On the morning of today, ETFs tracking the semiconductor supply chain saw reduced volume and adjusted downward, with only the STAR Semiconductor ETF Huaxia (588170) recording a half-day turnover exceeding 2 billion yuan, reaching 2.508 billion yuan; on the cross-border ETF front, the Hong Kong Innovative Drug ETF GF (513120) remained active, with half-day turnover reaching 5.834 billion yuan.

On the ETF gainers list, the real estate sector rebounded strongly today, with two real estate ETFs posting half-day gains of over 5%, leading the entire ETF market, while the Film and Television ETF, Hong Kong Stock Connect Innovative Drug ETF, and Battery ETF also rose by around 2% in the morning session, showing a notable rebound.

From an investment logic perspective, the real estate market has entered a stock era, with the proportion of second-hand home transactions rising from 27% in 2020 to 46% in 2025, and reaching 52% in the first eight months of this year, surpassing 50% to mark entry into the stock era. Since the beginning of this year, although national sales data continues to decline, core cities where high-quality real estate developers are heavily concentrated have shown sustained structural improvement momentum, with sales of quality developers still growing year-on-year.

Commentary: The Real Estate ETF Yinhua (159768) rose 5.52% this morning, with fund units of 805 million and half-day turnover of 71.3614 million yuan; it tracks the CSI Mainland Real Estate Theme Index. The CSI Mainland Real Estate Theme Index selects securities of listed companies related to real estate themes involving residential development, commercial real estate, industrial real estate, and property management in the Shanghai and Shenzhen markets as index samples, making it a popular tool for one-click exposure to the real estate sector.

Main heavyweight stocks of the CSI Mainland Real Estate Theme Index.

Commentary: The Real Estate ETF Huabao (159707) posted a half-day gain of 5.15%, with fund units of 1.263 billion and half-day turnover of 167 million yuan; this ETF tracks the CSI 800 Real Estate Index. The CSI 800 Real Estate Index belongs to the CSI 800 industry index series, which reflects the overall performance of securities of companies in different industries within the CSI 800 Index sample, providing investors with an analytical tool. This index is an excellent tool for investing in A-share listed real estate enterprises.

Main heavyweight stocks of the CSI 800 Real Estate Index.

Commentary: The Real Estate ETF Huaxia (515060) and the Real Estate ETF Nanfang (512200) rose 4.19% and 3.86% respectively this morning, with the Real Estate ETF Nanfang (512200) being larger in scale, with fund units of 3.245 billion and half-day turnover of 238 million yuan. Both ETFs track the CSI All Share Real Estate Index. The CSI All Share Real Estate Index prefers core leading state-owned enterprises in the Shanghai and Shenzhen markets, with the top five constituent stocks all being high-quality leading enterprises, while more than half of the constituent stocks are small and medium-sized enterprises with market capitalizations below 10 billion yuan.

Main heavyweight stocks of the CSI All Share Real Estate Index.

Cover image source: National Business Daily Media Library.