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

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The market is experiencing a downward trend with most major broad - based indices and industry ETFs showing declines. Index product applications are active, especially in the science - tech chip direction [1][2][10]. 3. Summary by Directory 3.1 Index Product Establishment, Fund - raising, and Application - Product Establishment and Listing: In the recent week, 4 ETF products such as Southern Hang Seng Tech ETF were listed, and 19 products including Penghua Hang Seng Tech ETF were established [1][4]. - Product Issuance Information: In the coming week, 14 index products like Xingyin Guozheng New Energy Vehicle Battery ETF Connect A will end their fund - raising, and 8 index products such as Dacheng CSI 800 Index Enhancement A will start their fund - raising [1][6]. - Product Application Information: A total of 29 index products were applied for in the recent week. Multiple fund companies concentrated on applying for 7 ETFs in the science - tech chip direction [1][8]. 3.2 ETF Market Review - Broad - based ETFs: In the recent week (2025/11/17 - 2025/11/21), most major A - share broad - based ETFs declined, with high - drop ones including STAR 50 ETF, CSI 500 ETF, and ChiNext 50 ETF. Major broad - based ETFs in Hong Kong and the US also had significant drops. Gold ETF fell by 2.50% [2][10]. - Industry ETFs: Most major A - share industry ETFs declined. The advanced manufacturing category had a high drop this week, with the Photovoltaic ETF dropping the most at - 11.19%, followed by the New Energy Vehicle ETF (- 8.28%) and Battery ETF (- 9.56%). Among other category ETFs, the Steel ETF dropped by - 7.13% [2][12]. - Cross - border ETFs: The global market generally declined, with Hong Kong, European, and US stocks performing weakly. Huatai - Peregrine CSI KRX Korea Semiconductor ETF dropped by 10.06% [14]. - Non - monetary ETFs: Among non - monetary ETFs, Harvest S&P Biotech Select Industry ETF led with a 1.35% return in the recent week, while Penghua Shanghai STAR Market New Energy ETF lagged with a - 13.40% return [17]. 3.3 ETF Fund Flow - Overall Scale: As of November 21, 2025, there were 1304 ETFs in the whole market, with a total scale of 55004.93 billion yuan, a decrease of 1318.36 billion yuan from the previous week. A - share ETFs and cross - border ETFs ranked first and second in scale, with A - share ETFs' scale decreasing by 1175.02 billion yuan in the recent week [21]. - Fund Inflow and Outflow: Among non - monetary ETFs, ETFs targeting Hang Seng Tech had the largest net fund inflow of 92.52 billion yuan, while ETFs targeting CSI Banks had the largest net fund outflow of 16.76 billion yuan. Southern CSI 500 ETF and E Fund ChiNext ETF had high fund inflows of 57.32 billion yuan and 46.35 billion yuan respectively [24][26]. - Liquidity: Haifutong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 194.00 billion yuan. Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF had high liquidity, with an average daily trading volume of 111.58 billion yuan [26].