Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Due to the increasing expectation of the Fed's interest rate cut and the general rise of US tech stocks, NASDAQ-related ETFs have exploded, and cross-border ETFs have become a highlight. The NASDAQ Composite Index rose 6.73% last week, and the NASDAQ 100 ETF led the gain by over 5% [2][15]. - Hong Kong innovative drug ETFs have performed outstandingly, with the top ten in terms of gains all being Hong Kong innovative drug ETFs. The ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF (159217) led the list with a gain of 11.02%, and several other related ETFs also rose over 10% [2][15]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - NASDAQ-related ETFs have fully exploded, becoming the strongest sub - sector in the cross - border segment. The NASDAQ Composite Index rose 6.73% in a single week, and the NASDAQ 100 ETF led the gain by over 5% [2][15]. - Hong Kong innovative drug ETFs dominated the top - ten gainers list. The ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF (159217) led with an 11.02% gain, and many others rose over 10% [2][15]. 2 Last Week's Market Performance Review 2.1 Main Asset Class Index Performance - Domestic equity broad - based indices showed mixed performance. The ChiNext Index, CSI 500, and SSE 300 rose 1.74%, 1.2%, and 0.38% respectively, while the SSE 50 and STAR 50 fell 0.33% and 0.4% respectively [3][16]. - Bond - related asset indices all declined. The ChinaBond Long - term Bond Net Price (Total Value) Index, ChinaBond Total Wealth (3 - 5 Years) Index, ChinaBond Treasury Bond Total Net Price (Total Value) Index, and ChinaBond Medium - and Short - term Bond Net Price (Total Value) Index fell 0.02%, 0.06%, 0.08%, and 0.11% respectively [3][16]. - Overseas equity indices all rose. The NASDAQ Index, German DAX, S&P 500, Nikkei 225, Hang Seng Index, Dow Jones Industrial Average, Hang Seng China Enterprises Index, and Hang Seng Tech Index rose 6.73%, 4.89%, 4.59%, 2.81%, 2.74%, 2.48%, 2.32%, and 1.96% respectively [3][16]. - Commodity - related asset indices showed mixed performance. COMEX silver and COMEX gold rose 1.69% and 0.05% respectively, while NYMEX WTI crude oil and ICE Brent crude oil fell 1.31% and 3.13% respectively [3][16]. 2.2 Shenwan Primary Industry Performance - Most Shenwan primary industries rose last week. The automobile, beauty care, and basic chemicals industries led the gains, rising 4.87%, 3.8%, and 2.71% respectively, while the food and beverage, real estate, and coal industries led the losses, falling 1.36%, 1.31%, and 0.63% respectively [20]. 3 Valuation Situation - The valuation quantiles of major equity broad - based indices showed mixed performance. The CSI 1000, Wind All - A, CSI 500, CSI 800, ChiNext Index, and SSE 300 rose 5.34%, 4.2%, 3.17%, 0.86%, 0.33%, and 0% respectively, while the SSE 50 fell 2.01% [4][22]. - Most Shenwan primary industries' valuation quantiles rose. The top three rising industries were building decoration, beauty care, and national defense and military industry, rising 14.85%, 12.75%, and 8.6% respectively, while the top three falling industries were communication, environmental protection, and food and beverage, falling 4.22%, 2.47%, and 1.38% respectively [27]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - The scale of non - monetary ETFs increased by 46.071 billion yuan last week, with a net inflow of 10.202 billion yuan. By type, equity ETFs increased by 6.03 billion yuan with a net outflow of 11.928 billion yuan; commodity ETFs increased by 17.063 billion yuan with a net inflow of 18.077 billion yuan; bond ETFs increased by 1.002 billion yuan with a net inflow of 1.184 billion yuan; cross - border Hong Kong stock ETFs increased by 10.949 billion yuan with a net inflow of 2.287 billion yuan; cross - border non - Hong Kong stock ETFs increased by 11.027 billion yuan with a net inflow of 0.582 billion yuan [5][32]. - Among equity broad - based ETFs, the CSI 1000 theme - based ETF had the largest scale increase of 3.16 billion yuan and the largest net inflow of 0.578 billion yuan, while the CSI A500 theme - based ETF had the largest scale decrease of - 3.737 billion yuan and the largest net outflow of - 5.383 billion yuan [5][32]. - By industry sector, the Hong Kong tech sector ETF had the largest scale increase of 4.306 billion yuan, and the A - share consumption sector ETF had the largest scale decrease of - 1.788 billion yuan. The A - share tech sector ETF had the largest net inflow of 2.662 billion yuan, and the A - share large - finance sector ETF had the largest net outflow of - 1.418 billion yuan [37]. - By theme, the top 5 themes with net inflows were the STAR Market theme, tech broad - based theme, robot ETF, internet theme, and cross - border broad - based theme. The top 5 themes with net outflows were the CSI A500 theme, SSE 300 theme, SSE leading stocks theme, dividend theme, and securities company theme [37]. - The themes with net inflows for two consecutive weeks were the STAR Market theme, tech broad - based theme, robot, internet theme, and cross - border broad - based theme, with a total inflow of 13.766 billion yuan. The themes with net outflows for two consecutive weeks were the CSI A500 theme, dividend theme, securities company theme, ChiNext theme, and food and beverage theme, with a total outflow of 19.22 billion yuan [41]. - Among single ETFs, the Cathay Gold ETF had the largest net inflow of 3.595 billion yuan last week, and the Huatai - Peregrine CSI A500 ETF had the largest net outflow of 1.572 billion yuan [44]. 4.2 ETF Trading Volume - Compared with the week before last, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume was the GF CSI Hong Kong Innovative Drug ETF; the cross - border Hong Kong stock ETF was the Fullgoal CSI Hong Kong Stock Connect Internet ETF; the equity ETF was the Huaxia CSI Robot ETF; the commodity ETF was the Huaan Gold ETF; and the bond ETF was the E Fund Shanghai Stock Exchange Benchmark Market - making Corporate Bond ETF [46]. 5 ETF Performance - Last week, the ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF in cross - border Hong Kong stock ETFs performed best with a 11.02% gain; the E Fund CSI Robot Industry ETF in equity ETFs performed best with a 5.86% gain; the Dacheng Non - ferrous Metals Futures ETF in commodity ETFs performed best with a 1.7% gain; and the Bosera CSI Convertible Bonds and Exchangeable Bonds ETF in bond ETFs performed best with a 0.87% gain [8][49]. 6 ETF Margin Trading and Short Selling - The total margin - buying amount this week was 55.907 billion yuan, a decrease of 1.889 billion yuan from last week's 57.796 billion yuan. The total margin - selling volume this week was 200 million shares, a decrease of 119 million shares from last week's 320 million shares [51]. 7 Current ETF Market Scale - As of last Friday (April 25, 2025), there were 1,137 listed ETFs in the market, with a total scale of 4.060843 trillion yuan. Among equity ETFs, scale - index ETFs had the largest scale of 2.225491 trillion yuan, followed by theme - index ETFs with a scale of 448.016 billion yuan [53]. - By sector, the A - share tech and A - share large - finance sectors had the largest scales, which were 214.407 billion yuan and 115.532 billion yuan respectively. By theme, the SSE 300 theme and CSI A500 theme had the largest scales, which were 1.044231 trillion yuan and 217.351 billion yuan respectively [55]. - As of last Friday (April 25, 2025), 52 fund companies managed ETFs, and the management scale concentration was relatively high. The cumulative management scales of the top ten and top twenty fund companies in non - monetary ETF management accounted for 80.46% and 95.58% respectively. The top 5 fund companies in non - monetary ETF management were China Asset Management Co., Ltd. (704.653 billion yuan, accounting for 18.03%), E Fund Management Co., Ltd. (642.254 billion yuan, accounting for 16.43%), Huatai - Peregrine Fund Management Co., Ltd. (485.07 billion yuan, accounting for 12.41%), Southern Fund Management Co., Ltd. (263.981 billion yuan, accounting for 6.75%), and Harvest Fund Management Co., Ltd. (252.721 billion yuan, accounting for 6.46%) [60]. 8 ETF Listing and Issuance - Four ETFs were listed for trading last week. - Fourteen new ETFs were established last week. Among them, the Taixin Inter - bank Certificate of Deposit Index 7 - day Holding is a passive index - type bond fund, and the rest are passive index - type funds. Since April, a total of 31 ETF products have been issued, with a total issuance scale of 18.221 billion yuan [61][62].
ETF周观察第76期（4.21-4.25）
西南证券·2025-04-28 09:02