Report Industry Investment Rating - The report gives a one-star rating (★☆☆) for the CITIC Five-Style - Stable, indicating a bullish bias but with limited trading opportunities in the market [2] Core Viewpoints - As of the week ending March 13, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), China Bond Composite Index, and Nanhua Commodity Index were -0.48%, -0.12%, and 5.18% respectively [3] - In the public fund market, only the short-term pure bond index rose in the past week. The ordinary stock strategy index fell 0.71%, with a narrower decline compared to the previous week. The neutral strategy products had more declines than increases. The pure bond strategy outperformed the convertible bond strategy index. In the commodity sector, the Energy and Chemical ETF continued to rise, up 14.24%, the soybean meal ETF rose 7.74%, and the gold ETF had a slight pullback [3] - In the CITIC Five-Style, the stable and consumption styles rose in the past week, while the rest fell. The style rotation chart showed that the relative strength of the financial style strengthened recently, and the relative strength momentum of the growth and cyclical styles increased month-on-month. Among the public fund pools, the cyclical style fund index outperformed the benchmark last week, with a weekly excess return of 1.83%. The market's deviation from the growth and financial styles rebounded. The market congestion index changed little compared to last week, and the cyclical style congestion rose to a relatively high percentile range in the past year [3] - In terms of Barra factors, the short-term momentum factor performed strongly in the past week, with a weekly excess return of 2.97%. The residual volatility factor continued to weaken. In terms of win rate, the valuation and liquidity factors rebounded slightly, while the medium- and long-term momentum factor declined. The cross-sectional rotation speed of factors decreased marginally, currently in the middle percentile range in the past year [3] - According to the latest score of the style timing model, the financial style rebounded this week, and the current signal favors the stable style. The return of the style timing strategy last week was 3.16%, with an excess return of 2.97% compared to the benchmark balanced allocation [3] Summary by Relevant Catalog Recent Market Returns - The weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), China Bond Composite Index (net), and Nanhua Commodity Index were -0.48%, -0.12%, and 5.18% respectively [3] Public Fund Market - Only the short-term pure bond index rose among major strategies in the past week. The ordinary stock strategy index fell 0.71%, with a narrower decline than the previous week. The neutral strategy products had more declines than increases. The pure bond strategy outperformed the convertible bond strategy index [3] - In the commodity sector, the Energy and Chemical ETF continued to rise, up 14.24%, the soybean meal ETF rose 7.74%, and the gold ETF had a slight pullback [3] CITIC Five-Style - The stable and consumption styles rose in the past week, while the rest fell [3] - The relative strength of the financial style strengthened recently, and the relative strength momentum of the growth and cyclical styles increased month-on-month [3] - The cyclical style fund index outperformed the benchmark last week, with a weekly excess return of 1.83% [3] - The market's deviation from the growth and financial styles rebounded, and the cyclical style congestion rose to a relatively high percentile range in the past year [3] Barra Factors - The short-term momentum factor performed strongly in the past week, with a weekly excess return of 2.97% [3] - The residual volatility factor continued to weaken. The valuation and liquidity factors rebounded slightly in terms of win rate, while the medium- and long-term momentum factor declined [3] - The cross-sectional rotation speed of factors decreased marginally, currently in the middle percentile range in the past year [3] Style Timing Model - The financial style rebounded this week, and the current signal favors the stable style [3] - The return of the style timing strategy last week was 3.16%, with an excess return of 2.97% compared to the benchmark balanced allocation [3]