ETF周报：上周科技ETF跌幅中位数超4%，酒ETF逆势上涨-20251116

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Last week (from November 10 to November 14, 2025), the median weekly return of equity ETFs was -1.09%. Among broad - based ETFs, the median return of SSE 50 ETF was 0.02%, the highest. By sector, the median return of consumer ETFs was 2.10%, the highest. By theme, the median return of liquor ETFs was 3.67%, the highest [1][12][15]. - Last week, equity ETFs had a net subscription of 114.02 billion yuan, but the overall scale decreased by 378.87 billion yuan. Among broad - based ETFs, the STAR Market ETF had the largest net subscription of 29.79 billion yuan; by sector, the technology ETF had the largest net subscription of 97.70 billion yuan; by hot theme, the AI ETF had the largest net subscription of 49.38 billion yuan [2][27][34]. - As of last Friday, among broad - based ETFs, the valuation quantile of ChiNext - related ETFs was 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 [3][35][45]. - From Monday to Thursday last week, the margin trading balance of equity ETFs decreased from 47.454 billion yuan in the previous week to 47.294 billion yuan, and the short - selling volume increased from 2.703 billion shares in the previous week to 2.708 billion shares. Among the top 10 ETFs with the highest average daily margin buying amount and short - selling volume, the average daily margin buying amount of ChiNext - related ETFs and STAR Market ETFs was relatively high, and the average daily short - selling volume of CSI 300 ETF and SSE 50 ETF was relatively high [4][46][52]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed, non - monetary ETFs. Five new ETFs were established last week, namely Bosera Industrial Software ETF, Tianhong CSI Agriculture Theme ETF, Yongying CSI Home Appliance ETF, Southern CSI Hong Kong Stock Connect High Dividend Investment ETF, and E Fund Hang Seng Hong Kong Stock Connect Automobile Theme ETF [5][53][56]. 3. Summary by Relevant Catalog ETF Performance - The calculation of ETF performance uses the unit adjusted net value of ETFs. Last week, the median weekly return of equity ETFs was -1.09%, and the median returns of SSE 50, CSI 1000, A500, CSI 300, CSI 500, STAR Market, and ChiNext - related ETFs were 0.02%, -0.50%, -1.03%, -1.06%, -1.24%, -2.34%, and -2.99% respectively. The median returns of commodity, cross - border, monetary, and bond ETFs were 3.26%, 1.05%, 0.02%, and 0.00% respectively [12]. - By sector, the median returns of consumer, large - financial, cyclical, and technology sector ETFs last week were 2.10%, 0.17%, -1.20%, and -4.20% respectively. By hot theme, the median returns of liquor, pharmaceutical, and bank ETFs were 3.67%, 2.13%, and 1.68% respectively, showing relatively strong performance, while the median returns of AI, chip, and photovoltaic ETFs were -5.46%, -4.41%, and -3.40% respectively, showing relatively weak performance [15]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3667.6 billion yuan, 955.7 billion yuan, and 706.3 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 230 billion yuan and 168.7 billion yuan respectively. Among broad - based ETFs, the scales of CSI 300 and STAR Market ETFs were relatively large, at 1190.4 billion yuan and 207.2 billion yuan respectively [17]. - By sector, the scale of the technology sector ETF was 41.91 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 22.25 billion yuan. The scales of large - financial and consumer ETFs were relatively small, at 21.22 billion yuan and 19.38 billion yuan respectively. By hot theme, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 15.26 billion yuan, 14.43 billion yuan, and 10.59 billion yuan respectively [24]. - Last week, equity ETFs had a net subscription of 114.02 billion yuan, but the overall scale decreased by 378.87 billion yuan; monetary ETFs had a net subscription of 10.83 billion yuan, and the overall scale increased by 11.00 billion yuan. Among broad - based ETFs, the STAR Market ETF had the largest net subscription of 29.79 billion yuan, and its scale decreased by 45.74 billion yuan; the A500 ETF had the largest net redemption of 40.26 billion yuan, and its scale decreased by 60.71 billion yuan [27][28]. - By sector, last week, the technology ETF had the largest net subscription of 97.70 billion yuan, and its scale decreased by 88.14 billion yuan; the cyclical ETF had the smallest net subscription of 8.64 billion yuan, and its scale decreased by 6.16 billion yuan. By hot theme, last week, the AI ETF had the largest net subscription of 49.38 billion yuan, and its scale increased by 11.56 billion yuan; the bank ETF had the largest net redemption of 5.83 billion yuan, and its scale increased by 0.18 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 87.72%, 85.41%, 96.04%, 97.44%, 58.12%, and 93.31% quantile levels respectively, and the price - to - book ratios were at the 72.05%, 69.25%, 97.03%, 63.97%, 53.42%, and 93.90% quantile levels respectively. Since December 31, 2019, the current price - to - earnings ratio and price - to - book ratio of STAR Market - related ETFs are at the 85.99% and 70.07% quantile levels respectively [35][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 77.99%, 42.70%, 30.01%, and 89.94% quantile levels respectively, and their price - to - book ratios were at the 87.22%, 64.26%, 32.32%, and 79.14% quantile levels respectively [38]. - As of last Friday, the price - to - earnings ratio quantiles of bank, dividend, and military - industry ETFs were relatively high, at 99.92%, 99.75%, and 94.72% respectively; the price - to - book ratio quantiles of dividend, AI, and robot ETFs were relatively high, at 98.68%, 96.29%, and 92.83% respectively [42]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 47.454 billion yuan in the previous week to 47.294 billion yuan, and the short - selling volume increased from 2.703 billion shares in the previous week to 2.708 billion shares [46]. - Among the top 10 equity ETFs with the highest average daily margin buying amount from Monday to Thursday last week, the average daily margin buying amount of ChiNext - related ETFs and STAR Market ETFs was relatively high. Among the top 10 equity ETFs with the highest average daily short - selling volume, the average daily short - selling volume of CSI 300 ETF and SSE 50 ETF was relatively high [48][49][52]. 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, with a relatively high management scale in scale - index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [53]. - Five new ETFs were established last week, namely Bosera Industrial Software ETF, Tianhong CSI Agriculture Theme ETF, Yongying CSI Home Appliance ETF, Southern CSI Hong Kong Stock Connect High Dividend Investment ETF, and E Fund Hang Seng Hong Kong Stock Connect Automobile Theme ETF [56].