麦高证券ETF周报（20250519-20250523）-20250526

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the secondary market and ETF product situation from multiple perspectives, including index trends, ETF market performance, fund flows, trading volume, margin trading, and new fund launches during the sample period from May 19 to May 23, 2025 [1][10] Summary by Directory 1. Secondary Market Overview - SGE Gold 9999, Hang Seng Index, and CSI 300 had the top weekly returns, at 3.69%, 1.10%, and -0.18% respectively. The Hang Seng Index had the highest PE valuation quantile at 95.08%, while the Nikkei 225 had the lowest at 13.11% [10] - In the Shenwan primary industries, Medicine and Biology, Comprehensive, and Non - Ferrous Metals had the top returns at 1.78%, 1.41%, and 1.26% respectively. Computer, Machinery, and Communication had the lowest returns at -3.02%, -2.48%, and -2.31% respectively. The industries with the highest valuation quantiles were Banking, Textile and Apparel, and Beauty Care, while those with the lowest were Agriculture, Forestry, Animal Husbandry and Fishery, Non - Banking Finance, and Comprehensive [14] 2. ETF Product Overview 2.1 ETF Market Performance - Commodity ETFs had the best average performance with a weighted average return of 3.74%, while QDII ETFs had the worst at -0.64% [18] - Among ETFs classified by listing sectors, those related to Hong Kong stocks and MSCI China A - share concepts performed well with weighted average returns of 0.39% and 0.29% respectively, while those related to US stocks and the Science and Technology Innovation Board performed poorly at -1.40% and -1.29% respectively [18] - Among industry - themed ETFs, Biomedical ETFs had the best performance with a weighted average return of 2.13%, while Technology ETFs had the worst at -1.82% [20] - From a theme perspective, Innovative Drug and Dividend ETFs performed well with weighted average returns of 4.54% and 0.72% respectively, while Robot and Non - Banking ETFs performed poorly at -2.89% and -2.11% respectively [20] 2.2 ETF Fund Inflows and Outflows - From the perspective of different types of ETFs, Bond ETFs had the largest net inflow of 11.356 billion yuan, while Broad - based ETFs had the smallest at -14.283 billion yuan [22] - From the perspective of ETF tracking indices and listing sectors, Science and Technology Innovation Board - related ETFs had the largest net inflow of 1.389 billion yuan, while CSI 300 ETFs had the smallest at -3.459 billion yuan [22] - From the industry sector perspective, Traditional Manufacturing sector ETFs had the largest net inflow of 2.566 billion yuan, while Biomedical sector ETFs had the smallest at -3.4 billion yuan [25] - From the theme perspective, Military and Chip Semiconductor ETFs had the largest net inflows of 2.532 billion yuan and 1.167 billion yuan respectively, while Innovative Drug and Dividend ETFs had the smallest at -1.481 billion yuan and -0.589 billion yuan respectively [25] 2.3 ETF Trading Volume - From the perspective of different types of ETFs, Bond ETFs had the largest increase in the average daily trading volume change rate at 9.57%, while Commodity ETFs had the largest decrease at -29.12% [31] - From the perspective of ETF tracking indices and listing sectors, US stock ETFs had the largest increase in the average daily trading volume change rate at 5.98%, while Japanese stock ETFs had the largest decrease at -35.41% [34] - From the industry sector perspective, Biomedical sector ETFs had the largest increase in the average daily trading volume change rate at 16.49%, while Technology sector ETFs had the largest decrease at -19.87% [35] - From the theme perspective, Chip Semiconductor and Dividend ETFs had the largest average daily trading volumes in the past 5 days, at 2.73 billion yuan and 2.117 billion yuan respectively. Innovative Drug and Banking ETFs had the largest increases or smallest decreases in the average daily trading volume change rate at 19.93% and 14.86% respectively, while Consumer Electronics and Robot ETFs had the largest decreases or smallest increases at -34.16% and -29.14% respectively [39] 2.4 ETF Margin Trading - During the sample period, the net margin purchase of all equity ETFs was -362 million yuan, and the net short - selling was 282 million yuan. Cathay Pacific CSI All - Index Securities Company ETF had the largest net margin purchase, and Southern CSI 500 ETF had the largest net short - selling [2][45] 2.5 ETF New Launches and Listings - During the sample period, 13 funds were established and 3 funds were listed [3][47]