指数化投资周报：科创芯片方向7只ETF集中申报，主要宽基指数普遍下跌-20251125

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - The market is oscillating downward, with major broad - based indexes generally declining. A - share, Hong Kong, and US major broad - based ETFs, as well as commodity ETFs like gold, have all seen drops. Most major industry ETFs in the A - share market have also declined, especially in the advanced manufacturing sector [11]. - In terms of index product trends, 19 index products were established, 14 ended their fundraising, 8 started fundraising, and 29 were newly declared, with 7 ETFs in the science - innovation chip direction being concentratedly declared [1][5][7][9]. - Regarding ETF fund flows, the total market scale decreased compared to the previous week. Among non - currency ETFs, ETFs targeting Hang Seng Technology had the largest net inflow, while those targeting CSI Banks had the largest net outflow [22][25]. Summary by Directory 1. Index Product Establishment, Fundraising, and Declaration - Product Establishment and Listing: Four ETF products, including Southern Hang Seng Technology ETF and Southern CSI Hong Kong Stock Connect High - Dividend Investment ETF, were listed, and 19 products, such as Penghua Hang Seng Technology ETF and Huaxia S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, were established [1][5]. - Product Issuance Information: Fourteen index products, like Xingyin China Securities New Energy Vehicle Battery ETF Linked A, will end their fundraising in the coming week, and 8 products, such as Dacheng CSI 800 Index Enhancement A, will start fundraising [7][8]. - Product Declaration Information: A total of 29 index products were declared in the past week, with 7 ETFs in the science - innovation chip direction being concentratedly declared by multiple fund companies, including E Fund and Penghua [1][9]. 2. ETF Market Review - Broad - based ETFs: A - share major broad - based ETFs generally declined, with higher drops in Science and Technology Innovation 50 ETF, CSI 500 ETF, and ChiNext 50 ETF. Hong Kong and US major broad - based ETFs also had significant drops. Gold ETF dropped by 2.50% [11]. - Industry ETFs: Most major industry ETFs in the A - share market declined. The advanced manufacturing sector had a relatively high decline, with the Photovoltaic ETF dropping the most at - 11.19%, and the New Energy Vehicle ETF and Battery ETF dropping by - 8.28% and - 9.56% respectively. The Steel ETF in other categories dropped by - 7.13% [13]. - Cross - border ETFs: Cross - border market major broad - based indexes oscillated downward, with the China - South Korea Semiconductor index dropping the most at - 6.32%. The Huatai - Peregrine CSI Korea Exchange China - South Korea Semiconductor ETF dropped by 10.06% [15]. 3. ETF Fund Flows - Market Scale: As of November 21, 2025, there were 1304 ETFs in the entire market, with a total scale of 55004.93 billion yuan, a decrease of 1318.36 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale, with the A - share ETF scale decreasing by 1175.02 billion yuan [22]. - Net Inflow and Outflow: Among non - currency ETFs, ETFs targeting Hang Seng Technology had the largest net inflow of 92.52 billion yuan, while those targeting CSI Banks had the largest net outflow of 16.76 billion yuan. Southern CSI 500 ETF and E Fund ChiNext ETF had relatively high inflows of 57.32 billion and 46.35 billion yuan respectively [25][27]. - Liquidity: Haifutong CSI Short - Term Financing ETF led in liquidity, with an average daily trading volume of 194.00 billion yuan in the past week. Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF also had high liquidity, with an average daily trading volume of 111.58 billion yuan [27].