Core Viewpoint - The article highlights a significant shift in investor behavior towards industry-themed ETFs, particularly in the context of increased market volatility, with a notable preference for sectors with reasonable valuations and high earnings certainty [3][5][6]. Summary by Sections ETF Market Trends - From September 1 to September 9, 12 industry-themed ETFs saw net inflows exceeding 1 billion yuan, with battery ETFs emerging as a new favorite among investors [1][3]. - The battery ETFs, including Guangfa Battery ETF, Huatai-PB Battery 50 ETF, and CMB Battery ETF, attracted net inflows of 3.523 billion yuan, 2.297 billion yuan, and 2.117 billion yuan respectively during this period [3][6]. Sector Rotation - There has been a clear rotation of funds from technology sectors like chips and artificial intelligence to high-growth sectors such as batteries and brokerages, reflecting a preference for assets with reasonable valuations and earnings certainty [5][6]. - The total net inflow for battery-themed ETFs exceeded 10 billion yuan from September 1 to September 9, with significant returns observed in the previous month [6][7]. Performance of Broker ETFs - The Guotai Securities ETF recorded a net inflow of 5.084 billion yuan from September 1 to September 9, marking it as the only ETF to surpass 5 billion yuan in inflows during this period [9][10]. - The overall market activity has remained high, benefiting brokerages, which are directly impacted by trading volumes and margin financing [10]. Cross-Border ETF Activity - There has been a notable inflow into Hong Kong stock ETFs, with 15.36 billion yuan flowing in from September 1 to September 5, indicating growing investor confidence in the Hong Kong market [11]. Changing Investment Behavior - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion yuan from June to August, while broad-based ETFs experienced significant outflows [13]. - The shift towards non-broad-based ETFs suggests a change in how retail investors are entering the market, with ETFs becoming a preferred investment vehicle due to their flexibility and lower costs [13][14].

Group 1 - The Hong Kong stock market has seen significant activity in 2023, particularly in Q2, with many A-share companies listing in Hong Kong, leading to increased investment through ETF products [1][2] - Since April, over 100 ETF products focused on the Hong Kong market have been launched, with nearly 60% of these products experiencing growth in their share sizes, totaling an increase of 184.04 million shares, reaching a total size of 428 billion shares [2][3] - The influx of capital from mainland investors has supported the recovery of the Hong Kong market after significant fluctuations, including a drop of over 13% in the Hang Seng Index in early April [2][3] Group 2 - Specific sectors such as technology and internet-related ETFs have shown notable growth, while healthcare and pharmaceutical-related products have seen a decline in share sizes [3][9] - The Hong Kong Internet ETF (159792) has seen a share increase of 64.78 million shares since April, making it the largest product in terms of share size among Hong Kong-focused ETFs [4][5] - Conversely, the Hang Seng Medical ETF has experienced a significant decrease of 97.75 million shares, despite a year-to-date increase of 32% in its price [10][11] Group 3 - The innovative pharmaceutical sector has attracted attention, with the Hong Kong Innovative Pharmaceutical ETF (159217) growing by 24.31 million shares, reflecting a 192% increase [7][9] - Despite the overall growth in certain ETFs, many have faced price declines, with several products tracking the Hang Seng Technology Index dropping over 5% since April [5][10] - The trend of "buying the dip" is evident in technology and internet-related ETFs, while funds have been withdrawing from healthcare and pharmaceutical sectors [3][9]

Group 1 - The Hang Seng Internet Technology Index has dropped over 3% [1] - The Hang Seng Internet Technology ETF (159202) experienced a decline of 2.41% with a trading volume of 13.6133 million yuan, which is an increase of 137.39% compared to the same time yesterday [1] - The fund has seen an increase of 13 million shares in trading volume over the past month, indicating heightened investor interest [1] Group 2 - The ETF supports T+0 trading, allowing for more flexible investment strategies [1] - The commentary suggests that investing in Hong Kong stocks is best done through Hong Kong stock ETFs, emphasizing the advantages of T+0 trading for global investments [1]