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UBS: CN 'National Team' May Have Net Bought RMB450-550B of A-Share ETFs in 2H26
2026-11-12 11:56:59
China's State Council executive meeting on 6 November propounded for the first time to improve the capital market stabilization mechanism, while PBOC Governor Pan Gongsheng also explicitly mentioned on 3 November supporting Central Huijin in playing a role similar to a stabilization fund, UBS noted in a China equity strategy research report.

The A-share market holds greater strategic importance for the economy, and the enhancement of the stabilization mechanism implies that the "National Team" has shifted from a one-off temporary arrangement to a standing institutional framework, the broker opined.

The "National Team" logged net inflows of approximately RMB450-550 billion into broad-based A-share ETFs in 2H26, breaching RMB464.9 billion in 1H24, RMB319.3 billion in 2H24 and RMB219.2 billion in 1H25. Unlike the approximately 67% of net inflows concentrated in CSI 300 ETFs during 2024-2025, more than 40% of recent net inflows went into ChiNext ETFs and STAR 50 ETFs, helping stabilize technology-related indices and liquidity for small- and mid-cap stocks.
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