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专业选手实战大赛丨哪些ETF备受“牛人”青睐?9月11日十大买入ETF榜、十大买入金额ETF榜出炉
Xin Lang Zheng Quan· 2025-09-11 09:09
Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated portfolio competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten most frequently bought ETFs on September 11 include the Robot ETF, State-Owned Enterprises ETF, and Broker ETF, indicating strong interest in these sectors [2] - The top ten ETFs by purchase amount on the same day also feature the Robot ETF and Hong Kong Innovative Medicine ETF, highlighting significant investment flows into these funds [3] Group 3 - The data for the top bought stocks/ETFs is based on the frequency of purchases by all participating advisors, while the purchase amount data reflects the total investment amounts in these stocks/ETFs [4] - The competition includes a performance evaluation segment divided into stock simulation, on-site ETF simulation, and public fund simulation groups, with specific trading rules regarding holding proportions, maximum drawdown, and rebalancing frequency [4]
688411,基金增仓股逆市走强
Zheng Quan Shi Bao· 2025-09-03 08:46
Market Overview - The Shanghai Composite Index fell over 1%, testing the support level of 3800 points, while the ChiNext Index managed to close slightly in the green despite multiple dips [1][2] - More than 4600 stocks declined, with total trading volume shrinking to 2.4 trillion yuan [1] Index Performance - Shanghai Composite Index: 3813.56, down 1.16% - Shenzhen Component Index: 12472.00, down 0.65% - ChiNext Index: 2899.37, up 0.95% - Sci-Tech 50 Index: 1306.48, down 1.64% [2] Sector Performance - Sectors such as industrial internet, fund accumulation, photovoltaic equipment, and gaming showed strength against the market downturn [2] - Notable inflows included over 12.8 billion yuan into power equipment and over 6.5 billion yuan into telecommunications, while defense and non-bank financial sectors saw significant outflows of over 8.2 billion yuan and 7.6 billion yuan, respectively [2] Investment Strategy Insights - Analysts suggest that since September last year, small-cap growth stocks have been on a bull run, but some cyclical sectors remain at historical lows [3] - It is recommended to focus on low-valuation, low-holding, and low-growth sectors, while maintaining flexible positions to capitalize on potential policy or fundamental improvements [3] - From a trading perspective, the TMT sector has seen high transaction concentration, indicating potential risks, and investors are advised to consider low-position sectors such as finance, non-ferrous metals, and pharmaceuticals [3] Fund Activity - In a declining market, stocks with increased fund holdings, such as Haibo Shichuang, saw a surge, with a 20% limit up [4] - New significant shareholders include various funds, indicating growing institutional interest in specific stocks [4][6] - Other stocks with increased fund holdings also experienced notable gains, with some hitting the limit up or rising over 10% [6]
研究所晨会观点精萃:美联储主席释放降息信号,全球风险偏好大幅升温-20250825
Dong Hai Qi Huo· 2025-08-25 04:04
Report Industry Investment Rating No information provided in the content. Core Viewpoints - Overseas, Powell's dovish speech at the Jackson Hole meeting boosted market expectations for a September interest rate cut, weakening the US dollar index and significantly increasing global risk appetite. Domestically, China's economic data in July slowed down across the board and fell short of expectations. The Chinese Premier stated measures to stimulate consumption and stabilize the real - estate market, enhancing policy stimulus expectations. The extension of the 90 - day tariff truce between China and the US reduced short - term tariff risk uncertainty, increasing domestic risk appetite [2][3]. - Different asset classes have different short - term trends and trading suggestions. For example, the stock index is expected to be strongly volatile at a high level in the short term, with a suggestion of cautious short - term long positions; the bond market is expected to correct at a high level, suggesting cautious observation; various commodity sectors also have corresponding short - term trends and trading suggestions [2]. Summary by Category Macro - finance - **Asset trends and trading suggestions**: The stock index is expected to be strongly volatile at a high level in the short term, with a suggestion of cautious short - term long positions; the bond market is expected to correct at a high level, suggesting cautious observation. Among commodity sectors, the black metals are expected to correct in the short term, the non - ferrous metals are expected to be volatile, the energy and chemical sectors are expected to rebound with volatility, and precious metals are expected to be volatile at a high level, all suggesting cautious observation [2]. Stock Index - **Market performance**: Driven by sectors such as artificial intelligence, semiconductors, and securities, the domestic stock market continued to rise significantly. - **Fundamentals and policies**: China's economic data in July slowed down and fell short of expectations. Policy stimulus expectations increased, and the extension of the tariff truce reduced short - term tariff risk uncertainty, increasing domestic risk appetite. The short - term macro - upward driving force has increased marginally. - **Operation suggestion**: Cautious short - term long positions [3]. Precious Metals - **Market performance**: Precious metals rose significantly last Friday. The international gold price rebounded above the $3350/ounce mark, and Shanghai gold closed at around 781.12 yuan/gram. - **Influencing factors**: Powell's dovish speech at the Jackson Hole meeting, high manufacturing PMI but rising initial jobless claims, and the uncertain situation in the Russia - Ukraine conflict. - **Outlook**: Gold is expected to be strong in the short term, but beware of the Fed's changing attitude. Focus on the next stage of employment data [3][4]. Black Metals Steel - **Market performance**: The domestic steel futures and spot markets continued to be weak last Friday, with low trading volumes. - **Fundamentals**: Demand remained weak, and the inventory of five major steel products increased by 25.07 tons week - on - week. The output of building materials decreased, while the output of hot - rolled coils increased by 9.65 tons. There were rumors of production regulation in Cangzhou, and iron - water output may further decline. - **Outlook**: The steel market is expected to be range - bound in the short term [5]. Iron Ore - **Market performance**: The futures and spot prices of iron ore continued to be weak last Friday. - **Fundamentals**: Steel mills' profits were high, and iron - water output increased slightly. With the approaching of important events in early September, production - restriction policies may be upgraded. Steel mills mainly replenished stocks on a just - in - time basis. The supply increased, with the global iron - ore shipment volume increasing by 359.9 tons and the arrival volume increasing by 94.7 tons week - on - week. Port inventories showed an increasing trend. - **Outlook**: Iron - ore prices are expected to be range - bound in the short term [5]. Ferrosilicon and Silicomanganese - **Market performance**: The spot prices of ferrosilicon and silicomanganese remained flat last Friday, while the futures prices continued to decline. - **Fundamentals**: The prices of manganese ore were weak. The production enthusiasm of manufacturers was high, with the national capacity utilization rate of silicomanganese increasing by 2.32% to 45.75% and the daily output increasing by 1605 tons. The national capacity utilization rate of ferrosilicon increased by 1.86% to 36.18%, and the daily output increased by 535 tons. - **Outlook**: Ferrosilicon and silicomanganese prices are expected to be weakly volatile in the short term [5][6]. Chemicals Soda Ash - **Market performance**: The main soda - ash contract was weakly running last week. - **Fundamentals**: Supply increased week - on - week due to the return from previous maintenance, and there was new capacity coming on - stream. Demand remained stable week - on - week, but was still weak compared to the same period in previous years. Profits decreased week - on - week. - **Outlook**: Soda ash is in a situation of high supply, high inventory, and weak demand, and is likely to decline rather than rise [7]. Glass - **Market performance**: The main glass contract was weakly running last week. - **Fundamentals**: Supply remained stable, with no change in production capacity and the number of production lines. Demand was still weak in the real - estate industry, and although downstream deep - processing orders increased in mid - August, overall demand remained stable. Profits decreased as glass prices fell. - **Outlook**: Glass supply is stable, demand has limited growth, and the futures price is expected to run at a low level in the short term [7]. Non - ferrous Metals and New Energy Copper - **Macro - factors**: Powell's speech increased expectations for a September interest rate cut, but some Fed members were cautious about rate cuts. Tariffs still affected the economy. - **Supply and demand**: Copper mine production growth was higher than expected, and refined - copper production was unlikely to decrease significantly. Domestic demand is expected to weaken marginally. - **Outlook**: The strong trend of copper prices may not last [8][9]. Aluminum - **Market performance**: Aluminum prices rose slightly last Friday but closed with a long upper shadow. - **Inventory situation**: Aluminum inventory decreased by 1.1 tons, but domestic social inventory has increased by nearly 15 tons, and LME inventory has increased by about 14 tons since the low point in late June. - **Outlook**: The medium - term upward space is limited, and it is expected to be volatile in the short term, with a possibility of forming a double - top pattern [9]. Aluminum Alloy - **Supply and demand**: The supply of scrap aluminum was tight, increasing production costs and leading to losses for some enterprises. It is currently the off - season, and demand is weak. - **Outlook**: Prices are expected to be strongly volatile in the short term, but the upward space is limited [9]. Tin - **Supply side**: The combined operating rate of Yunnan and Jiangxi increased by 0.41% to 59.64%. Although the mine supply is currently tight, the reduction in refined - tin production is lower than expected. Some enterprises plan to carry out maintenance. - **Demand side**: Terminal demand is weak, but price drops have stimulated downstream inventory replenishment, and inventory decreased by 802 tons to 9278 tons this week. - **Outlook**: Prices are expected to be volatile in the short term, with support from maintenance and peak - season expectations, but restricted by high - tariff risks,复产 expectations, and weak demand [10]. Lithium Carbonate - **Production situation**: As of August 21, the weekly production of lithium carbonate decreased by 4.2% to 19138 tons, and the operating rate was 49.93%. Lithium mica production decreased, while lithium - spodumene production increased. - **Outlook**: It is expected to be widely volatile, with short - term short positions and long - term long positions [11]. Industrial Silicon - **Production situation**: The latest weekly production increased by 7.2% to 87801 tons. The number of open furnaces increased by 13 to 297, and the furnace - opening rate was 37%. - **Outlook**: It is expected to be strongly volatile, as the price is close to the cash cost of leading enterprises [11]. Polysilicon - **Market situation**: It is the focus of anti - involution, and the spot price has rebounded. The component procurement and bidding price has increased. - **Outlook**: It is expected to be volatile at a high level in the short term due to the game between strong expectations and weak reality [11]. Energy and Chemicals Crude Oil - **Market performance**: Oil prices rebounded slightly due to geopolitical risks, stable spot - market decline, and unexpected inventory reduction in the US. - **Outlook**: There may be slight short - term upward space, but the long - term outlook is bearish [12]. Asphalt - **Market situation**: Supported by anti - involution in the petrochemical industry and the rebound of international crude - oil prices, the spot market has recovered slightly, and the basis decline has paused. However, inventory reduction is limited. - **Outlook**: It is expected to be weakly volatile in the near term [13]. PX - **Market situation**: PTA demand has decreased due to low processing fees and planned outages. PX is supported by petrochemical capacity adjustment, but the device load is at a medium - low level. - **Outlook**: It is expected to be volatile in the near term, waiting for changes in PTA devices [13]. PTA - **Market situation**: Driven by capacity adjustment and a temporary shutdown of a device in Huizhou, the futures price has risen, and the basis has recovered. Downstream operating rates have recovered to 90%, and inventory is expected to decrease slightly in September. - **Outlook**: It is expected to be strongly volatile in the short term [13]. Ethylene Glycol - **Market situation**: Port inventory decreased to 54.3 tons. Restrictions on petrochemical capacity have provided support, but the supply pressure is still large after the restart of syngas - based devices. - **Outlook**: Downstream operating - rate recovery will support prices, but beware of crude - oil cost fluctuations when going long at low prices [14]. Short - fiber - **Market situation**: Driven by the sector's rebound, short - fiber prices rose slightly. Terminal orders increased seasonally, and the operating rate rebounded slightly, with limited inventory accumulation. - **Outlook**: It may continue to be shorted in the medium term following the polyester sector [15][16]. Methanol - **Market situation**: Inland devices restarted, and the arrival of goods was concentrated, putting pressure on prices. However, the reflux window is about to open, and MTO devices plan to restart, and the traditional downstream peak season is approaching. - **Outlook**: Prices are expected to be volatile [16]. PP - **Market situation**: Device operating rates increased, and new capacity is to be put into production, increasing supply pressure. Downstream operating rates increased slightly, and demand showed signs of recovery. - **Outlook**: The 09 contract is expected to be weakly volatile, and the 01 contract should focus on peak - season inventory - building [16]. LLDPE - **Market situation**: Supply pressure remains high, and demand shows signs of a turnaround. "Supply - side" speculation provides some support. - **Outlook**: The 09 contract is expected to be weakly volatile, and the 01 contract is short - term weak, focusing on demand and inventory - building [16]. Agricultural Products US Soybeans - **Market situation**: The Pro Farmer report estimated the new - crop soybean yield at 53 bushels per acre, slightly lower than the USDA report. Policy expectations have improved, and the impact of the historical exemption of US soybean oil is limited, providing support for the market. - **Outlook**: It may rise, but beware of seasonal pressure during the harvest season [17]. Soybean and Rapeseed Meal - **Inventory situation**: The pressure of continuous inventory accumulation of domestic oil - mill soybeans and soybean meal has eased. The rumor of imported - soybean auctions has stabilized supply expectations. - **Supply and demand outlook**: Supply is sufficient in the third quarter, and supply and demand may shrink in the fourth quarter, with a strong cost expectation. The spread between soybean meal and rapeseed meal has slightly widened. - **Outlook**: Rapeseed meal still has room for upward fluctuations [17][18]. Fats and Oils - **Market situation**: US soybean oil prices rose due to stable policy expectations. International soybean and palm oil prices rose, and domestic oils may continue the upward trend. Rapeseed oil inventory is decreasing, and soybean oil has the potential for a low - valuation rebound. Palm oil may enter a volatile phase. - **Outlook**: Domestic oils may continue the upward trend, and palm oil may be volatile [18]. Corn - **Market situation**: In September, the pricing weight of new - season corn increases. There is no pressure of concentrated arrivals as last year, and the carry - over inventory is low. - **Outlook**: The futures price has entered a relatively undervalued range, and there is little possibility of breaking through last year's range [18]. Live Pigs - **Market situation**: Pig weight has decreased, and the price difference between fattened and standard pigs has increased. Some secondary fattening has increased, but the overall replenishment volume is limited. The "inspection for every vehicle and every pig" policy in September will increase transportation costs. - **Outlook**: Market sentiment for the fourth quarter is pessimistic [19].
兴业证券上周获融资净买入2876.21万元,居两市第440位
Jin Rong Jie· 2025-08-25 00:08
Core Insights - The article reports that Xinyu Securities had a net financing inflow of 28.76 million yuan last week, ranking 440th in the two markets [1] - The total financing amount for Xinyu Securities was 579 million yuan, while the repayment amount was 550 million yuan [1] Company Overview - Xinyu Securities Co., Ltd. was established in 2000 and is located in Fuzhou, primarily engaged in capital market services [1] - The registered capital of the company is approximately 8.64 billion yuan, with a paid-in capital of about 3.77 billion yuan [1] - The legal representative of the company is Yang Huahui [1] Investment Activities - Xinyu Securities has invested in 64 companies and participated in 2,500 bidding projects [1] - The company holds 128 trademark registrations and 37 patents, along with 30 administrative licenses [1] Market Performance - Over the past 5 days, the main capital outflow for Xinyu Securities was 22.96 million yuan, with a decline of 0.5% [1] - Over the past 10 days, the main capital outflow was 23.59 million yuan, with a decline of 0.23% [1] Conceptual Segments - The company is associated with various sectors including securities, Fujian sector, S&P, FTSE Russell, MSCI China, and others [1]
东吴证券股价上涨2.85% 员工违规操作遭监管警示
Jin Rong Jie· 2025-08-15 17:54
Summary of Key Points Core Viewpoint - Dongwu Securities has experienced a stock price increase of 2.85% on August 15, 2025, amidst regulatory scrutiny due to employee misconduct [1] Company Overview - Dongwu Securities is a comprehensive securities company headquartered in Jiangsu, involved in various sectors including securities brokerage, investment banking, and asset management [1] - The company's stock price reached 10.45 yuan, with a trading volume of 2,169,973 hands and a transaction amount of 2.271 billion yuan on the same day [1] Regulatory News - The Jiangsu Securities Regulatory Bureau announced that an employee, Cao Yulin, engaged in unauthorized trading activities by accepting client instructions to operate stock accounts, leading to a warning letter and a record in the securities market integrity archive [1] Capital Flow - On August 15, Dongwu Securities saw a net inflow of main funds amounting to 241.49 million yuan, representing 0.47% of its circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 159.64 million yuan, accounting for 0.31% of the circulating market value [1]
天风证券上周获融资净卖出20062.37万元,居两市第7位
Jin Rong Jie· 2025-08-11 01:16
Core Viewpoint - Tianfeng Securities experienced a net financing sell-off of 200.62 million yuan last week, ranking 7th in the market, with a financing buy amount of 1.263 billion yuan and repayment amount of 1.463 billion yuan [1] Company Overview - Tianfeng Securities, established in 2000 and located in Wuhan, primarily engages in capital market services, with a registered capital of 1,014.177 million yuan and paid-in capital of 837 million yuan [1] - The legal representative of the company is Pang Jiemin [1] Investment and Business Activities - Tianfeng Securities has invested in 33 enterprises and participated in 1,002 bidding projects, holding 58 trademark registrations and 31 administrative licenses [1] Financial Performance - Over the past 5 days, the main capital outflow from Tianfeng Securities was 833 million yuan, with a decline of 8.33% during this period; over the past 10 days, the outflow was 1.045 billion yuan, with a decline of 2.92% [1] Conceptual Segments - The company is associated with various concept sectors including securities, Hubei sector, 2025 mid-term profit turnaround, S&P, FTSE Russell, MSCI China, Shanghai Stock Connect, CSI 500, margin trading, debt resolution (AMC) concept, brokerage concept, central state-owned enterprise reform, and internet finance [1]
中银证券上周获融资净买入1.58亿元,居两市第44位
Sou Hu Cai Jing· 2025-08-04 19:17
Group 1 - The core point of the article highlights that China Merchants Securities experienced a net financing inflow of 158 million yuan last week, ranking 44th in the two markets, with a total financing amount of 3.896 billion yuan and repayment amount of 3.738 billion yuan [1] - The company is involved in various sectors including securities, Shanghai sector, FTSE Russell, MSCI China, Shanghai Stock Connect, SSE 380, CSI 500, margin trading and securities lending, brokerage concept, internet finance, and futures participation [1] - Over the past five days, the main capital outflow from China Merchants Securities reached 2.079 billion yuan, with a decline of 8.6% during this period; in the last ten days, the outflow was 1.391 billion yuan, with a decline of 3.07% [1] Group 2 - China International Securities Co., Ltd. was established in 2002 and is located in Shanghai, primarily engaged in capital market services [1] - The company has a registered capital of 2.778 billion yuan and a paid-in capital of approximately 1.703 billion yuan [1] - The legal representative of the company is Ning Min, and it has made investments in 21 enterprises, participated in 715 bidding projects, holds 15 trademark registrations, 1 patent, and possesses 15 administrative licenses [1]
科技、证券等概念大幅吸金 跨境型ETF单周净流入270.62亿元
Sou Hu Cai Jing· 2025-08-03 09:03
Market Overview - From July 28 to August 1, A-share major indices experienced an initial rise followed by a decline, with significant gains in the communication and communication equipment sectors [1][2] - The overall net inflow in the ETF market was 40.95 billion, while stock ETFs saw a net outflow of 378.12 billion, including a net outflow of 341.96 billion from broad-based ETFs [2] ETF Performance - The communication ETF led the weekly performance with a rise of 5.64%, followed by the communication equipment ETF which increased by 4.57% [2] - Other strong performers included innovative drugs and traditional Chinese medicine-related ETFs, while Hong Kong automotive and rare metals ETFs experienced adjustments [1][2] Cross-Border ETF Activity - A notable highlight was the substantial inflow into cross-border ETFs, with a record net inflow of 270.62 billion for the week, driven primarily by significant capital inflows in technology and securities sectors [2] Bond and Commodity ETFs - Bond ETFs and commodity ETFs also saw positive net inflows, with 82.15 billion and 40.88 billion respectively [2] Upcoming ETF Issuance - Five new ETFs are set to be issued next week, with four of them scheduled to be listed [3]
美国证交会主席:大多数加密资产并非证券。已指示委员会工作人员制定准则,以确定加密资产在何时属于证券。
news flash· 2025-07-31 16:45
Core Viewpoint - The Chairman of the U.S. Securities and Exchange Commission (SEC) stated that most crypto assets are not considered securities and has instructed the commission's staff to develop guidelines to determine when crypto assets qualify as securities [1] Group 1 - The SEC is taking steps to clarify the classification of crypto assets, indicating a potential shift in regulatory approach [1] - The development of guidelines aims to provide clearer definitions and criteria for crypto assets, which could impact the market significantly [1]
ETF周报:本周股票型ETF涨幅中位数1.2%,其中光伏和证券ETF领涨-20250713
Guoxin Securities· 2025-07-13 14:23
1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.19%. Among broad - based ETFs, ChiNext - related ETFs had the highest returns; among sector ETFs, the large - finance ETFs had the highest returns; among hot - topic ETFs, photovoltaic ETFs had the highest returns. Equity ETFs had a net redemption of 0.38 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription; among sector ETFs, the cyclical ETF had the largest net subscription; among theme ETFs, the military - industry ETF had the largest net subscription. 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, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [56]. 3. Summary by Relevant Catalogs ETF Performance - From July 7th to July 11th, 2025, the median weekly return of equity ETFs was 1.19%. The median returns of ChiNext - related, CSI 1000, CSI 500, A500, SSE 50, SSE - STAR Market, and SSE 300 ETFs were 2.57%, 2.43%, 2.07%, 1.16%, 1.03%, 1.06%, and 1.08% respectively. The median returns of cross - border, money - market, bond, and commodity ETFs were 0.52%, 0.02%, 0.00%, and - 0.34% respectively. Among sectors, large - finance, technology, cyclical, and consumer sector ETFs had median returns of 3.98%, 1.34%, 1.20%, and 1.01% respectively. Among hot - topics, photovoltaic, securities, and liquor ETFs had median returns of 5.65%, 4.44%, and 2.25% respectively, showing relatively strong performance, while bank, new - energy vehicle, and military - industry ETFs had median returns of - 0.15%, 0.53%, and 0.80% 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 3048.4 billion yuan, 603.1 billion yuan, and 398.8 billion yuan respectively, while money - market and commodity ETFs had relatively smaller scales of 165.7 billion yuan and 159.8 billion yuan respectively. Among broad - based ETFs, the SSE 300 and SSE - STAR Market ETFs had larger scales of 1066.7 billion yuan and 212.5 billion yuan respectively. Last week, equity ETFs had a net redemption of 0.38 billion yuan, but the overall scale increased by 40.78 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription of 2.056 billion yuan, and the A500 ETF had the largest net redemption of 6.736 billion yuan. Among sectors, the cyclical ETF had the largest net subscription of 3.743 billion yuan, and the consumer ETF had the largest net redemption of 0.288 billion yuan. Among hot - topics, the military - industry ETF had the largest net subscription of 2.3 billion yuan, and the securities ETF had the largest net redemption of 0.838 billion yuan [17][27][29]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.46%, 72.55%, 92.99%, 80.96%, 42.13%, and 99.23% quantile levels respectively, and the PB were at the 50.99%, 51.28%, 72.30%, 37.59%, 33.22%, and 98.85% quantile levels respectively. Since December 31, 2019, the PE and PB of SSE - STAR Market - related ETFs were at the 97.86% and 40.73% quantile levels respectively. Among sector ETFs, the PE of cyclical, large - finance, consumer, and technology sector ETFs were at the 53.92%, 50.87%, 9.15%, and 60.51% quantile levels respectively, and the PB were at the 39.16%, 61.34%, 26.88%, and 52.84% quantile levels respectively. Compared with the previous week, the valuation quantile of securities ETFs increased significantly. Generally, among broad - based ETFs, ChiNext - related ETFs had relatively lower valuation quantiles; among sectors, consumer ETFs had relatively moderate valuation quantiles; among sub - topics, liquor and photovoltaic ETFs had relatively lower valuation quantiles [35][37][40]. ETF Margin Trading and Short Selling - From last Monday to Thursday, the margin balance of equity ETFs decreased from 40.662 billion yuan in the previous week to 40.48 billion yuan, and the short - selling volume decreased from 2.257 billion shares in the previous week to 2.236 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, SSE - STAR Market ETFs and pharmaceutical ETFs had relatively high average daily margin purchases, while SSE 300 and SSE 50 ETFs had relatively high average daily short - selling volumes [43][44][49]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. Last week, 14 new ETFs were established, and this week, 8 ETFs, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [50][53][56].