The ETF market saw a net inflow of RMB 21.6 billion last week, including RMB 6.949 billion for money market ETFs, RMB 6.895 billion for equity ETFs, RMB 4.102 billion for QDII equity ETFs, RMB 1.06 billion for commodity ETFs, and RMB 2.642 billion for bond ETFs.
I. Market Overview
Last week, the performance of major broad-based indices in the A-share market diverged. The ChiNext Index, CSI 300, and SZSE Component Index led with returns of 1.86%, 1.28%, and 1.26%, respectively. Meanwhile, the STAR 50 Index, CSI 1000, and SSE Composite Index lagged with returns of -0.08%, 0.11%, and 0.37%, respectively.
In terms of sectors, non-ferrous metals, telecommunications, and defense ranked at the top with returns of 5.07%, 3.69%, and 3.47%, respectively. On the other hand, media, real estate, and consumer staples trailed with returns of -3.59%, -2.13%, and -1.88%, respectively.
II. Capital Flows
The ETF market saw a net inflow of RMB 21.6 billion last week, including RMB 6.949 billion for money market ETFs, RMB 6.895 billion for equity ETFs, RMB 4.102 billion for QDII equity ETFs, RMB 1.06 billion for commodity ETFs, and RMB 2.642 billion for bond ETFs.
Regarding index inflows, money market funds, CSI A500, AAA Sci-Tech Innovation Bonds, Hang Seng Tech Index, CSI 1000, STAR 50 Index, Hang Seng High Dividend Low Volatility Index, and CSI 500 recorded net inflows of RMB 6.949 billion, RMB 4.414 billion, RMB 2.695 billion, RMB 1.9 billion, RMB 1.889 billion, RMB 1.555 billion, RMB 962 million, and RMB 954 million, respectively, last week.
The CSI Bank Index,细分化工 (Subdivision Chemicals), SSE 50 Index, SSH Gold Stocks, Shanghai Municipal Bonds, CSI Defense Index, Shanghai 30-Year Government Bonds, and ChiNext Index saw net outflows of RMB 1.902 billion, RMB 1.523 billion, RMB 1.346 billion, RMB 1.29 billion, RMB 1.163 billion, RMB 1.013 billion, RMB 976 million, and RMB 917 million, respectively.
In terms of ETF products, Yinhua Daily Profit ETF, KCB Bond ETF Jia Shi, A500 ETF Huatai Boyu, A500 ETF Fund, STAR 50 ETF, CSI A500 ETF, and CSI 500 ETF recorded net inflows of RMB 5.98 billion, RMB 3.115 billion, RMB 2.209 billion, RMB 1.708 billion, RMB 1.298 billion, RMB 1.153 billion, and RMB 1.032 billion, respectively, last week.
Bank ETF, Chemical ETF, and SSE 50 ETF experienced net outflows of RMB 1.637 billion, RMB 1.357 billion, and RMB 1.304 billion, respectively.
III. ETF Performance Overview
Last week (December 1 to December 5, 2025, hereinafter the same), the median weekly return of equity ETFs was 1.08%. Among broad-based ETFs, the median rise and fall of Growth Enterprise Market (GEM)-related ETFs was 1.86%, delivering the highest returns. By sector, cyclical ETFs had a median rise and fall of 1.32%, achieving the highest returns. Classified by theme, military ETFs recorded a median rise and fall of 2.72%, yielding the highest returns.
Satellite ETF, Industrial Nonferrous Metals ETF, Construction Machinery ETF, Satellite ETF, GF Satellite ETF, Nonferrous Metals ETF Fund, and Satellite Industry ETF rose by 8.10%, 7.97%, 5.41%, 5.38%, 5.37%, 5.34%, and 5.31%, respectively, last week.
STAR New Energy ETF, Online Consumption ETF, STAR New Energy ETF (E Fund Management), STAR Market New Energy ETF, Liquor ETF, Soybean Meal ETF, and Cultural & Entertainment Media ETF fell by 3.78%, 3.68%, 3.65%, 3.60%, 3.43%, 3.36%, and 3.31%, respectively, last week.
IV. Newly Issued ETF Products
The total issuance scale of newly issued funds last week was 36.589 billion yuan, an increase from the previous week. Among them, equity funds issued 10.436 billion yuan, hybrid funds issued 4.246 billion yuan, bond funds issued 21.907 billion yuan, and there were no new issuances of alternative funds or money market funds.
Last week, a total of 59 funds were reported for approval, a decrease from the number reported two weeks ago. The products reported include the ICBC Credit Suisse CSI Full Index Electric Power Utilities ETF, Guotai SSE STAR Market Semiconductor Materials & Equipment Theme ETF, Tianhong CSI Semiconductor Materials & Equipment Theme ETF, and E Fund CSI Rare Metals Theme ETF, among others.
Last week, 39 new funds were established. Among the newly issued funds, passively managed index funds (8) and equity-biased hybrid funds (7) were the most numerous types, with respective issuance scales of 4.624 billion yuan and 2.817 billion yuan.
This week, 38 funds will enter the issuance stage, including mixed FOFs (8), passively managed index funds (7), and equity-biased hybrid funds (5).
V. Hot News
1. Nearly 2,000 funds received allocations of Moore Threads shares.
On December 5, Moore Threads, known as the 'first domestic GPU stock,' officially listed on the Shanghai Stock Exchange's STAR Market. On its first day of trading, the stock surged by 425.46%, bringing Moore Threads' total market capitalization to 282.3 billion yuan. The issuance of Moore Threads also garnered significant market attention. The total issuance volume was 70 million shares, of which 53.2 million shares were issued offline, accounting for 76%. In the offline allocation, Type A investors (including public funds, social security funds, pension funds, insurance funds, and QFII, etc.) effectively subscribed for 6.2578 million shares and ultimately received an allocation of 38.5896 million shares, representing 72.54% of the total offline issuance, with an allocation rate of only 6.17%.
2. The first ETF under Xingzheng Global Fund has completed its fundraising.
On December 5, Xingzheng Global Fund announced that the Xingquan CSI 300 Quality ETF began raising funds on November 28 and completed fundraising on December 1. Its establishment date was December 5, with total fundraising amounting to 1.157 billion yuan. Of this, the fund management company utilized its own capital to subscribe for 10 million yuan, while employees of the fund management company subscribed for 3.381 million yuan. The total number of subscribing accounts reached 6,647.
3. Yongying Fund implements an employee stock ownership plan.
Recently, Yongying Fund officially implemented the first employee stock ownership plan in the mutual fund industry. By establishing three new limited partnership enterprises—Shanghai Wenjin Tongying, Shanghai Ruijin Tongying, and Shanghai Juxin Tongying—they collectively acquired a 3.51% equity stake transferred by OCBC Bank, the original second-largest shareholder (after the transfer, OCBC Bank's shareholding was reduced to 25%, remaining as the second-largest shareholder). This move achieved a deep alignment of core employees' long-term interests with those of the company.
