As the market initiated a defense battle at the 3000-point mark, Central Huijin, known as the "national team," continued to take action, significantly subscribing to a number of "giant" ETFs such as the CSI 300 ETF during the second quarter.

The second-quarter report revealed that Central Huijin subscribed to multiple ETFs including the E Fund CSI 300, Harvest CSI 300, CCB Principal CSI 300, and Huatai-PineBridge CSI 300 during the second quarter. Based on the estimated average transaction price, the subscription amount for the second quarter may approach 15 billion yuan. The scale of the aforementioned ETFs held at the end of the period exceeded 300 billion yuan.

Influenced by the "market rescue" efforts of the national team, the scale of the CSI 300 ETF products under E Fund, Huatai-PineBridge, Harvest, and CCB Principal funds all increased by more than 70 billion yuan within the year, with the largest increase exceeding 100 billion yuan.

Funds are still continuously flowing in, and on July 17th, the trading volume of the four leading CSI 300 ETF products continued to expand.

Central Huijin's holding scale exceeds 300 billion yuan.

On the evening of July 17th, several ETF second-quarter reports were released, revealing Central Huijin's investment trends for the second quarter. The report showed that after significantly subscribing to broad-based ETFs in the first quarter, Central Huijin continued to maintain a net subscription pace in the second quarter.

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The second-quarter report of the E Fund CSI 300 ETF showed that an institutional investor subscribed to 2.883 billion shares of the fund during the second quarter. If estimated based on the average transaction price of the second quarter, the subscription amount for the institution in the second quarter may reach 5.019 billion yuan. Calculated based on the end-of-period unit net value, the institution's holdings of the E Fund CSI 300 ETF at the end of the second quarter exceeded 93.3 billion yuan.

Comparing the holdings between the first and second quarters, the institutional investor is identified as Central Huijin.

In addition to the E Fund CSI 300 ETF, Central Huijin also increased its holdings of the Harvest CSI 300 ETF, CCB Principal CSI 300 ETF, and CCB Principal SSE 50 ETF in the second quarter.

The second-quarter report of the Harvest CSI 300 ETF disclosed the situation where a single investor's holding of the fund shares reached or exceeded 20% during the reporting period. The announcement showed that Central Huijin subscribed to 1.258 billion shares of the Harvest CSI 300 ETF in the second quarter, with an estimated subscription amount of about 4.662 billion yuan based on the average transaction price of the second quarter.As of the end of the second quarter, Central Huijin held a position in Jishi SSE 300 ETF worth 70.811 billion yuan.

Central Huijin also appeared in the second-quarter reports of the Huaxia SSE 300 ETF and Huaxia SSE 50 ETF. The reports showed that Central Huijin subscribed to 1.051 billion shares of Huaxia SSE 300 ETF and 564 million shares of Huaxia SSE 50 ETF in the second quarter. Based on the estimated average transaction price, the subscription amounts were approximately 3.831 billion yuan and 1.4 billion yuan, respectively.

Looking at the disclosed second-quarter reports of the aforementioned ETFs, Central Huijin's subscription amount for ETFs in the second quarter may be close to 15 billion yuan, with the total size of the ETFs held at the end of the period reaching 309.1 billion yuan.

The SSE 300 Index, as the most representative large-cap index in the A-share market, gathers the core equity assets of A-shares, covering leaders in various industries. The index performance is closely related to the overall profitability of the Chinese macroeconomic cycle and leading listed companies, and it generally keeps pace with the overall trend of the A-share market.

The fund manager of the E Fund SSE 300 ETF stated that the current valuation of the A-share market is still at a historical low, significantly lower than the global market, and has good investment appeal in both vertical and horizontal comparisons.

The trading volume of the leading SSE 300 ETFs has remained high throughout the year.

In fact, the trading volume of the four leading SSE 300 ETF products has been high throughout the year. Data from Choice shows that the trading volumes of the SSE 300 ETFs under Huaxia, Huatai-PineBridge, E Fund, and Jishi funds reached 162.389 billion yuan, 539.449 billion yuan, 207.947 billion yuan, and 208.256 billion yuan, respectively.

Recently, there has been a trend of increasing trading volume in these products.

Choice data shows that as of July 17, the total scale of 909 stock ETFs (including cross-border ETFs) in the market reached 2.05 trillion yuan. Amid the market's fluctuation and adjustment on the 17th, funds continued to flow in through stock ETFs, with the total share of the stock ETF market increasing by 7.33 billion shares. Based on the estimated average transaction price during the period, the inflow of funds was approximately 26.004 billion yuan.From the perspective of capital inflows, Huatai-PineBridge, E Fund, China AMC, and Harvest Fund's CSI 300 ETFs have collectively attracted 19.3 billion yuan, accounting for 74% of the total inflow of funds, remaining the main force in attracting funds in the volatile market.

Specifically, the Huatai-PineBridge CSI 300 ETF and the E Fund CSI 300 ETF both saw inflows exceeding 5 billion yuan on the same day, while the China AMC and Harvest Fund's CSI 300 ETFs attracted 4.6 billion yuan and 3.8 billion yuan respectively.

In terms of trading volume, on the 17th, the four CSI 300 ETFs reached a peak in transaction volume since March 5th of this year, with a combined turnover of nearly 23.5 billion yuan.

On the 18th, the trading volume of the leading ETFs slowed down. The China AMC, Huatai-PineBridge, E Fund, and Harvest Fund's CSI 300 ETFs achieved transaction volumes of 2.339 billion yuan, 6.976 billion yuan, 3.975 billion yuan, and 2.1 billion yuan respectively, with a total transaction volume of 15.39 billion yuan.

In addition to the four major CSI 300 ETFs, the CSI 1000 ETF and the CSI 500 ETF also saw a significant net inflow of funds. The CSI 1000 ETFs under Southern Fund, China AMC, GF Fund, and Fullgoal Fund had a total net inflow of 5.8 billion yuan on the 17th; the Southern Fund's CSI 500 ETF also attracted 2.2 billion yuan on the same day.

Industry insiders have indicated that at the beginning of the year, Central Huijin announced the expansion of the ETF increase range and will continue to increase the intensity and scale of the increase. The entry of the "national team" has increased the attractiveness of A-share valuations, driving the market's enthusiasm for "bottom-fishing." As representatives of broad-based indices, leading ETFs tracking the CSI 300, CSI 500, and CSI 1000 indices have also seen a large influx of funds.

"Apart from the national team, long-term funds from social security funds, insurance companies, corporate annuities, individual pensions, and foreign capital are all expected to become incremental funds driving the growth of the stock ETF scale," a rights fund manager in North China told the First Financial Journalist, stating that stock ETFs are still in a period of development opportunities, with relatively low penetration rates, and there is still a large development space for long-term funds entering the market.

The reporter found that while funds were heavily buying into the CSI 300 ETF, the STAR 50 ETF and the ChiNext ETF experienced net outflows of funds.

Looking at the direction of capital outflows, the STAR 50 ETF saw a net outflow of 534 million yuan on the 17th, leading the entire market. Among broad-based indices, the ChiNext ETF and the STAR 50 ETF also had significant net outflows of funds.

In the industry or thematic ETFs, the Securities ETF and the Pharmaceutical ETF saw net outflows exceeding 200 million yuan on the 17th, while the Chip ETF, Securities Company ETF, and Semiconductor ETF, among others, had net outflows of funds exceeding 100 million yuan.However, considering the outflow volume and the scale of the funds, the net outflow of funds for the aforementioned products is mostly below 600 million yuan. Relative to the fund scale of tens of billions of yuan, the trend of capital movement is relatively moderate and still within the range of normal fluctuations.