ETF周观察第77期（5.5-5.9）

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The central bank's reserve requirement ratio cut and interest rate reduction stimulated the financial sector, leading to capital differentiation and industry rotation among ETFs. Stock ETFs had a net capital outflow overall, but there were differences between broad - based and industry - themed ETFs. Some sectors like military, communication equipment, and gold saw reverse capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) was launched. The digital economy, as a long - term growth track, has attracted institutional investors, with continuous policy support [3][16]. 3. Summary According to Relevant Catalogs 3.1 ETF and Index Product Focus - The central bank's policy on May 7th led to positive responses in the financial sector, with the Securities ETF (159841) rising and the Financial Technology ETF (516860) increasing by 2.79%. There was a net capital outflow in stock ETFs, but broad - based ETFs such as SSE 50 and STAR 50 had capital inflows, while some like ChiNext and Dividend Low - Volatility ETFs had outflows. Military, communication equipment, and gold sectors had capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) started its offering on May 6, 2025, focusing on the digital economy industry chain [3][16]. 3.2 Market Performance Review Last Week 3.2.1 Main Asset Index Performance - Domestic equity broad - based indices showed mixed performance. ChiNext, CSI 300, SSE 50, and CSI 500 rose by 3.27%, 2%, 1.93%, and 1.6% respectively, while STAR 50 fell by 0.6%. Bond - related indices also had mixed results. Commodity - related indices all increased, with NYMEX WTI crude oil, ICE Brent crude oil, COMEX gold, and COMEX silver rising by 4.75%, 4.23%, 2.65%, and 1.93% respectively. Overseas equity indices had both gains and losses [4][17]. 3.2.2 Shenwan Primary Industry Performance All Shenwan primary industries rose last week, with National Defense and Military Industry, Communication, and Power Equipment leading the gains, rising by 6.33%, 4.96%, and 4.02% respectively [20]. 3.3 Valuation Situation - The valuation quantiles of major equity broad - based indices all increased. CSI 300, SSE 50, CSI 800, Wind All - A, CSI 500, ChiNext, and CSI 1000 rose by 7.78pp, 7.6pp, 6.01pp, 5.02pp, 3.3pp, 2.77pp, and 1.57pp respectively. Most valuation quantiles of Shenwan primary industries also increased, with some exceptions like Agriculture, Forestry, Animal Husbandry and Fishery, Media, and Comprehensive [24][30]. 3.4 ETF Scale Change and Trading Volume 3.4.1 ETF Scale Change - Non - monetary ETFs increased in scale by 55.299 billion yuan last week, with a net inflow of - 7.313 billion yuan. Stock - type ETFs increased by 39.399 billion yuan with a net inflow of - 10.879 billion yuan; commodity - type ETFs increased by 3.038 billion yuan with a net inflow of 2.025 billion yuan; bond - type ETFs increased by 4.867 billion yuan with a net inflow of 4.202 billion yuan; cross - border Hong Kong - related ETFs increased by 3.187 billion yuan with a net inflow of - 2.23 billion yuan; cross - border non - Hong Kong - related ETFs increased by 4.808 billion yuan with a net inflow of - 0.431 billion yuan [6][35]. - Among equity broad - based ETFs, the CSI 300 theme ETF had the largest scale increase of 15.211 billion yuan, while the Hang Seng Index theme ETF had the largest scale decrease of - 0.03 billion yuan. The STAR 50 theme ETF had the largest capital inflow of 2.707 billion yuan, and the CSI 300 theme ETF had the largest capital outflow of - 5.692 billion yuan [7][35]. 3.4.2 ETF Trading Volume Compared with the previous week, the average daily trading volume of some ETFs increased significantly. For example, the E Fund CSI Overseas Internet ETF among cross - border non - Hong Kong - related ETFs, the E Fund CSI Hong Kong Securities Investment Theme ETF among cross - border Hong Kong - related ETFs, the Huatai - Peregrine CSI 300 ETF among stock - type ETFs, the Huaan Gold ETF among commodity - type ETFs, and the Fuguo China Bond 7 - 10 - year Policy - Financial Bond ETF among bond - type ETFs [47][48]. 3.5 ETF Performance - Among cross - border non - Hong Kong - related ETFs, the Huaan Germany (DAX) ETF performed best with a 4.59% increase; among cross - border Hong Kong - related ETFs, the GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF performed best with a 4.3% increase; among stock - type ETFs, the Yongying China Securities General Aviation Industry ETF performed best with a 6.48% increase; among commodity - type ETFs, the Jianxin Shanghai Gold ETF performed best with a 0.92% increase; among bond - type ETFs, the Haifutong SSE Investment - Grade Convertible Bond ETF performed best with a 1.15% increase [8][50]. 3.6 ETF Issuance and Listing - Three ETFs were listed for trading last week. - Eight new ETFs were established last week, all of which were passive index funds [9][65]. 3.7 Current ETF Market Scale As of May 9, 2025, there were 1148 listed ETFs in the market, with a total scale of 4111.612 billion yuan. Among stock - type ETFs, scale - based index ETFs had the largest scale of 2239.861 billion yuan, followed by theme - based index ETFs with a scale of 458.643 billion yuan [53].