77	4.63
2825	WISECSIHK100ETF	CSI HK 100	1,878.21	3.11%	-1.28	0.01
3040	GX MSCI CHINA	MSCI CHINA	2,118.77	2.49%	-211.55	0.24
3069	CAM HSBIOTECH	Hang Seng Hong Kong-Listed Biotech	362.58	-2.60%	-60.76	6.18
3070	PING AN HKDIV	CSI HK Dividend	2,068.72	8.63%	336.31	17.22
3115	ISHARESHSI	Hang Seng Index	1,597.11	3.27%	10.90	2.66
3039	EFUNDHSIESG	HSI ESG Enhanced Index	540.48	2.42%	0.00	0.74

 

Source: SSE, SZSE, HKEX, CESC. Data cut-off date: 31 Dec 2024.
**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.