麦高证券ETF周报-20250603

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the secondary - market situation, ETF product profiles (including market performance, fund flows, trading volumes, margin trading, and new issuance/listing) of ETF funds from May 26, 2025, to May 30, 2025 [1][21]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Overview - In the sample period, Nikkei 225, S&P 500, and CSI 2000 had the top weekly returns, at 2.17%, 1.88%, and 1.09% respectively. The PE valuation quantile of STAR 50 was the highest at 92.98%, while that of S&P 500 was the lowest at 26.80% [10]. - Among Shenwan primary industries, environmental protection, pharmaceutical biology, and national defense and military industry had the top returns, at 3.42%, 2.21%, and 2.13% respectively. Automobile, power equipment, and non - ferrous metals had relatively low returns, at - 4.11%, - 2.44%, and - 2.40% respectively. The industries with the highest valuation quantiles were environmental protection, pharmaceutical biology, and banks, at 99.59%, 98.76%, and 98.35% respectively. The industries with lower valuation quantiles were comprehensive, non - bank finance, and non - ferrous metals, at 2.89%, 4.55%, and 5.79% respectively [16]. 3.2 ETF Product Profiles 3.2.1 ETF Market Performance - Based on different classifications, style ETFs had the best average performance with a weighted average return of 0.32%, while commodity ETFs had the worst with a weighted average return of - 1.09%. - In terms of the listing plate, ETFs corresponding to Japanese stocks and CSI 2000 performed well, with weighted average returns of 1.72% and 1.37% respectively. MSCI China A - share concept and GEM - related ETFs performed poorly, with weighted average returns of - 1.83% and - 1.24% respectively [21]. 3.2.2 ETF Fund Flows - From the perspective of different categories, bond ETFs had the largest net inflow of 15.44 billion yuan, while industry - themed ETFs had the smallest net inflow of - 1.441 billion yuan. - From the perspective of the listing plate, GEM - related ETFs had the largest net inflow of 1.67 billion yuan, while Hong Kong stock ETFs had the smallest net inflow of - 3.532 billion yuan. - From the industry sector perspective, technology sector ETFs had the largest net inflow of 2.819 billion yuan, while biomedical sector ETFs had the smallest net inflow of - 1.744 billion yuan. - From the theme perspective, chip semiconductor and dividend ETFs had the largest net inflows of 1.45 billion yuan and 0.995 billion yuan respectively. Central state - owned enterprises and innovative drug ETFs had the smallest net inflows of - 0.518 billion yuan and - 0.491 billion yuan respectively [2][25][27]. 3.2.3 ETF Trading Volume - From the perspective of different categories, the daily average trading volume change rate of money market ETFs increased the most, at 10.43%, while that of commodity ETFs decreased the most, at - 34.99%. - From the perspective of the listing plate, the daily average trading volume change rate of Japanese stock ETFs increased the most, at 13.80%, while that of GEM - related ETFs decreased the most, at - 21.97%. - From the industry sector perspective, the daily average trading volume change rate of biomedical sector ETFs increased the most, at 7.99%, while that of the financial real - estate sector decreased the most, at - 29.50%. - From the theme perspective, chip semiconductor and dividend ETFs had the largest 5 - day average daily trading volumes of 2.942 billion yuan and 2.055 billion yuan respectively. Innovative drug and artificial intelligence ETFs had the largest increase or the smallest decrease in the daily average trading volume change rate, at 12.32% and - 9.06% respectively. Military and non - bank ETFs had the largest decrease or the smallest increase in the daily average trading volume change rate, at - 40.90% and - 35.56% respectively [32][35][38][40]. 3.2.4 ETF Margin Trading - In the sample period, the net margin purchase of all equity ETFs was 177 million yuan, and the net short - selling was - 35 million yuan. GF CSI A500ETF had the largest net margin purchase, and Huaxia CSI 1000ETF had the largest net short - selling [2][45]. 3.2.5 ETF New Issuance and Listing - During the sample period, 6 funds were established and 9 funds were listed [3][47].