ETF周报：本周科技ETF资金流出较多，其中芯片ETF净赎回金额超40亿元-20250803

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week (from July 28, 2025, to August 1, 2025), the median weekly return of equity ETFs was -1.59%. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the highest return, with a median change of 0.51%. Among sector ETFs, the consumer ETF had the smallest decline, with a median change of -0.42%. Among thematic ETFs, the pharmaceutical ETF had the highest return, with a median change of 1.78% [1][13][16]. - Last week, equity ETFs had a net redemption of 38.49 billion yuan, and the total scale decreased by 83.749 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the highest net subscription, at 0.46 billion yuan. Among sector ETFs, the cyclical ETF had the highest net subscription, at 7.96 billion yuan. Among thematic ETFs, the dividend ETF had the highest net subscription, at 14.76 billion yuan [2][28][31]. - As of last Friday, China Asset Management, E Fund, and Huatai-PineBridge Fund ranked in the top three in terms of the total scale of listed non-monetary ETFs. This week, five ETFs, including China Merchants GEM Comprehensive Enhanced Strategy ETF, Huabao GEM Comprehensive Enhanced Strategy ETF, Bosera GEM Comprehensive ETF, China Asset Management SSE 580 ETF, and Tianhong CSI Hong Kong Stock Connect Central State-owned Enterprise Dividend ETF, will be issued [5][57][60]. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was -1.59%. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the highest return, with a median change of 0.51%. Among sector ETFs, the consumer ETF had the smallest decline, with a median change of -0.42%. Among thematic ETFs, the pharmaceutical ETF had the highest return, with a median change of 1.78% [1][13][16]. ETF Scale Change and Net Subscription/Redeemption - As of last Friday, the scales of equity, cross-border, and bond ETFs were 3.0654 trillion yuan, 672.4 billion yuan, and 518 billion yuan, respectively. The scales of money market and commodity ETFs were relatively small, at 156.8 billion yuan and 156.3 billion yuan, respectively. Among broad-based ETFs, the CSI 300 ETF and the Science and Technology Innovation Board ETF had relatively large scales, at 1.0605 trillion yuan and 213.7 billion yuan, respectively [18][21][25]. - Last week, equity ETFs had a net redemption of 38.49 billion yuan, and the total scale decreased by 83.749 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the highest net subscription, at 0.46 billion yuan, and its scale decreased by 2.506 billion yuan. The CSI 300 ETF had the highest net redemption, at 9.321 billion yuan, and its scale decreased by 27.614 billion yuan. Among sector ETFs, the cyclical ETF had the highest net subscription, at 7.96 billion yuan, and its scale decreased by 2.783 billion yuan. The technology ETF had the highest net redemption, at 8.04 billion yuan, and its scale decreased by 10.608 billion yuan. Among thematic ETFs, the dividend ETF had the highest net subscription, at 14.76 billion yuan, and its scale increased by 336 million yuan. The chip ETF had the highest net redemption, at 4.099 billion yuan, and its scale decreased by 6.462 billion yuan [28][31][35]. ETF Benchmark Index Valuation - As of last Friday, among broad-based ETFs, the GEM - related ETFs had relatively low valuation quantiles. Among sector ETFs, the consumer ETFs had relatively moderate valuation quantiles. Among thematic ETFs, the wine, photovoltaic, and new energy vehicle ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of the CSI 300, new energy vehicle, A500, and cyclical ETFs decreased significantly [3][36][45]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs decreased from 40.536 billion yuan in the previous week to 39.181 billion yuan, and the short - selling volume increased from 2.181 billion shares in the previous week to 2.276 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, the Science and Technology Innovation Board ETFs and pharmaceutical ETFs had relatively high average daily margin purchases, while the CSI 1000 ETFs and CSI 500 ETFs had relatively high average daily short - selling volumes [4][47][56]. ETF Managers - As of last Friday, China Asset Management, E Fund, and Huatai - PineBridge Fund ranked in the top three in terms of the total scale of listed non - monetary ETFs. China Asset Management had a relatively high management scale in multiple sub - fields such as scale index ETFs, industry index ETFs, and thematic, style, and strategy index ETFs. E Fund had a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - PineBridge Fund had a relatively high management scale in scale index ETFs and thematic, style, and strategy index ETFs [57]. - Last week, 8 new ETFs were established, and this week, 5 ETFs will be issued [60].