ETF周报：本周股票型ETF涨幅中位数达2.4%，芯片ETF领涨-20250727

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - The median weekly return of equity ETFs last week was 2.41%. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest return; among sector ETFs, the large - finance ETF had the highest return; among hot - topic ETFs, the chip ETF had the highest return [1][13][16][57]. - Last week, equity ETFs had a net redemption of 4.006 billion yuan. Among broad - based ETFs, the CSI 1000ETF had the largest net subscription; among sector ETFs, the cyclical ETF had the largest net subscription; among theme ETFs, the AIETF had the largest net subscription [2][26][57]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine were the top three fund companies in terms of the total scale of listed non - monetary ETFs. Six ETFs are scheduled to be issued this week [5][54][57]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs from July 21 to July 25, 2025, was 2.41%. The median returns of Science and Technology Innovation Board, CSI 500, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs were 3.91%, 3.31%, 2.46%, 2.39%, 2.10%, 1.77%, and 1.16% respectively. The median returns of cross - border, commodity, monetary, and bond ETFs were 1.76%, 0.08%, 0.02%, and - 0.30% respectively [13]. - Among sector ETFs, the median returns of large - finance, cyclical, technology, and consumption sector ETFs were 4.34%, 3.39%, 2.57%, and 1.95% respectively. Among theme ETFs, the median returns of chip, securities, and new energy vehicle ETFs were 5.13%, 4.90%, and 4.25% respectively, showing relatively strong performance, while the median returns of bank, liquor, and military - industry ETFs were - 2.93%, 0.78%, and 0.82% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeeming - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3149.8 billion yuan, 658.4 billion yuan, and 510.4 billion yuan respectively, while the scales of monetary and commodity ETFs were relatively small, at 154.6 billion yuan and 154 billion yuan respectively [17]. - Last week, equity ETFs had a net redemption of 4.006 billion yuan, with a total scale increase of 70.46 billion yuan; monetary ETFs had a net redemption of 629 million yuan, with a total scale decrease of 627.7 million yuan. Among broad - based ETFs, the CSI 1000ETF had the largest net subscription of 999 million yuan, and its scale increased by 4.613 billion yuan; the A500ETF had the largest net redemption of 6.681 billion yuan, and its scale decreased by 2.744 billion yuan [26][27]. - Among sector ETFs, the cyclical ETF had the largest net subscription of 10.231 billion yuan, and its scale increased by 14.875 billion yuan; the consumption ETF had the largest net redemption of 1.406 billion yuan, and its scale increased by 2.423 billion yuan. Among theme ETFs, the AIETF had the largest net subscription of 894 million yuan, and its scale increased by 1.904 billion yuan; the pharmaceutical ETF had the largest net redemption of 1.605 billion yuan, and its scale increased by 1.406 billion yuan [29]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of GEM - related ETFs was at a relatively low quantile level; among sectors, the valuation quantiles of consumption and large - finance ETFs were relatively moderate; among sub - themes, the valuation quantiles of liquor and PV ETFs were relatively low. Compared with the previous week, the valuation quantiles of chip and technology ETFs increased significantly [3][40]. - The PE of Shanghai 50, SSE 300, CSI 500, CSI 1000, GEM - related, and A500 ETFs were at the 80.30%, 75.39%, 94.81%, 87.55%, 49.79%, and 99.26% quantile levels respectively, and the PB were at the 55.03%, 58.99%, 84.30%, 44.77%, 38.17%, and 99.26% quantile levels respectively. Since December 31, 2019, the current PE and PB of Science and Technology Innovation Board - related ETFs were at the 99.75% and 55.48% quantile levels respectively [33]. - As of last Friday, the PE of cyclical, large - finance, consumption, and technology sector ETFs were at the 61.58%, 48.15%, 16.98%, and 74.77% quantile levels respectively, and their PB were at the 58.62%, 57.50%, 33.06%, and 65.29% quantile levels respectively [35]. ETF Margin Trading - From last Monday to Thursday, the margin trading balance of equity ETFs increased from 40.993 billion yuan in the previous week to 41.478 billion yuan, and the short - selling volume decreased from 2.191 billion shares in the previous week to 2.164 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, the Science and Technology Innovation Board ETF and chip ETF had relatively high average daily margin trading purchases, while the CSI 1000ETF and SSE 300ETF had relatively high average daily short - selling volumes [4][40][50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, industry - index ETFs, and theme, style, and strategy - index ETFs; E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs [51]. - Last week, 10 new ETFs were established. This week, 6 ETFs are scheduled to be issued, including the Harvest Hang Seng Hong Kong Stock Connect Technology Theme ETF, Harvest Hang Seng Consumption ETF, and Huaan Hang Seng Hong Kong Stock Connect Technology Theme ETF [54].