ETF 周报：上周光伏、军工 ETF 领涨，中证 1000ETF 净赎回居首-20260228

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week (from February 24 to February 27, 2026), the median weekly return of equity ETFs was 1.54%. Among broad-based ETFs, the median return of CSI 1000 ETF was 4.30%, the highest. By sector, the median return of cyclical ETFs was 4.14%, the highest. By theme, the median return of photovoltaic ETFs was 3.89%, the highest [1][12]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, but the overall scale increased by 23.01 billion yuan. Among broad-based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan. By sector, the large financial ETF had the most net subscriptions, at 2.057 billion yuan. By hot theme, the securities ETF had the most net subscriptions, at 2.261 billion yuan [2]. - 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 [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares. Among the top 10 ETFs in terms of average daily margin trading volume and short - selling volume, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes, and CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked the top three in terms of the total scale of listed, non - monetary ETFs. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [5] Summary by Directory ETF Performance - Last week, the median weekly return of equity ETFs was 1.54%. Among broad - based ETFs, the median returns of CSI 1000, CSI 500, STAR Market, A500, SSE 500, ChiNext - related, and SSE 50 ETFs were 4.30%, 4.29%, 2.18%, 2.11%, 1.06%, 1.04%, and 0.16% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.06%, 0.04%, 0.02%, and - 1.52% respectively [12]. - By sector, the median returns of cyclical, technology, consumer, and large financial sector ETFs among equity ETFs last week were 4.14%, 1.43%, - 0.29%, and - 0.97% respectively [18]. - By hot theme, the median returns of photovoltaic, military, and dividend ETFs among equity ETFs last week were 3.89%, 3.12%, and 2.76% respectively, showing relatively strong performance; the median returns of liquor, bank, and securities ETFs were - 1.98%, - 0.99%, and - 0.42% respectively, showing relatively weak performance [18]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.1167 trillion yuan, 1.0232 trillion yuan, and 734.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 344.5 billion yuan and 163.9 billion yuan respectively [20]. - Among broad - based ETFs, the scales of SSE 500 and A500 ETFs were relatively large, at 589 billion yuan and 258.3 billion yuan respectively. The scales of STAR Market, CSI 500, ChiNext - related, SSE 50, and CSI 1000 ETFs were relatively small, at 191.6 billion yuan, 139.1 billion yuan, 127.7 billion yuan, 81 billion yuan, and 54.2 billion yuan respectively [20]. - By sector, as of last Friday, the scale of the technology sector ETF was 555.5 billion yuan, and the scale of the cyclical sector ETF was 366.8 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 199.8 billion yuan and 198.9 billion yuan respectively [26]. - By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 198.9 billion yuan, 141.5 billion yuan, and 114.4 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, and the overall scale increased by 23.01 billion yuan; monetary ETFs had a net subscription of 305.1 million yuan, and the overall scale increased by 306.4 million yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan, and its scale decreased by 337 million yuan; CSI 1000 ETF had the most net redemptions, at 8.124 billion yuan, and its scale decreased by 5.656 billion yuan [27]. - By sector, last week, the large financial ETF had the most net subscriptions, at 2.057 billion yuan, and its scale increased by 711 million yuan; the technology ETF had the most net redemptions, at 5.107 billion yuan, and its scale increased by 2.737 billion yuan. By hot theme, last week, the securities ETF had the most net subscriptions, at 2.261 billion yuan, and its scale increased by 1.646 billion yuan; the dividend ETF had the most net redemptions, at 2.391 billion yuan, and its scale decreased by 99.9 million yuan [31] ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.35%, 86.21%, 99.83%, 100.00%, 71.10%, and 97.32% quantiles respectively, and the price - to - book ratios were at the 54.91%, 73.58%, 100.00%, 86.54%, 68.70%, and 97.81% quantiles respectively. Since December 31, 2019, the current price - to - earnings ratio and price - to - book ratio of STAR Market - related ETFs are at the 77.70% and 80.68% quantiles respectively [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 93.39%, 22.46%, 21.06%, and 96.70% quantiles respectively, and their price - to - book ratios were at the 92.24%, 31.87%, 31.30%, and 93.97% quantiles respectively [40]. - As of last Friday, the price - to - earnings ratio quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.50%, 97.27%, and 96.78% respectively; the price - to - book ratio quantiles of AI, robot, and dividend ETFs were relatively high, at 98.68%, 96.12%, and 93.48% respectively [43]. 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 increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares [47]. - Among the top 10 equity ETFs in terms of average daily margin trading volume from Monday to Thursday last week, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes. Among the top 10 equity ETFs in terms of average daily short - selling volume, CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [50][52]. 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, with a relatively high management scale in scale - index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [56]. - Last week, 1 new ETF was established, namely E Fund CSI Battery Theme ETF. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [59]