1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week (from November 17 to November 21, 2025), the median weekly return of stock - type ETFs was -4.57%. Among broad - based ETFs, the Shanghai 50 ETF had the smallest decline; among sector ETFs, the large - finance ETF had the smallest decline; among hot - topic ETFs, the bank ETF had the smallest decline [1][12][59]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription; among sector ETFs, the technology ETF had the largest net subscription; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][59]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine were the top three fund companies in terms of the total scale of listed non - monetary ETFs. This week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [5][59]. 3. Summary by Relevant Catalogs ETF Performance - Stock - type ETFs had a median weekly return of -4.57%. The median returns of Shanghai 50, CSI 300, A500, CSI 500, CSI 1000, Sci - tech Innovation Board, and GEM - type ETFs were -2.69%, -3.72%, -4.24%, -5.71%, -5.77%, -5.77%, and -6.01% respectively. The median returns of money - type, bond - type, commodity - type, and cross - border ETFs were 0.01%, 0.01%, -2.50%, and -4.87% respectively [12]. - Among sectors, the median returns of large - finance, technology, consumption, and cyclical sector ETFs were -4.42%, -4.43%, -5.31%, and -5.32% respectively. Among hot - topics, bank, liquor, and AI ETFs had median returns of -0.91%, -2.39%, and -2.53% respectively, showing relatively strong performance, while photovoltaic, new energy vehicle, and pharmaceutical ETFs had median returns of -11.19%, -8.28%, and -6.12% respectively, with relatively weak performance [15]. ETF Scale Change and Net Redemption/Subscription - As of last Friday, the scales of stock - type, cross - border, and bond - type ETFs were 3550.6 billion yuan, 921 billion yuan, and 718.8 billion yuan respectively. The scales of commodity - type and money - type ETFs were relatively small, at 230.5 billion yuan and 176.7 billion yuan respectively [17]. - Among broad - based ETFs, the CSI 300 and Sci - tech Innovation Board ETFs had relatively large scales of 1148.2 billion yuan and 201.8 billion yuan respectively. The scales of A500, Shanghai 50, CSI 500, GEM - type, and CSI 1000 ETFs were relatively small, at 189.4 billion yuan, 184.6 billion yuan, 171.4 billion yuan, 170.3 billion yuan, and 163.7 billion yuan respectively [17][20]. - Among sectors, the technology sector ETF had a scale of 404.9 billion yuan, followed by the cyclical sector ETF with a scale of 210.9 billion yuan. The large - finance and consumption ETFs had relatively small scales of 203.5 billion yuan and 186.9 billion yuan respectively. Among hot - topics, chip, securities, and pharmaceutical ETFs had the highest scales of 145.6 billion yuan, 139.4 billion yuan, and 102.1 billion yuan respectively [24]. - Last week, stock - type ETFs had a net subscription of 49.12 billion yuan and a total scale decrease of 115.443 billion yuan; money - type ETFs had a net subscription of 7.923 billion yuan and a total scale increase of 7.938 billion yuan. Among broad - based ETFs, the GEM - type ETF had the largest net subscription of 6.729 billion yuan, and its scale decreased by 4.125 billion yuan; the Shanghai 50 ETF had the smallest net subscription of 0.316 billion yuan, and its scale decreased by 4.83 billion yuan [27][28]. - Among sectors, the technology ETF had the largest net subscription of 5.694 billion yuan, and its scale decreased by 14.492 billion yuan; the large - finance ETF had the largest net redemption of 0.172 billion yuan, and its scale decreased by 8.739 billion yuan. Among hot - topics, the pharmaceutical ETF had the largest net subscription of 2.21 billion yuan, and its scale decreased by 3.886 billion yuan; the bank ETF had the largest net redemption of 1.849 billion yuan, and its scale decreased by 2.17 billion yuan [32]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, GEM - type, and A500 ETFs were at the 84.67%, 80.38%, 94.64%, 93.90%, 54.82%, and 83.67% quantile levels respectively, and the price - to - book ratios were at the 66.20%, 62.90%, 92.00%, 51.11%, 46.83%, and 83.09% quantile levels respectively. Since December 31, 2019, the price - to - earnings and price - to - book ratios of Sci - tech Innovation Board - type ETFs are currently at the 83.51% and 67.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of A500 and CSI 300 ETFs decreased significantly [35]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumption, and technology sector ETFs were at the 69.33%, 35.53%, 19.62%, and 88.79% quantile levels respectively, and the price - to - book ratios were at the 65.79%, 58.78%, 21.60%, and 75.19% quantile levels respectively. Compared with the previous week, the valuation quantiles of large - finance, cyclical, and consumption ETFs decreased significantly [38]. - As of last Friday, the price - to - earnings quantiles of bank, dividend, and military - industry ETFs were relatively high, at 99.84%, 99.26%, and 93.16% respectively; the price - to - book quantiles of dividend, AI, and robot ETFs were relatively high, at 96.54%, 94.39%, and 89.78% respectively. Compared with the previous week, the valuation quantiles of pharmaceutical and new energy vehicle ETFs decreased significantly [39]. - Overall, among broad - based ETFs, the GEM - type ETF had relatively low valuation quantiles; among sectors, the consumption and large - finance ETFs had relatively moderate valuation quantiles; among sub - topics, the liquor ETF had relatively low valuation quantiles [40]. ETF Margin Trading - As of last Thursday, the margin trading balance of stock - type ETFs increased from 47.328 billion yuan in the previous week to 48.368 billion yuan, and the short - selling volume decreased from 2.681 billion shares in the previous week to 2.608 billion shares [44]. - Among the top 10 ETFs with the highest average daily margin trading purchase amount from last Monday to Thursday, the Sci - tech Innovation Board ETF and GEM - type ETF had relatively high average daily margin trading purchase amounts. Among the top 10 ETFs with the highest average daily short - selling volume, the A500 ETF and CSI 300 ETF had relatively high average daily short - selling volumes [45][49][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 [53]. - Last week, 8 new ETFs were established, and this week, GF CSI All - Index Food ETF and GF CSI A50 ETF will be issued [56].

11月17日～11月21日，A股主要指数全线调整，沪深300指数周跌3.77%，创业板指跌6.15%，科创50指数跌5.54%；港股同步调整，恒生指数周跌5.09%， 恒生科技指数一周跌幅达7.18%。 在主要股指全线调整背景下，本周ETF市场上演"资金大迁徙"。股票型ETF单周缩水超1100亿元，其中沪深300指数挂钩产品"失血"422亿元，占比超 36%。 与此同时，固收、黄金类产品却成避风港——债券ETF规模单周增124亿元，总规模达到7187亿元，年内增长5387亿元，增幅近3倍。商品型ETF本周保持 增长势头，总规模突破2300亿元，年内增幅也超200%；其中，华安基金旗下黄金ETF年内规模增长587亿元，成为年内增量"新王"。 从头部产品来看，易方达、华泰柏瑞旗下沪深300产品单周缩水超百亿元。受沪深300指数等宽基产品拖累，本周4家头部公募ETF规模缩水超100亿元，其 中华夏基金、易方达基金"失血"超200亿元。 与此同时，海富通基金ETF规模本周逆势增长45亿元，主要得益于旗下海富通短融ETF的持续吸金，该产品规模突破700亿元，成为首只700亿级债券 ETF。 值得注意的是，在主要股指挂钩 ...

Market Overview - On November 21, the A-share market experienced a correction, with most ETFs declining. The only ETFs that rose were bond and money market ETFs, while media ETFs showed gains against the trend [1][2] - On November 20, despite the three major A-share indices pulling back, the ETF market saw a net inflow of approximately 9 billion yuan, indicating active bottom-fishing funds [3][7] ETF Performance - The media ETFs were the biggest gainers, with one rising by 0.22% and another by 0.10%, while rare metals and innovative energy-related ETFs saw declines exceeding 6% [3][4] - Four ETFs had transaction volumes exceeding 10 billion yuan, all of which were bond or money market ETFs, with notable activity in the Hang Seng Technology ETF and Hong Kong Securities ETF [5][6] Fund Inflows - The net inflow of funds into the ETF market on November 20 was about 9 billion yuan, with significant inflows into broad-based ETFs like the CSI 500 ETF and the STAR 50 ETF [7][8] - The CSI 500 ETF had a net inflow of 7.60 billion yuan on the previous trading day and 25.91 billion yuan over the past week, indicating strong investor interest [8] Future Outlook - The market is expected to maintain a volatile trend in the short term, but the long-term outlook remains positive, with a potential slow bull market emerging. Key sectors to watch include technology, consumption, high-end manufacturing, and pharmaceuticals [9] - There is a suggestion to focus on sectors benefiting from manufacturing recovery and technology growth, particularly in AI, innovative pharmaceuticals, and military industries [9] Cross-Border ETFs - As of November 21, several cross-border ETFs were trading at a premium, with the Nasdaq Technology ETF and Nasdaq 100 ETF showing premiums exceeding 10% [10]

排排网集团旗下融智投资FOF基金经理李春瑜分析指出，多重因素共同推动ETF市场的爆发式增长。首先，监管连发文件力挺指数化投资，审批提速、 科创债等配套工具落地，为ETF市场提供了丰富的底层资产选择。其次，市场环境持续向好，A股市场震荡上行带动ETF净值稳步增长，尤其是科技等热门 赛道表现活跃，有效提振了资金入市意愿。 11月19日，记者从公募排排网获悉，按认购起始日统计，截至11月19日，年内全市场共计发行322只ETF（交易型开放式指数基金），合计发行份额达 2449.62亿份。 李春瑜进一步表示，ETF产品自身的优势及产品线的完善也是重要推手。ETF具备费率低、风险分散的核心特点，且近年来产品线不断向细分领域拓 展，能够更好地匹配不同投资者的多样化需求。此外，长期资金为实现稳健配置，会相对增加ETF在资产组合中的比重，而个人投资者风险意识增强后，也 逐步提升了ETF的配置比例，这些因素共同推动了市场规模的扩大。 | | | 2025 年以来发行 ETF 分类型统计 | | | | --- | --- | --- | --- | --- | | 一级类型 | 发行数 | 发行份额(亿份) | 三级类型 | ...

具体来看，股票型基金成为ETF发行主力。数据显示，今年以来发行股票型ETF达283只，占到发行总 量的87.89%，合计发行份额达1493.95亿份，占到总份额的61.07%。其中被动指数型基金发行数量达265 只，而增强指数型基金仅18只。 （原标题：年内ETF发行创历史新高 科创主题成市场焦点） 近年来，伴随资本市场有效性的持续增强，被动指数投资以其"紧密贴合市场走势、运营成本低廉、投 资风格稳定"的显著优势，日益受到投资者的青睐。 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只ETF 基金，合计发行份额达2446.44亿份，新发ETF数量及份额均已大幅超越去年全年，创出历史新高。 在各类主题产品中，科创ETF今年以来备受市场追捧，数据显示，今年以来发行的322只ETF基金中， 名称中带有"科创"字眼的ETF数量达66只，占到发行总量的20.50%，合计发行份额达501.78亿份，占到 总份额的20.51%。其次是自由现金流ETF，今年以来发行的ETF中，有29只ETF名称中带有"自由现金 流"字眼，占到发行总量的9.01%，合计发行份额达167.71亿份 ...

记者丨易妍君 编辑丨包芳鸣 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示，截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全 年。 在政策推动与多元需求共同催生的蓬勃市场下，ETF产品结构也在经历深刻变化。科创、自由现金流等 主题ETF成为资金追逐的焦点。这不仅折射出投资者在低利率环境下对优质资产的重定义，更彰显出市 场配置工具日趋精细化的特征。 21世纪经济报道记者注意到，伴随着市场扩容，行业竞争格局也趋于固化。头部机构凭借品牌、产品线 与规模效应构筑起坚实护城河，未来ETF市场集中度有望进一步提升。 "当前的竞争格局对基金公司的产品创新、成本管控、投研运营及渠道品牌建设等多方面能力提出挑 战。"晨星（中国）基金研究中心总监孙珩向记者指出。 发行规模创新高 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只 ETF，合计发行份额达2446.44亿份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿 份）。 相较2024年全年，今年内ETF新发数量增长了79.89%，发行份额增幅则 ...

记者丨易妍君 编辑丨包芳鸣 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示， 截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全年。 发行规模创新高 公募排排网数据显示，按认购起始日统计， 截至2025年11月18日，今年以来全市场共计发行322只ETF，合计发行份额达2446.44亿 份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿份）。 相较2024年全年， 今年内ETF新发数量增长了79.89%，发行份额增幅则达到91.83%。 同时， 今年内ETF的发行规模也显著高于此前的历史峰值——2021年，ETF发行数量为310只，合计发行份额1933.56亿份。 这些变化验证了国内ETF市场的蓬勃发展。 孙珩向21世纪经济报道记者指出，2025年国内ETF市场正迎来爆发式增长，指数化投资成市场主流趋势。一方面，政策支持下ETF 审批提速，公募机构，不管是头部还是中小型公司都加速布局，新发产品覆盖科技、港股、信用债等诸多细分赛道，满足多元配置 需求。 另一方面，ETF兼具持仓分散、费率低廉等优势，既吸引了保险、外资等长线资金将 ...

股票型达283只，名称带有"科创"字眼有66只 【深圳商报讯】（记者 陈燕青）今年，ETF发行火热。公募排排网数据显示，按认购起始日统计，截 至2025年11月18日，今年以来全市场共计发行322只ETF基金，合计发行份额达2446.44亿份，同比去年 全年大增91.83%，创出历史新高。 存量方面，去年9月，国内ETF规模突破3万亿元；今年4月，国内ETF规模站上4万亿元关口；今年8月 底，国内ETF规模突破5万亿元，目前规模突破5.7万亿元。 国家队对ETF颇为青睐。根据粗略计算，截至今年三季度末，中央汇金投资、中央汇金资产等持有的 ETF规模单季增长超2000亿元，达到约1.55万亿元。 "ETF产品因其风险分散、成本低廉、交易透明等特点，获得投资者青睐。总体看，这两年被动指数基 金的发行明显好于主动权益基金，"深圳一家公募基金渠道人士对记者称，"虽然今年市场持续走强，但 从销售来看，主动权益产品并不是太好卖，毕竟前几年部分主动权益产品回撤很大，一些投资者仍然心 存疑虑。" 东部一家公募投研人士表示，公募基金可以通过深耕特定领域的产业研究，推出各种行业、主题的特色 ETF，从而实现主动管理与被动投资的优 ...

行业竞争加剧 国内ETF市场正以创纪录的发行规模宣告指数化投资浪潮的全面来临。 公募排排网数据显示，截至2025年11月18日，今年内全市场新发ETF数量及份额均已大幅超越去年全 年。 在政策推动与多元需求共同催生的蓬勃市场下，ETF产品结构也在经历深刻变化。科创、自由现金流等 主题ETF成为资金追逐的焦点。这不仅折射出投资者在低利率环境下对优质资产的重定义，更彰显出市 场配置工具日趋精细化的特征。 21世纪经济报道记者注意到，伴随着市场扩容，行业竞争格局也趋于固化。头部机构凭借品牌、产品线 与规模效应构筑起坚实护城河，未来ETF市场集中度有望进一步提升。 "当前的竞争格局对基金公司的产品创新、成本管控、投研运营及渠道品牌建设等多方面能力提出挑 战。"晨星（中国）基金研究中心总监孙珩向记者指出。 发行规模创新高 公募排排网数据显示，按认购起始日统计，截至2025年11月18日，今年以来全市场共计发行322只 ETF，合计发行份额达2446.44亿份；已超越去年全年的发行数量（179只）、发行规模（1275.31亿 份）。 相较2024年全年，今年内ETF新发数量增长了79.89%，发行份额增幅则达到91.83 ...

Core Insights - The domestic ETF market in China has experienced significant growth in 2025, with the number of newly established ETFs and their issuance scale reaching historical records, marking the most active year since 2004 [1] - A total of 320 new ETFs were established in 2025, with an issuance scale of 249.68 billion yuan, surpassing previous years in both quantity and scale [1] - The stock-type ETFs dominated the market with 282 new funds and an issuance scale of 154.68 billion yuan, while bond-type ETFs also saw substantial growth with 32 new funds and an issuance scale of 91.48 billion yuan, accounting for 36.75% of the total [1][2] ETF Product Types - The stock-type ETFs included various themes such as the Sci-Tech Innovation Board, artificial intelligence, robotics, and new energy, indicating a strong market interest in growth sectors [2] - Notable bond ETFs, such as Tianhong's and Bosera's credit bond ETFs, achieved issuance scales of 3 billion yuan, reflecting a robust demand for stable income products [2] - The historical development of the ETF market shows a significant increase in new fund establishments since 2019, maintaining over 90 new funds annually and consistently exceeding 100 billion yuan in issuance scale [2] Market Competition - Major fund management companies, including E Fund, Huaxia Fund, and Southern Fund, continue to dominate the ETF market, launching multiple products and intensifying market competition [3] - Smaller fund companies are also actively participating in the ETF issuance wave, focusing on niche markets and innovative product designs to differentiate themselves [3][4] - Examples of new ETFs from smaller firms include various thematic and sector-focused funds, showcasing their strategic agility and market insight [3][4]