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ETF周报:本周科技ETF领涨,其中AIETF涨幅中位数超4%-20250608
Guoxin Securities·2025-06-08 13:11

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.25%. Among broad-based ETFs, the STAR Market ETF had the highest return; among sector ETFs, the technology ETF had the highest return; among hot theme ETFs, the AI ETF had the highest return [1][13][16] - Last week, equity ETFs had a net redemption of 3.526 billion yuan. Among broad-based ETFs, the SSE 50 ETF had the most net subscriptions; among sector ETFs, the technology ETF had the most net subscriptions; among theme ETFs, the military ETF had the most net subscriptions [2][27][34] - As of last Friday, Huaxia, E Fund, and China Southern Asset Management ranked in the top three in terms of the total scale of listed, non-monetary ETFs. This week, 7 ETFs are scheduled to be issued [5][55][58] Summary by Relevant Catalogs ETF Performance - Last week (from June 03, 2025, to June 06, 2025), the median weekly return of equity ETFs was 1.25%. The median returns of STAR Market, ChiNext, CSI 1000, CSI 500, A500, SSE 50, and SSE 300 ETFs were 2.39%, 2.34%, 2.20%, 1.73%, 1.00%, 0.95%, and 0.51% respectively. The median returns of cross-border, commodity, bond, and money market ETFs were 2.18%, 1.44%, 0.09%, and 0.02% respectively [13] - By sector, the median returns of technology, large finance, cyclical, and consumer sector ETFs were 3.02%, 1.80%, 0.85%, and 0.55% respectively. By hot theme, the median returns of AI, chip, and securities ETFs were 4.03%, 3.02%, and 2.44% respectively, showing relatively strong performance, while the median returns of liquor, military, and dividend ETFs were -0.55%, -0.19%, and 0.21% respectively, showing relatively weak performance [16] ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross-border, and bond ETFs were 2.9678 trillion yuan, 553.1 billion yuan, and 304.3 billion yuan respectively. The scales of money market and commodity ETFs were relatively small, at 174.9 billion yuan and 157.3 billion yuan respectively [18] - Last week, equity ETFs had a net redemption of 3.526 billion yuan, with a total scale increase of 35.979 billion yuan; money market ETFs had a net subscription of 1.309 billion yuan, with a total scale increase of 1.324 billion yuan. Among broad-based ETFs, the SSE 50 ETF had the most net subscriptions, at 405 million yuan, and its scale increased by 1.294 billion yuan; the ChiNext ETF had the most net redemptions, at 2.306 billion yuan, and its scale increased by 1.095 billion yuan [27][28] - By sector, last week, the technology ETF had the most net subscriptions, at 5.632 billion yuan, and its scale increased by 13.047 billion yuan; the consumer ETF had the most net redemptions, at 1.033 billion yuan, and its scale decreased by 567 million yuan. By hot theme, last week, the military ETF had the most net subscriptions, at 1.44 billion yuan, and its scale increased by 1.509 billion yuan; the pharmaceutical ETF had the most net redemptions, at 1.347 billion yuan, and its scale decreased by 910 million yuan [32] ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 67.63%, 56.98%, 89.93%, 81.83%, 33.53%, and 77.02% quantile levels respectively, and the price-to-book ratios were at the 30.72%, 26.75%, 53.67%, 26.09%, 20.31%, and 48.51% quantile levels respectively. Since December 31, 2019, the current price-to-earnings and price-to-book ratios of STAR Market ETFs are at the 99.26% and 34.10% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500 ETF increased significantly [35][36] - As of last Friday, the price-to-earnings ratios of cyclical, large finance, consumer, and technology sector ETFs were at the 35.51%, 37.16%, 2.06%, and 57.31% quantile levels respectively, and the price-to-book ratios were at the 19.24%, 37.57%, 18.00%, and 33.61% quantile levels respectively. Compared with the previous week, the valuation quantile of the technology ETF increased significantly [38] - As of last Friday, the price-to-earnings ratio quantiles of military, dividend, and bank ETFs were relatively high, at 99.42%, 99.17%, and 94.05% respectively; the price-to-book ratio quantiles of dividend, bank, and AI ETFs were relatively high, at 97.85%, 76.34%, and 51.94% respectively. Compared with the previous week, the valuation quantiles of AI and securities ETFs increased significantly [39][42] ETF Margin Trading - Overall, the margin trading balance of equity ETFs has maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 41.162 billion yuan in the previous week to 40.709 billion yuan, and the short selling volume increased from 2.056 billion shares in the previous week to 2.119 billion shares [44] - Among the top 10 ETFs with the highest average daily margin trading purchases and short selling volumes last Monday to Thursday, the STAR Market ETF and pharmaceutical ETF had relatively high average daily margin trading purchases, and the CSI 1000 ETF and CSI 500 ETF had relatively high average daily short selling volumes [46][47][49] ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed, non-monetary ETFs and had a relatively high management scale in multiple sub-fields such as scale index ETFs, industry index ETFs, and theme, style, and strategy index ETFs; E Fund ranked second and had a relatively high management scale in scale index ETFs and cross-border ETFs; China Southern Asset Management ranked third and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [52] - Last week, 7 ETFs were newly established, and this week, 7 ETFs are scheduled to be issued, including Guolianan CSI A500 Enhanced Strategy ETF, Yongying SSE STAR Market Comprehensive Price Enhanced Strategy ETF, etc [55]