ETF周报：上周资源ETF大幅回调，净赎回超百亿-20260322

Report Industry Investment Rating - No industry investment rating information is provided in the report [1] Core Viewpoints of the Report - Last week (from March 16 to March 20, 2026), the median weekly return of equity ETFs was -3.11%. Among broad-based ETFs, the median return of ChiNext ETFs was 1.26%, the highest. By sector, the median return of consumer ETFs was -2.16%, the smallest decline. By theme, the median return of bank ETFs was 0.30%, the highest [1][12][16] - Last week, equity ETFs had a net redemption of 6.963 billion yuan, and the overall scale decreased by 107.687 billion yuan. Among broad-based ETFs, CSI 300 ETF had the largest net subscription of 6.526 billion yuan. By sector, large financial ETFs had the largest net subscription of 1.479 billion yuan. By theme, dividend ETFs had the largest net subscription of 1.717 billion yuan [2][27][31] - As of last Friday, the valuation quantiles of ChiNext ETFs were relatively low among broad-based ETFs; by sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate; by sub-theme, the valuation quantiles of liquor and securities ETFs were relatively low. Compared with the previous week, the valuation quantiles of CSI 300 and consumer ETFs decreased significantly [3][34][43] - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 47.22 billion yuan in the previous week to 48.78 billion yuan, and the short selling volume decreased from 2.492 billion shares in the previous week to 2.417 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short selling volumes, securities ETFs and STAR Market ETFs had higher average daily margin trading purchases, and CSI 1000 ETFs and CSI 500 ETFs had higher average daily short selling volumes [4][44][50] - As of last Friday, Huaxia, E Fund, and Huatai-PineBridge ranked top three in the total scale of listed non-monetary ETFs. This week, 5 ETFs will be issued, including Huaxia CSI All-Share Home Appliance ETF, Penghua Hang Seng Hong Kong Stock Connect Automobile Theme ETF, Penghua CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, Huabao China Securities Oil and Gas ETF, and Huatai-PineBridge CSI Hong Kong Stock Connect Medical Theme ETF [5][52][55] Summary by Relevant Catalog ETF Performance - The median weekly return of equity ETFs last week was -3.11%. The median returns of ChiNext, CSI 300, SSE 50, A500, STAR Market, CSI 1000, and CSI 500 ETFs were 1.26%, -2.17%, -2.46%, -3.16%, -3.69%, -5.21%, and -5.78% respectively. The median returns of bond, money market, cross-border, and commodity ETFs were 0.06%, 0.02%, -1.02%, and -7.93% respectively [12] - By sector, the median returns of consumer, large financial, technology, and cyclical sector ETFs among equity ETFs last week were -2.16%, -2.67%, -2.86%, and -5.39% respectively. By theme, the median returns of bank, AI, and pharmaceutical ETFs were 0.30%, -0.20%, and -1.79% respectively, showing relatively strong performance, while the median returns of resource, military, and robot ETFs were -10.41%, -6.23%, and -5.99% respectively, showing relatively weak performance [16] ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 2.9042 trillion yuan, 961.9 billion yuan, and 725.3 billion yuan respectively. The scales of commodity and money market ETFs were relatively small, at 332.4 billion yuan and 173.9 billion yuan respectively. Among broad-based ETFs, the scales of CSI 300 and A500 ETFs were relatively large, at 565.4 billion yuan and 228.9 billion yuan respectively, while the scales of STAR Market, CSI 500, ChiNext, SSE 50, and CSI 1000 ETFs were relatively small, at 169.4 billion yuan, 117.1 billion yuan, 114.8 billion yuan, 77 billion yuan, and 43.6 billion yuan respectively [20] - By sector, the scale of technology sector ETFs was 490.9 billion yuan as of last Friday, followed by cyclical sector ETFs at 350.8 billion yuan. The scales of consumer and large financial ETFs were relatively small, at 195.5 billion yuan and 189.7 billion yuan respectively. By theme, the scales of chip, securities, and resource ETFs were the highest as of last Friday, at 179.4 billion yuan, 134.7 billion yuan, and 117 billion yuan respectively [25] - Last week, equity ETFs had a net redemption of 6.963 billion yuan, and the overall scale decreased by 107.687 billion yuan; money market ETFs had a net subscription of 3.018 billion yuan, and the overall scale increased by 3.033 billion yuan. Among broad-based ETFs, CSI 300 ETF had the largest net subscription of 6.526 billion yuan, and its scale decreased by 6.027 billion yuan; A500 ETF had the largest net redemption of 6.229 billion yuan, and its scale decreased by 13.825 billion yuan [27] - By sector, large financial ETFs had the largest net subscription of 1.479 billion yuan last week, and its scale decreased by 3.088 billion yuan; cyclical ETFs had the largest net redemption of 19.832 billion yuan, and its scale decreased by 51.704 billion yuan. By theme, dividend ETFs had the largest net subscription of 1.717 billion yuan last week, and its scale increased by 440 million yuan; resource ETFs had the largest net redemption of 11.516 billion yuan, and its scale decreased by 25.163 billion yuan [31] ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 79.52%, 84.31%, 95.87%, 93.89%, 63.09%, and 86.85% quantiles respectively, and the price-to-book ratios were at the 50.45%, 70.69%, 96.12%, 71.26%, 65.15%, and 86.38% quantiles respectively. Since December 31, 2019, the price-to-earnings and price-to-book ratios of STAR Market ETFs are currently at the 74.81% and 76.14% quantiles respectively. Compared with the previous week, the valuation quantiles of CSI 300 ETF decreased significantly [34][35] - As of last Friday, the price-to-earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 84.31%, 23.20%, 14.95%, and 90.50% quantiles respectively, and their price-to-book ratios were at the 91.41%, 37.74%, 16.89%, and 77.37% quantiles respectively. Compared with the previous week, the valuation quantiles of consumer ETFs decreased significantly [36] - As of last Friday, the price-to-earnings quantiles of dividend, photovoltaic, and military ETFs were relatively high, at 100.00%, 99.75%, and 95.62% respectively; the price-to-book quantiles of dividend, AI, and robot ETFs were relatively high, at 99.67%, 95.71%, and 85.55% respectively [40] ETF Margin Trading - 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 47.22 billion yuan in the previous week to 48.78 billion yuan, and the short selling volume decreased from 2.492 billion shares in the previous week to 2.417 billion shares [44] - The following table shows the top 10 equity ETFs with the highest average daily margin trading purchases from Monday to Thursday last week, among which securities ETFs and STAR Market ETFs had higher average daily margin trading purchases [45] | Fund Code | Fund Name | Type, Secondary | Average Daily Margin Trading Purchase, Billion Yuan | | --- | --- | --- | --- | | 588000.SH | STAR 50 | Scale Index | 4.54 | | 159915.SZ | ChiNext ETF E Fund | Scale Index | 3.71 | | 512880.SH | Securities ETF | Industry Index | 3.61 | | 510500.SH | 500ETF | Scale Index | 2.42 | | 510300.SH | 300ETF | Scale Index | 2.19 | | 512000.SH | Brokerage ETF | Industry Index | 2.16 | | 512170.SH | Medical ETF | Theme Index | 2.11 | | 588200.SH | STAR Chip | Theme Index | 1.55 | | 512480.SH | Semiconductor | Industry Index | 1.47 | | 512010.SH | Pharmaceutical ETF | Industry Index | 1.45 | - The following table shows the top 10 equity ETFs with the highest average daily short selling volumes from Monday to Thursday last week, among which CSI 1000 ETFs and CSI 500 ETFs had higher average daily short selling volumes [50] | Fund Code | Fund Name | Type, Secondary | Average Daily Short Selling Volume, 10,000 Lots | | --- | --- | --- | --- | | 510500.SH | 500ETF | Scale Index | 6.85 | | 512100.SH | 1000ETF | Scale Index | 6.05 | | 510300.SH | 300ETF | Scale Index | 4.82 | | 510050.SH | 50ETF | Scale Index | 3.69 | | 588000.SH | STAR 50 | Scale Index | 2.24 | | 512010.SH | Pharmaceutical ETF | Industry Index | 1.41 | | 512880.SH | Securities ETF | Industry Index | 1.31 | | 512800.SH | Bank ETF | Industry Index | 1.29 | | 563360.SH | A500 Fund | Scale Index | 1.25 | | 560010.SH | 1000 Fund | Scale Index | 1.23 | 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 [52] - Last week, 10 ETFs were newly established, including ICBC CSI Hong Kong Stock Connect Internet ETF, Southern CSI Hong Kong Stock Connect Automobile Industry Theme ETF, Puyin ASSET Management SSE STAR Market Chip Design Theme ETF, Penghua CSI Construction Machinery Theme ETF, Industrial Securities CSI Hong Kong Stock Connect Internet ETF, Tianhong ChiNext New Energy ETF, GF CSI Animal Husbandry and Aquaculture Industry ETF, Dongcai CSI Battery Theme ETF, E Fund China Securities Hong Kong Stock Connect Technology ETF, and Huaan China Securities Oil and Gas ETF. This week, 5 ETFs will be issued, including Huaxia CSI All-Share Home Appliance ETF, Penghua Hang Seng Hong Kong Stock Connect Automobile Theme ETF, Penghua CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, Huabao China Securities Oil and Gas ETF, and Huatai-PineBridge CSI Hong Kong Stock Connect Medical Theme ETF [55]