China's National Team ETFs See Record Weekly Net Inflow of 128.7 Billion Yuan, Highest Since Trade War Began
nashnova research
China's state-backed buyers poured a net RMB 128.7 billion into nine key ETFs last week — the largest weekly inflow since the April tariff shock — yet the ChiNext dropped 1.7% Monday morning, signaling the floor remains fragile.
How big is RMB 128.7 billion in context?
Last week's net inflow into the nine ETFs favored by state-backed funds totaled RMB 128.7 billion (≈ US$19 billion).
This means → it was the second-largest weekly purchase on record, trailing only the nearly RMB 140 billion during the April 2025 Trump-tariff shock.
In plain terms = the "national team" is deploying ammunition at near-maximum-alert levels.
Why ramp up now?
Markets had been sliding steadily; the ChiNext index fell for nine straight trading days.
Analysts and investors warned that earlier intervention was not strong enough to break the downward spiral.
This means → authorities concluded the sell-off was nearing a critical threshold and chose to scale up quickly rather than intervene gradually.
Is it working?
On Friday afternoon, trading volume in the national team's preferred ETFs surged, and stocks reversed their losses into the close.
The ChiNext jumped 4.2% on Friday, snapping its nine-day losing streak.
Yet on Monday morning the ChiNext fell as much as 3.1% and was still down 1.7% at the midday break.
In plain terms = the state bid can spark a single-day bounce, but the moment buying eases, selling pressure returns — confidence has not truly stabilized.
市场有风险，内容仅供研究参考，不构成投资建议。