持续的卖盘来自 Wealth Fund、Central Huijin Investment Ltd. 与国家队其他成员，显示其仍在努力抑制市场被认为过热的情绪，并可能对 CSI 300 指数带来压力。该基准今年迄今仅上涨4.5%，落后于 MSCI Asia Pacific 指数的18%；科技股相关指数则持续走强，ChiNext Index 本月稍早创下纪录。第一季度国家队已将部分最大型 ETF 持股削减至季度报告所需的20%披露门槛以下，而 CSI 300 仍是唯一一个国家队仍持有明显库存的主要指数。
按 Bloomberg Intelligence 估算，这轮减持迄今为国家支持基金带来约550亿美元利润；若最终只保留原始部位的10%，收益可能升至约660亿美元，意味干预既「成功又极具获利性」。尽管周四 ETF 仍有卖出、其中 Huatai PineBridge CSI 300 Index ETF 流出最明显，但更长期看，ETF 持股下降也减少了未来继续抛售的可能。
China’s so-called National Team, led by a unit of the country’s sovereign wealth fund, is expected to cut its holdings of exchange-traded funds tracking domestic equities by about 90% by the end of the first half. Bloomberg Intelligence said the group has already sold about $170 billion of such ETFs in 2026, equal to 75% of its holdings, including $30 billion since early April; a full liquidation could take at least eight weeks, but the key goal is to stay below disclosure thresholds.
The selling by Central Huijin Investment Ltd. and other National Team members suggests continued efforts to curb perceived market froth and may have added pressure to the CSI 300 Index. The benchmark is up 4.5% year to date, versus 18% for the MSCI Asia Pacific Index, while tech-heavy gauges have rallied and the ChiNext Index hit a record earlier this month. In the first quarter, the National Team cut stakes in some of the country’s largest ETFs to below the 20% disclosure threshold for quarterly reports.
Bloomberg Intelligence estimates the selldown has generated about $55 billion in profits for state-backed funds so far, and that figure could rise to about $66 billion if holdings are reduced to just 10% of the original positions. Although selling continued on Thursday, with the Huatai PineBridge CSI 300 Index ETF leading outflows, the broader effect may be positive over time because reduced ETF stakes lower the odds of further forced selling.