Market Performance - The Shanghai Composite Index fell by 3.9% last week, closing at 3834.89 points, with a high of 3992.4 points [1] - The Shenzhen Component Index decreased by 5.13%, ending at 12538.07 points, with a peak of 13251.78 points [1] - The ChiNext Index dropped by 6.15%, closing at 2920.08 points, with a maximum of 3137.07 points [1] - Major global indices also declined, with the Nasdaq Composite down 2.74%, the Dow Jones Industrial Average down 1.91%, and the S&P 500 down 1.95% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 5.09%, and the Nikkei 225 Index decreased by 3.48% [1] ETF Market Performance - The median weekly return for stock ETFs was -4.56% [2] - The highest weekly return among scale index ETFs was -2.17% for the CCB SSE 50 ETF [2] - The highest weekly return among industry index ETFs was -0.8% for the FTSE China 800 Bank ETF [2] - The highest weekly return among strategy index ETFs was -1.32% for the Harvest CSI 300 Dividend Low Volatility ETF [2] - The highest weekly return among theme index ETFs was -0.15% for the Penghua CSI Media ETF [2] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs increased by 32.1%, and average daily turnover rose by 6.8% [6] - The top five stock ETFs with the highest fund inflows included the Huatai-PB CSI 300 ETF with an inflow of 3.876 billion yuan [8] - The top five stock ETFs with the highest fund outflows included the Hua Bao CSI Bank ETF with an outflow of 321 million yuan [8] Financing and Margin Trading - The financing balance for stock ETFs increased from 47.722 billion yuan to 50.553 billion yuan [9] - The highest financing buy amount was for the E Fund ChiNext ETF, totaling 801 million yuan [9] ETF Market Size and Composition - The total size of the ETF market reached 55,994.97 billion yuan, a decrease of 1,305.99 billion yuan from the previous week [13] - Stock ETFs accounted for 64.0% of the total ETF market size, with a total size of 35,817.94 billion yuan [15] - The number of stock ETFs in the market was 1,065 out of a total of 1,355 ETFs [10] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Harvest Hang Seng Technology ETF and the Penghua Hang Seng Biotechnology ETF [16] Institutional Insights - Pacific Securities highlighted the importance of advancements in AI foundational model technology, particularly in e-commerce and advertising sectors [16] - Galaxy Securities noted the potential of AI video and social ecosystems, emphasizing the shift towards ecological construction and scene penetration in various industries [17]

Core Insights - The total margin balance of ETFs in the two markets reached 121.29 billion yuan, an increase of 370 million yuan from the previous trading day, representing a 0.31% increase [1] - The financing balance of ETFs increased by 986 million yuan, while the margin short balance decreased by 616 million yuan [1] Summary by Category Total ETF Margin Balance - As of November 21, the total ETF margin balance was 1212.89 billion yuan, with a financing balance of 1142.66 billion yuan, reflecting a 0.87% increase from the previous day [1] - The Shenzhen market's ETF margin balance was 368.30 billion yuan, with a financing balance of 359.87 billion yuan, showing a 4.34% increase [1] - The Shanghai market's ETF margin balance was 844.59 billion yuan, with a financing balance of 782.79 billion yuan, indicating a 5.53 billion yuan increase [1] Notable ETFs by Financing Balance - The ETF with the highest financing balance was Huaan Gold ETF at 8.032 billion yuan, followed by E Fund Gold ETF and Huaxia Hang Seng ETF at 5.725 billion yuan and 4.025 billion yuan, respectively [2] - The ETFs with the largest increases in financing balance included Bosera CSI A500 ETF, E Fund SSE STAR Market New Energy ETF, and ChiNext ETF, with increases of 310.19%, 159.54%, and 109.53%, respectively [2] Margin Trading Activity - The top three ETFs for net financing purchases were E Fund ChiNext ETF, Huatai-PB SSE 300 ETF, and Guotai CSI All-Share Securities Company ETF, with net purchases of 329 million yuan, 186 million yuan, and 137 million yuan, respectively [5] - The ETFs with the highest net financing sales included Hang Seng Technology ETF, Bosera Convertible Bond ETF, and Huaan Gold ETF, with net sales of 93.07 million yuan, 83.99 million yuan, and 75.51 million yuan, respectively [4] Margin Short Balance Changes - The latest margin short balance was highest for Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF, with balances of 2.206 billion yuan, 2.119 billion yuan, and 402 million yuan, respectively [5] - The largest increases in margin short balance were seen in Huaxia Hang Seng Internet Technology ETF, Huaxia Hang Seng Technology ETF, and Photovoltaic 50, with increases of 883,700 yuan, 414,400 yuan, and 286,000 yuan, respectively [6]

Core Insights - The launch of the E Fund Shanghai Stock Exchange Sci-Tech Innovation Board New Energy ETF on September 22 marks the total number of Sci-Tech Innovation Board ETFs reaching 101 [1] - The previous listing of the Huatai-PineBridge Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug ETF on September 19 pushed the total number of Sci-Tech Innovation Board ETFs to over 100 [1] - The overall management scale of Sci-Tech Innovation Board ETFs is nearly 300 billion, making it the segment with the highest proportion of index investment in A-shares [1] Industry Development - The Sci-Tech Innovation Board has developed a multi-layered index product system covering broad-based, thematic, and strategic indices, with continuous structural optimization and maturation of the ecosystem [1] - Over the past five years, the growth of Sci-Tech Innovation Board ETFs has provided investors with diversified investment tools and has become a significant channel for directing social funds towards "hard technology" enterprises [1] - A complete system has been formed in broad-based indices, represented by the Sci-Tech 50, Sci-Tech 100, Sci-Tech 200, and Sci-Tech Comprehensive Index [1] - Thematic indices cover key areas of new productive forces, including artificial intelligence, chips, new energy, and innovative drugs [1] Future Outlook - Market analysts indicate that the series of indices from the Sci-Tech Innovation Board demonstrate excellent long-term performance and possess notable long-term allocation value [1] - The investment ecosystem of the Sci-Tech Innovation Board is expected to further develop and improve with the implementation of the "Eight Measures" and "1+6" reform policies [1]

Group 1 - Three stock ETFs have released listing announcements, with the latest stock positions being 9.97% for the Fuguo Growth Enterprise Software ETF, 12.67% for the Southern National Index Hong Kong Stock Connect Innovative Drug ETF, and 19.81% for the E Fund Shanghai Stock Exchange Science and Technology Innovation Board New Energy ETF [1] - Since September, a total of 19 stock ETFs have announced listings, with an average position of only 23.77%. The highest position is 69.33% for the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF [1] - The ETFs with the highest positions also include the Jianxin Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF at 54.12%, the Huatai-PB Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF at 47.98%, and the Huatai-PB CSI Financial Technology Theme ETF at 40.87% [1] Group 2 - The average number of shares raised by the ETFs announced since September is 640 million, with the largest being 2.344 billion shares for the Fuguo National Index Robotics Industry ETF [2] - Institutional investors hold an average of 11.20% of the shares, with the highest being 98.93% for the Guolian An CSI A500 Dividend Low Volatility ETF [2] - The ETFs with the lowest institutional ownership include the Penghua Growth Enterprise Comprehensive ETF at 1.52% and the E Fund CSI Financial Technology Theme ETF at 1.70% [2]