Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - As of March 6, the performance of ETF products in the past two weeks varied. Among domestic major broad-based ETFs, CSI 2000 had the largest increase, and among industry and theme products, cyclical theme ETFs had the largest increase. In the past two weeks, among domestic major broad-based ETFs, CSI 500, CSI 1000, and SSE 300 ETFs had the highest net outflows of funds. [2][9] - In the past two weeks, the inflow of funds into pharmaceutical and military ETFs accelerated, the inflow of funds into financial real estate and technology ETFs slowed down, the funds of cyclical and new energy ETFs turned into net inflows, and the funds of dividend, consumption, and other large manufacturing ETFs turned into net outflows. In terms of bond ETFs, the net inflow of convertible bond and local bond ETFs accelerated, the funds of policy financial bond, short-term financing, and treasury bond ETFs turned into net outflows, and the net outflow of credit bond ETFs slowed down. [2] - As of March 6, two new ETFs were established in the market in the past two weeks, with a total issuance share of 1.37 billion, both being stock ETFs. Compared with the end of 2025, the scales of commodity ETFs, industry + dividend ETFs, and QDII-ETFs increased by 42.38%, 20.42%, and 3.21% respectively, while the scales of bond ETFs and broad-based ETFs decreased by 11.04% and 40.92% respectively. [2][24] Summary by Relevant Catalogs ETF Market Review 1.1 Main Types of ETF Fund Flows Overview - The performance and fund flows of different types of ETFs are detailed, including broad-based, industry, and strategy ETFs. For example, among broad-based ETFs, CSI 2000 had a 0.83% return, while SSE 50 had a -1.37% return. In terms of fund flows, SSE 300 had a net outflow of 11.315 billion yuan in the past two weeks. [8] 1.2 Main Types of ETF Cumulative Fund Flows - For broad-based ETFs, in 2025, the fund trend of major broad-based ETFs changed from outflow to inflow and then to outflow, with a significant inflow at the end of the year. In 2026, the funds of major broad-based ETFs continued to have a net outflow, with the net outflow of SSE 300, SSE 50, and A-series ETFs slowing down, and the net outflow of CSI 500, CSI 1000/CSI 2000 ETFs accelerating. [10] - For industry and theme ETFs, in 2025, the cumulative net inflow of technology theme ETFs was significantly ahead, and all industry theme ETFs except military theme ETFs had a cumulative net inflow. Since this year, technology and cyclical theme ETFs have had a significant net inflow. In the past two weeks, the inflow of funds into pharmaceutical and military ETFs accelerated, the inflow of funds into financial real estate and technology ETFs slowed down, the funds of cyclical and new energy ETFs turned into net inflows, and the funds of dividend, consumption, and other large manufacturing ETFs turned into net outflows. [15] - For bond ETFs, since 2025, the net inflow of credit bond ETFs has been significantly ahead, followed by treasury bond ETFs. In the past two weeks, the net inflow of convertible bond and local bond ETFs accelerated, the funds of policy financial bond, short-term financing, and treasury bond ETFs turned into net outflows, and the net outflow of credit bond ETFs slowed down. [15] 1.3 ETF Product Structure Distribution - Two new stock ETFs were established in the past two weeks, with a total issuance share of 1.37 billion. Compared with the end of 2025, the scales of commodity ETFs, industry + dividend ETFs, and QDII-ETFs increased, while the scales of bond ETFs and broad-based ETFs decreased. [24] 1.4 Manager Scale Distribution - As of March 6, Huaxia Fund had the largest on-exchange ETF scale of 72.9052 billion yuan, and the ETF management scale of Guotai Fund has expanded by more than 4 billion yuan since the beginning of the year. [25] Classification of ETF Tracking 2.1 Tracking of Technology Theme ETFs in the Past Two Weeks - Products tracking the Hang Seng Technology Index had the highest net inflow of funds in the past two weeks, while products tracking the CSI Media Index had a net outflow of funds. [30] 2.2 Tracking of Dividend Theme ETFs in the Past Two Weeks - Products tracking the S&P China A-Share Large Cap Dividend Low Volatility 50 Index had the highest net inflow of funds in the past two weeks, while products tracking the Dividend Index had a net outflow of funds. [32] 2.3 Tracking of Consumption Theme ETFs in the Past Two Weeks - Products tracking the China Education and S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking the CSI Liquor Index had the highest net inflow of funds in the past two weeks, while products tracking the CSI Tourism Index had a net outflow of funds. [35] 2.4 Tracking of Pharmaceutical Theme ETFs in the Past Two Weeks - ETFs tracking the CSI Medical Index had the highest net inflow of funds in the past two weeks, while products tracking the Medical Device Index had a net outflow of funds. [37] 2.5 Tracking of Large Manufacturing Theme ETFs in the Past Two Weeks - Products tracking the Power Grid Equipment Theme had the highest net inflow of funds in the past two weeks, while products tracking the Robot Index had a net outflow of funds. [40] 2.6 Tracking of QDII ETFs in the Past Two Weeks - Products tracking the Hang Seng Technology Index had the highest net inflow of funds in the past two weeks, while ETF products tracking the Hang Seng China Enterprises Index had a net outflow of funds. [43] Tracking of Popular Theme ETFs 3.1 Tracking of AI Theme ETFs in the Past Two Weeks - AI theme products performed poorly in the past two weeks, with an average return of -5.68%. The products tracking the CS Artificial Intelligence Index had the smallest decline. The funds have been in a net inflow overall since 2025, with a significant inflow from mid-to-late February to April, a continuous outflow from May to August, a significant inflow since mid-to-late August, and a net inflow of 311 million yuan in the past two weeks. [52] 3.2 Tracking of Robot Theme ETFs in the Past Two Weeks - Robot theme products performed poorly in the past two weeks, with an average return of -6.49%. The products tracking the Robot Index had a relatively small decline. The funds have been in a rapid inflow trend since February 2025, and there was a net outflow of 3.099 billion yuan in the past two weeks. [55] 3.3 Tracking of New Energy Theme ETFs in the Past Two Weeks - New energy theme products had mixed performance in the past two weeks, with an average return of 0.27%. The products tracking the Green Power Index had the largest increase. The funds continued to flow out before August 2025, had a significant inflow from August to October, and a significant outflow since late October. There was a net outflow of 3.611 billion yuan in the past two weeks. [60] 3.4 Tracking of Satellite and Commercial Space Theme ETFs in the Past Two Weeks - Satellite and commercial space theme products performed well in the past two weeks, with an average return of 1.68%. The products tracking the Satellite Industry Index had a relatively large increase. The funds had a small inflow in late August 2025 and a significant inflow since mid-to-late December. There was a net inflow of 2.956 billion yuan in the past two weeks. [65] 3.5 Tracking of Commodity ETFs in the Past Two Weeks - Commodity ETFs performed well in the past two weeks, with an average return of 4.52%. The products tracking the Yisheng Energy Chemical A Index had the largest increase. The funds had a significant inflow in April and mid-to-late October 2025, and a net inflow of 16.894 billion yuan in the past two weeks. Since the beginning of this year, gold ETFs have had a significant net inflow, with a significant net outflow on February 3. [73] 3.6 Tracking of ETFs Held by Central Huijin, Guoxin, and Chengtong in the Past Two Weeks - As of June 30, 2025, the scale of ETFs held by Central Huijin, Guoxin, and Chengtong totaled 39.1336 billion shares. In the past two weeks, there was a net outflow of 52.658 billion yuan. The net outflows of Southern CSI 500 ETF, Southern CSI 1000 ETF, and Huatai-PineBridge SSE 300 ETF were among the highest. [76]