Report Industry Investment Rating No relevant information provided. Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.04%. Among broad - based ETFs, Science and Technology Innovation Board ETFs had the highest returns; among sector ETFs, technology ETFs had the highest returns; and among hot - topic ETFs, chip ETFs had the highest returns [1][13][16]. - Last week, equity ETFs had a net subscription of 23.532 billion yuan. Among broad - based ETFs, A500ETF had the largest net subscription; among sector ETFs, technology ETFs had the largest net subscription; and among theme ETFs, chip ETFs had the largest net subscription [2][28][33]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. There will be no ETF issuance this week [54][57][60]. Summary by Directory ETF Performance - Last week (from September 22, 2025, to September 26, 2025), the median weekly return of equity ETFs was 1.04%. The median returns of Science and Technology Innovation Board, ChiNext, A500, CSI 300, SSE 50, CSI 500, and CSI 1000 ETFs were 2.98%, 2.00%, 1.21%, 1.10%, 1.07%, 1.05%, and - 0.51% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.17%, 0.02%, - 0.20%, and - 1.31% respectively [13]. - By sector, the median returns of technology, cyclical, large - finance, and consumer sector ETFs were 3.13%, 1.25%, - 0.16%, and - 1.64% respectively. By hot - topic, the median returns of chip, photovoltaic, and new energy vehicle ETFs were 8.96%, 3.67%, and 3.28% respectively, showing relatively strong performance; while the median returns of liquor, pharmaceutical, and dividend ETFs were - 3.36%, - 1.63%, and - 0.58% 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 356.52 billion yuan, 88.79 billion yuan, and 57.28 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 16.83 billion yuan and 15.20 billion yuan respectively [18]. - Among broad - based ETFs, CSI 300 and Science and Technology Innovation Board ETFs had relatively large scales, at 117.33 billion yuan and 21.29 billion yuan respectively. The scales of A500, ChiNext, SSE 50, CSI 500, and CSI 1000 ETFs were relatively small, at 20.00 billion yuan, 18.63 billion yuan, 18.55 billion yuan, 17.71 billion yuan, and 16.69 billion yuan respectively [18][21]. - By sector, the scale of technology sector ETFs was 40.60 billion yuan, followed by cyclical sector ETFs at 19.03 billion yuan. The scales of large - finance and consumer ETFs were relatively small, at 18.11 billion yuan and 17.99 billion yuan respectively. By hot - topic, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 14.60 billion yuan, 12.66 billion yuan, and 10.10 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 23.532 billion yuan, with the total scale increasing by 71.997 billion yuan; monetary ETFs had a net subscription of 716 million yuan, with the total scale increasing by 730 million yuan. Among broad - based ETFs, A500ETF had the largest net subscription of 10.532 billion yuan, and its scale increased by 12.740 billion yuan; CSI 300ETF had the largest net redemption of 4.693 billion yuan, and its scale increased by 8.030 billion yuan [28]. - By sector, technology ETFs had the largest net subscription of 20.743 billion yuan, and their scale increased by 35.169 billion yuan; cyclical ETFs had the largest net redemption of 186 million yuan, and their scale increased by 2.794 billion yuan. By hot - topic, chip ETFs had the largest net subscription of 11.446 billion yuan, and their scale increased by 22.370 billion yuan; chemical ETFs had the largest net redemption of 1.298 billion yuan, and their scale decreased by 1.389 billion yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 82.28%, 82.52%, 99.75%, 94.97%, 64.30%, and 98.10% quantile levels respectively, and the price - to - book ratios were at the 57.01%, 64.96%, 99.75%, 62.82%, 58.62%, and 97.14% quantile levels respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of Science and Technology Innovation Board ETFs are at the 99.75% and 71.97% quantile levels respectively [34]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 70.82%, 36.11%, 32.65%, and 99.67% quantile levels respectively, and their price - to - book ratios were at the 80.21%, 45.18%, 40.23%, and 95.05% quantile levels respectively [38]. - As of last Friday, the price - to - earnings ratio quantiles of chip, AI, and robot ETFs were relatively high, at 99.84%, 99.42%, and 99.42% respectively; the price - to - book ratio quantiles of AI, robot, and chip ETFs were relatively high, at 99.84%, 99.34%, and 89.61% respectively [43]. ETF Margin Trading - Overall, the margin balance and short - selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin balance of equity ETFs increased from 43.510 billion yuan the previous week to 44.143 billion yuan, and the short - selling volume increased from 2.462 billion shares the previous week to 2.481 billion shares [46]. - Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes last Monday to Thursday, Science and Technology Innovation Board ETFs and ChiNext ETFs had relatively high average daily margin purchases, while photovoltaic ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [48][49][51]. 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, theme, style, and strategy - index ETFs, and cross - border ETFs; E Fund ranked second, with a relatively high management scale in scale - index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [54]. - Last week, 11 new ETFs were established, including Tianhong Hang Seng Technology ETF, Qianhai Kaiyuan CSI Private Enterprises 300ETF, etc. There will be no ETF issuance this week [57].
ETF周报：上周芯片ETF净申购金额超百亿元，涨幅中位数近9%-20250929
Guoxin Securities·2025-09-29 14:56