ETF周报：A500ETF净申购超300亿元，上周新成立三只科创创业人工智能ETF-20251221

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Last week (from December 15 to December 19, 2025), the median weekly return of equity ETFs was -0.26%. Among broad-based ETFs, the median return of SSE 50 ETF was 0.67%, the highest. By sector, the median return of large financial ETFs was 1.22%, the highest. By theme, the median return of military ETFs was 2.56%, the highest [1][13][18]. - Last week, equity ETFs had a net subscription of 55.447 billion yuan, and the overall scale increased by 38.992 billion yuan. Among broad-based ETFs, A500 ETF had the largest net subscription, reaching 32.639 billion yuan. By sector, technology ETFs had the largest net subscription, amounting to 6.382 billion yuan. By hot theme, chip ETFs had the largest net subscription, reaching 3.050 billion yuan [2][27][33]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low. Compared with the previous week, the valuation quantiles of A500 and consumer ETFs increased significantly [3][34][44]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.443 billion yuan in the previous week to 47.714 billion yuan, and the short - selling volume decreased from 2.582 billion shares in the previous week to 2.481 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases, while CSI 1000 ETF and SSE 50 ETF had relatively high average daily short - selling volumes [4][45][53]. - As of last Friday, Huaxia, E Fund, and HuaTai - Berry ranked top three in the total scale of listed non - monetary ETFs. This week, 5 ETFs, including Huaxia CSI All - Share Food ETF, Huabao CSI All - Share Electric Power Utility ETF, ICBC ChiNext New Energy ETF, E Fund SSE STAR Market Chip Design Theme ETF, and E Fund CSI All - Share Food ETF, will be issued [5][57][60]. 3. Summary by Relevant Catalogs ETF Performance - Equity ETFs: The median weekly return was -0.26%. The median returns of SSE 50, CSI 500, CSI 300, A500, CSI 1000, ChiNext - related, and STAR Market ETFs were 0.67%, 0.03%, -0.13%, -0.14%, -0.53%, -2.25%, and -2.43% respectively. The median returns of commodity, bond, money - market, and cross - border ETFs were 0.98%, 0.05%, 0.02%, and -1.76% respectively [13]. - By Sector: The median returns of large financial, consumer, cyclical, and technology sector ETFs were 1.22%, 0.38%, -0.52%, and -2.31% respectively [18]. - By Theme: The median returns of military, bank, and securities ETFs were 2.56%, 1.23%, and 1.07% respectively, showing relatively strong performance. The median returns of chip, photovoltaic, and AI ETFs were -3.24%, -2.91%, and -2.45% respectively, showing relatively weak performance [18]. ETF Scale Changes and Net Subscriptions/Redeemptions - Overall Scale: As of last Friday, the scales of equity, cross - border, and bond ETFs were 3,683.2 billion yuan, 965.0 billion yuan, and 743.0 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 246.8 billion yuan and 186.2 billion yuan respectively [20]. - Broad - based ETFs: The scales of CSI 300 and A500 ETFs were relatively large, at 1,176.9 billion yuan and 243.0 billion yuan respectively. The scales of STAR Market, SSE 50, CSI 500, ChiNext - related, and CSI 1000 ETFs were relatively small, at 207.8 billion yuan, 184.6 billion yuan, 180.8 billion yuan, 174.3 billion yuan, and 170.3 billion yuan respectively [20]. - By Sector: As of last Friday, the scale of technology sector ETFs was 418.5 billion yuan, followed by cyclical sector ETFs at 210.3 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 197.1 billion yuan and 186.7 billion yuan respectively [25]. - By Theme: As of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 147.5 billion yuan, 139.2 billion yuan, and 101.7 billion yuan respectively [25]. - Net Subscriptions/Redeemptions: Last week, equity ETFs had a net subscription of 55.447 billion yuan, and the overall scale increased by 38.992 billion yuan. Money - market ETFs had a net redemption of 1.662 billion yuan, and the overall scale decreased by 1.645 billion yuan. Among broad - based ETFs, A500 ETF had the largest net subscription of 32.639 billion yuan, and its scale increased by 32.528 billion yuan. SSE 50 ETF had the largest net redemption of 461 million yuan, and its scale increased by 560 million yuan [27]. By sector, technology ETFs had the largest net subscription of 6.382 billion yuan, and their scale decreased by 3.386 billion yuan. Cyclical ETFs had the largest net redemption of 3.207 billion yuan, and their scale decreased by 1.987 billion yuan. By hot theme, chip ETFs had the largest net subscription of 3.050 billion yuan, and their scale decreased by 2.222 billion yuan. Military ETFs had the largest net redemption of 4.229 billion yuan, and their scale decreased by 3.058 billion yuan [31][33]. ETF Benchmark Index Valuation - Broad - based ETFs: As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 82.44%, 82.44%, 95.22%, 93.82%, 59.52%, and 90.79% quantiles respectively, and the price - to - book ratios were at the 60.72%, 68.43%, 96.70%, 48.23%, 59.03%, and 89.70% quantiles respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of STAR Market - related ETFs were at the 81.37% and 70.82% quantiles respectively. Compared with the previous week, the valuation quantiles of A500 ETF increased significantly [34][36]. - By Sector: As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 73.54%, 32.15%, 25.89%, and 92.75% quantiles respectively, and the price - to - book ratios were at the 69.08%, 56.31%, 36.19%, and 79.39% quantiles respectively. Compared with the previous week, the valuation quantiles of consumer ETFs increased significantly [38]. - By Theme: As of last Friday, the price - to - earnings quantiles of photovoltaic, military, and dividend ETFs were relatively high, at 99.59%, 99.01%, and 96.04% respectively. The price - to - book quantiles of AI, dividend, and robot ETFs were relatively high, at 99.75%, 96.13%, and 92.50% respectively. Overall, among broad - based ETFs, the valuation quantiles of ChiNext - related ETFs were relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [40][41][44]. ETF Margin Trading and Short - Selling - Overall, the short - selling volume of equity ETFs has generally maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.443 billion yuan in the previous week to 47.714 billion yuan, and the short - selling volume decreased from 2.582 billion shares in the previous week to 2.481 billion shares [45]. - Among the top 10 ETFs with the highest average daily margin purchases from Monday to Thursday last week, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases. Among the top 10 ETFs with the highest average daily short - selling volumes, CSI 1000 ETF and SSE 50 ETF had relatively high average daily short - selling volumes [48][50][53]. 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 - based index ETFs, theme - based, style - based, and strategy - based index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale - based index ETFs and cross - border ETFs. HuaTai - Berry ranked third, with a relatively high management scale in scale - based index ETFs and theme - based, style - based, and strategy - based index ETFs [54]. - Last week, 7 new ETFs were established. This week, 5 ETFs, including Huaxia CSI All - Share Food ETF, Huabao CSI All - Share Electric Power Utility ETF, ICBC ChiNext New Energy ETF, E Fund SSE STAR Market Chip Design Theme ETF, and E Fund CSI All - Share Food ETF, will be issued [57].