ETF市场流动性动态报告（20250915～20250921）：上指冲高回落，券商ETF申赎资金净流入

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the ETF market liquidity dynamics from September 15 to September 21, 2025, covering the market行情, ETF market概况, and the flow of funds in different types of ETFs [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Conditions - China's 10 - year Treasury yield remained flat at 1.87% last week, while the US 10 - year Treasury yield rose slightly to 4.14% [1]. - Shanghai Composite Index decreased by 1.30%, Shenzhen Component Index decreased by 1.98%, CSI 300 decreased by 0.44%, CSI 500 increased by 0.32%, CSI 1000 increased by 0.21%, CSI 2000 decreased by 0.02%, ChiNext Index increased by 2.34%, and STAR 50 increased by 1.84% [1]. - In the Shenwan primary industries, coal (+3.51%) and power equipment (+3.07%) led the gains, while banking (-4.21%) and non - ferrous metals (-4.02%) had significant declines [1]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.4906 trillion yuan, an increase of about 8.55% from the previous week. The margin trading balance reached about 2.3816 trillion yuan, a new high [1]. 3.2 ETF Market Overview - The overall ETF market had a net inflow of about 13.6 billion yuan in subscriptions and redemptions. Cross - border ETFs had a net inflow of about 16.1 billion yuan, and equity ETFs had a net inflow of about 4.9 billion yuan [2]. - Among equity ETFs, broad - based ETFs had a net outflow of about 16.9 billion yuan, industry ETFs had a net inflow of about 14 billion yuan, and thematic ETFs had a net inflow of about 7.1 billion yuan [2]. - In broad - based ETFs, STAR 50ETF had a significant net outflow. In industry and thematic ETFs, brokerage and robot concept ETFs continued to have net inflows, and Hong Kong Internet concept ETFs also had continuous net inflows [2]. - Last week, 8 ETF funds were listed for trading, with a total share of about 6.3 billion. There were 23 ETFs that had completed fundraising and were waiting to be listed, with a total share of about 44 billion, mostly being CSI AAA Science and Technology Innovation Corporate Bond ETFs [2]. 3.3 Stock - related ETFs - Stock Broad - based ETFs: Continued net outflows, while brokerage and robot concept ETFs had net inflows [2]. - STAR 50ETF: Had a net outflow of funds last week [2]. - Newly - listed and To - be - listed ETFs: 8 ETFs were listed last week with a total share of about 6.3 billion. 23 ETFs were waiting to be listed with a total share of about 44 billion, mainly CSI AAA Science and Technology Innovation Corporate Bond ETFs [2].