证券研究报告 | 2025年11月23日 基金周报 ETF 简称统一规范正式落地，非货基"T+0.5"赎回时代来临 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线下跌，沪深 300、上证综 指、中小板指指数收益靠前，收益分别为-3.77%、-3.90%、-5.10%， 创业板指、中证 1000、中证 500 指数收益靠后，收益分别为-6.15%、 -5.80%、-5.78%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 银行、食品饮料、传媒收益靠前，收益分别为-0.87%、-1.36%、-1.39%， 综合、电力设备及新能源、基础化工收益靠后，收益分别为-9.47%、 -9.41%、-8.24%。 截至上周五，央行逆回购净投放资金 5540 亿元，逆回购到期 11220 亿 元，净公开市场投放 16760 亿元。除 5 年期和 10 年期外，不同期限的 国债利率均有所下行，利差扩大 1.22BP。 上周共上报 54 只基金，较上上周申报数量下降。申报的产品包括 1 只 REITs，3 只FOF，上证科创板芯片ETF、中证科创创业人工智能ETF、 易方达中证港股通信息技术 ...

金工量化周报 上周申报 7 只上证科创板芯片 ETF ——ETF 市场扫描与策略跟踪（2025.11.23） 核心结论 摘要内容 全球市场概况：上周，A 股市场整体下跌，其中，北证 50 指数跌幅最大， 为 9.04%；港股市场有所下跌，恒生指数下跌 5.09%。跌幅居前的 ETF 跟 踪标的多为新能源板块指数。 ETF 新发情况：上周内地市场上报股票 ETF 19 只；新成立股票 ETF 9 只。 美国市场上周新成立权益型 ETF 17 只，其中 16 只为主动 ETF。 A 股 ETF 资金流向：上周，净流入排名前 10 的多为宽基指数 ETF；净流出 前 10 的多为周期板块指数 ETF。宽基 ETF 中，跟踪中证 500 指数的 ETF 净流入居前，跟踪 MSCI 中国 A50 互联互通指数的 ETF 净流出居前；行业 ETF 中，TMT 板块 ETF 净流入居前；主题 ETF 中，港股通科技 ETF 基金 （159101）净流入居前，金融科技 ETF（159851）净流出居前；主动 ETF 中，科创 50 增强 ETF 净流入居前，中证 2000 增强 ETF 净流出居前；Smart Beta ET ...

Core Viewpoint - The semiconductor sector has shown remarkable performance since the second half of 2024, driven by trends in the AI industry and strong demand for computing power, with the STAR Market Chip Index achieving a return of 71.86% over the past year [1][9]. Group 1: STAR Market Chip Index Performance - The STAR Market Chip Index (000685) was launched in June 2022 and includes stocks related to semiconductor materials, equipment, design, manufacturing, packaging, and testing [2]. - As of August 8, 2024, the STAR Market Chip Index has outperformed the CSI 300 Index and other representative indices of the STAR Market, such as the STAR 50 and STAR 100 [9]. - The index consists of 50 constituent stocks, with the top ten weighted stocks including Cambricon, SMIC, and Haiguang Information, covering various segments of the semiconductor industry [5][9]. Group 2: ETF Performance and Market Statistics - There are currently eight STAR Market Chip ETFs with a total scale of approximately 37.57 billion yuan, with the top three being from Harvest Fund, Huaan Fund, and Huitianfu Fund [1][17]. - The average annual return of five STAR Market Chip ETFs established before 2025 is 11% [1]. - The most liquid ETF, Harvest STAR Market Chip ETF, has an average daily trading volume exceeding 1.9 billion yuan this year [16].

Market Overview - The Shanghai Composite Index fell by 0.13% to close at 3493.05 points, with a daily high of 3512.67 points [1] - The Shenzhen Component Index decreased by 0.06% to 10581.8 points, reaching a high of 10656.58 points [1] - The ChiNext Index rose by 0.16% to close at 2184.67 points, with a peak of 2204.64 points [1] ETF Market Performance - The median return of stock ETFs was -0.14% [2] - The highest performing scale index ETF was Huatai-PB CSI A100 ETF with a return of 0.71% [2] - The top industry index ETF was E Fund CSI 300 Healthcare ETF, yielding 1.36% [2] - The best strategy index ETF was Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF, returning 0.67% [2] - The leading thematic index ETF was China Tai CSI Hong Kong-Shanghai Innovation Drug Industry ETF, achieving a return of 1.98% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai CSI Hong Kong-Shanghai Innovation Drug Industry ETF (1.98%) - Guotai CSI Film and Television Theme ETF (1.51%) - Huatai-PB CSI Hong Kong-Shanghai Innovation Drug Industry ETF (1.45%) [5] - The three ETFs with the largest declines were: - Huaan CSI Hong Kong-Shanghai Gold Industry Stock ETF (-2.25%) - Yongying CSI Hong Kong-Shanghai Gold Industry Stock ETF (-2.15%) - Huaxia CSI Fine Nonferrous Metal Industry Theme ETF (-2.13%) [6] ETF Fund Flows - The top three ETFs by inflow were: - Huaxia SSE STAR 50 ETF (inflow of 594 million) - Jiashi SSE STAR Chip ETF (inflow of 453 million) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (inflow of 346 million) [8] - The three ETFs with the largest outflows were: - E Fund ChiNext ETF (outflow of 547 million) - Huatai-PB CSI A500 ETF (outflow of 440 million) - E Fund SSE 300 ETF Initiated (outflow of 296 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE STAR 50 ETF (5.91 billion) - Guolianan CSI All-Index Semiconductor Products and Equipment ETF (2.31 billion) - Guotai CSI All-Index Securities Company ETF (2.1 billion) [11] - The highest margin selling amounts were: - Huatai-PB SSE 300 ETF (22.42 million) - GF CSI 1000 ETF (14.59 million) - Southern CSI 500 ETF (7.91 million) [12] Industry Insights - Industrial trends in the innovative pharmaceutical sector remain strong, with a focus on "innovation + internationalization" as a core direction supported by policies and enhanced global competitiveness [13] - The innovative pharmaceutical supply chain is showing signs of improvement, with overseas orders and performance recovering, and domestic business demonstrating self-controllable logic [13] - The demand in the domestic market is expected to recover by 2025, with potential growth in the consumption medical field [13] - The medical device sector is also anticipated to see improvements by 2025 [13] - The innovative pharmaceutical industry is projected to reach a turning point in 2025 [14]