Report Industry Investment Rating - Not provided in the given content Core Viewpoints - 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 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, the Shanghai 50 ETF had the highest net subscription of 884 million yuan; by sector, consumer ETFs had the highest net subscription of 581 million yuan; by hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan [2]. - As of last Friday, among broad-based ETFs, ChiNext ETFs had relatively low valuation quantiles; by sector, consumer and large financial ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of A500 and large financial ETFs increased significantly [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 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 trading purchases and short - selling volumes, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases, while CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [5]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 3.45%. The median returns of different broad - based ETFs were: ChiNext ETFs 8.06%, science and technology innovation board ETFs 6.23%, A500 ETFs 3.65%, CSI 500 ETFs 3.49%, CSI 300 ETFs 3.33%, CSI 1000 ETFs 3.28%, and Shanghai 50 ETFs 2.80%. The median returns of cross - border, bond, money, and commodity ETFs were 2.90%, 0.12%, 0.01%, and - 6.19% respectively [13]. - By sector, the median returns of technology, cyclical, large financial, and consumer sector ETFs were 6.60%, 2.76%, 1.70%, and 0.50% respectively. By hot theme, the median returns of AI, chip, and robot ETFs were 10.92%, 8.33%, and 4.82% respectively, showing relatively strong performance, while the median returns of wine, medicine, and dividend ETFs were - 2.17%, 0.60%, and 1.14% 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 3,675.5 billion yuan, 916.8 billion yuan, and 575.8 billion yuan respectively. 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, the CSI 300 ETF and science and technology innovation board ETF had relatively large scales, while the A500, Shanghai 50, ChiNext, CSI 500, and CSI 1000 ETFs had relatively small scales [18][21]. - By sector, as of last Friday, the scale of technology sector ETFs was 421.7 billion yuan, followed by cyclical sector ETFs at 224 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 206.1 billion yuan and 182.2 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and medicine ETFs were the highest, at 161.8 billion yuan, 139.7 billion yuan, and 99.2 billion yuan respectively [25]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, and the overall scale increased by 109.578 billion yuan; money ETFs had a net subscription of 1.3895 billion yuan, and the overall scale increased by 1.3909 billion yuan. Among broad - based ETFs, the Shanghai 50 ETF had the highest net subscription of 884 million yuan, and its scale increased by 6.116 billion yuan; the ChiNext ETF had the highest net redemption of 6.832 billion yuan, and its scale increased by 7.146 billion yuan. By sector, consumer ETFs had the highest net subscription of 581 million yuan, and their scale increased by 358 million yuan; technology ETFs had the highest net redemption of 7.084 billion yuan, and their scale increased by 22.091 billion yuan. By hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan, and their scale increased by 4.062 billion yuan; chip ETFs had the highest net redemption of 3.047 billion yuan, and their scale increased by 9.108 billion yuan [28][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 90.35%, 88.62%, 99.01%, 96.04%, 63.07%, and 99.70% quantile levels respectively, and the price - to - book ratios were at the 75.60%, 71.81%, 99.26%, 64.06%, 57.71%, and 99.70% 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 98.43% and 71.81% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500 ETF increased significantly [36][37]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 71.56%, 50.12%, 29.76%, and 99.42% quantile levels respectively, and their price - to - book ratios were at the 79.88%, 67.68%, 36.60%, and 94.06% quantile levels respectively. Compared with the previous week, the valuation quantile of large financial ETFs increased significantly [39]. 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 trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares [48]. - From Monday to Thursday last week, among the top 10 equity ETFs with the highest average daily margin trading purchases, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases. Among the top 10 equity ETFs with the highest average daily short - selling volumes, CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [51][56]. 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 in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [60]. - Last week, 10 new ETFs were established. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [63].
ETF：周报上周股票型ETF涨幅中位数达 3.45%，AIETF领涨-20251027
Guoxin Securities·2025-10-27 14:32