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ETF周报：上周股票型ETF资金净流入近200亿元，其中沪深300ETF申购达70亿元-20251103

Guoxin Securities· 2025-11-03 06:50

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week (October 27 - October 31, 2025), the median weekly return of equity ETFs was 0.01%. Among broad - based ETFs, the CSI 1000ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among thematic ETFs, the photovoltaic ETF had the highest return [1][13][63] - Last week, equity ETFs had a net subscription of 18.526 billion yuan. Among broad - based ETFs, the CSI 300ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among thematic ETFs, the chip ETF had the largest net subscription [2][27][63] - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed, non - monetary ETFs. This week, 8 ETFs are scheduled to be issued [5][60][63] Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 0.01%. The median returns of CSI 1000, CSI 500, ChiNext, A500, CSI 300, STAR Market, and SSE 50 ETFs were 1.20%, 1.06%, 0.49%, - 0.03%, - 0.40%, - 0.64%, - 1.07% respectively. The median returns of bond, money - market, cross - border, and commodity ETFs were 0.28%, 0.01%, - 0.74%, - 1.52% respectively [13] - Among sectors, the median returns of cyclical, consumer, large - financial, and technology sector ETFs were 1.76%, 0.54%, - 0.64%, - 1.47% respectively. Among thematic categories, the median returns of photovoltaic, new energy vehicle, and liquor ETFs were 6.54%, 4.79%, 0.96% respectively, showing relatively strong performance; while the median returns of chip, AI, and bank ETFs were - 4.17%, - 2.83%, - 2.28% respectively, showing relatively weak performance [17] ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 369.37 billion yuan, 92.61 billion yuan, and 70 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 21.6 billion yuan and 16.19 billion yuan respectively [19] - Among broad - based ETFs, the CSI 300 and STAR Market ETFs had relatively large scales, at 120.47 billion yuan and 21.47 billion yuan respectively. The scales of A500, SSE 50, ChiNext, CSI 500, and CSI 1000 ETFs were relatively small [21] - Among sectors, the technology sector ETF had a scale of 42.76 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 21.99 billion yuan. The large - financial and consumer ETFs had relatively small scales [25] - By hot themes, as of last Friday, the chip, securities, and pharmaceutical ETFs had the highest scales, at 15.94 billion yuan, 14.21 billion yuan, and 10.23 billion yuan respectively [25] - Last week, equity ETFs had a net subscription of 18.526 billion yuan and the total scale increased by 5.725 billion yuan; money - market ETFs had a net redemption of 6.039 billion yuan and the total scale decreased by 6.024 billion yuan [27] - Among broad - based ETFs, the CSI 300ETF had the largest net subscription of 7.248 billion yuan, and its scale increased by 2.339 billion yuan; the ChiNext - related ETFs had the largest net redemption of 354 million yuan, and its scale increased by 402 million yuan [28] - By sector, last week, the technology ETF had the largest net subscription of 6.922 billion yuan, but its scale decreased by 903 million yuan; the cyclical ETF had the largest net redemption of 10.539 billion yuan, and its scale decreased by 4.598 billion yuan [32] - By hot theme, last week, the chip ETF had the largest net subscription of 4.683 billion yuan, but its scale decreased by 2.471 billion yuan; the bank ETF had the largest net redemption of 2.822 billion yuan, and its scale decreased by 3.658 billion yuan [32] ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 83.35%, 83.43%, 97.28%, 97.20%, 59.03%, 92.51% quantile levels respectively, and the price - to - book ratios were at the 63.93%, 66.69%, 98.27%, 63.85%, 55.98%, 91.92% quantile levels respectively [35] - Since December 31, 2019, the current price - to - earnings and price - to - book ratios of STAR Market - related ETFs are at the 95.63% and 71.56% quantile levels respectively. Compared with the previous week, the valuation quantile levels of SSE 50, A500, and CSI 300 ETFs significantly decreased [35] - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 72.96%, 39.24%, 25.80%, 94.97% quantile levels respectively, and the price - to - book ratios were at the 77.99%, 51.81%, 34.05%, 92.91% quantile levels respectively. Compared with the previous week, the valuation quantile level of the large - financial ETF significantly decreased [38] - As of last Friday, the price - to - earnings ratio quantile levels of dividend, chip, and robot ETFs were relatively high, at 99.51%, 96.54%, 96.29% respectively; the price - to - book ratio quantile levels of AI, robot, and dividend ETFs were relatively high, at 97.53%, 96.04%, 94.64% respectively [42] - Overall, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantile levels; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantile levels; by sub - theme, the liquor and photovoltaic ETFs had relatively low valuation quantile levels [45] ETF Margin Trading - Overall, the short - selling volume of equity ETFs has generally maintained an upward trend in the past year. As of last Thursday, the margin balance of equity ETFs increased from 46.994 billion yuan in the previous week to 48.051 billion yuan, and the short - selling volume increased from 2.568 billion shares in the previous week to 2.66 billion shares [48] - Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes from last Monday to Thursday, the securities ETF and STAR Market ETF had relatively high average daily margin purchases, while the SSE 50ETF and CSI 300ETF had relatively high average daily short - selling volumes [56] ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and also had a relatively high management scale in multiple sub - fields 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 - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and thematic, style, and strategy - index ETFs [57] - Last week, 7 ETFs were newly established. This week, 8 ETFs are scheduled to be issued, including Tianhong CSI Agriculture Theme ETF, Yongying CSI Home Appliance ETF, etc. [60]