ETF周报：本周证券ETF领涨，涨幅中位数超7%，资金净赎回超50亿元-20250630

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (from June 23 to June 27, 2025), the median weekly return of equity ETFs was 3.04%. Among broad - based ETFs, the median return of ChiNext - related ETFs was 5.93%, the highest. By sector, the median return of technology ETFs was 4.17%, the highest. By theme, the median return of securities ETFs was 7.46%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 15.863 billion yuan, but the overall scale increased by 72.659 billion yuan. Among broad - based ETFs, A500ETF had the largest net subscription of 7.703 billion yuan; by sector, consumer ETFs had the largest net subscription of 1.839 billion yuan; by theme, bank ETFs had the largest net subscription of 3.078 billion yuan [2][29]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer ETFs were relatively moderate; by sub - theme, the valuation quantiles of wine and photovoltaic ETFs were relatively low. Compared with the previous week, the valuation quantiles of CSI 1000, chip, technology, A500, securities, cyclical, AI, and CSI 500 ETFs increased significantly [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 40.772 billion yuan in the previous week to 41.052 billion yuan, and the short - selling volume decreased from 2.086 billion shares in the previous week to 2.084 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, the average daily margin trading purchases of STAR Market ETFs and chip ETFs were relatively high, and the average daily short - selling volumes of A500ETF and CSI 300ETF were relatively high [4]. - Last week, 4 new ETFs were established. This week, 8 ETFs, including Huaxia Shanghai Stock Exchange Smart Selection STAR Market Value 50 Strategy ETF, will be issued [5]. 3. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 3.04%. Among broad - based ETFs, ChiNext - related, CSI 1000, CSI 500, STAR Market, A500, CSI 300, and SSE 50 ETFs had median returns of 5.93%, 4.72%, 4.07%, 3.69%, 2.62%, 2.22%, and 1.69% respectively. Cross - border, bond, money - market, and commodity ETFs had median returns of 2.91%, 0.02%, 0.02%, and - 1.82% respectively [13]. - By sector, the median returns of technology, cyclical, large - finance, and consumer sector ETFs were 4.17%, 3.60%, 3.34%, and 1.15% respectively. By theme, securities, military, and new energy vehicle ETFs had median returns of 7.46%, 6.32%, and 5.52% respectively, showing relatively strong performance, while wine, bank, and dividend ETFs had median returns of - 1.01%, 0.85%, and 0.97% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, bond, money - market, and commodity ETFs were 2,998.2 billion yuan, 581.4 billion yuan, 376 billion yuan, 160.4 billion yuan, and 155.6 billion yuan respectively. Among broad - based ETFs, CSI 300 and A500ETF had relatively large scales. By sector, the technology sector ETF had a scale of 245.5 billion yuan, and the consumer sector ETF had a scale of 142.9 billion yuan. By theme, chip, pharmaceutical, and securities ETFs had the highest scales [20][26]. - Last week, equity ETFs had a net redemption of 15.863 billion yuan, and the overall scale increased by 72.659 billion yuan; money - market ETFs had a net redemption of 12.584 billion yuan, and the overall scale decreased by 12.570 billion yuan. Among broad - based ETFs, A500ETF had the largest net subscription of 7.703 billion yuan, and CSI 300ETF had the largest net redemption of 6.480 billion yuan. By sector, consumer ETFs had the largest net subscription of 1.839 billion yuan, and technology ETFs had the largest net redemption of 2.224 billion yuan. By theme, bank ETFs had the largest net subscription of 3.078 billion yuan, and securities ETFs had the largest net redemption of 5.081 billion yuan [29][31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500ETF were at the 76.26%, 66.69%, 85.16%, 72.05%, 37.51%, and 98.40% quantiles respectively, and the price - to - book ratios were at the 38.83%, 40.31%, 67.93%, 32.23%, 26.96%, and 76.40% quantiles respectively. Compared with the previous week, the valuation quantiles of CSI 500, CSI 1000, and A500ETF increased significantly [33][37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 47.65%, 45.42%, 2.89%, and 52.76% quantiles respectively, and the price - to - book ratios were at the 35.61%, 50.04%, 20.28%, and 49.88% quantiles respectively. Compared with the previous week, the valuation quantiles of technology and cyclical ETFs increased significantly [38]. - As of last Friday, the price - to - earnings quantiles of dividend, bank, and military ETFs were relatively high. Compared with the previous week, the valuation quantiles of securities, chip, and AI ETFs increased significantly. Overall, among broad - based ETFs, ChiNext - related ETFs had relatively low valuation quantiles; by sector, consumer ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles [40][41]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs increased from 40.772 billion yuan in the previous week to 41.052 billion yuan, and the short - selling volume decreased from 2.086 billion shares in the previous week to 2.084 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases, STAR Market ETFs and chip ETFs had relatively high average daily margin trading purchases. Among the top 10 ETFs with the highest average daily short - selling volumes, A500ETF and CSI 300ETF had relatively high average daily short - selling volumes [44][50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - money ETFs, followed by E Fund and Huatai - PineBridge Fund. Last week, 4 new ETFs were established, and this week, 8 ETFs will be issued [51][54].