Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week (from January 12 to January 16, 2026), the median weekly return of equity ETFs was 0.52%. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest return; among sector ETFs, the technology ETF had the highest return; among thematic ETFs, the chip ETF had the highest return [1][12][16]. - Last week, equity ETFs had a net redemption of 143.293 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the least net redemption; among sector ETFs, the technology ETF had the most net subscriptions; among thematic ETFs, the AI ETF had the most net subscriptions [2][34][59]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non - monetary ETFs were Huaxia, E Fund, and Hua Tai Ber瑞 [5][53][59]. - This week, 9 ETFs are scheduled to be issued, including Penghua Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Thematic ETF, ICBC CSRC Hong Kong Stock Connect Medical Thematic ETF, etc. [5][56][59]. Summary According to Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 0.52%. The median returns of Science and Technology Innovation Board, CSI 500, CSI 1000, ChiNext, A500, SSE 50, and SSE 300 ETFs were 2.85%, 2.18%, 1.28%, 0.99%, 0.17%, - 0.49%, and - 1.60% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 2.86%, 1.62%, 0.08%, and 0.02% respectively [12]. - Among sectors, the median returns of technology, cyclical, consumer, and large - financial sector ETFs were 3.95%, 0.52%, - 1.29%, and - 2.54% respectively. Among thematic ETFs, the median returns of chip, AI, and robot ETFs were 4.56%, 4.04%, and 4.03% respectively, showing relatively strong performance, while the median returns of military, bank, and securities ETFs were - 3.57%, - 2.56%, and - 2.29% respectively, showing relatively weak performance [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8521 trillion yuan, 1.0421 trillion yuan, and 748 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 275.1 billion yuan and 151.5 billion yuan respectively [19]. - Among broad - based ETFs, the SSE 300 and A500 ETFs had relatively large scales of 1.1117 trillion yuan and 290.3 billion yuan respectively. The scales of Science and Technology Innovation Board, CSI 500, CSI 1000, SSE 50, and ChiNext ETFs were relatively small [19]. - Among sectors, the technology sector ETF had a scale of 527.5 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 273.7 billion yuan. The scales of large - financial and consumer ETFs were relatively small [25]. - By popular themes, as of last Friday, the chip, securities, and pharmaceutical ETFs had the highest scales of 175.7 billion yuan, 140.8 billion yuan, and 109.6 billion yuan respectively [25]. - Last week, equity ETFs had a net redemption of 143.293 billion yuan and a total scale decrease of 128.807 billion yuan; money - market ETFs had a net redemption of 10.646 billion yuan and a total scale decrease of 10.633 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the least net redemption of 9.331 billion yuan, and the SSE 300 ETF had the most net redemption of 103.323 billion yuan [28]. - Among sectors, last week, the technology ETF had the most net subscriptions of 40.63 billion yuan and a scale increase of 56.688 billion yuan; the large - financial ETF had the least net subscriptions of 557 million yuan and a scale decrease of 4.358 billion yuan. Among thematic ETFs, the AI ETF had the most net subscriptions of 11.668 billion yuan and a scale increase of 14.286 billion yuan; the robot ETF had the most net redemptions of 2.561 billion yuan and a scale decrease of 373 million yuan [34]. ETF Benchmark Index Valuation - As of last Friday, the P/E ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 83.00%, 88.20%, 100.00%, 99.92%, 67.74%, and 97.93% quantile levels respectively, and the P/B ratios were at the 64.19%, 74.75%, 100.00%, 81.23%, 68.56%, and 98.19% quantile levels respectively. Compared with the previous week, the valuation quantile of the SSE 50 ETF significantly decreased [37][38]. - As of last Friday, the P/E ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 88.12%, 25.00%, 38.61%, and 99.17% quantile levels respectively, and their P/B ratios were at the 85.73%, 49.67%, 43.15%, and 98.39% quantile levels respectively [39]. - As of last Friday, the P/E ratio quantiles of photovoltaic, military, and chip ETFs were relatively high, at 99.83%, 99.50%, and 99.17% respectively; the P/B ratio quantiles of AI, robot, and dividend ETFs were relatively high, at 99.75%, 99.50%, and 92.24% respectively. Compared with the previous week, the valuation quantile of the securities ETF significantly decreased [40]. ETF Margin Trading and Short Selling - Overall, the margin balance and short - selling volume of equity ETFs both increased in the past year. As of last Thursday, the margin balance of equity ETFs increased from 50.402 billion yuan in the previous week to 55.172 billion yuan, and the short - selling volume decreased from 2.37 billion shares in the previous week to 2.348 billion shares [44]. - Among the top 10 ETFs in terms of average daily margin purchases and short - selling volume, the CSI 500 ETF and the securities ETF had relatively high average daily margin purchases, and the A500 ETF and the SSE 300 ETF had relatively high average daily short - selling volume [4][47][48]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed, non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, thematic, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs. Hua Tai Ber瑞 Fund ranked third, with relatively high management scales in scale - index ETFs and thematic, style, and strategy - index ETFs [53]. - Last week, 7 ETFs were newly established. This week, 9 ETFs are scheduled to be issued, including Penghua Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Thematic ETF, ICBC CSRC Hong Kong Stock Connect Medical Thematic ETF, etc. [56].

- The weekly median return for stock ETFs was 1.08% last week, with the highest returns seen in the military-themed ETFs at 2.72%[1][13][16] - The net subscription for stock ETFs was 41.79 billion yuan last week, with the A500ETF having the highest net subscription among broad-based ETFs at 44.12 billion yuan[2][28][29] - The valuation percentiles for broad-based ETFs as of last Friday were as follows: SSE 50 ETF at 84.42%, CSI 300 ETF at 83.10%, CSI 500 ETF at 95.30%, CSI 1000 ETF at 95.88%, and ChiNext ETF at 58.70%[36][37][39] - The financing balance for stock ETFs increased from 46.736 billion yuan to 47.042 billion yuan, and the securities lending balance increased from 2.587 billion shares to 2.626 billion shares last week[49][51][52] - The top three fund companies in terms of total non-monetary ETF scale were Huaxia, E Fund, and Huatai-PineBridge as of last Friday[56][57][58]