ETF周观察第79期（5.19-5.23）

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A new round of deposit rate cuts has been implemented, leading to capital inflows into bond - related ETFs. The central bank's rate cuts signal a new cycle of monetary easing, driving funds towards bond ETFs such as the Southern Shanghai Stock Exchange Benchmark - Market - Making Corporate Bond ETF [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum discussed investment opportunities in the era of ETFs. It emphasized that the core of Chinese ETF innovation lies in optimizing constituent stocks through quantitative strategies, and the intelligent upgrade of ETFs is reshaping the investment ecosystem with large - model technology [3][16]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - A new round of deposit rate cuts by major banks and a 10 - basis - point cut in LPR have pushed China's monetary policy into a new easing cycle. Bond - related ETFs like the Shanghai Stock Exchange Corporate Bond ETF (511070) have seen capital inflows exceeding 1 billion yuan each [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum explored investment opportunities in the ETF era. It pointed out that Chinese ETF innovation focuses on constituent stock optimization via quantitative strategies, and large - model - empowered ETFs are becoming mainstream. The forum also highlighted opportunities in Hong Kong's structural scarce assets and the advantages of the Smart Beta strategy [3][16]. 2 Last Week's Market Performance Review 2.1 Main Asset Class Index Performance - Domestic equity broad - based indices all declined last week. The Shanghai 50, CSI 300, ChiNext, CSI 500, and STAR 50 fell by 0.18%, 0.18%, 0.88%, 1.1%, and 1.47% respectively. Bond - related indices had mixed performance, with some rising and some falling. Overseas equity indices also showed mixed results, and commodity - related indices had both increases and decreases [4][17]. 2.2 Shenwan Primary Industry Performance - Last week, Shenwan primary industries had mixed performance. The pharmaceutical and biological, comprehensive, and non - ferrous metals sectors led the gains, rising 1.78%, 1.41%, and 1.26% respectively. The computer, machinery, and communication sectors led the losses, falling 3.02%, 2.48%, and 2.31% respectively [19]. 3 Valuation Situation - Last week, the valuation quantiles of major equity broad - based indices all declined. The ChiNext, CSI 300, Wind All - A, Shanghai 50, CSI 800, CSI 1000, and CSI 500 decreased by 0pp, 0.27pp, 0.74pp, 0.91pp, 1.23pp, 1.69pp, and 1.85pp respectively. Most Shenwan primary industries' valuation quantiles also declined [5][23]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - Last week, the scale of non - monetary ETFs decreased by 15.324 billion yuan, with a net inflow of - 7.153 billion yuan. By type, stock - type ETFs' scale decreased by 26.758 billion yuan, while commodity - type ETFs' scale increased by 5.432 billion yuan, and bond - type ETFs' scale increased by 10.846 billion yuan. Among equity broad - based ETFs, the Hang Seng Index theme ETF had the largest scale increase, and the CSI A500 theme ETF had the largest decrease [6][7][32]. 4.2 ETF Trading Volume - Compared with the previous week, the daily average trading volume of some ETFs increased significantly. For example, the GF China Hong Kong Innovative Drug ETF in the cross - border non - Hong Kong stock ETF category had the largest increase in daily average trading volume [45]. 5 ETF Performance - Last week, the best - performing cross - border non - Hong Kong stock ETF was the GF China Hong Kong Innovative Drug ETF (+7.99%), the best - performing cross - border Hong Kong stock ETF was the Invesco Great Wall CSI Hong Kong Stock Connect Innovative Drug ETF (+8.24%), the best - performing stock - type ETF was the Huaxia CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF (+6.63%), the best - performing commodity - type ETF was the Huaan Gold ETF (+3.86%), and the best - performing bond - type ETF was the Penghang ChinaBond 30 - Year Treasury Bond ETF (+0.31%) [8][48]. 6 ETF Margin Trading and Short - Selling - Last week, the total margin - buying amount was 49.249 billion yuan, a decrease of 15.255 billion yuan from the previous week. The total margin - selling volume was 233 million shares, a decrease of 12 million shares from the previous week [51]. 7 Current ETF Market Scale - As of last Friday (May 23, 2025), there were 1,164 listed ETFs in the market, with a total scale of 4.094487 trillion yuan. Among stock - type ETFs, scale - index ETFs had the largest scale, followed by theme - index ETFs [53]. 8 ETF Listing and Issuance - Last week, 3 ETFs were listed for trading. 18 new ETFs were established, mostly passive index funds, except for two passive index bond funds [9][62].