权益ETF周度跟踪：关注算力的阶段性反弹-20260322

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Based on the "Gain - Loss - Crowding" quadrant chart and ETF fund flow as of the market on March 20, the semiconductor sector is worthy of continuous attention. From March 16 - 20, the communication equipment and artificial intelligence sectors were strong, with the trading heat of communication equipment slightly increasing and the crowding of artificial intelligence rising significantly. The decline of semiconductor equipment was limited, and the crowding was at a historical low. The chemical industry had a large decline, and the crowding dropped from a high level. The consumer electronics sector declined, and the crowding increased significantly. Combining the ETF fund flow, semiconductors are steadily increasing in holdings, which may be the direction for funds to bet on the price - increase logic under the strong demand for computing power. The grid equipment sector has cash - out, increasing the difficulty of participation. The chemical sector has a net outflow of funds, and subsequent fluctuations may increase [1]. 3. Summary by Relevant Catalog 3.1 Market Review: Overall Market Decline, AI Hardware Performs Strongly - Overall market trend: From March 16 - 20, the market significantly corrected. As of March 20, 2026, the closing price of Wande All - A was 6471.92, a 4.13% drop from March 13 [6]. - Performance of major stock indices: The ChiNext Index performed well, rising 1.26%. The CSI 500 and CSI 2000 had relatively large declines, dropping 5.82% and 5.70% respectively [9]. - Stock - type ETF flow: From March 16 - 20, stock - type ETFs had a net outflow of 20.904 billion yuan, with the outflow scale narrowing compared to March 9 - 13. Structurally, theme - index ETFs had a net outflow of 23.086 billion yuan, industry - index ETFs had a net outflow of 1.937 billion yuan, and broad - based index ETFs had a net inflow of 8.9 billion yuan [12][13]. - Industry - level performance: The AI hardware sector was strong. The communication equipment index slightly rose, and the crowding slightly increased. The artificial intelligence index slightly declined, but the crowding significantly increased. The semiconductor equipment index had a limited decline, and the crowding was at a low level. The chemical industry index had a large decline, and the crowding dropped from a high level. The consumer electronics index declined, and the crowding significantly increased [16]. 3.2 Future Focus: Computing Power Price Increase, Semiconductors May Benefit - Semiconductor: The semiconductor ETF declined 2.78%, with a relatively small drop. It had a cumulative net inflow of 603 million yuan this week and a cumulative net inflow of 628 million yuan this year. With the strong demand for AI computing power and the price increase of computing power announced by Alibaba, the semiconductor sector is expected to expand production. The sector has a net inflow of funds and a low crowding, so the subsequent market is worthy of attention [24]. - Grid equipment: The grid equipment ETF declined 8.42% this week, with a single - week net outflow of 543 million yuan. Since 2026, the grid equipment sector has a cumulative increase of 25.21%, and the closing price is at the 99.33% quantile level since 2010. There is a large pressure for profit - taking, and the subsequent capital - receiving ability is weak, so short - term adjustments may continue [25]. - Chemical industry: From March 16 - 20, the chemical ETF declined 11.18%, with a net outflow of 4.373 billion yuan. Since 2026, the chemical sector has had a net inflow of 10.095 billion yuan. After the Spring Festival, the pressure for profit - taking has increased, with a cumulative net outflow of 6.514 billion yuan from February 24 to March 20. Coupled with the high crowding level, the difficulty of participation may significantly increase [25].