Core Insights - The report analyzes the impact of geopolitical conflicts on major asset classes, particularly during the initial phase of such events, highlighting that equity assets tend to be negatively affected while the US dollar and commodities perform better [3][4]. Summary by Sections Recent Events - On February 28, 2026, Israel announced an attack on Iran, followed by military actions from the US against Iran, marking a significant escalation in geopolitical tensions [2]. Short-term Asset Performance - In the initial week following geopolitical conflicts, global equity assets generally decline, with the S&P 500 showing a median change of -0.2% and a 42% probability of increase, while the CSI 300 index shows a median change of -1.2% with a 27% probability of increase. Conversely, the US dollar index has a 67% probability of rising, and WTI crude oil shows a median increase of 3.2% with a 67% probability of increase [3][5]. Long-term Asset Performance - Over a longer timeframe (one week to one month post-conflict), the negative impact on equity assets tends to reverse, with the S&P 500 showing a median increase of 1.4% and an 83% probability of increase. In contrast, the previously strong-performing US dollar and commodities begin to weaken, with the dollar and crude oil showing only a 33% and 42% probability of increase, respectively [4][8]. Historical Data on Conflicts - The report includes a table summarizing the performance of various asset classes during specific conflicts since 2000, indicating that while equities often suffer initially, they tend to recover over time, whereas commodities and currencies may not maintain their initial strength [5][8].

Market Overview - In February, most bond yields declined, with the exception of a slight increase in the 1-year government bond yield. The yields of other types of bonds decreased to varying degrees [3][7] - The credit bond yields also saw a decline across all categories, with the highest drop observed in the 5-year AA+ bonds, which fell by 6 basis points [17][9] Domestic and International Economic Fundamentals - The U.S. economy showed stable job growth, with January non-farm employment increasing by 130,000, significantly higher than the previous month. The unemployment rate stood at 4.3%, down by 0.1% from December [35][31] - In China, the GDP growth rate for December 2025 was estimated at 4.7%, showing a recovery trend. The GDP growth for Q1 2026 is projected to be around 4.8% [3][44] - The high-frequency economic activity index in China showed a significant increase in February, indicating enhanced domestic economic growth momentum [60][3] Monetary Policy - The report emphasizes the continuation of a moderately loose monetary policy, with a focus on promoting reasonable price recovery as a key consideration [87][78] - The central bank's net injection in the open market for February was 1.74 trillion yuan, with a maintained policy interest rate [78][87] Investment Strategy and Market Outlook - The report anticipates that the bond market will continue to adjust before the Two Sessions, but opportunities will arise post-policy implementation, particularly with a safe layout around the 10-year government bond yield at 1.85% [3][90] - The focus is on public fund participation in government bond futures, with a notable decrease in the number of public fund products holding government bond futures, dropping from 141 to 113 [91][90] Credit Market Insights - The report highlights a significant decrease in default amounts in February, with total defaults amounting to 1.76 billion yuan, down from 9.9 billion yuan in the previous month [25][3] - The credit spread for short-term bonds narrowed, indicating improved market conditions for higher-rated bonds [17][9]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1]. Core Insights - MiniMax 2.5 has been released, making the operation of complex agents economically viable. The new Expert feature allows users to inject their skills and knowledge into agents, creating specific Standard Operating Procedures (SOPs) [2]. - MiniMax 2.5 shows excellent performance in handling complex tasks economically, with a 37% increase in task completion speed compared to the previous version, M2.1. The cost of running agents is significantly lower than competitors, with a cost of $1 for one hour of continuous operation at 100 tokens per second [3][4]. - The internal implementation of MiniMax 2.5 has led to 30% of overall tasks being autonomously completed by the model, with 80% of new code submissions generated by M2.5 in programming scenarios [4]. - The Expert feature has seen over 16,000 expert agents created by users, covering various professional fields, and future iterations will introduce pricing and revenue-sharing mechanisms for creators [5][6]. Financial Projections - Revenue projections for MiniMax are adjusted to $0.70 billion, $2.08 billion, and $5.14 billion for 2025, 2026, and 2027 respectively, with a slight decrease in 2025 and increases in 2026 and 2027 [7]. - The adjusted net profit estimates for the same years are -$3.0 billion, -$3.5 billion, and -$3.1 billion, reflecting minor adjustments [7]. - The company is expected to maintain a strong position in the market due to its leading technology and cost-effectiveness, particularly in the B2B open platform sector [6].

Market Performance Insights - Historical data shows a high probability of market gains before and after the Two Sessions, with the probability of increase being 76.2% for the Shanghai Composite Index in the 20 trading days before the sessions[19] - The average gain for the Shanghai Composite Index before the Two Sessions is 1.8%, while the average gain after is 3.1%[20] - The probability of small-cap stocks outperforming large-cap stocks is nearly 90% before the Two Sessions, but drops to 50% afterward[20] Sector Analysis - Resource sectors such as steel and non-ferrous metals have shown high probabilities of gains before the Two Sessions, with probabilities exceeding 80%[22] - Consumer sectors tend to perform better during the Two Sessions, with a 60% probability of gains in industries like food and beverage[20] - Post-Two Sessions, real estate and consumer sectors have a high probability of gains, with real estate at 76.2%[20] Policy Impact - The Two Sessions serve as a critical window for observing economic policy directions, influencing market sentiment and performance[24] - Pre-Two Sessions, there is typically an increase in growth-stabilizing policy expectations, leading to active trading[24] - Post-Two Sessions, the acceleration of policy implementation often boosts optimistic market expectations, particularly for cyclical sectors[24] Current Market Conditions - The spring market rally continues, with the Shanghai Composite Index showing a 3.7% increase since February 3, and a recent weekly gain of 2.0%[1] - Recent trading volumes have increased, with average daily trading rising from 2.1 trillion to 2.4 trillion yuan[1] - Leverage funds have shifted from outflows to inflows, indicating improved market sentiment, with net purchases reaching 258.7 billion yuan recently[1] Investment Strategy - A balanced allocation strategy is recommended, focusing on sectors like AI applications, resources, and real estate, given the current market dynamics[29] - The anticipated continuation of the spring rally is supported by positive macroeconomic policies and increased liquidity in the market[28] - The focus on expanding domestic demand is expected to be a key theme in the upcoming Two Sessions, influencing investment opportunities[24]

Exchange Rate Dynamics - The RMB exchange rate strengthened significantly post-Spring Festival, with an average daily increase reaching 239 basis points, breaking key psychological levels of 6.85 and 6.80[1] - The surge in demand for currency settlement due to the misalignment of the Spring Festival led to a concentrated demand explosion in late February[1] - Approximately $1 trillion of export earnings have been held in overseas accounts over the past 2-3 years, triggering a "herd effect" in currency settlement as the RMB appreciated rapidly[1] Market Trends - From February 21 to February 28, the CSI 300 index rose by 1.08%, while the Hang Seng Index increased by 0.83%, and the S&P 500 fell by 0.45%[2] - The offshore RMB appreciated by 0.53%, and the US dollar index decreased by 0.11% during the same period[2] - Major commodities saw price increases, with WTI crude oil rising by 0.82%, LME copper up by 5.41%, and London silver increasing by 11.77%[2] Inventory and Fund Behavior - Recent oil inventory levels reached 44,684 million tons, up by 46,224 million tons from the previous week[3] - The latest week saw a decrease in long positions for the US dollar by 2,121 contracts, totaling 13,295 contracts, while short positions slightly decreased by 4 contracts[3] - The scale of gold ETFs increased to 3,540 million ounces, up by 720,000 ounces from the previous week[3] Risk Factors - Potential risks include volatility in overseas markets and uncertainties in domestic policy execution[4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17]. Core Insights - The company has signed a significant six-year supply contract worth 1.6 billion yuan with Bayer, enhancing its collaboration with major clients [1][9]. - The company is expected to see substantial growth in supply volume to Bayer, with long-term contract prices and profit margins being secured [2][9]. - The company is deepening its cooperation with BASF in the AI and new pesticide development sector, which is anticipated to yield high-barrier new products and growth points [12][17]. - The core products of the company are experiencing favorable market conditions, with price increases contributing positively to profit margins [3][13][15]. Financial Forecast and Performance Metrics - The company forecasts revenue growth from 4.24 billion yuan in 2023 to 5.51 billion yuan in 2027, with a compound annual growth rate of approximately 4.9% [4][21]. - The net profit attributable to shareholders is projected to increase from 620 million yuan in 2023 to 647 million yuan in 2027, reflecting a significant recovery from a low base [4][21]. - Earnings per share (EPS) are expected to rise from 0.17 yuan in 2023 to 1.54 yuan in 2027, indicating strong profitability growth [4][21]. - The company's price-to-earnings (PE) ratio is projected to decrease from 132.9 in 2023 to 14.6 in 2027, suggesting improved valuation as earnings grow [4][21].

Core Conclusions - Historical data indicates a high probability of market gains before and after the Two Sessions, with cyclical industries showing stronger performance [2][19] - Market performance around the Two Sessions is closely tied to policy expectations, which significantly influence market trends [3][24] - The spring market rally is expected to continue, supported by multiple positive factors, with a balanced allocation strategy recommended, particularly emphasizing AI applications and sectors like resources, real estate, and liquor [1][28] Market Performance Analysis - Since mid-December last year, the spring market rally has gradually unfolded, with a notable increase in trading volume post-holiday. The Shanghai Composite Index has seen a rise of 3.7% from February 3 to the present, with the CSI 300 and the Wind All A Index increasing by 2.3% and 5.2%, respectively [1][13] - Historical analysis from 2005 onwards shows that the market tends to rise significantly in the 20 trading days before the Two Sessions, with probabilities of 76.2% for the Shanghai Composite Index and 85.7% for the Wind All A Index [19][20] Style and Sector Performance - Before the Two Sessions, small-cap stocks outperform, with an 85.7% probability of gains, while post-Two Sessions, the performance of large-cap stocks improves [20][22] - Cyclical sectors tend to perform better before and after the Two Sessions, with resource sectors like steel and non-ferrous metals showing high probabilities of gains [20][22] Policy Influence - The Two Sessions serve as a critical window for observing economic policy directions, with expectations for stable growth policies to rise before the meetings, leading to increased trading activity [3][24] - Post-Two Sessions, as policies are clarified and implemented, there is often a seasonal uptick in high-frequency data, which can enhance optimistic market expectations [3][24] Investment Opportunities - The report suggests a balanced investment approach, focusing on cyclical sectors and real estate, alongside technology driven by AI applications. The resource sector is expected to benefit from domestic policies and global liquidity conditions [28][29] - The real estate sector is highlighted as having a 76.2% probability of gains post-Two Sessions, with recent policy changes in major cities indicating a recovery in the housing market [20][29]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Insights - The report highlights the implementation of the national unified electricity market system by 2030, aiming for 70% of electricity consumption to be market-based [1][14]. - It emphasizes the growth potential of green methanol projects, particularly in Inner Mongolia and Northeast China, due to abundant renewable energy resources [2][16]. - The report suggests that coal and electricity prices are expected to decline, but profitability for thermal power may remain reasonable [3][18]. Summary by Sections Investment Strategy - Recommended large thermal power companies include Huadian International and Shanghai Electric due to stable regional electricity prices [3][18]. - The report advocates for investments in leading renewable energy firms such as Longyuan Power and Three Gorges Energy, as well as companies involved in offshore wind and green hydrogen [3][18]. - Nuclear power companies like China National Nuclear Corporation and China General Nuclear Power are expected to maintain stable profitability [3][18]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes in a global interest rate decline environment [3][18]. - The report also recommends companies in the environmental sector, such as China Everbright Environment and Shanghai Industrial Holdings, as they enter a mature phase with improved cash flow [3][19]. Market Performance - The report notes that the Shanghai and Shenzhen 300 Index rose by 0.36%, while the public utility index fell by 1.25% and the environmental index rose by 0.63% [1][21]. - Within the electricity sector, thermal power, hydropower, and renewable energy segments experienced declines in performance [1][22]. Key Company Profit Forecasts - The report provides a detailed table of company ratings, with several firms rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, indicating strong future earnings potential [7][19].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week (from February 24 to February 27, 2026), the median weekly return of equity ETFs was 1.54%. Among broad-based ETFs, the median return of CSI 1000 ETF was 4.30%, the highest. By sector, the median return of cyclical ETFs was 4.14%, the highest. By theme, the median return of photovoltaic ETFs was 3.89%, the highest [1][12]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, but the overall scale increased by 23.01 billion yuan. Among broad-based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan. By sector, the large financial ETF had the most net subscriptions, at 2.057 billion yuan. By hot theme, the securities ETF had the most net subscriptions, at 2.261 billion yuan [2]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares. Among the top 10 ETFs in terms of average daily margin trading volume and short - selling volume, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes, and CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked the top three in terms of the total scale of listed, non - monetary ETFs. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [5] Summary by Directory ETF Performance - Last week, the median weekly return of equity ETFs was 1.54%. Among broad - based ETFs, the median returns of CSI 1000, CSI 500, STAR Market, A500, SSE 500, ChiNext - related, and SSE 50 ETFs were 4.30%, 4.29%, 2.18%, 2.11%, 1.06%, 1.04%, and 0.16% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.06%, 0.04%, 0.02%, and - 1.52% respectively [12]. - By sector, the median returns of cyclical, technology, consumer, and large financial sector ETFs among equity ETFs last week were 4.14%, 1.43%, - 0.29%, and - 0.97% respectively [18]. - By hot theme, the median returns of photovoltaic, military, and dividend ETFs among equity ETFs last week were 3.89%, 3.12%, and 2.76% respectively, showing relatively strong performance; the median returns of liquor, bank, and securities ETFs were - 1.98%, - 0.99%, and - 0.42% respectively, showing relatively weak performance [18]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.1167 trillion yuan, 1.0232 trillion yuan, and 734.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 344.5 billion yuan and 163.9 billion yuan respectively [20]. - Among broad - based ETFs, the scales of SSE 500 and A500 ETFs were relatively large, at 589 billion yuan and 258.3 billion yuan respectively. The scales of STAR Market, CSI 500, ChiNext - related, SSE 50, and CSI 1000 ETFs were relatively small, at 191.6 billion yuan, 139.1 billion yuan, 127.7 billion yuan, 81 billion yuan, and 54.2 billion yuan respectively [20]. - By sector, as of last Friday, the scale of the technology sector ETF was 555.5 billion yuan, and the scale of the cyclical sector ETF was 366.8 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 199.8 billion yuan and 198.9 billion yuan respectively [26]. - By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 198.9 billion yuan, 141.5 billion yuan, and 114.4 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, and the overall scale increased by 23.01 billion yuan; monetary ETFs had a net subscription of 305.1 million yuan, and the overall scale increased by 306.4 million yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan, and its scale decreased by 337 million yuan; CSI 1000 ETF had the most net redemptions, at 8.124 billion yuan, and its scale decreased by 5.656 billion yuan [27]. - By sector, last week, the large financial ETF had the most net subscriptions, at 2.057 billion yuan, and its scale increased by 711 million yuan; the technology ETF had the most net redemptions, at 5.107 billion yuan, and its scale increased by 2.737 billion yuan. By hot theme, last week, the securities ETF had the most net subscriptions, at 2.261 billion yuan, and its scale increased by 1.646 billion yuan; the dividend ETF had the most net redemptions, at 2.391 billion yuan, and its scale decreased by 99.9 million yuan [31] ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.35%, 86.21%, 99.83%, 100.00%, 71.10%, and 97.32% quantiles respectively, and the price - to - book ratios were at the 54.91%, 73.58%, 100.00%, 86.54%, 68.70%, and 97.81% quantiles respectively. Since December 31, 2019, the current price - to - earnings ratio and price - to - book ratio of STAR Market - related ETFs are at the 77.70% and 80.68% quantiles respectively [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 93.39%, 22.46%, 21.06%, and 96.70% quantiles respectively, and their price - to - book ratios were at the 92.24%, 31.87%, 31.30%, and 93.97% quantiles respectively [40]. - As of last Friday, the price - to - earnings ratio quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.50%, 97.27%, and 96.78% respectively; the price - to - book ratio quantiles of AI, robot, and dividend ETFs were relatively high, at 98.68%, 96.12%, and 93.48% respectively [43]. ETF Margin Trading and Short - Selling - Overall, the margin trading balance and short - selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares [47]. - Among the top 10 equity ETFs in terms of average daily margin trading volume from Monday to Thursday last week, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes. Among the top 10 equity ETFs in terms of average daily short - selling volume, CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [50][52]. 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, with a relatively high management scale in scale - index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [56]. - Last week, 1 new ETF was established, namely E Fund CSI Battery Theme ETF. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [59]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Last week (from February 24 to February 27, 2026), the median weekly return of equity ETFs was 1.54%. Among broad - based ETFs, the median return of CSI 1000 ETF was 4.30%, the highest. By sector, the median return of cyclical ETFs was 4.14%, the highest. By theme, the median return of photovoltaic ETFs was 3.89%, the highest [1][12][18]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, but the overall scale increased by 23.01 billion yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption of 467 million yuan; by sector, the large - financial ETF had the most net subscription of 2.057 billion yuan; by hot theme, the securities ETF had the most net subscription of 2.261 billion yuan [2][27][31]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer and large - financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [3][46]. - From last Monday to Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, securities ETFs and STAR Market ETFs had relatively high average daily margin trading purchases, while CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [4][50][52]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong - Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [5][59] 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 1.54%. The median returns of CSI 1000, CSI 500, STAR Market, A500, SSE 500, ChiNext - related, and SSE 50 ETFs were 4.30%, 4.29%, 2.18%, 2.11%, 1.06%, 1.04%, and 0.16% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.06%, 0.04%, 0.02%, and - 1.52% respectively [12]. - By sector, the median returns of cyclical, technology, consumer, and large - financial sector ETFs among equity ETFs last week were 4.14%, 1.43%, - 0.29%, and - 0.97% respectively. By hot theme, the median returns of photovoltaic, military, and dividend ETFs were 3.89%, 3.12%, and 2.76% respectively, showing relatively strong performance; the median returns of liquor, bank, and securities ETFs were - 1.98%, - 0.99%, and - 0.42% respectively, showing relatively weak performance [18]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.1167 trillion yuan, 1.0232 trillion yuan, and 734.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 344.5 billion yuan and 163.9 billion yuan respectively. Among broad - based ETFs, the scales of SSE 500 and A500 ETFs were relatively large, at 589 billion yuan and 258.3 billion yuan respectively [20]. - By sector, as of last Friday, the scale of technology sector ETFs was 555.5 billion yuan, followed by cyclical sector ETFs with a scale of 366.8 billion yuan. The scales of large - financial and consumer ETFs were relatively small, at 199.8 billion yuan and 198.9 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 198.9 billion yuan, 141.5 billion yuan, and 114.4 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan and the overall scale increased by 23.01 billion yuan; monetary ETFs had a net subscription of 3.051 billion yuan and the overall scale increased by 3.064 billion yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption of 467 million yuan, and its scale decreased by 337 million yuan; CSI 1000 ETF had the most net redemption of 8.124 billion yuan, and its scale decreased by 5.656 billion yuan [27]. - By sector, last week, the large - financial ETF had the most net subscription of 2.057 billion yuan, and its scale increased by 711 million yuan; the technology ETF had the most net redemption of 5.107 billion yuan, and its scale increased by 2.737 billion yuan. By hot theme, last week, the securities ETF had the most net subscription of 2.261 billion yuan, and its scale increased by 1.646 billion yuan; the dividend ETF had the most net redemption of 2.391 billion yuan, and its scale decreased by 999 million yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.35%, 86.21%, 99.83%, 100.00%, 71.10%, and 97.32% quantiles respectively, and the price - to - book ratios were at the 54.91%, 73.58%, 100.00%, 86.54%, 68.70%, and 97.81% quantiles respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of STAR Market - related ETFs are at the 77.70% and 80.68% quantiles respectively [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 93.39%, 22.46%, 21.06%, and 96.70% quantiles respectively, and their price - to - book ratios were at the 92.24%, 31.87%, 31.30%, and 93.97% quantiles respectively [40]. - As of last Friday, the price - to - earnings quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.50%, 97.27%, and 96.78% respectively; the price - to - book quantiles of AI, robot, and dividend ETFs were relatively high, at 98.68%, 96.12%, and 93.48% respectively [43]. ETF Margin Trading - Overall, the margin trading balance and short - selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares [47]. - Among the top 10 equity ETFs with the highest average daily margin trading purchases from last Monday to Thursday, securities ETFs and STAR Market 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 SSE 500 ETFs had relatively high average daily short - selling volumes [50][52]. 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, and had a relatively high management scale in scale - index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, and had a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [56]. - Last week, 1 new ETF was established, which was E Fund CSI Battery Theme ETF. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong - Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [59]