国家队疑似借道沪深300ETF天量回流托市，光模块龙头集体回购，但A股盘中已高开定价

China’s state-backed funds appear to be stepping back into the stock market, a sign that Beijing is seeking to put a floor under falling shares.

One of the so-called national team’s favorite blue-chip exchange-traded funds drew record inflows on Thursday as a global tech selloff spilled into China’s domestic market. There’s no official confirmation that state funds were behind the buying, but the size and timing have many market participants convinced.

“It is almost certain that the national team was behind the inflows, playing its usual role as a market stabilizer and putting a floor under A-shares,” said Bloomberg Intelligence analyst Rebecca Sin, citing the unprecedented scale and a pattern of state-buying during periods of market stress.

The inflows are one of the clearest signs since the selloff three months ago that state funds are ready to step in when markets come under pressure, potentially reassuring investors and taking some of the heat off battered tech stocks.

The E Fund CSI 300 Index ETF drew a record 18.8 billion yuan ($2.8 billion) on Thursday, much of it in a late-session trading surge that coincided with the CSI 300 paring its losses. The benchmark went on to rise Friday for the first time this week.

Other funds often used to support equities, including the ChinaAMC STAR 50 ETF, also saw heavier inflows.

The last major intervention came in July, when regulators, state-backed investors, insurers and asset managers moved to shore up confidence after a tech-led selloff. Beyond stabilizing the market, keeping AI stocks buoyant could help Chinese companies raise the capital they need to compete with US rivals.

Strong Signal

E Fund ETF had been largely dormant since Central Huijin Investment Ltd. sold its holdings in the first half of the year. During July’s turbulence, state-linked buying appeared concentrated in tech-focused ETFs. The latest buying came as the CSI 300 was on the verge of a bear market as it extended losses from a peak to near 20%.

After the market closed Thursday, a string of companies announced share buybacks, adding another potential source of support for tech stocks.

Eoptolink Technology Inc. led the pack with a proposal to repurchase as much as 1 billion yuan of its shares, while Suzhou TFC Optical Communication Co. and Avary Holding proposed smaller buybacks. Zhongji Innolight Co. separately said stock bought back in September would be canceled.

“It’s worth watching if the buying will persist and continue at this scale, and if the 3,700 level for the Shanghai Composite will hold thanks to such support by authorities,” said Li Xuetong, a fund manager at Shenzhen Enjoy Investment Management Co. The index is currently at around 3,739.