ETF周报：上周股票型ETF资金净流入近200亿元，其中沪深 300ETF净申购达70亿元-20251103

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, the median weekly return of equity ETFs was 0.01%. Among broad - based ETFs, the CSI 1000ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the photovoltaic ETF had the highest return [1][13][17]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan. Among broad - based ETFs, the CSI 300ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among theme ETFs, the chip ETF had the largest net subscription [2][27][34]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, 8 ETFs are to be issued [5][60][63]. 3. Summary According to Relevant Catalogs ETF Performance - From October 27 to October 31, 2025, the median weekly return of equity ETFs was 0.01%. The median returns of CSI 1000, CSI 500, ChiNext, A500, CSI 300, STAR Market, and SSE 50 ETFs were 1.20%, 1.06%, 0.49%, - 0.03%, - 0.40%, - 0.64%, and - 1.07% respectively. The median returns of bond, money - market, cross - border, and commodity ETFs were 0.28%, 0.01%, - 0.74%, and - 1.52% respectively [13]. - Among sectors, the median returns of cyclical, consumer, large - finance, and technology sector ETFs were 1.76%, 0.54%, - 0.64%, and - 1.47% respectively. Among hot - topic categories, the median returns of photovoltaic, new energy vehicle, and liquor ETFs were 6.54%, 4.79%, and 0.96% respectively, showing relatively strong performance; while the median returns of chip, AI, and bank ETFs were - 4.17%, - 2.83%, and - 2.28% 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 3.6937 trillion yuan, 926.1 billion yuan, and 700 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 216 billion yuan and 161.9 billion yuan respectively [19]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan and a total scale increase of 5.725 billion yuan; money - market ETFs had a net redemption of 6.039 billion yuan and a total scale decrease of 6.024 billion yuan. Among broad - based ETFs, the CSI 300ETF had the largest net subscription of 7.248 billion yuan, and its scale increased by 2.339 billion yuan; the ChiNext - related ETFs had the largest net redemption of 354 million yuan, and its scale increased by 402 million yuan [27][28]. - By sector, last week, the technology ETF had the largest net subscription of 6.922 billion yuan, and its scale decreased by 903 million yuan; the cyclical ETF had the largest net redemption of 10.539 billion yuan, and its scale decreased by 4.598 billion yuan. By hot - topic, the chip ETF had the largest net subscription of 4.683 billion yuan, and its scale decreased by 2.471 billion yuan; the bank ETF had the largest net redemption of 2.822 billion yuan, and its scale decreased by 3.658 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the PE ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 83.35%, 83.43%, 97.28%, 97.20%, 59.03%, and 92.51% quantile levels respectively, and the PB ratios were at the 63.93%, 66.69%, 98.27%, 63.85%, 55.98%, and 91.92% quantile levels respectively. Compared with the previous week, the valuation quantiles of SSE 50, A500, and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the PE ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 72.96%, 39.24%, 25.80%, and 94.97% quantile levels respectively, and the PB ratios were at the 77.99%, 51.81%, 34.05%, and 92.91% quantile levels respectively. Compared with the previous week, the valuation quantile of the large - finance ETF decreased significantly [38]. - In general, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - finance ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and photovoltaic ETFs had relatively low valuation quantiles [45]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs increased from 46.994 billion yuan in the previous week to 48.051 billion yuan, and the short - selling volume increased from 2.568 billion shares in the previous week to 2.66 billion shares. Among the top 10 ETFs with the highest average daily margin - buying amount and short - selling volume, the securities ETF and STAR Market ETF had relatively high average daily margin - buying amounts, and the SSE 50ETF and CSI 300ETF had relatively high average daily short - selling volumes [48][56]. 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 [57]. - Last week, 7 new ETFs were established. This week, 8 ETFs are to be issued, including Tianhong CSI Agriculture Theme ETF, Yongying CSI Home Appliance ETF, etc [60].