科创板指数将迎来样本调整，私募新规发布

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - From February 24 to February 27, 2026, all major equity market indices rose, with the CSI 500 having the largest increase of 4.32%. Among the 31 Shenwan primary industries, 25 industries rose, with the top five gainers being steel, non-ferrous metals, chemicals, environmental protection, and coal; the top five decliners were media, commercial trade, food and beverages, non-bank finance, and banks [1][12]. - The CSRC issued the "Administrative Measures for the Supervision of Information Disclosure of Private Investment Funds", which takes effect on September 1, 2026. The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced the adjustment of constituent stocks of key indices such as the STAR 50, to be implemented after the close on March 13, 2026 [2][31][33]. - In terms of fund performance, quantitative funds had the largest increase, with an average increase of 2.22% and a positive return ratio of 92.26%. Fixed - income + funds rose 0.30% on average, with a positive return ratio of 73.12%. Pure - bond funds rose 0.01% on average, with a positive return ratio of 60.51%. Pension target FOFs rose 0.93% on average, with a positive return ratio of 99.50%. QDII funds fell 0.11% on average, with a positive return ratio of 58.16% [2][34]. - The top three sectors with the largest increase in positions of active equity funds last week were media, commerce and retail, and real estate; the top three sectors with the largest decrease in positions were electronics, non - ferrous metals, and pharmaceutical biology. As of February 27, 2026, the overall position of active equity funds was 77.23%, an increase of 0.81 pct from the previous period [2][40][42]. - Last week, the overall ETF market had a net capital outflow of 22.828 billion yuan. Stock - type ETFs had a relatively large net outflow of 36.286 billion yuan. The daily average trading volume of the overall ETF market reached 476.804 billion yuan, the daily average trading volume reached 168.72 billion shares, and the daily average turnover rate was 7.40%. The Hang Seng Technology, power grid equipment, securities, and Internet sectors had net capital inflows, with the Hang Seng Technology having a capital inflow close to 10 billion yuan. Broad - based indices such as the CSI 1000, CSI A500, CSI Small Cap 500, CSI 300, and SSE STAR 50 were the main varieties with capital outflows [3][46][49]. - Last week, 36 new funds were issued, an increase of 28 from the previous period; 5 new funds were established, a decrease of 59 from the previous period. New funds raised a total of 1.451 billion yuan, a decrease of 56.879 billion yuan from the previous period [4][54][59]. 3. Summary According to Relevant Catalogs 3.1 Market Review 3.1.1 Domestic Market Situation - From February 24 to February 27, 2026, all major equity market indices rose, with the CSI 500 rising 4.32%. Among the 31 Shenwan primary industries, 25 industries rose, and 6 industries fell. The top five gainers were steel, non - ferrous metals, chemicals, environmental protection, and coal; the top five decliners were media, commercial trade, food and beverages, non - bank finance, and banks. In the bond market, the ChinaBond Composite Full - Price Index fell 0.14%, and the total full - price indices of ChinaBond Treasury bonds, financial bonds, and credit bonds fell between 0.01% and 0.31%. The CSI Convertible Bond Index fell 0.23%. In the commodity market, the Nanhua Commodity Index rose 3.56% [12]. 3.1.2 European, American, and Asia - Pacific Market Situation - Last week, most major indices in European, American, and Asia - Pacific markets rose. In the US stock market, the S&P 500 rose 0.21%, the Dow Jones Industrial Average rose 0.34%, and the Nasdaq rose 0.18%. In the European market, the French CAC40 rose 0.98%, and the German DAX rose 1.17%. In the Asia - Pacific market, the Hang Seng Index fell 1.67%, and the Nikkei 225 rose 3.56% [20]. 3.1.3 Market Valuation Situation - Last week, the valuation quantiles of most major market indices rose. In terms of the historical quantile of price - to - earnings ratio, the CSI All - Share Index had the largest increase of 8.6 pct. In terms of the historical quantile of price - to - book ratio, the CSI 1000 had the largest increase of 5.4 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio of the Shenwan primary index were real estate, electronics, building materials, comprehensive, and chemicals. The price - to - earnings ratio quantile of real estate remained at a high level, and that of electronics reached 96.9%. The bottom five industries with the lowest historical quantiles of price - to - earnings ratio were non - bank finance, agriculture, forestry, animal husbandry and fishery, food and beverages, beauty care, and pharmaceutical biology. The valuation of the non - bank finance industry was close to its historical low since 2013 [23]. 3.2 Active Public - Offering Fund Situation - Market hotspots: The CSRC issued the "Administrative Measures for the Supervision of Information Disclosure of Private Investment Funds", which takes effect on September 1, 2026. The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced the adjustment of constituent stocks of key indices such as the STAR 50, to be implemented after the close on March 13, 2026 [31][33]. - Fund performance: Quantitative funds had the largest increase, with an average increase of 2.22% and a positive return ratio of 92.26%. Fixed - income + funds rose 0.30% on average, with a positive return ratio of 73.12%. Pure - bond funds rose 0.01% on average, with a positive return ratio of 60.51%. Pension target FOFs rose 0.93% on average, with a positive return ratio of 99.50%. QDII funds fell 0.11% on average, with a positive return ratio of 58.16% [34]. - The top three sectors with the largest increase in positions of active equity funds last week were media, commerce and retail, and real estate; the top three sectors with the largest decrease in positions were electronics, non - ferrous metals, and pharmaceutical biology. As of February 27, 2026, the overall position of active equity funds was 77.23%, an increase of 0.81 pct from the previous period [40][42]. 3.3 ETF Fund Situation - Last week, the overall ETF market had a net capital outflow of 22.828 billion yuan. Stock - type ETFs had a relatively large net outflow of 36.286 billion yuan. The daily average trading volume of the overall ETF market reached 476.804 billion yuan, the daily average trading volume reached 168.72 billion shares, and the daily average turnover rate was 7.40%. The Hang Seng Technology, power grid equipment, securities, and Internet sectors had net capital inflows, with the Hang Seng Technology having a capital inflow close to 10 billion yuan. Broad - based indices such as the CSI 1000, CSI A500, CSI Small Cap 500, CSI 300, and SSE STAR 50 were the main varieties with capital outflows [3][46][49]. 3.4 Fund Issuance Statistics - Last week, 36 new funds were issued, an increase of 28 from the previous period, including 15 active equity - biased funds and 10 passive index funds. The 10 passive index funds were all stock - type, mainly tracking indices such as the CSI Battery Theme, Hang Seng Biotechnology, ChiNext 50, and agriculture, forestry, animal husbandry and fishery. Currently, the issuance share of active equity funds is still at a historical low, but there has been an obvious upward trend since this year. - Five new funds were established last week, a decrease of 59 from the previous period. New funds raised a total of 1.451 billion yuan, a decrease of 56.879 billion yuan from the previous period. The E Fund CSI Battery Theme ETF managed by Li Xu had the largest raised scale of about 859 million yuan [54][59].