ETF周报：上周股票型ETF跌幅中位数超4%，银行ETF逆势上涨，资金净流入超80亿元-20251019

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week (October 13 - October 17, 2025), the median weekly return of equity ETFs was -4.18%. Among broad - based ETFs, the Shanghai 50 ETF had the smallest decline; among sector ETFs, the large - financial ETF had the smallest decline; among hot - topic ETFs, the bank ETF had the highest return. Last week, equity ETFs had a net subscription of 22.107 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the largest net subscription; among sector ETFs, the large - financial ETF had the largest net subscription; among theme ETFs, the bank ETF had the largest net subscription [1][2][58]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 7 ETFs will be issued, including Southern Hang Seng Tech ETF, China Merchants GEM Artificial Intelligence ETF, etc [52][55][58]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was -4.18%. The median returns of Shanghai 50, CSI 300, A500, CSI 1000, CSI 500, GEM - related, and Science and Technology Innovation Board ETFs were -0.21%, -2.15%, -3.25%, -4.60%, -5.12%, -5.70%, and -6.13% respectively. The median returns of commodity, bond, money, and cross - border ETFs were 11.08%, 0.13%, 0.02%, and -3.63% respectively [13]. - By sector, the median returns of large - financial, consumer, cyclical, and technology sector ETFs were -2.31%, -3.28%, -3.78%, and -6.59% respectively. By hot - topic, the median returns of bank, liquor, and dividend ETFs were 5.07%, 2.04%, and 0.74% respectively, showing relatively strong performance; the median returns of robot, chemical, and AI ETFs were -9.09%, -7.34%, and -7.10% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3567 billion yuan, 885 billion yuan, and 568.7 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 224 billion yuan and 154 billion yuan respectively. Among broad - based ETFs, the CSI 300 and Science and Technology Innovation Board ETFs had relatively large scales [20]. - By sector, the scale of the technology sector ETF was 399.6 billion yuan, followed by the cyclical sector ETF at 220.1 billion yuan. The large - financial and consumer ETFs had relatively small scales. By hot - topic, the chip, securities, and pharmaceutical ETFs had the highest scales [25]. - Last week, equity ETFs had a net subscription of 22.107 billion yuan, with a total scale decrease of 102.67 billion yuan; money ETFs had a net subscription of 4.133 billion yuan, with a total scale increase of 4.149 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the largest net subscription of 952 million yuan, and its scale decreased by 12.585 billion yuan; the A500 ETF had the largest net redemption of 8.57 billion yuan, and its scale decreased by 15.153 billion yuan [27][28]. - By sector, the large - financial ETF had the largest net subscription of 15.168 billion yuan, with a scale increase of 12.605 billion yuan; the consumer ETF had the smallest net subscription of 4.094 billion yuan, with a scale decrease of 242 million yuan. By hot - topic, the bank ETF had the largest net subscription of 8.241 billion yuan, with a scale increase of 9.826 billion yuan; the dividend ETF had the largest net redemption of 1.427 billion yuan, with a scale decrease of 613 million yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, GEM - related, and A500 ETFs were at the 86.89%, 84.09%, 98.19%, 94.15%, 59.69%, and 94.75% quantile levels respectively, and the price - to - book ratios were at the 67.44%, 67.35%, 97.86%, 59.03%, 51.20%, and 94.14% quantile levels respectively. Since December 31, 2019, the price - to - earnings and price - to - book ratios of Science and Technology Innovation Board - related ETFs are currently at the 98.52% and 70.32% quantile levels respectively [33]. - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 70.82%, 44.60%, 26.63%, and 96.62% quantile levels respectively, and the price - to - book ratios were at the 77.49%, 57.21%, 35.53%, and 84.83% quantile levels respectively. Compared with the previous week, the valuation quantiles of large - financial ETFs increased significantly, while those of consumer ETFs decreased significantly [38]. - As of last Friday, the price - to - earnings ratio quantiles of chip, robot, and military - industry ETFs were relatively high. Compared with the previous week, the valuation quantiles of bank ETFs increased significantly, while those of media ETFs decreased significantly. Overall, among broad - based ETFs, GEM - related ETFs had relatively low valuation quantiles; among sectors, consumer and large - financial ETFs had relatively moderate valuation quantiles; among sub - themes, liquor ETFs had relatively low valuation quantiles [39][40]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has generally maintained an upward trend in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 46.957 billion yuan in the previous week to 46.343 billion yuan, and the short - selling volume increased from 2.357 billion shares in the previous week to 2.475 billion shares [43]. - From last Monday to Thursday, among the top 10 equity ETFs with the highest average daily margin purchases, the securities ETF and the Science and Technology Innovation Board ETF had relatively high average daily margin purchases. Among the top 10 equity ETFs with the highest average daily short - selling volume, the CSI 1000 ETF and the CSI 500 ETF had relatively high average daily short - selling volume [44][48]. 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, theme, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs [52]. - This week, 7 ETFs will be issued, including Southern Hang Seng Tech ETF, China Merchants GEM Artificial Intelligence ETF, Southern CSI Hong Kong Stock Connect Internet ETF, Ping An CSI General Aviation Theme ETF, Harvest CSI Sub - Chemical Industry Theme ETF, Tianhong SZSE GEM Technology ETF, and Huatai - PineBridge CSI GEM ETF [55].