On September 10th, all three major A-share indices closed in the red, with the Shanghai Composite Index falling 0.43%, the Shenzhen Component Index dropping 0.77%, and the ChiNext Index declining 0.49%. Despite the notable market volatility, investors chose to increase their exposure through stock ETFs, resulting in a combined net inflow of 4.897 billion yuan into these funds for the day.

ETFs tracking the Hang Seng Tech and STAR 50 indices emerged as the primary beneficiaries of this capital influx, while funds focused on semiconductors, Hong Kong-listed pharmaceuticals, the SSE 50, securities, and healthcare experienced significant outflows.

Hang Seng Tech and STAR 50 ETFs See Heavy Buying

Wind data reveals that as of September 10th, the total assets under management for the 1,559 stock ETFs (including cross-border ETFs) across the market stood at 3.42 trillion yuan. During the market pullback on September 10th, stock ETFs overall recorded a net inflow of 4.897 billion yuan, calculated based on the average transaction price during the trading session.

By category, bond ETFs and broad-based index ETFs saw the most substantial inflows for the day, attracting 3.735 billion yuan and 2.489 billion yuan, respectively. ETFs linked to the Hang Seng Tech index were the standout performers, with a single-day net inflow of 1.68 billion yuan. Notably, the Hang Seng Tech ETF Huaan柏瑞 (managed by China Asset Management) recorded a net inflow of 805 million yuan, while the Hang Seng Tech ETF ChinaAMC saw inflows of 427 million yuan, both ranking at the top of the net inflow charts.

ETFs tracking the STAR 50 index also attracted significant capital. On September 10th, ETFs following this index saw combined net inflows of 1.37 billion yuan. The STAR 50 ETF ChinaAMC led with a net inflow of 852 million yuan, followed by the STAR 50 ETF E Fund with 170 million yuan. Looking at a five-day window, cumulative inflows into STAR 50 index ETFs have surpassed 6.8 billion yuan recently.

Among major asset managers, the total scale of ETFs managed by E Fund stood at 621.66 billion yuan, a decrease of 2.05 billion yuan from the previous trading day. Within this, the Growth ETF E Fund saw its scale reach 8.01 billion yuan with a net inflow of 330 million yuan; the ChiNext ETF E Fund reached 65.29 billion yuan with a net inflow of 310 million yuan; the Value ETF E Fund stood at 8.43 billion yuan with a net inflow of 290 million yuan; and the China Internet ETF E Fund reached 36.03 billion yuan with a net inflow of 90 million yuan.

For China Asset Management (ChinaAMC), the STAR 50 ETF ChinaAMC and Hang Seng Tech ETF ChinaAMC led in net inflows at 852 million yuan and 427 million yuan, respectively. Their latest scales are 90.795 billion yuan and 38.688 billion yuan, with the corresponding indices seeing average daily turnover of 5.891 billion yuan and 1.864 billion yuan over the past month. Additionally, the Credit Bond ETF ChinaAMC and Hang Seng Internet ETF ChinaAMC drew net inflows of 397 million yuan and 287 million yuan, while the Treasury Bond ETF ChinaAMC, A500 ETF ChinaAMC, and ChiNext Growth ETF ChinaAMC each saw inflows exceeding 100 million yuan.

Industry and Thematic ETFs See Notable Outflows

On the outflow side, industry and thematic ETFs witnessed a significant net outflow of 493 million yuan for the day, with their total scale contracting by 9.232 billion yuan. The Semiconductor ETF experienced the largest outflow at 440 million yuan, followed by the HK Pharma ETF with 410 million yuan, the Securities ETF with 340 million yuan, and the Pharma ETF with 260 million yuan.

Commenting on the recent high-volatility market conditions, Founder Fubon Fund advised that ordinary investors should abandon theme speculation and instead focus on earnings certainty for a stable investment approach. They suggested adopting a balanced allocation strategy, emphasizing high-growth sectors, and entering positions in batches during pullbacks rather than chasing highs or heavily betting on short-term hotspots. Defensive assets with low volatility and strong stability could help smooth out portfolio drawdowns and reduce overall volatility.

"Looking ahead, we need to closely track three key developments: First, the reshaping of consensus after the mid-year earnings reporting season concludes, observing whether the market can regain fundamental confidence in core assets under the policy direction of 'economy transforming towards innovation and quality.' Second, the inflection point for overseas liquidity, particularly the Fed's September FOMC meeting and the trajectory of long-term U.S. Treasury yields, which will determine whether the valuation pressure on tech and growth sectors can be lifted. Third, marginal changes in trading volume, specifically whether the combined turnover of the two exchanges can effectively expand and stabilize above the 2 trillion yuan threshold, which serves as a key indicator for whether the market can transition from a zero-sum game to incremental gains," Founder Fubon Fund further elaborated.