On June 9, the A-share market staged a strong rebound, with all three major indices moving higher. Both the Shenzhen Component Index and ChiNext Index surged by more than 3%. Among over 1,500 ETFs across the market, nearly 80% posted gains. Semiconductor-themed ETFs led the rally with a powerful surge. Many funds jumped sharply, and a leading semiconductor ETF even hit the daily limit in late trading, showcasing a striking market reversal.
Notably, amid the market pullback on June 8, capital did not flee in panic. Instead, more than 28 billion yuan poured into equity ETFs against the trend. Broad-based ETFs stood out as the top pick for institutional capital, with several major products recording a single-day net inflow of over 1 billion yuan. These heavily funded broad-based ETFs also rallied to varying degrees on June 9. Multiple institutions commented that short-term market volatility may persist, but the long-term upward trend remains intact. Prosperous track sectors and high-quality assets still boast solid long-term allocation value. For more market insights, you can visit Setvie贵金属观点合集 - 黄金白银行情趋势研判平台
I. Semiconductor Sector Rallies Across the Board with Sharp Reversal
Technology growth sectors dominated the market on June 9, and semiconductor ETFs staged a full-scale breakout, occupying most seats on the list of top-performing ETFs. Statistics show that except for one small-cap niche product, all top 10 ETFs by gains are linked to the entire semiconductor industrial chain.
The Huatai-PineBridge China-South Korea Semiconductor ETF delivered the most dramatic performance. It plunged 6.45% on June 8, ranking second on the market decline list, only to surge to the daily limit in late trading the next day. As of the close on June 9, this cross-border semiconductor ETF has soared more than 120% so far this year, delivering remarkable returns.
Eight ETFs focusing on semiconductor materials and equipment jumped over 8% in a single day, outperforming all equity funds in the market. Chip sub-sectors also registered solid gains: the Fullgoal STAR Market Chip ETF (588810) rose 5.69%, and the Fullgoal Chip ETF (516640) climbed 5.02%. Backed by high-quality chip enterprises on the STAR Market, major constituents including Shanghai Simgui, Advanced Micro-Fabrication Equipment and JHPTec hit the 20% price limit on June 9, driving up the net value of related ETFs.
Market rotation accelerated obviously. While technology sectors rallied strongly, energy and oil & gas themed ETFs, which led gains on June 8, retreated sharply. Two S&P oil & gas ETFs dropped more than 5%, and a host of energy and petroleum-related ETFs fell over 2%, reflecting rapid capital switching between sectors.
II. Massive Capital Flows In Against Trend, Large and Mid-to-Small Cap Broad-Based ETFs Attract Heavy Inflows
During the A-share correction on June 8, ETFs showed strong resilience, with equity ETFs attracting a net inflow of over 28 billion yuan, indicating strong bottom-hunting sentiment. To hedge risks from single-industry fluctuations, capital flocked to broad-based ETFs that track the overall market.
Eight leading broad-based ETFs saw a single-day net inflow exceeding 1 billion yuan, covering large-cap blue chips as well as mid-to-small cap stocks. The Southern CSI 1000 ETF topped the list with a net inflow of 2.83 billion yuan, followed by the Huatai-PineBridge CSI 300 ETF with 2.746 billion yuan.
In aggregate, 15 CSI 1000 ETFs raked in over 5 billion yuan, and 30 CSI 300 ETFs drew more than 6 billion yuan. The two mainstream broad-based track sectors absorbed over 10 billion yuan in total, becoming a safe haven for market capital. In addition, major products including ChinaAMC STAR Market 50 ETF, ChinaAMC SSE 50 ETF and Fullgoal SSE Composite Index ETF all posted a single-day net inflow above 1 billion yuan. The capital that entered the market on dips reaped returns as the market rebounded on June 9.
Overall, the correction on June 8 did not trigger panic selling. Only 20% of all ETFs faced net outflows, nearly 40% attracted capital inflows, and the remaining 40% maintained stable capital flows, suggesting rational market sentiment.
Capital flows diverged sharply among sector-themed ETFs. Most of the top 10 ETFs with net outflows were concentrated in previously popular tracks such as semiconductor equipment, Hong Kong internet, chemical industry and gold, excluding one ChiNext 50 ETF and two bond ETFs. Meanwhile, ETFs covering communications, robotics and coal attracted incremental capital. The Guotai Communications ETF recorded a net inflow of 1.431 billion yuan, the only sector ETF with a single-day inflow above 1 billion yuan.
III. Institutional Outlook: Short-Term Volatility Expected, Long-Term Upward Trend Secure
Judging from the recent market swings and rapid sector rotation, multiple public funds stated that A-shares may face repeated short-term volatility affected by overseas liquidity and excessive trading activity in some sectors. Nevertheless, solid fundamentals and liquidity support will sustain the long-term uptrend, and investors can keep an eye on structural investment opportunities.
Great Wall Fund: Market volatility has risen recently. Combined with external risks and overheated trading in technology stocks, intensified short-term trading has led to a phased correction. However, this pullback is unlikely to last long, and investors should keep track of signs of stabilization in overseas technology sectors. In the long run, short-term fluctuations will not reverse the upward trend of A-shares. Three major directions are recommended: emerging technology growth, high-end manufacturing upgrading and valuation recovery of traditional industries.
Morgan Stanley Fund: Historical data proves that changes in Federal Reserve policy expectations only affect market rhythm instead of reversing the long-term trend of core assets. Currently, expectations of a recession-driven rate cut by the Fed remain the biggest drag on the market. Sharp swings in US stocks will inevitably impact A-shares and Hong Kong stocks in the short term, and balanced allocation based on valuation is advisable. In an environment disturbed by liquidity, high-growth sectors boast stronger risk resistance and remain the optimal allocation choice. The AI industrial chain still presents promising investment potential.
China Merchants Fund: The overall valuation of A-shares is reasonable at present, while some individual sectors are overvalued. Market focus has shifted from speculative expectations to earnings performance. It is suggested to maintain balanced positions and follow policy and industrial prosperity. Three core investment lines are worthy of attention. First, seize rotation opportunities within the AI industrial chain, including semiconductors, software and consumer electronics. Second, energy transition tracks such as energy storage, power grid equipment and coal chemical industry have long-term allocation value. Third, photovoltaic equipment and innovative pharmaceutical sectors may welcome valuation recovery driven by improving production capacity cycles and recovering market demand.
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