ETF生态周报（2026.03.02-03.06）——ETF市场整体综合面板

Market Overview - As of March 6, 2026, the total market size of ETFs reached 5.30 trillion yuan, a decrease of 0.72 trillion yuan since the beginning of the year, with the number of listed ETFs increasing to 1,445, adding 45 new listings [2][22] - The stock-type ETFs accounted for 3.09 trillion yuan, while bond-type ETFs totaled 737.49 billion yuan, and commodity-type ETFs increased by 106.15 billion yuan to 356.61 billion yuan, driven by strong demand for gold as a safe haven [2][22] Performance Disparity - Last week, leading military industry ETFs and dividend ETFs had PE percentiles close to 100, while the Hang Seng Technology ETF (15.57), pharmaceutical ETF (32.73), and electric power ETF (44.71) remained at historical low valuations, indicating potential investment opportunities [2][12][18] - The performance of various sectors showed significant divergence, with cyclical manufacturing ETFs like oil rising by 8.20%, while broader indices like the CSI 300 and CSI 500 experienced declines of 1.23% and 3.62%, respectively [12][16] Fund Flows - Overall, funds showed a defensive tendency last week, with broad-based ETFs experiencing net outflows, while commodity (gold) and fixed-income ETFs attracted capital, with SGE gold seeing a net inflow of 877.57 billion yuan year-to-date [3][20] - The main inflow channels were thematic ETFs (+2,016 billion yuan) and cyclical manufacturing ETFs (+1,443 billion yuan), indicating a clear trend of capital migrating from broad-based ETFs to thematic and cyclical sectors [3][33] Issuance Dynamics - The issuance of ETFs accelerated last week, with 77 ETFs in the process of being issued (up 48% week-on-week), and 12 new funds established (up 140%) [4][52] - New products primarily focused on energy sectors, with electric grid equipment, electric power, and photovoltaic ETFs dominating the new listings, reflecting current market trends [4][52] Trading Activity - The total trading volume of ETFs was approximately 2.9 trillion yuan last week, with bond-type ETFs leading the increase, followed by stock-type ETFs [39] - The short-term bond ETF from Hai Fu Tong had a weekly trading volume of 2,991.97 billion yuan, indicating high liquidity in the bond market [41] Valuation Insights - The valuation structure showed that core broad-based ETFs remained relatively stable, while growth and small-cap valuations were more volatile, reflecting a higher sensitivity to market fluctuations [12][18] - The Hang Seng Technology ETF and other low-valuation sectors like pharmaceuticals are attracting attention for potential long-term investments due to their historical low PE percentiles [18][20]