ETF周报：上周股票型ETF涨幅中位数达2.4%，AI ETF领涨-20251201

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - Last week (from November 24, 2025, to November 28, 2025), the median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, the median return of Science and Technology Innovation Board ETFs was the highest at 5.33%. Among sector - based ETFs, the median return of technology ETFs was the highest at 4.59%. Among thematic ETFs, the median return of AI ETFs was the highest at 5.90% [1][12][15]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan, but the total scale increased by 41.354 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan; among sector - based ETFs, consumer ETFs had the smallest net redemption of 734 million yuan; among thematic ETFs, dividend ETFs had the largest net subscription of 1.236 billion yuan [2][26]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non - monetary ETFs were Huaxia, E Fund, and HuaTai - Berry. This week, four ETFs will be issued, namely Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [5][55]. 3. Summary of Each Section ETF Performance - The median weekly return of equity ETFs was 2.41%. Among broad - based ETFs, Science and Technology Innovation Board, ChiNext, CSI 1000, CSI 500, A500, SSE 50, and SSE 300 ETFs had median returns of 5.33%, 4.61%, 3.76%, 3.11%, 2.15%, 0.46%, and 1.64% respectively. Among cross - border, commodity, monetary, and bond ETFs, the median returns were 3.19%, 2.55%, 0.02%, and - 0.17% respectively [12]. - By sector, the median returns of technology, cyclical, consumer, and large - finance sector ETFs were 4.59%, 2.44%, 1.30%, and 0.56% respectively. By thematic classification, the median returns of AI, chip, and photovoltaic ETFs were 5.90%, 4.94%, and 3.20% respectively, showing relatively strong performance, while the median returns of bank, liquor, and dividend ETFs were - 0.53%, - 0.15%, and - 0.15% 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 3.5943 trillion yuan, 956.8 billion yuan, and 716.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 238.4 billion yuan and 180.5 billion yuan respectively. Among broad - based ETFs, SSE 300 and Science and Technology Innovation Board ETFs had relatively large scales [17]. - Last week, equity ETFs had a net redemption of 40.51 billion yuan and a total scale increase of 41.354 billion yuan; monetary ETFs had a net subscription of 3.777 billion yuan and a total scale increase of 3.792 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 2.559 billion yuan, and ChiNext - type ETFs had the largest net redemption of 7.152 billion yuan. By sector, consumer ETFs had the smallest net redemption of 734 million yuan, and technology ETFs had the largest net redemption of 16.179 billion yuan. By thematic classification, dividend ETFs had the largest net subscription of 1.236 billion yuan, and chip ETFs had the largest net redemption of 6.78 billion yuan [26][31]. ETF Benchmark Index Valuation - As of last Friday, in broad - based ETFs, ChiNext - type ETFs had relatively low valuation quantiles; by sector, consumer and large - finance ETFs had relatively moderate valuation quantiles; by thematic classification, liquor ETFs had relatively low valuation quantiles [3][43]. ETF Margin Trading and Short Selling - Overall, the short - selling volume of equity ETFs has generally shown an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 50.223 billion yuan in the previous week to 46.959 billion yuan, and the short - selling volume increased from 2.466 billion shares in the previous week to 2.605 billion shares. Among the top 10 ETFs in terms of average daily margin trading purchase volume and short - selling volume, Science and Technology Innovation Board ETFs and chip ETFs had relatively high average daily margin trading purchase volumes, and CSI 1000 ETFs and A500 ETFs had relatively high average daily short - selling volumes [44][50][51]. 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, thematic, 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 - Berry Fund ranked third, with a relatively high management scale in scale - index ETFs and thematic, style, and strategy - index ETFs [52]. - Last week, two new ETFs were established: Bosera CSI Bank ETF and GF CSI Hong Kong - Stock Connect Internet ETF. This week, four ETFs will be issued: Huabao CSI 300 Enhanced Strategy ETF, Bank of Communications CSI Smart - Selected Shanghai - Hong Kong - Shenzhen Technology 50 ETF, Fullgoal Hang Seng Biotechnology ETF, and Ping An SSE Science and Technology Innovation Board 50 Component ETF [55].