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

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week (October 27 - October 31, 2025), the median weekly return of equity ETFs was 0.01%. Among broad - based ETFs, the median return of CSI 1000 ETF was 1.20%, the highest. By sector, the median return of cyclical ETFs was 1.76%, the highest. By theme, the median return of photovoltaic ETFs was 6.54%, the highest [1][13]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan, and the overall scale increased by 5.725 billion yuan. Among broad - based ETFs, the CSI 300 ETF had the largest net subscription, reaching 7.248 billion yuan; by sector, technology ETFs had the largest net subscription, at 6.922 billion yuan; by hot theme, chip ETFs had the largest net subscription, at 4.683 billion yuan [2]. Summary by Directory 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, cross - border, and commodity ETFs were 0.28%, 0.01%, - 0.74%, and - 1.52% respectively [13]. - By sector, the median returns of cyclical, consumer, large - financial, and technology sector ETFs were 1.76%, 0.54%, - 0.64%, and - 1.47% respectively. By hot theme, 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 3,693.7 billion yuan, 926.1 billion yuan, and 700 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 216 billion yuan and 161.9 billion yuan respectively. Among broad - based ETFs, the CSI 300 and STAR Market ETFs had relatively large scales, at 1,204.7 billion yuan and 214.7 billion yuan respectively [19]. - By sector, as of last Friday, the scale of technology sector ETFs was 427.6 billion yuan, followed by cyclical sector ETFs at 219.9 billion yuan. The scales of large - financial and consumer ETFs were relatively small, at 206 billion yuan and 187.1 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 159.4 billion yuan, 142.1 billion yuan, and 102.3 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 18.526 billion yuan, and the overall scale increased by 5.725 billion yuan; money ETFs had a net redemption of 6.039 billion yuan, and the overall scale decreased by 6.024 billion yuan. Among broad - based ETFs, the CSI 300 ETF had the largest net subscription of 7.248 billion yuan, and its scale increased by 2.339 billion yuan; 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, technology ETFs had the largest net subscription of 6.922 billion yuan, but their scale decreased by 903 million yuan; cyclical ETFs had the largest net redemption of 10.539 billion yuan, and their scale decreased by 4.598 billion yuan. By hot theme, last week, chip ETFs had the largest net subscription of 4.683 billion yuan, but their scale decreased by 2.471 billion yuan; bank ETFs had the largest net redemption of 2.822 billion yuan, and their 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 - financial, 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 large - financial ETFs decreased significantly [38]. - As of last Friday, the PE quantiles of dividend, chip, and robot ETFs were relatively high, at 99.51%, 96.54%, and 96.29% respectively; the PB quantiles of AI, robot, and dividend ETFs were relatively high, at 97.53%, 96.04%, and 94.64% respectively. Overall, among broad - based ETFs, the valuation quantiles of ChiNext - related ETFs were relatively low; by sector, the valuation quantiles of consumer and large - financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and photovoltaic ETFs were relatively low [42][45]. ETF Margin Trading - From Monday to Thursday last week, the margin 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, securities ETFs and STAR Market ETFs had relatively high average daily margin buying amounts, and SSE 50 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [4][48]. ETF Managers - As of last Friday, Huaxia, E Fund, and HuaTai Ber瑞 had the top three total scales of listed non - money ETFs. Last week, 7 new ETFs were established. This week, 8 ETFs, including Tianhong CSI Agriculture Theme ETF, will be issued [5][60].