The "Zheng Zheng Jing Jing" column observed that on last Friday (9th), after the market opened, broad-based ETFs (ETFs tracking broad-based or large-cap indices) saw a surge in volume, indicating that the 'Uncle' might have entered the market.
According to Gleneagles Analytics, from October 8 to 9, stock-type ETFs recorded a total net inflow of as high as 40.69 billion yuan (RMB, same below) in just two trading days.
Among them, broad-based index ETFs led by a wide margin with a massive net inflow of 28.7 billion yuan, dominating the market. Sector-themed ETFs ranked second with 12.6 billion yuan, primarily driven by technology and healthcare.
Credit bond index ETFs and strategy-style ETFs experienced significant net outflows, especially credit bond index ETFs, which saw outflows of 6.51 billion yuan.
Ranked by net inflow, the KraneShares SSE STAR Market 50 ETF, E Fund ChiNext ETF, and Nanfang CSI 1000 ETF recorded net inflows of 7.27 billion yuan, 4.31 billion yuan, and 2.69 billion yuan respectively over the two trading days.
*Five consecutive trading days of capital inflow*
Extending the timeline, stock-type ETFs have attracted capital for five consecutive trading days, accumulating a net inflow of over 77 billion yuan.
Among them, the "Double Innovation" sectors, representing innovation and growth, have been particularly favored. Since September 24, the KraneShares SSE STAR Market 50 ETF has accumulated net inflows exceeding 22 billion yuan.
Meanwhile, the STAR Market Index has frequently been mocked as the worst-performing index recently.
These data also answer from a capital perspective a question everyone is concerned about:
*Who is buying? Who is exiting?*
According to the "ETF Net Inflow Ranking for the Two Trading Days After National Day," capital flow shows a very clear trend of "focusing on large caps while abandoning small caps" and a "hard tech" orientation.
In terms of sector themes, semiconductors and chips have become the absolute capital magnets.
Products such as the KraneShares STAR Market Semiconductors ETF, Harvest STAR Market Chips ETF, Guolian Anxin Semiconductors ETF, and the KraneShares Chips ETF have all ranked among the top, with net inflows exceeding 1 billion yuan each.
This indicates that despite short-term market volatility, market logic around AI industry development, domestic substitution, and the upward semiconductor cycle remains strong.
Additionally, inflows into safe-haven assets such as the Huaan Gold ETF and the Pengyang 30-Year Treasury ETF reflect some capital seeking hedging allocations amid equity market volatility.
On the surface, market style seems somewhat extreme—on one hand, bold bets on tech growth, and on the other, a search for stability and safety.
However, this style is not new but has existed over the past few years, commonly known as the "barbell strategy."
Recently, there has been much discussion in the market about the tech sector cooling down and bank stocks hitting new highs, but judging from ETF data, the situation may not be so straightforward.
This is not to deny the demand for risk aversion, nor to deny the fact that bank stocks have risen, but market shifts usually happen quietly. If one only looks at bank stocks' new highs, linear thinking would suggest tech stocks are being abandoned again, making investors eager to avoid them.
*Capital is using ETFs to bottom-fish tech sectors*
However, looking at ETF net buying, the conclusion could be the opposite—that capital is using ETFs to bottom-fish tech sectors.
Therefore, interpretations of the same event are not fixed, and conclusions are not singular.
For innovative tech sectors, long-term value still exists. After months of correction, valuations have been significantly digested, which might explain why ETF capital keeps buying on dips.
However, whether these capital flows have made the right bets still requires future validation. For tech stocks, Q3 earnings data are particularly important.
These data will be released gradually this month and next month—investors should pay close attention.
The Hong Kong market rebounded in a V-shape last Friday, but A-shares did not follow suit yesterday. Whether last Friday's V-rebound will hold will be discussed tomorrow (14th). Senior Investor, Shek King-chuen
(Investing involves risk, and each investor's risk tolerance varies; independent thinking is essential. The author may trade based on market conditions.)
*Articles published in "ETnet," signed and/or unsigned, represent the authors' personal opinions and do not reflect ETnet's position. ETnet's role is to provide a free speech platform.
According to Gleneagles Analytics, from October 8 to 9, stock-type ETFs recorded a total net inflow of as high as 40.69 billion yuan (RMB, same below) in just two trading days.
Among them, broad-based index ETFs led by a wide margin with a massive net inflow of 28.7 billion yuan, dominating the market. Sector-themed ETFs ranked second with 12.6 billion yuan, primarily driven by technology and healthcare.
Credit bond index ETFs and strategy-style ETFs experienced significant net outflows, especially credit bond index ETFs, which saw outflows of 6.51 billion yuan.
Ranked by net inflow, the KraneShares SSE STAR Market 50 ETF, E Fund ChiNext ETF, and Nanfang CSI 1000 ETF recorded net inflows of 7.27 billion yuan, 4.31 billion yuan, and 2.69 billion yuan respectively over the two trading days.
*Five consecutive trading days of capital inflow*
Extending the timeline, stock-type ETFs have attracted capital for five consecutive trading days, accumulating a net inflow of over 77 billion yuan.
Among them, the "Double Innovation" sectors, representing innovation and growth, have been particularly favored. Since September 24, the KraneShares SSE STAR Market 50 ETF has accumulated net inflows exceeding 22 billion yuan.
Meanwhile, the STAR Market Index has frequently been mocked as the worst-performing index recently.
These data also answer from a capital perspective a question everyone is concerned about:
*Who is buying? Who is exiting?*
According to the "ETF Net Inflow Ranking for the Two Trading Days After National Day," capital flow shows a very clear trend of "focusing on large caps while abandoning small caps" and a "hard tech" orientation.
In terms of sector themes, semiconductors and chips have become the absolute capital magnets.
Products such as the KraneShares STAR Market Semiconductors ETF, Harvest STAR Market Chips ETF, Guolian Anxin Semiconductors ETF, and the KraneShares Chips ETF have all ranked among the top, with net inflows exceeding 1 billion yuan each.
This indicates that despite short-term market volatility, market logic around AI industry development, domestic substitution, and the upward semiconductor cycle remains strong.
Additionally, inflows into safe-haven assets such as the Huaan Gold ETF and the Pengyang 30-Year Treasury ETF reflect some capital seeking hedging allocations amid equity market volatility.
On the surface, market style seems somewhat extreme—on one hand, bold bets on tech growth, and on the other, a search for stability and safety.
However, this style is not new but has existed over the past few years, commonly known as the "barbell strategy."
Recently, there has been much discussion in the market about the tech sector cooling down and bank stocks hitting new highs, but judging from ETF data, the situation may not be so straightforward.
This is not to deny the demand for risk aversion, nor to deny the fact that bank stocks have risen, but market shifts usually happen quietly. If one only looks at bank stocks' new highs, linear thinking would suggest tech stocks are being abandoned again, making investors eager to avoid them.
*Capital is using ETFs to bottom-fish tech sectors*
However, looking at ETF net buying, the conclusion could be the opposite—that capital is using ETFs to bottom-fish tech sectors.
Therefore, interpretations of the same event are not fixed, and conclusions are not singular.
For innovative tech sectors, long-term value still exists. After months of correction, valuations have been significantly digested, which might explain why ETF capital keeps buying on dips.
However, whether these capital flows have made the right bets still requires future validation. For tech stocks, Q3 earnings data are particularly important.
These data will be released gradually this month and next month—investors should pay close attention.
The Hong Kong market rebounded in a V-shape last Friday, but A-shares did not follow suit yesterday. Whether last Friday's V-rebound will hold will be discussed tomorrow (14th). Senior Investor, Shek King-chuen
(Investing involves risk, and each investor's risk tolerance varies; independent thinking is essential. The author may trade based on market conditions.)
*Articles published in "ETnet," signed and/or unsigned, represent the authors' personal opinions and do not reflect ETnet's position. ETnet's role is to provide a free speech platform.
