ETF周报（20251117-20251121）-20251124

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report The report provides a comprehensive analysis of the ETF market from November 17 to November 21, 2025, including the secondary market overview, ETF product profiles (market performance, fund flows, trading volume, margin trading, and new issuance/listing), and new product approvals [1][22]. Summary by Relevant Catalogs 1. Secondary Market Overview - Index Performance: During the sample period, the South China Commodity Index, S&P 500, and SGE Gold 9999 had the top weekly returns, at -1.81%, -1.95%, and -3.17% respectively. The Nikkei 225 had the highest PE valuation quantile at 79.92%, while the S&P 500 had the lowest at 42.80% [1][10]. - Industry Performance: Among the Shenwan primary industries, banks, media, and food and beverage had the top returns, at -0.89%, -1.25%, and -1.44% respectively. Power equipment, comprehensive, and basic chemicals had the lowest returns, at -10.54%, -9.18%, and -7.47% respectively. The industries with the highest valuation quantiles were petroleum and petrochemicals, coal, and commercial and retail trade, at 95.88%, 94.24%, and 94.24% respectively [1][17]. 2. ETF Product Profiles 2.1 ETF Market Performance - By Product Type: Money market ETFs had the best average performance, with a weighted average return of 0.01%, while QDII ETFs had the worst, at -5.31%. - By Listing Plate: ETFs related to US stocks and MSCI China A-share concepts had better performance, with weighted average returns of -3.38% and -3.65% respectively. ETFs related to the CSI 2000 and ChiNext had worse performance, at -6.85% and -6.06% respectively. - By Industry Sector: Consumer sector ETFs had the best average performance, with a weighted average return of -2.61%, while biopharmaceutical sector ETFs had the worst, at -6.23%. - By Theme: Bank and dividend ETFs had better performance, with weighted average returns of -1.09% and -2.70% respectively. New energy and low-carbon environmental protection ETFs had the worst performance, at -10.17% and -8.50% respectively [22][25]. 2.2 ETF Fund Flows - By ETF Category: Broad-based ETFs had the largest net inflow of funds, at 33.641 billion yuan, while style ETFs had the smallest, at 3.537 billion yuan. - By Listing Plate: Hong Kong stock ETFs had the largest net inflow of funds, at 15.621 billion yuan, while MSCI China A-share concept ETFs had the smallest, at -181 million yuan. - By Industry Sector: Technology sector ETFs had the largest net inflow of funds, at 6.328 billion yuan, while consumer sector ETFs had the smallest, at -772 million yuan. - By Theme: Artificial intelligence and non-bank ETFs had the largest net inflows of funds, at 2.2 billion yuan and 2.177 billion yuan respectively. Bank and consumer electronics ETFs had the smallest, at -1.642 billion yuan and -64 million yuan respectively [2][29][31]. 2.3 ETF Trading Volume - By ETF Category: Style ETFs had the largest increase in the average daily trading volume change rate, at 19.05%, while money market ETFs had the largest decrease, at -13.04%. - By Listing Plate: The CSI 500 ETF had the largest increase in the average daily trading volume change rate, at 42.27%, while the ChiNext Innovation 50 had the largest decrease, at -17.98%. - By Industry Sector: The cyclical sector had the smallest decrease in the average daily trading volume change rate, at -4.23%, while the consumer sector had the largest decrease, at -18.82%. - By Theme: Non-bank and chip semiconductor ETFs had the largest average daily trading volumes in the past 5 days, at 16.317 billion yuan and 8.392 billion yuan respectively. Dividend and military industry ETFs had the largest increases in the average daily trading volume change rate, at 13.92% and 8.73% respectively. Consumer electronics and low-carbon environmental protection ETFs had the largest decreases, at -37.60% and -32.34% respectively [35][38][41][43]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all equity ETFs was 6.019 billion yuan, and the net short sale was -820 million yuan. The Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had the largest net margin purchase, and the Harvest Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF had the largest net short sale [2][49]. 2.5 ETF New Issuance and Listing During the sample period, 8 funds were established and 4 funds were listed. A total of 54 new fund products were reported this week, including 11 science and technology innovation theme ETFs. On November 21, the CSRC approved 16 hard technology products, including the first batch of 7 science and technology innovation and entrepreneurship artificial intelligence ETFs, 3 science and technology innovation board chip ETFs, 4 science and technology innovation board chip design theme ETFs, and 2 technology theme active equity funds [3][51][54].