ETF 周报：上周 A500ETF净申购近500亿元，本周将新发行 2 只科创板芯片ETF-20251228

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - 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 with a median increase of 4.04%. By sector, the cyclical ETF had the highest return with a median of 5.37%. By theme, the new energy vehicle ETF had the highest return with a median of 7.17% [1][13]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan, and the overall scale increased by 132.202 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan; by sector, the consumer ETF had the least net redemption of 580 million yuan; by hot theme, the pharmaceutical ETF had the largest net subscription of 408 million yuan [2][30][36]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs had median returns of 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 [13]. - By sector, the median returns of cyclical, technology, large - financial, and consumer - sector ETFs were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By theme, the new energy vehicle, military, and photovoltaic ETFs had relatively strong performance with median returns of 7.17%, 5.84%, and 5.38% respectively, while the bank, liquor, and pharmaceutical ETFs had relatively weak performance with median returns of - 0.89%, - 0.79%, and - 0.16% respectively [19]. ETF Scale Change and Net Subscription/Redeem - 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. The scales of commodity and money - market ETFs were relatively small, at 257 billion yuan and 177.9 billion yuan respectively. Among broad - based ETFs, the SSE 300 and A500ETFs had larger scales of 1.1944 trillion yuan and 299.7 billion yuan respectively [21]. - By sector, the technology - sector ETF had a scale of 430.5 billion yuan, followed by the cyclical - sector ETF with a scale of 215.9 billion yuan. The large - financial and consumer ETFs had relatively smaller scales of 197.6 billion yuan and 185.5 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [24][25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and the overall scale increased by 132.202 billion yuan; money - market ETFs had a net redemption of 8.324 billion yuan and the overall scale decreased by 8.307 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and its scale increased by 56.639 billion yuan; the SSE 300ETF had the largest net redemption of 5.897 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantiles respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantiles respectively. Compared with the previous week, the valuation quantiles of the A500ETF increased significantly [37]. - Among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantiles; by sub - theme, 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 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 in terms of average daily margin purchases and short - selling volumes, the STAR Market ETF and the securities ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the SSE 300ETF had relatively high average daily short - selling volumes [4][45][52]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - money ETFs. This week, two ETFs, GF SSE STAR Market Chip ETF and Huabao SSE STAR Market Chip ETF, will be issued [5][56].