On March 31, ETF market capital flows diverged: Gold ETFs attracted over 1.6 billion yuan, while SSE 50 ETFs saw outflows of more than 700 million yuan.

Yesterday, the A-share market’s overall performance was lackluster, with all three major indexes showing a downward trend. Judging by sector performance, the compute power hardware industry chain saw a clear adjustment, and sub-sectors such as memory chips and CPO led the market lower. The new energy sector was also weak; photovoltaic and lithium battery concept stocks all pulled back collectively, and individual stocks related to semiconductors and AI applications also fell by relatively large margins. Among cyclical sectors, chemical, power, coal, oil and gas, and agriculture led the decline, forming the market’s main short-selling force.

In terms of capital flows, the ETF market—excluding money market ETFs—showed a notable split. The Hu’an Gold ETF received a net inflow of 16.90 billion yuan in funds on the day, with fund shares increasing by 173 million units, becoming the top choice for risk-hedging capital. The GF CSI 1000 ETF followed closely, with net inflows of 13.27 billion yuan and shares increasing by 420 million units. The Tiyubix CSI AAA Sci-Tech Innovation Bond ETF also attracted 14.94 billion yuan in capital favor, with shares increasing by 15 million units. It is worth noting that the high-speed rail concept and the CRO sector strengthened against the trend, and the large consumer and large financial sectors also remained steady, providing important support for the market.

On the capital outflow side, some ETFs saw large-scale redemptions. The Xia China SSE 50 ETF had net outflows of 705 million yuan, with shares decreasing by 241 million units; the Harvest CSI Hong Kong Stock Connect Internet ETF had net outflows of 679 million yuan, with shares decreasing by 1.00 billion units; and the GF CSI Hong Kong Stock Connect Non-bank Financials Thematic ETF had net outflows of 456 million yuan, with shares decreasing by 300 million units. This kind of differentiated capital flow reflects that the market’s asset-allocation preferences for different asset categories are changing.

According to the latest statistics, as of March 31, the total ETF outstanding shares across the entire market reached 3365.58 billion units, and assets under management exceeded 4.98 trillion yuan. From the perspective of industry distribution, ETFs in the discretionary consumer sector saw the most significant increase in shareholdings over the past week, with 2 funds tracking that industry index. For thematic investing, funds tracking the China Trade Service Semiconductor Chip Industry Index saw the largest increase in shareholdings, with a total of 1 fund tracking it. At the level of index underlying targets, the Semiconductor Materials and Equipment Index was tracked by 5 funds, becoming the most widely watched underlying; the S&P Biotech Select Industry Index led with a return of 6.85%, and 1 fund tracked that index.