ETF周报：上周科创芯片ETF规模突破680亿元，沪深300净赎回超2400亿元-20260202

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Last week (from January 26, 2026, to January 30, 2026), the median weekly return of equity ETFs was -1.20%. Among broad-based ETFs, the Shanghai 50 ETF had the highest return with a median change of 1.13%. Among sector ETFs, the large financial sector ETF had the highest return with a median change of 0.06%. Among thematic ETFs, the liquor ETF had the highest return with a median change of 2.39% [1][12][16]. - Last week, equity ETFs had a net redemption of 324.733 billion yuan, and the overall scale decreased by 360.935 billion yuan. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the least net redemption of 9.35 billion yuan. Among sector ETFs, the cyclical ETF had the most net subscriptions of 386.15 billion yuan. Among thematic ETFs, the chip ETF had the most net subscriptions of 111.56 billion yuan [2][27][30]. - 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-PineBridge. This week, four ETFs, namely the E Fund CSI All-Share Dividend Quality ETF, GF Hang Seng Biotech ETF, Bosera CSI Industrial Nonferrous Metals Thematic ETF, and E Fund CSI Battery Thematic ETF, will be issued [5][52][54]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was -1.20%. Among broad-based ETFs, the Shanghai 50, CSI 300, ChiNext, A500, CSI 500, CSI 1000, and Science and Technology Innovation Board ETFs had median changes of 1.13%, 0.09%, -0.10%, -0.62%, -2.54%, -2.57%, and -2.94% respectively. Commodity, bond, cross-border, and money market ETFs had median changes of 4.56%, 0.04%, 0.04%, and 0.02% respectively [1][12]. - Among sector ETFs, the large financial, technology, consumer, and cyclical sector ETFs had median changes of 0.06%, -2.28%, -2.57%, and -3.61% respectively. Among thematic ETFs, the liquor, dividend, and AI ETFs had median changes of 2.39%, 1.78%, and 0.80% respectively, performing relatively strongly, while the military, new energy vehicle, and robot ETFs had median changes of -8.82%, -7.04%, and -5.65% respectively, performing relatively weakly [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 3.1726 trillion yuan, 1.0544 trillion yuan, and 725.5 billion yuan respectively. Commodity and money market ETFs had relatively smaller scales of 346.9 billion yuan and 153.7 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had larger scales of 610 billion yuan and 276.5 billion yuan respectively, while the Science and Technology Innovation Board, CSI 500, ChiNext, Shanghai 50, and CSI 1000 ETFs had relatively smaller scales [17]. - Among sector ETFs, the technology sector ETF had a scale of 551.3 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 351.7 billion yuan. The consumer and large financial ETFs had relatively smaller scales. Among popular thematic ETFs, the chip, securities, and pharmaceutical ETFs had the highest scales as of last Friday [25]. - Last week, equity ETFs had a net redemption of 324.733 billion yuan, and the overall scale decreased by 360.935 billion yuan. The money market ETF had a net subscription of 1.68 billion yuan, and the overall scale increased by 1.82 billion yuan. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the least net redemption of 9.35 billion yuan, and its scale decreased by 67.28 billion yuan, while the CSI 300 ETF had the most net redemption of 244.613 billion yuan, and its scale decreased by 243.808 billion yuan [27]. - Among sector ETFs, the cyclical ETF had the most net subscriptions of 386.15 billion yuan, and its scale increased by 315.50 billion yuan, while the large financial ETF had the least net subscriptions of 20.62 billion yuan, and its scale increased by 16.09 billion yuan. Among thematic ETFs, the chip ETF had the most net subscriptions of 111.56 billion yuan, and its scale increased by 69.73 billion yuan, while the AI ETF had the most net redemptions of 25.26 billion yuan, and its scale decreased by 16.69 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of the Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 83.33%, 87.54%, 99.50%, 99.42%, 66.75%, and 97.23% quantiles respectively, and the price-to-book ratios were at the 63.94%, 74.38%, 99.50%, 82.43%, 68.15%, and 97.23% quantiles respectively. Since December 31, 2019, the current price-to-earnings and price-to-book ratios of the Science and Technology Innovation Board ETF have been at the 90.26% and 81.02% quantiles respectively [33][35]. - As of last Friday, the price-to-earnings ratios of the cyclical, large financial, consumer, and technology sector ETFs were at the 91.75%, 23.35%, 24.01%, and 97.61% quantiles respectively, and the price-to-book ratios were at the 89.27%, 45.13%, 31.60%, and 95.38% quantiles respectively. Compared with the previous week, the valuation quantile of the consumer ETF decreased significantly [39]. - As of last Friday, the price-to-earnings ratio quantiles of the photovoltaic, military, and chip ETFs were relatively high, at 99.34%, 98.51%, and 97.61% respectively. The price-to-book ratio quantiles of the AI, robot, and dividend ETFs were relatively high, at 100.00%, 96.78%, and 94.22% respectively. Compared with the previous week, the valuation quantile of the new energy vehicle ETF decreased significantly [42]. - Overall, among broad-based ETFs, the ChiNext and Shanghai 50 ETFs had relatively low valuation quantiles. Among sector ETFs, the large financial and consumer ETFs had relatively moderate valuation quantiles. Among thematic ETFs, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - Overall, the margin trading balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 56.364 billion yuan in the previous week to 55.044 billion yuan, and the short selling volume decreased from 2.237 billion shares in the previous week to 2.211 billion shares [45]. - Among the top 10 ETFs with the highest average daily margin trading purchases and short selling volumes from last Monday to Thursday, the CSI 500 ETF and CSI 300 ETF had relatively high average daily margin trading purchases, and the CSI 1000 ETF and Shanghai 50 ETF had relatively high average daily short selling volumes [47][48][51]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non-monetary ETFs, with a relatively high management scale in multiple sub - sectors 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 - PineBridge Fund ranked third, with a relatively high management scale in scale index ETFs and thematic, style, and strategy index ETFs [52]. - Last week, 10 new ETFs were established. This week, four ETFs, namely the E Fund CSI All - Share Dividend Quality ETF, GF Hang Seng Biotech ETF, Bosera CSI Industrial Nonferrous Metals Thematic ETF, and E Fund CSI Battery Thematic ETF, will be issued [54].