ETF周报：上周股票型ETF跌幅中位数达4.6%，抄底资金净流入近500元-20251123

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week (from November 17 to November 21, 2025), the median weekly return of stock - type ETFs was -4.57%. Among broad - based ETFs, the Shanghai 50 ETF had the smallest decline; among sector ETFs, the large - finance ETF had the smallest decline; among hot - topic ETFs, the bank ETF had the smallest decline [1][12][59]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][59]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine were the top three fund companies in terms of the total scale of listed non - monetary ETFs. This week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [5][59]. 3. Summary by Relevant Catalogs ETF Performance - Stock - type ETFs had a median weekly return of -4.57%. The median returns of Shanghai 50, CSI 300, A500, CSI 500, CSI 1000, Sci - tech Innovation Board, and GEM - type ETFs were -2.69%, -3.72%, -4.24%, -5.71%, -5.77%, -5.77%, and -6.01% respectively. The median returns of money - type, bond - type, commodity - type, and cross - border ETFs were 0.01%, 0.01%, -2.50%, and -4.87% respectively [12]. - Among sectors, the median returns of large - finance, technology, consumption, and cyclical sector ETFs were -4.42%, -4.43%, -5.31%, and -5.32% respectively. Among hot - topics, bank, liquor, and AI ETFs had median returns of -0.91%, -2.39%, and -2.53% respectively, showing relatively strong performance, while photovoltaic, new energy vehicle, and pharmaceutical ETFs had median returns of -11.19%, -8.28%, and -6.12% respectively, with relatively weak performance [15]. ETF Scale Change and Net Redemption/Subscription - As of last Friday, the scales of stock - type, cross - border, and bond - type ETFs were 3550.6 billion yuan, 921 billion yuan, and 718.8 billion yuan respectively. The scales of commodity - type and money - type ETFs were relatively small, at 230.5 billion yuan and 176.7 billion yuan respectively [17]. - Among broad - based ETFs, the CSI 300 and Sci - tech Innovation Board ETFs had relatively large scales of 1148.2 billion yuan and 201.8 billion yuan respectively. The scales of A500, Shanghai 50, CSI 500, GEM - type, and CSI 1000 ETFs were relatively small, at 189.4 billion yuan, 184.6 billion yuan, 171.4 billion yuan, 170.3 billion yuan, and 163.7 billion yuan respectively [17][20]. - Among sectors, the technology sector ETF had a scale of 404.9 billion yuan, followed by the cyclical sector ETF with a scale of 210.9 billion yuan. The large - finance and consumption ETFs had relatively small scales of 203.5 billion yuan and 186.9 billion yuan respectively. Among hot - topics, chip, securities, and pharmaceutical ETFs had the highest scales of 145.6 billion yuan, 139.4 billion yuan, and 102.1 billion yuan respectively [24]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan and a total scale decrease of 115.443 billion yuan; money - type ETFs had a net subscription of 7.923 billion yuan and a total scale increase of 7.938 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription of 6.729 billion yuan, and its scale decreased by 4.125 billion yuan; the Shanghai 50 ETF had the smallest net subscription of 0.316 billion yuan, and its scale decreased by 4.83 billion yuan [27][28]. - Among sectors, the technology ETF had the largest net subscription of 5.694 billion yuan, and its scale decreased by 14.492 billion yuan; the large - finance ETF had the largest net redemption of 0.172 billion yuan, and its scale decreased by 8.739 billion yuan. Among hot - topics, the pharmaceutical ETF had the largest net subscription of 2.21 billion yuan, and its scale decreased by 3.886 billion yuan; the bank ETF had the largest net redemption of 1.849 billion yuan, and its scale decreased by 2.17 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, GEM - type, and A500 ETFs were at the 84.67%, 80.38%, 94.64%, 93.90%, 54.82%, and 83.67% quantile levels respectively, and the price - to - book ratios were at the 66.20%, 62.90%, 92.00%, 51.11%, 46.83%, and 83.09% quantile levels respectively. Since December 31, 2019, the price - to - earnings and price - to - book ratios of Sci - tech Innovation Board - type ETFs are currently at the 83.51% and 67.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of A500 and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumption, and technology sector ETFs were at the 69.33%, 35.53%, 19.62%, and 88.79% quantile levels respectively, and the price - to - book ratios were at the 65.79%, 58.78%, 21.60%, and 75.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of large - finance, cyclical, and consumption ETFs decreased significantly [38]. - As of last Friday, the price - to - earnings quantiles of bank, dividend, and military - industry ETFs were relatively high, at 99.84%, 99.26%, and 93.16% respectively; the price - to - book quantiles of dividend, AI, and robot ETFs were relatively high, at 96.54%, 94.39%, and 89.78% respectively. Compared with the previous week, the valuation quantiles of pharmaceutical and new energy vehicle ETFs decreased significantly [39]. - Overall, among broad - based ETFs, the GEM - type ETF had relatively low valuation quantiles; among sectors, the consumption and large - finance ETFs had relatively moderate valuation quantiles; among sub - topics, the liquor ETF had relatively low valuation quantiles [40]. ETF Margin Trading - As of last Thursday, the margin trading balance of stock - type ETFs increased from 47.328 billion yuan in the previous week to 48.368 billion yuan, and the short - selling volume decreased from 2.681 billion shares in the previous week to 2.608 billion shares [44]. - Among the top 10 ETFs with the highest average daily margin trading purchase amount from last Monday to Thursday, the Sci - tech Innovation Board ETF and GEM - type ETF had relatively high average daily margin trading purchase amounts. Among the top 10 ETFs with the highest average daily short - selling volume, the A500 ETF and CSI 300 ETF had relatively high average daily short - selling volumes [45][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]. - Last week, 8 new ETFs were established, and this week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [56].