A股持续回暖，资金在买什么？

Market Overview - The A-share market has shown a comprehensive recovery, with the CSI 300 index rising by 7.54% and the Shanghai Composite Index increasing by 6.62% over the past month [2] - The Wind data indicates that the active equity funds have seen a nearly 10% increase in the past month, with a year-to-date rise exceeding 14% [2] ETF Fund Flows - There has been a significant net outflow from broad-based index ETFs such as the CSI A500 and CSI 300, while thematic index ETFs related to Hong Kong stocks, banking, semiconductor technology, and photovoltaic sectors have attracted continuous inflows [2][3] - The recent statistics show that thematic index ETFs have experienced a net inflow of 107.04 million units over the past week, 240.53 million units over the past month, and 358.64 million units over the past quarter [4] Specific ETF Performance - The largest net outflows in the past month were observed in the CSI A500 and CSI 300 ETFs, with outflows of 302.16 million yuan and 249.13 million yuan respectively [5] - Conversely, the top inflows were seen in Hong Kong market ETFs, including the Hong Kong Internet ETF and the Hong Kong Non-Bank ETF, with significant inflows also noted in banking, semiconductor, and photovoltaic ETFs [5][6] Competitive Landscape - The ETF market has become increasingly competitive, with several fund companies that previously did not have ETF plans now preparing to enter the market [8] - The largest thematic index ETF, the semiconductor index ETF, has a total scale of 371 billion yuan, with the leading fund, managed by Harvest Fund, attracting 36 billion yuan in inflows over the past month [6][8] Fund Management Rankings - As of June 30, 2025, the top five fund management companies by net asset value (excluding money market and short-term bond funds) are E Fund, Huaxia Fund, GF Fund, Harvest Fund, and Fortune Fund, with E Fund leading at approximately 1,399.59 billion yuan [9][11] - In the passive equity fund sector, Huaxia Fund and E Fund also rank among the top, indicating a strong presence in both active and passive fund management [11]