Report Summary 1. Investment Rating of the Industry The document does not mention the investment rating of the industry. 2. Core Viewpoints - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the new energy vehicle ETF had the highest return [1][13][59]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription; among sector ETFs, the consumer ETF had the smallest net redemption; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][30][36][59]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued [5][53][59]. 3. Summary by Directory ETF Performance - The median weekly return of equity ETFs was 2.75%. The median returns of CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 500 ETFs were 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [1][13]. - By sector, the median returns of cyclical, technology, large - finance, and consumer sector ETFs last week were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By hot - topic classification, the median returns of new energy vehicle, military, and photovoltaic ETFs were 7.17%, 5.84%, and 5.38% respectively, showing relative strength, while those of bank, liquor, and pharmaceutical ETFs were - 0.89%, - 0.79%, and - 0.16% respectively, showing relative weakness [19]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. Among broad - based ETFs, the SSE 500 and A500ETFs had relatively large scales [21]. - By sector, the scale of the technology sector ETF was 430.5 billion yuan, followed by the cyclical sector ETF with 215.9 billion yuan. The scales of large - finance and consumer ETFs were relatively small [24]. - By hot - topic, the scales of chip, securities, and pharmaceutical ETFs were the highest, reaching 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and a total scale increase of 132.202 billion yuan; money - market ETFs had a net redemption of 83.24 billion yuan and a total scale decrease of 83.07 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and the SSE 500ETF had the largest net redemption of 58.97 billion yuan [30]. - By sector, the consumer ETF had the smallest net redemption of 580 million yuan last week, and the technology ETF had the largest net redemption of 6.453 billion yuan. By hot - topic, the pharmaceutical ETF had the largest net subscription of 408 million yuan, and the chip ETF had the largest net redemption of 6.68 billion yuan [32][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantile levels respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500ETF increased significantly [37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 81.53%, 31.82%, 28.61%, and 94.39% quantile levels respectively, and the price - to - book ratios were at the 77.91%, 56.60%, 35.86%, and 90.52% quantile levels respectively. Compared with the previous week, the valuation quantile of the cyclical ETF increased significantly [38]. - Overall, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; among sectors, the consumer and large - finance ETFs had relatively moderate valuation quantiles; among sub - themes, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin trading balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs with the highest average daily margin buying amount and short - selling volume, the STAR Market ETF and the securities ETF had relatively high average daily margin buying amounts, and the CSI 1000ETF and the SSE 500ETF had relatively high average daily short - selling volumes [45][50][51]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. Huaxia had high management scales in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund had high management scales in scale index ETFs and cross - border ETFs; Huatai - PineBridge had high management scales in scale index ETFs and theme, style, and strategy index ETFs [53]. - Five new ETFs were established last week, and two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued this week [56].
ETF周报：上周A500ETF净申购近500亿元，本周将新发行2只科创板片ETF-20251228
Guoxin Securities·2025-12-28 12:23