ETF 周报：上周光伏 ETF 领涨，收益中位数近 9%-20251109

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week, the median weekly return of equity ETFs was 0.43%. Among broad - based ETFs, the Shanghai 50 ETF 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. Equity ETFs had a net redemption of 9.57 billion yuan last week. Among broad - based ETFs, the A500 ETF had the most net subscriptions; among sector ETFs, the large - financial ETF had the most net subscriptions; among theme ETFs, the securities ETF had the most net subscriptions. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 7 ETFs are to be issued [1][2][60]. 3. Summary According to Relevant Catalogs ETF Performance - From November 03 to November 07, 2025, the median weekly return of equity ETFs was 0.43%. The median returns of Shanghai 50, CSI 300, A500, ChiNext, CSI 1000, CSI 500, and STAR Market ETFs were 0.89%, 0.83%, 0.69%, 0.68%, 0.46%, - 0.04%, - 0.64% respectively. The median returns of bond, money - market, commodity, and cross - border ETFs were 0.03%, 0.02%, - 0.38%, - 1.37% respectively. By sector, the median returns of cyclical, large - financial, technology, and consumer sector ETFs were 2.30%, - 0.44%, - 0.84%, - 1.27% respectively. By theme, the median returns of photovoltaic, bank, and dividend ETFs were 8.71%, 2.78%, 2.21% respectively, showing relatively strong performance; while the median returns of robot, pharmaceutical, and liquor ETFs were - 3.17%, - 2.85%, - 1.75% respectively, showing relatively weak performance [13][18]. ETF Scale Change and Net Redemption/Subscription - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3703.2 billion yuan, 934.4 billion yuan, and 706.1 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 217.1 billion yuan and 167.6 billion yuan respectively. Among broad - based ETFs, the CSI 300 and STAR Market ETFs had larger scales. Last week, equity ETFs had a net redemption of 9.57 billion yuan and a total scale increase of 7.549 billion yuan; money - market ETFs had a net subscription of 5.737 billion yuan and a total scale increase of 5.754 billion yuan. Among broad - based ETFs, the A500 ETF had the most net subscriptions at 526 million yuan; the CSI 300 ETF had the most net redemptions at 8.764 billion yuan. By sector, the large - financial ETF had the most net subscriptions at 5.561 billion yuan; the cyclical ETF had the most net redemptions at 1.831 billion yuan. By theme, the securities ETF had the most net subscriptions at 4.311 billion yuan; the chip ETF had the most net redemptions at 1.892 billion yuan [20][29][32]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 86.48%, 85.74%, 97.03%, 98.02%, 59.69%, 95.28% quantile levels respectively, and the PB were at the 69.41%, 69.83%, 98.02%, 64.96%, 56.97%, 95.28% quantile levels respectively. The PE and PB of STAR Market ETFs were at the 94.97% and 71.06% quantile levels respectively. By sector, the PE of cyclical, large - financial, consumer, and technology sector ETFs were at the 77.33%, 40.40%, 21.27%, 94.56% quantile levels respectively, and the PB were at the 86.97%, 57.05%, 29.43%, 90.02% quantile levels respectively. By theme, the PE quantiles of dividend, bank, and military - industry ETFs were relatively high, and the PB quantiles of dividend, AI, and robot ETFs were relatively high. Overall, among broad - based ETFs, the valuation quantiles of ChiNext ETFs were relatively low; by sector, the valuation quantiles of consumer and large - financial ETFs were relatively moderate; by theme, the valuation quantiles of liquor and photovoltaic ETFs were relatively low [35][40][47]. 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 decreased from 48.749 billion yuan in the previous week to 47.751 billion yuan, and the short - selling volume increased from 2.607 billion shares in the previous week to 2.717 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, ChiNext and STAR Market ETFs had higher average daily margin purchases, and CSI 1000 and CSI 500 ETFs had higher average daily short - selling volumes [48][49][53]. 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 - Peregrine ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs. Last week, 8 new ETFs were established, and this week, 7 ETFs are to be issued [55][57].