“国家队”继续出手！二季度增持多只头部ETF，累计超1900亿元

Core Insights - The latest data reveals that the scale of public funds, particularly ETFs, has reached 4.31 trillion yuan by the end of Q2, marking a quarter-on-quarter growth of 13.42% [1][3] - The stock-type ETFs account for a significant 75.06% of the total ETF scale, indicating a strong preference for equity investments among fund managers [3] - The "national team," represented by Central Huijin Asset Management, has actively increased its holdings in at least 8 leading ETFs during Q2, with a total estimated investment exceeding 190 billion yuan [1][4][5] ETF Scale and Performance - As of the end of Q2, the total ETF scale is approximately 4.31 trillion yuan, up from 3.8 trillion yuan at the end of Q1, reflecting a growth of 13.42% [3] - Six stock-type ETFs have surpassed 100 billion yuan in scale, with the top three being: - Huatai-PB CSI 300 ETF: 3747.04 billion yuan (up 10.62%) - E Fund CSI 300 ETF: 2665.16 billion yuan (up 13.4%) - Huaxia CSI 300 ETF: 1967.01 billion yuan (up 23.82%) [3] - Other notable ETFs exceeding 100 billion yuan include: - Harvest CSI 300 ETF: 1695.71 billion yuan (up 14.43%) - Huaxia SSE 50 ETF: 1654.44 billion yuan (up 13.52%) - Southern CSI 500 ETF: 1134.38 billion yuan (up 19.57%) [3] National Team's Investment Activity - The "national team" has shown a clear trend of increasing their holdings in major ETFs, with significant purchases noted in Q2: - Huatai-PB CSI 300 ETF: 108.74 billion shares, approximately 420 billion yuan - E Fund CSI 300 ETF: 84.29 billion shares, approximately 310 billion yuan - Huaxia CSI 300 ETF: 92.88 billion shares, approximately 350 billion yuan - Harvest CSI 300 ETF: 55.4 billion shares, approximately 220 billion yuan [4][5] - Overall, the estimated total investment by the national team in these 8 ETFs during Q2 is around 1930 billion yuan [5] Market Outlook - Analysts suggest that the ongoing support from the national team signals a commitment to stabilizing the market, especially during periods of volatility [5][6] - The national team's future investment decisions will depend on the improvement of policy and external environments, as well as the stock market's valuation levels [7] - The A-share market is expected to continue presenting structural opportunities, with a focus on the cost-effectiveness of broad-based index investments [7]