ETF基金周报：创新药ETF收益亮眼，债券型ETF资金流入最多-20250526

Group 1 - The report highlights that only stock ETFs experienced a decline in average returns, while all other types of ETFs recorded positive returns. Overall, ETFs saw a net outflow of 4.36 billion yuan, with stock ETFs experiencing the largest outflow of 12.73 billion yuan [4][10] - The report indicates that the best-performing stock ETF indices are focused on themes such as biomedicine and gold stocks, despite an overall net outflow in stock ETFs. The top ten indices with inflows include the Sci-Tech 50 and various military and semiconductor indices [15][16] - For bond ETFs, indices linked to credit bonds, corporate bonds, and urban investment bonds performed the best, with a weekly increase of 0.13%. This suggests that market funds are seeking excess returns through credit downgrades amid a compressing yield spread environment [19][20] Group 2 - The report notes that since 2020, the margin balance of ETFs has been declining, with a current balance of 98.80 billion yuan, which is at the 51st percentile historically. The financing balance of ETFs has decreased to 5.23% of the market's total financing balance, while the margin balance has increased to 43.33% of the market's total margin balance [22][23] - The report identifies that the top ten ETFs by margin balance are primarily focused on gold assets and large-cap blue-chip stocks, with a total balance of 44.75 billion yuan, indicating a concentrated distribution [23] - The report also highlights that the top ETFs for net financing purchases include a mix of aggressive and defensive funds, such as the Nasdaq 100 ETF and various gold ETFs, reflecting a diverse investment strategy [26][27]