ETF 周报：上周股票型 ETF 涨幅中位数达 3.45%，AI ETF 领涨-20251027

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week (from October 20 to October 24, 2025), the median weekly return of equity ETFs was 3.45%. Among broad - based ETFs, the median return of ChiNext - related ETFs was 8.06%, the highest. By sector, the median return of technology ETFs was 6.60%, the highest. By theme, the median return of AI ETFs was 10.92%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, but the overall scale increased by 109.578 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 884 million yuan; by sector, consumer ETFs had the largest net subscription of 581 million yuan; by hot theme, securities ETFs had the largest net subscription of 1.426 billion yuan [2][28]. - As of last Friday, China Asset Management, E Fund, and Huatai - Peregrine Fund ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 6 ETFs, including Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Bosera Industrial Software ETF, will be issued [60][63]. 3. Summaries by Related Catalogs ETF Performance - The median weekly return of equity ETFs last week was 3.45%. By asset type, the median returns of cross - border, bond, money, and commodity ETFs were 2.90%, 0.12%, 0.01%, and - 6.19% respectively. Among broad - based ETFs, ChiNext - related, STAR Market, A500, CSI 500, SSE 1000, SSE 50 ETFs had median returns of 8.06%, 6.23%, 3.65%, 3.49%, 3.33%, 3.28%, 2.80% respectively. By sector, technology, cyclical, large - financial, and consumer sector ETFs had median returns of 6.60%, 2.76%, 1.70%, 0.50% respectively. By theme, AI, chip, and robot ETFs had median returns of 10.92%, 8.33%, 4.82% respectively, showing relatively strong performance, while liquor, pharmaceutical, and dividend ETFs had median returns of - 2.17%, 0.60%, 1.14% respectively, showing relatively weak performance [13][16]. ETF Scale Changes and Net Redemption/Subscription - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.6755 trillion yuan, 916.8 billion yuan, and 575.8 billion yuan respectively, while the scales of commodity and money ETFs were relatively small, at 225.4 billion yuan and 167.9 billion yuan respectively. Among broad - based ETFs, CSI 300 and STAR Market ETFs had relatively large scales of 1.2025 trillion yuan and 216.3 billion yuan respectively. By sector, the scale of technology sector ETFs was 421.7 billion yuan, followed by cyclical sector ETFs at 224 billion yuan. By theme, chip, securities, and pharmaceutical ETFs had the highest scales of 161.8 billion yuan, 139.7 billion yuan, and 99.2 billion yuan respectively. Last week, equity ETFs had a net redemption of 29.513 billion yuan but an overall scale increase of 109.578 billion yuan; money ETFs had a net subscription of 1.3895 billion yuan and an overall scale increase of 1.3909 billion yuan [18][25][28]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of SSE 50, CSI 300, CSI 500, SSE 1000, ChiNext - related, and A500 ETFs were at the 90.35%, 88.62%, 99.01%, 96.04%, 63.07%, 99.70% quantile levels respectively, and the PB were at the 75.60%, 71.81%, 99.26%, 64.06%, 57.71%, 99.70% quantile levels respectively. The PE and PB of STAR Market - related ETFs were at the 98.43% and 71.81% quantile levels respectively. Compared with the previous week, the valuation quantile of A500 ETF increased significantly. By sector, the PE of cyclical, large - financial, consumer, and technology sector ETFs were at the 71.56%, 50.12%, 29.76%, 99.42% quantile levels respectively, and the PB were at the 79.88%, 67.68%, 36.60%, 94.06% quantile levels respectively. Compared with the previous week, the valuation quantile of large - financial ETFs increased significantly. By theme, the PE quantiles of chip, dividend, and AI ETFs were relatively high, at 99.42%, 99.42%, 98.52% respectively; the PB quantiles of AI, dividend, and robot ETFs were relatively high, at 99.34%, 98.35%, 96.70% respectively [36][39][44]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has been on an upward trend in the past year. As of last Thursday, the margin balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.67 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes from last Monday to Thursday, STAR Market ETFs and chip ETFs had relatively high average daily margin purchases, while SSE 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [48][51][56]. ETF Managers - As of last Friday, China Asset Management ranked first in the total scale of listed non - monetary ETFs, with 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 high management scales in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with high management scales in scale index ETFs and theme, style, and strategy index ETFs. Last week, 10 new ETFs were established, and this week, 6 ETFs will be issued [60][63].