ETF 周报：上周沪深 300ETF 净赎回超 2000 亿元-20260126

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The median weekly return of equity ETFs last week was 0.95%. Among broad-based ETFs, the CSI 500 ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot theme ETFs, the photovoltaic ETF had the highest return. Equity ETFs had a net redemption of 338.098 billion yuan last week. Among broad-based ETFs, the CSI 500 ETF had the least net redemption; among sector ETFs, the cyclical ETF had the most net subscriptions; among theme ETFs, the chip ETF had the most net subscriptions. As of last Friday, Huaxia, E Fund, and Huatai-PineBridge ranked in the top three in terms of the total scale of listed non-monetary ETFs. Six ETFs will be issued this week [1][2][58]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs from January 19 to January 23, 2026, was 0.95%. Among broad-based ETFs, the CSI 500, CSI 1000, Science and Technology Innovation Board, A500, ChiNext, CSI 300, and SSE 50 ETFs had median returns of 4.34%, 2.88%, 2.46%, 0.78%, -0.34%, -0.60%, and -1.55% respectively. Commodity, bond, money market, and cross-border ETFs had median returns of 7.51%, 0.11%, 0.02%, and -0.67% respectively. By sector, the median returns of cyclical, technology, large finance, and consumer sector ETFs were 3.52%, 0.62%, -0.73%, and -0.95% respectively. By hot theme, the median returns of photovoltaic, military, and chip ETFs were 6.87%, 5.30%, and 2.34% respectively, showing relatively strong performance, while the median returns of bank, liquor, and pharmaceutical ETFs were -2.65%, -1.66%, and -1.53% respectively, showing relatively weak performance [12][15]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 352.9 billion yuan, 104.47 billion yuan, and 73.46 billion yuan respectively, while the scales of commodity and money market ETFs were relatively small, at 30.76 billion yuan and 15.35 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had relatively large scales of 85.38 billion yuan and 28.23 billion yuan respectively, while the Science and Technology Innovation Board, CSI 500, ChiNext, SSE 50, and CSI 1000 ETFs had relatively small scales of 20.23 billion yuan, 19.8 billion yuan, 14.47 billion yuan, 12.89 billion yuan, and 11.2 billion yuan respectively. By sector, the technology sector ETF had a scale of 55.15 billion yuan, followed by the cyclical sector ETF with a scale of 31.76 billion yuan. The consumer and large finance ETFs had relatively small scales of 19.71 billion yuan and 19.69 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 19.25 billion yuan, 14.05 billion yuan, and 11.16 billion yuan respectively. Last week, equity ETFs had a net redemption of 338.098 billion yuan, and the total scale decreased by 309.829 billion yuan; money market ETFs had a net subscription of 199.5 million yuan, and the total scale increased by 200.9 million yuan. Among broad-based ETFs, the CSI 500 ETF had the least net redemption of 8.427 billion yuan, and its scale decreased by 302 million yuan; the CSI 300 ETF had the most net redemption of 237.252 billion yuan, and its scale decreased by 243.481 billion yuan. By sector, the cyclical ETF had the most net subscriptions of 29.338 billion yuan, and its scale increased by 42.211 billion yuan; the large finance ETF had the least net subscriptions of 1.979 billion yuan, and its scale increased by 230 million yuan. By hot theme, the chip ETF had the most net subscriptions of 12.774 billion yuan, and its scale increased by 15.931 billion yuan; the new energy vehicle ETF had the most net redemptions of 240 million yuan, and its scale decreased by 85 million yuan [18][25][27]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of the SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 80.28%, 84.90%, 100.00%, 100.00%, 68.32%, and 97.45% quantiles respectively, and the price-to-book ratios were at the 54.08%, 72.03%, 100.00%, 85.48%, 68.81%, and 97.70% quantiles respectively. Since December 31, 2019, the price-to-earnings and price-to-book ratios of the Science and Technology Innovation Board ETFs are currently at the 95.38% and 83.91% quantiles respectively. As of last Friday, the price-to-earnings ratios of the cyclical, large finance, consumer, and technology sector ETFs were at the 90.35%, 22.77%, 33.17%, and 98.27% quantiles respectively, and their price-to-book ratios were at the 93.65%, 41.50%, 37.21%, and 99.01% quantiles respectively. Compared with the previous week, the valuation quantiles of consumer ETFs decreased significantly. As of last Friday, the price-to-earnings ratio quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.83%, 99.83%, and 99.09% respectively; the price-to-book ratio quantiles of robot, AI, and military ETFs were relatively high, at 99.83%, 99.42%, and 93.23% respectively. Compared with the previous week, the valuation quantiles of bank ETFs decreased significantly. Overall, among broad-based ETFs, the valuation quantiles of ChiNext and SSE 50 ETFs were relatively low; by sector, the valuation quantiles of large finance and consumer ETFs were relatively moderate; by sub-theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [33][35][45]. ETF Margin Trading and Short Selling - Overall, the margin balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 53.91 billion yuan in the previous week to 53.456 billion yuan, and the short selling volume increased from 2.276 billion shares in the previous week to 2.303 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short selling volumes from last Monday to Thursday, the Science and Technology Innovation Board ETF and the CSI 500 ETF had relatively high average daily margin purchases, and the CSI 1000 ETF and the CSI 500 ETF had relatively high average daily short selling volumes [46][47][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, theme, style, and strategy index ETFs, and cross-border ETFs; E Fund ranked second in the total scale of listed non-monetary ETFs and had a relatively high management scale in scale index ETFs and cross-border ETFs; Huatai-PineBridge Fund ranked third in the total scale of listed non-monetary ETFs and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs. Nine new ETFs were established last week, and six ETFs will be issued this week [52][55].