ETF市场周报 | 市场热点持续切换，沪指数围绕4000点震荡盘整！新能源相关ETF延续涨势

Market Overview - The A-share market experienced a volatile upward and downward trend during the week of October 27-31, 2025, with a notable increase in trading activity as the average daily trading volume exceeded 2 trillion yuan [1] - Major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 1.08%, 0.19%, and 0.64% respectively [1] - The two-margin balance continued to rise, indicating strong investor interest in leveraged trading despite market fluctuations [1] ETF Performance - The renewable energy sector showed strong performance, with related ETFs maintaining upward momentum, driven by improvements in the midstream manufacturing sector and stabilization in prices of polysilicon and lithium carbonate [2] - The top ten performing ETFs were dominated by renewable energy, with the Electric Grid Equipment ETF and leading photovoltaic ETFs seeing gains exceeding 10% [2] - A significant bottleneck in AI expansion has emerged due to power supply limitations, as highlighted by Microsoft's CEO, indicating that the real challenge lies in electricity supply rather than chip availability [2] Industry Insights - According to Everbright Securities, the demand for energy storage batteries is expected to grow rapidly in 2026, while the lithium battery supply-side policies are aimed at reducing competition, benefiting the lithium battery supply chain [3] - The photovoltaic industry is anticipated to focus on "anti-involution" strategies in 2026, with the silicon material segment expected to achieve capacity clearing and profit recovery [3] Fund Trends - For the period of November 3-6, 2025, market activity slightly increased, with a net inflow of 19.335 billion yuan, primarily in cross-border, currency, and bond ETFs, while stock ETFs saw a net outflow of 7.1 billion yuan [5] - Defensive ETFs attracted significant inflows, reflecting a market preference for stable dividend returns and quality assets amid ongoing market volatility [7] Trading Volume - The Short-term Bond ETF recorded a weekly trading volume of 169.724 billion yuan, leading the trading charts, followed by other bond ETFs with substantial trading activity [8] Upcoming ETF Listings - Three new ETFs are set to launch next week, including the Industrial Technology ETF focusing on financial technology, which aims to reflect the performance of companies involved in various financial tech sectors [9][10] - The Southern China Internet ETF will track the performance of internet-related companies within the Hong Kong Stock Connect, while the General Aviation Theme ETF will focus on companies involved in aviation materials and operations [10]