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The dual innovation weight sector pulls back, and funds are counter-cyclically increasing positions in the ChiNext and STAR Market ETF, E Fund.
During the early trading session on April 2, some technology-weighted sectors in the A-share market saw a notable pullback. Stocks in the ChiNext and Science and Innovation Board-focused areas—such as semiconductor equipment, integrated circuits, and photovoltaic equipment—collectively weakened, dragging down the performance of related indices. Data shows that the ChiNext Index fell 1.8% in the first half of the session, the CSI Science and Innovation Innovation Board and ChiNext 50 Index fell 2.2%, and the Shanghai Composite Science and Innovation Board 50 constituent index fell even more deeply, reaching 2.3%.
Despite overall market pressure, fund flows showed signs of differentiation. The E Fund ChiNext ETF (159915) and its linked fund (A/C/Y share codes 110026/004744/022907) received net subscriptions of 51 million shares in the morning. The E Fund Science and Innovation Board and ChiNext ETF (159781) and its linked fund (A/C/Y share codes 013304/013305/022910) also attracted 33 million shares of net subscriptions. This phenomenon of “index declines, but funds flow in against the trend” reflects some investors’ recognition of the long-term value of the related sectors.
A recent research report from China Construction Investment Securities Company Limited (CITIC) states that the A-share market has already shown signals that a mid-term adjustment is nearing its end. The firm believes that although short-term fluctuations are difficult to avoid, the long-term logic that the reform of the capital markets is being pushed deeper has not changed. For “left-side” trading funds with a lower risk appetite, it is recommended to closely monitor signs that the market stabilizes and to focus on allocating to China-advantaged assets with core competitiveness. Judging by valuation levels, after the earlier pullback, some technology growth sectors have already formed relatively attractive allocation value.