证券研究报告 | 2025年11月30日 2025年12月01日 ETF 周报 上周股票型 ETF 涨幅中位数达 2.4%，AI ETF 领涨 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 11 月 24 日至 2025 年 11 月 28 日，下同）股票型 ETF 周度 收益率中位数为 2.41%。宽基 ETF 中，科创板 ETF 涨跌幅中位数为 5.33%， 收益最高。按板块划分，科技 ETF 涨跌幅中位数为 4.59%，收益最高。按 主题进行分类，AI ETF 涨跌幅中位数为 5.90%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 405.10 亿元，总体规模增加 413.54 亿元。在宽基 ETF 中，上周上证 50ETF 净申购最多，为 25.59 亿元；按板块来看，消费 ETF 净赎回最少，为 7.34 亿元；按热点主题来看，红利 ETF 净申购最多， 为 12.36 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费、 大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒 ETF 的估值分 位 ...

证券研究报告 | 2025年11月30日 2025年12月01日 上周股票型 ETF 净赎回 405.10 亿元，总体规模增加 413.54 亿元。在宽基 ETF 中，上周上证 50ETF 净申购最多，为 25.59 亿元；按板块来看，消费 ETF 净赎回最少，为 7.34 亿元；按热点主题来看，红利 ETF 净申购最多， 为 12.36 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费、 大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒 ETF 的估值分 位数相对较低。 ETF 融资融券情况 ETF 周报 上周股票型 ETF 涨幅中位数达 2.4%，AI ETF 领涨 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 11 月 24 日至 2025 年 11 月 28 日，下同）股票型 ETF 周度 收益率中位数为 2.41%。宽基 ETF 中，科创板 ETF 涨跌幅中位数为 5.33%， 收益最高。按板块划分，科技 ETF 涨跌幅中位数为 4.59%，收益最高。按 主题进行分类，AI ETF 涨跌幅中位数为 5.90%，收 ...

行在上周五暴跌后，本周只能初步看做超跌反弹，四个交易日也就周二放了量-还不到1.9万亿。昨天光模块、pcb大涨，但量能却 萎缩了，今天科技股继续冲高，新易盛一度涨超10%，连续三个交易日大涨，资金减仓也很正常。 本轮全球股市下跌的最直接动力是大资金年底获利了结，催化剂是美联储官员鹰派表态打击降息预期和市场对AI泡沫的担忧加 剧，本周反弹则是美联储官员放鸽以及谷歌gemini3给AI续命推动的。但不管怎么说，资金获利了结的动力还是很强，周末看到一 些机构交流纪要，都表示跌了会买、但涨了也会卖，所以我们也不应该跌了就悲观、涨了就乐观，避免追涨杀跌，如果大家在上 周五的暴跌中扛下来，到今天也都收复了。 具体来看今天的重磅消息： 今天盘前有报道称中际旭创、新易盛、华虹半导体等8家中国企业被计划列入1260H清单，机构对此及时做了解读，新易盛 低开后冲高，盘中一度涨超10%，午盘随着大盘跳水。 多只科创创业人工智能ETF将在明天开始募集，我查了一下这批etf所跟踪的指数，仅中际旭创、新易盛、寒武纪接近一半的 权重。 | 名派 | 泉集起始日 | | --- | --- | | 景顺长城中证科创创业人工智能ETF | 2 ...

Core Viewpoint - Global investors are facing a conflict between short-term gains and long-term stability amid a significant sell-off in AI-related stocks, despite Nvidia's strong earnings initially boosting market sentiment [1][2]. Market Reactions - Nvidia's earnings report led to a temporary surge in its stock, but it ended the trading session down 3% the following day, indicating volatility in the market [1]. - The sell-off in AI stocks was exacerbated by economic speculation regarding the Federal Reserve's potential rate cuts, which has left investors on edge [2][7]. Regional Market Performance - Asia-Pacific markets experienced declines, with SoftBank's stock dropping over 10%, while European stocks opened negatively as well [3]. - In contrast, U.S. futures showed signs of recovery, suggesting a mixed sentiment among investors [3]. Investor Sentiment and Behavior - Market movements have been influenced by sentiment, momentum, and innovation, with geopolitical risks also playing a role [4]. - Investors are currently focused on short-term cycles due to year-end compensation pressures, leading to a lack of long-term hedging strategies [5][6]. AI Market Dynamics - There is uncertainty regarding which companies will emerge as winners or losers in the AI sector, with a distinction expected between those investing in AI and those benefiting from AI infrastructure [8].

Core Viewpoint - The investment advisory community shows a continued optimistic sentiment towards the macroeconomic outlook and A-share market for the fourth quarter of 2025, with over 80% of advisors bullish on the A-share market and a significant upward adjustment in the expected range for the Shanghai Composite Index [4][10][23] Economic Outlook - Approximately 79% of advisors hold a neutral or optimistic view on the macroeconomic situation, an increase of 8 percentage points from the previous quarter [6] - 38% of advisors believe the economy is in a "bottoming out" phase, while 24% think it is operating normally [6] - Nearly 70% of advisors expect economic growth to improve compared to the third quarter [6] - The ongoing implementation of stable growth policies is seen as a primary driver for a stronger stock market [7] Market Sentiment - Over 81% of advisors are bullish on the A-share market for the fourth quarter, marking a new high for the year [10] - The expected range for the Shanghai Composite Index has been raised to between 3900 and 4100 points, up from the previous range of 3300 to 3500 points [10][23] - Advisors predict that the index will fluctuate between 3800 and 3900 points at the lower end [10] Investment Preferences - Advisors recommend that nearly 60% of investors focus on equities as the most valuable asset class for the fourth quarter [14][15] - 34% of advisors suggest investing in equity funds, while 32% recommend direct stock investments [15] - Technology stocks remain the most favored sector, with 46% of advisors optimistic about AI-related technology stocks [11] Client Behavior - 82% of advisors report that high-net-worth clients achieved profits in the third quarter, with a notable increase in their willingness to increase positions [19] - The majority of clients are expected to allocate additional funds to technology stocks, with 41% of advisors indicating this trend [19][21] - Advisors observe a "cash migration" trend among clients, with funds primarily sourced from cash deposits and redemptions of bank wealth management products [18][21] ETF and Fund Preferences - 47% of advisors noted that high-net-worth clients subscribed to ETF products in the third quarter, with a shift towards broad-based ETFs [20] - The popularity of the ChiNext ETF has increased, with 24% of advisors reporting client purchases [20] Conclusion - The overall sentiment among advisors indicates a positive outlook for the macroeconomic environment and A-share market, with recommendations for maintaining high equity positions and adopting flexible thematic investment strategies to capture opportunities in a structural market [23]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week (from October 20 to October 24, 2025), the median weekly return of equity ETFs was 3.45%. Among broad-based ETFs, the median return of ChiNext ETFs was 8.06%, the highest. By sector, the median return of technology ETFs was 6.60%, the highest. By theme, the median return of AI ETFs was 10.92%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, but the overall scale increased by 109.578 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the highest net subscription of 884 million yuan; by sector, consumer ETFs had the highest net subscription of 581 million yuan; by hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan [2]. - As of last Friday, among broad-based ETFs, ChiNext ETFs had relatively low valuation quantiles; by sector, consumer and large financial ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of A500 and large financial ETFs increased significantly [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases, while CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [5]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 3.45%. The median returns of different broad - based ETFs were: ChiNext ETFs 8.06%, science and technology innovation board ETFs 6.23%, A500 ETFs 3.65%, CSI 500 ETFs 3.49%, CSI 300 ETFs 3.33%, CSI 1000 ETFs 3.28%, and Shanghai 50 ETFs 2.80%. The median returns of cross - border, bond, money, and commodity ETFs were 2.90%, 0.12%, 0.01%, and - 6.19% respectively [13]. - By sector, the median returns of technology, cyclical, large financial, and consumer sector ETFs were 6.60%, 2.76%, 1.70%, and 0.50% respectively. By hot theme, the median returns of AI, chip, and robot ETFs were 10.92%, 8.33%, and 4.82% respectively, showing relatively strong performance, while the median returns of wine, medicine, and dividend ETFs were - 2.17%, 0.60%, and 1.14% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3,675.5 billion yuan, 916.8 billion yuan, and 575.8 billion yuan respectively. The scales of commodity and money ETFs were relatively small, at 225.4 billion yuan and 167.9 billion yuan respectively. Among broad - based ETFs, the CSI 300 ETF and science and technology innovation board ETF had relatively large scales, while the A500, Shanghai 50, ChiNext, CSI 500, and CSI 1000 ETFs had relatively small scales [18][21]. - By sector, as of last Friday, the scale of technology sector ETFs was 421.7 billion yuan, followed by cyclical sector ETFs at 224 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 206.1 billion yuan and 182.2 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and medicine ETFs were the highest, at 161.8 billion yuan, 139.7 billion yuan, and 99.2 billion yuan respectively [25]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, and the overall scale increased by 109.578 billion yuan; money ETFs had a net subscription of 1.3895 billion yuan, and the overall scale increased by 1.3909 billion yuan. Among broad - based ETFs, the Shanghai 50 ETF had the highest net subscription of 884 million yuan, and its scale increased by 6.116 billion yuan; the ChiNext ETF had the highest net redemption of 6.832 billion yuan, and its scale increased by 7.146 billion yuan. By sector, consumer ETFs had the highest net subscription of 581 million yuan, and their scale increased by 358 million yuan; technology ETFs had the highest net redemption of 7.084 billion yuan, and their scale increased by 22.091 billion yuan. By hot theme, securities ETFs had the highest net subscription of 1.426 billion yuan, and their scale increased by 4.062 billion yuan; chip ETFs had the highest net redemption of 3.047 billion yuan, and their scale increased by 9.108 billion yuan [28][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 90.35%, 88.62%, 99.01%, 96.04%, 63.07%, and 99.70% quantile levels respectively, and the price - to - book ratios were at the 75.60%, 71.81%, 99.26%, 64.06%, 57.71%, and 99.70% quantile levels respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of science and technology innovation board ETFs are at the 98.43% and 71.81% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500 ETF increased significantly [36][37]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 71.56%, 50.12%, 29.76%, and 99.42% quantile levels respectively, and their price - to - book ratios were at the 79.88%, 67.68%, 36.60%, and 94.06% quantile levels respectively. Compared with the previous week, the valuation quantile of large financial ETFs increased significantly [39]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has been on an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.670 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares [48]. - From Monday to Thursday last week, among the top 10 equity ETFs with the highest average daily margin trading purchases, science and technology innovation board ETFs and chip ETFs had relatively high average daily margin trading purchases. Among the top 10 equity ETFs with the highest average daily short - selling volumes, CSI 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [51][56]. 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 in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third in the total scale of listed non - monetary ETFs and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [60]. - Last week, 10 new ETFs were established. This week, 6 ETFs such as Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Boshi Industrial Software ETF will be issued [63].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week (from October 20 to October 24, 2025), the median weekly return of equity ETFs was 3.45%. Among broad - based ETFs, the median return of ChiNext - related ETFs was 8.06%, the highest. By sector, the median return of technology ETFs was 6.60%, the highest. By theme, the median return of AI ETFs was 10.92%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 29.513 billion yuan, but the overall scale increased by 109.578 billion yuan. Among broad - based ETFs, SSE 50 ETF had the largest net subscription of 884 million yuan; by sector, consumer ETFs had the largest net subscription of 581 million yuan; by hot theme, securities ETFs had the largest net subscription of 1.426 billion yuan [2][28]. - As of last Friday, China Asset Management, E Fund, and Huatai - Peregrine Fund ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 6 ETFs, including Penghua Hang Seng Technology ETF, E Fund CSI Satellite Industry ETF, and Bosera Industrial Software ETF, will be issued [60][63]. 3. Summaries by Related Catalogs ETF Performance - The median weekly return of equity ETFs last week was 3.45%. By asset type, the median returns of cross - border, bond, money, and commodity ETFs were 2.90%, 0.12%, 0.01%, and - 6.19% respectively. Among broad - based ETFs, ChiNext - related, STAR Market, A500, CSI 500, SSE 1000, SSE 50 ETFs had median returns of 8.06%, 6.23%, 3.65%, 3.49%, 3.33%, 3.28%, 2.80% respectively. By sector, technology, cyclical, large - financial, and consumer sector ETFs had median returns of 6.60%, 2.76%, 1.70%, 0.50% respectively. By theme, AI, chip, and robot ETFs had median returns of 10.92%, 8.33%, 4.82% respectively, showing relatively strong performance, while liquor, pharmaceutical, and dividend ETFs had median returns of - 2.17%, 0.60%, 1.14% respectively, showing relatively weak performance [13][16]. ETF Scale Changes and Net Redemption/Subscription - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.6755 trillion yuan, 916.8 billion yuan, and 575.8 billion yuan respectively, while the scales of commodity and money ETFs were relatively small, at 225.4 billion yuan and 167.9 billion yuan respectively. Among broad - based ETFs, CSI 300 and STAR Market ETFs had relatively large scales of 1.2025 trillion yuan and 216.3 billion yuan respectively. By sector, the scale of technology sector ETFs was 421.7 billion yuan, followed by cyclical sector ETFs at 224 billion yuan. By theme, chip, securities, and pharmaceutical ETFs had the highest scales of 161.8 billion yuan, 139.7 billion yuan, and 99.2 billion yuan respectively. Last week, equity ETFs had a net redemption of 29.513 billion yuan but an overall scale increase of 109.578 billion yuan; money ETFs had a net subscription of 1.3895 billion yuan and an overall scale increase of 1.3909 billion yuan [18][25][28]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of SSE 50, CSI 300, CSI 500, SSE 1000, ChiNext - related, and A500 ETFs were at the 90.35%, 88.62%, 99.01%, 96.04%, 63.07%, 99.70% quantile levels respectively, and the PB were at the 75.60%, 71.81%, 99.26%, 64.06%, 57.71%, 99.70% quantile levels respectively. The PE and PB of STAR Market - related ETFs were at the 98.43% and 71.81% quantile levels respectively. Compared with the previous week, the valuation quantile of A500 ETF increased significantly. By sector, the PE of cyclical, large - financial, consumer, and technology sector ETFs were at the 71.56%, 50.12%, 29.76%, 99.42% quantile levels respectively, and the PB were at the 79.88%, 67.68%, 36.60%, 94.06% quantile levels respectively. Compared with the previous week, the valuation quantile of large - financial ETFs increased significantly. By theme, the PE quantiles of chip, dividend, and AI ETFs were relatively high, at 99.42%, 99.42%, 98.52% respectively; the PB quantiles of AI, dividend, and robot ETFs were relatively high, at 99.34%, 98.35%, 96.70% respectively [36][39][44]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has been on an upward trend in the past year. As of last Thursday, the margin balance of equity ETFs increased from 46.442 billion yuan in the previous week to 46.67 billion yuan, and the short - selling volume increased from 2.461 billion shares in the previous week to 2.546 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes from last Monday to Thursday, STAR Market ETFs and chip ETFs had relatively high average daily margin purchases, while SSE 1000 ETFs and CSI 300 ETFs had relatively high average daily short - selling volumes [48][51][56]. ETF Managers - As of last Friday, China Asset Management ranked first in the total scale of listed non - monetary ETFs, with high management scales in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second, with high management scales in scale index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with high management scales in scale index ETFs and theme, style, and strategy index ETFs. Last week, 10 new ETFs were established, and this week, 6 ETFs will be issued [60][63].

Market Overview - The market is currently focused on specific sectors such as AI computing power, semiconductors, and innovative pharmaceuticals, which are seen as having strong fundamentals [2] - The recent rise in the Shanghai Composite Index to a near ten-year high is viewed as somewhat superficial due to the large trading volume not translating into significant gains [1] Economic Indicators - The PMI for September increased slightly to 49.8%, remaining below the expansion threshold, indicating a slow recovery in demand [4] - The production index rose to 51.2%, suggesting some improvement, but overall consumer demand is still lacking [4] Federal Reserve Insights - The New York Fed has indicated a potential for interest rate cuts due to concerns over a slowing labor market, which is perceived as dovish and favorable for the market [4] - There is internal division within the Federal Reserve regarding the direction of monetary policy, reflecting uncertainty in the economic outlook [4] AI Industry Analysis - The AI sector is facing challenges related to computing power, data availability, and commercialization, with many applications still in the early stages of development [5] - The current AI trend is compared to the internet boom of the late 1990s, emphasizing the importance of creating indispensable applications for users [5] Automotive Industry Dynamics - The electric vehicle (EV) market is experiencing increased competition, with companies like BYD and Tesla maintaining strong positions while new entrants struggle [6][7] - The focus has shifted from marketing and brand storytelling to immediate availability and pricing strategies, indicating a more competitive landscape [7] - The automotive industry is characterized by the need for scale and cost control, with a shift away from the "burn cash for users" model seen in tech [9][10] Strategic Considerations for EV Companies - Companies must now demonstrate comprehensive capabilities, including cost advantages and brand strength, to survive in a competitive market [11] - Evaluating EV companies should involve metrics beyond sales volume, such as profit margins and cash flow, with international expansion seen as a viable growth strategy [12]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week (from July 14 to July 18, 2025), the median weekly return of equity ETFs was 1.37%. Among broad - based ETFs, the median return of ChiNext - related ETFs was 3.17%, the highest. By sector, the median return of technology ETFs was 2.39%, the highest. By theme, the median return of AI ETFs was 6.87%, the highest [1]. - Last week, equity ETFs had a net redemption of 15.756 billion yuan, but the overall scale increased by 27.982 billion yuan. Among broad - based ETFs, Science and Technology Innovation Board ETFs had the most net subscriptions at 325 million yuan; by sector, large - financial ETFs had the most net subscriptions at 4.104 billion yuan; by hot - theme, chip ETFs had the most net subscriptions at 4.32 billion yuan [2]. - As of last Friday, China Asset Management, E Fund Management, and Huatai - Peregrine Fund Management ranked top three in the total scale of listed non - monetary ETFs. Five ETFs are to be issued this week, including China AMC CSI A500 Enhanced Strategy ETF, Penghua SZSE Robotics Industry ETF, etc. [5]. 3. Summaries by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 1.37%. Among broad - based ETFs, ChiNext - related, Science and Technology Innovation Board, A500, CSI 1000, CSI 300, CSI 500, and SSE 50 ETFs had median returns of 3.17%, 3.02%, 1.64%, 1.45%, 1.37%, 1.24%, and 0.66% respectively. Among other types, cross - border, commodity, bond, and money - market ETFs had median returns of 2.79%, 0.39%, 0.06%, and 0.02% respectively [13]. - By sector, the median returns of technology, consumption, cyclical, and large - financial sector ETFs were 2.39%, 2.00%, 1.37%, and - 0.81% respectively. By theme, AI, robotics, and pharmaceutical ETFs had relatively strong performance with median returns of 6.87%, 4.25%, and 3.33% respectively, while photovoltaic, securities, and bank ETFs had relatively weak performance with median returns of - 1.09%, - 0.96%, and - 0.46% respectively [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.0774 trillion yuan, 635 billion yuan, and 494.6 billion yuan respectively, while money - market and commodity ETFs had relatively smaller scales of 160.8 billion yuan and 159.4 billion yuan respectively. Among broad - based ETFs, CSI 300 and Science and Technology Innovation Board ETFs had larger scales [18][21]. - By sector, the scale of technology sector ETFs was 263.8 billion yuan, followed by consumption sector ETFs at 148.6 billion yuan. By theme, chip, pharmaceutical, and securities ETFs had the highest scales [23]. - Last week, equity ETFs had a net redemption of 15.756 billion yuan but an overall scale increase of 27.982 billion yuan; money - market ETFs had a net redemption of 4.885 billion yuan and an overall scale decrease of 4.871 billion yuan. Among broad - based ETFs, Science and Technology Innovation Board ETFs had the most net subscriptions at 325 million yuan, and A500 ETFs had the most net redemptions at 9.823 billion yuan. By sector, large - financial ETFs had the most net subscriptions at 4.104 billion yuan, and consumption ETFs had the most net redemptions at 2.006 billion yuan. By theme, chip ETFs had the most net subscriptions at 4.32 billion yuan, and AI ETFs had the most net redemptions at 3.284 billion yuan [29][32]. ETF Benchmark Index Valuation - As of last Friday, in broad - based ETFs, ChiNext - related ETFs had relatively low valuation quantiles; by sector, consumption ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of technology and AI ETFs increased significantly [3][40]. ETF Margin Trading and Short Selling - From last Monday to Thursday, the margin trading balance of equity ETFs decreased from 41.333 billion yuan in the previous week to 41.275 billion yuan, and the short - selling volume decreased from 2.215 billion shares in the previous week to 2.186 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, Science and Technology Innovation Board ETFs and chip ETFs had higher average daily margin trading purchases, while CSI 1000 ETFs and CSI 300 ETFs had higher average daily short - selling volumes [4][50]. ETF Managers - As of last Friday, China Asset Management, E Fund Management, and Huatai - Peregrine Fund Management ranked top three in the total scale of listed non - monetary ETFs. China Asset Management had high management scales in multiple segments such as scale - index, industry - index, and theme - style - strategy - index ETFs; E Fund Management had high management scales in scale - index and cross - border ETFs; Huatai - Peregrine Fund Management had high management scales in scale - index and theme - style - strategy - index ETFs [51]. - Ten new ETFs were established last week, and five ETFs are to be issued this week [54].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.25%. Among broad-based ETFs, the STAR Market ETF had the highest return; among sector ETFs, the technology ETF had the highest return; among hot theme ETFs, the AI ETF had the highest return [1][13][16] - Last week, equity ETFs had a net redemption of 3.526 billion yuan. Among broad-based ETFs, the SSE 50 ETF had the most net subscriptions; among sector ETFs, the technology ETF had the most net subscriptions; among theme ETFs, the military ETF had the most net subscriptions [2][27][34] - As of last Friday, Huaxia, E Fund, and China Southern Asset Management ranked in the top three in terms of the total scale of listed, non-monetary ETFs. This week, 7 ETFs are scheduled to be issued [5][55][58] Summary by Relevant Catalogs ETF Performance - Last week (from June 03, 2025, to June 06, 2025), the median weekly return of equity ETFs was 1.25%. The median returns of STAR Market, ChiNext, CSI 1000, CSI 500, A500, SSE 50, and SSE 300 ETFs were 2.39%, 2.34%, 2.20%, 1.73%, 1.00%, 0.95%, and 0.51% respectively. The median returns of cross-border, commodity, bond, and money market ETFs were 2.18%, 1.44%, 0.09%, and 0.02% respectively [13] - By sector, the median returns of technology, large finance, cyclical, and consumer sector ETFs were 3.02%, 1.80%, 0.85%, and 0.55% respectively. By hot theme, the median returns of AI, chip, and securities ETFs were 4.03%, 3.02%, and 2.44% respectively, showing relatively strong performance, while the median returns of liquor, military, and dividend ETFs were -0.55%, -0.19%, and 0.21% respectively, showing relatively weak performance [16] ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross-border, and bond ETFs were 2.9678 trillion yuan, 553.1 billion yuan, and 304.3 billion yuan respectively. The scales of money market and commodity ETFs were relatively small, at 174.9 billion yuan and 157.3 billion yuan respectively [18] - Last week, equity ETFs had a net redemption of 3.526 billion yuan, with a total scale increase of 35.979 billion yuan; money market ETFs had a net subscription of 1.309 billion yuan, with a total scale increase of 1.324 billion yuan. Among broad-based ETFs, the SSE 50 ETF had the most net subscriptions, at 405 million yuan, and its scale increased by 1.294 billion yuan; the ChiNext ETF had the most net redemptions, at 2.306 billion yuan, and its scale increased by 1.095 billion yuan [27][28] - By sector, last week, the technology ETF had the most net subscriptions, at 5.632 billion yuan, and its scale increased by 13.047 billion yuan; the consumer ETF had the most net redemptions, at 1.033 billion yuan, and its scale decreased by 567 million yuan. By hot theme, last week, the military ETF had the most net subscriptions, at 1.44 billion yuan, and its scale increased by 1.509 billion yuan; the pharmaceutical ETF had the most net redemptions, at 1.347 billion yuan, and its scale decreased by 910 million yuan [32] ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 67.63%, 56.98%, 89.93%, 81.83%, 33.53%, and 77.02% quantile levels respectively, and the price-to-book ratios were at the 30.72%, 26.75%, 53.67%, 26.09%, 20.31%, and 48.51% quantile levels respectively. Since December 31, 2019, the current price-to-earnings and price-to-book ratios of STAR Market ETFs are at the 99.26% and 34.10% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500 ETF increased significantly [35][36] - As of last Friday, the price-to-earnings ratios of cyclical, large finance, consumer, and technology sector ETFs were at the 35.51%, 37.16%, 2.06%, and 57.31% quantile levels respectively, and the price-to-book ratios were at the 19.24%, 37.57%, 18.00%, and 33.61% quantile levels respectively. Compared with the previous week, the valuation quantile of the technology ETF increased significantly [38] - As of last Friday, the price-to-earnings ratio quantiles of military, dividend, and bank ETFs were relatively high, at 99.42%, 99.17%, and 94.05% respectively; the price-to-book ratio quantiles of dividend, bank, and AI ETFs were relatively high, at 97.85%, 76.34%, and 51.94% respectively. Compared with the previous week, the valuation quantiles of AI and securities ETFs increased significantly [39][42] ETF Margin Trading - Overall, the margin trading balance of equity ETFs has maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 41.162 billion yuan in the previous week to 40.709 billion yuan, and the short selling volume increased from 2.056 billion shares in the previous week to 2.119 billion shares [44] - Among the top 10 ETFs with the highest average daily margin trading purchases and short selling volumes last Monday to Thursday, the STAR Market ETF and pharmaceutical ETF had relatively high average daily margin trading purchases, and the CSI 1000 ETF and CSI 500 ETF had relatively high average daily short selling volumes [46][47][49] 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, industry index ETFs, and theme, style, and strategy index ETFs; E Fund ranked second and had a relatively high management scale in scale index ETFs and cross-border ETFs; China Southern Asset Management ranked third and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [52] - Last week, 7 ETFs were newly established, and this week, 7 ETFs are scheduled to be issued, including Guolianan CSI A500 Enhanced Strategy ETF, Yongying SSE STAR Market Comprehensive Price Enhanced Strategy ETF, etc [55]