“国家队”操作路线曝光

Core Viewpoint - The "national team" has significantly increased its holdings in ETFs and other Chinese stock assets during the first half of the year, demonstrating its influence and stabilizing effect on the A-share market amidst volatility [1][3][11]. Group 1: National Team's Investment Strategy - As of June 30, the "national team" institutions, including Central Huijin and China Reform Holdings, held a total of 3.769 billion ETF shares, an increase of 659.41 million shares year-to-date, with a total market value of 1.28 trillion yuan, reflecting a growth of over 20% [8][9]. - Central Huijin maintained a stable overall holding, with 21 ETFs and a total of 1.971 billion shares, while Central Huijin Asset Management significantly increased its holdings by 658.86 million shares to 1.785 billion shares, a 58.5% increase from the end of last year [4][9]. - The top five ETFs held by the "national team" include Huatai-PB CSI 300 ETF (market value of 292.9 billion yuan), E Fund CSI 300 ETF (217.7 billion yuan), and others, which together account for over 75% of the total market value of their ETF holdings [9]. Group 2: Market Trends and ETF Growth - The total market size of ETFs surpassed 5 trillion yuan by August 31, 2023, marking a 37.25% increase from the end of the previous year, with a record increase of 1.39 trillion yuan in the first eight months [11][12]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and increased investment demand [13][14]. - The "national team" played a crucial role in stabilizing the market during downturns, with significant inflows from long-term funds such as insurance capital, which is expected to reach a net inflow of 1 trillion yuan into equity assets this year [11][12].