1. Report Industry Investment Rating - The report does not mention the industry investment rating [8] 2. Core Viewpoints of the Report - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session, especially on March 23, when many products had a significant increase in volume at the end of the session [7][10] - After the market closed on March 23, the quantitative signals quickly strengthened, but there was differentiation among sectors. The technology sector had relatively weak signals [7] - In terms of style, the mid - cap blue - chip market is still favored, and the agriculture and manufacturing industries are optimistic, with a focus on the photovoltaic sector [7] 3. Summaries According to the Directory 3.1 3月23日主要宽基指数ETF成交量明显放大 - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session. On March 23, when the market had a significant adjustment, many ETFs showed significant volume increases after 14:45. For example, the trading volume of Huatai - Berries CSI 300ETF, Huaxia SSE 50ETF, Southern CSI 500ETF, and Southern CSI 1000ETF in the last 15 minutes accounted for 10.5%, 17.8%, 8.8%, and 15.9% of the whole - day trading volume respectively [10] 3.2 盘后量化模型信号迅速转强，市场有望迎来反弹 3.2.1 下跌后估值安全边际提升 - As of March 23, 2026, with the change in market sentiment, the price - to - earnings ratios of major A - share broad - based indexes have fallen back to a reasonable range. Compared with March 2, the valuation quantiles of major broad - based indexes have significantly decreased, and the market has become more rational. Currently, they are mostly in the 70 - 80 quantiles, providing a higher safety margin for equity assets [24] 3.2.2 3月23日盘后量化信号迅速转强 - **Broad - based index short - term signal strengthening**: The short - term signal of broad - based indexes has a good historical performance. On March 23, the quantitative signals of major broad - based indexes quickly strengthened after the market closed. Since 2026, the quantitative signals were strong in January, neutral in February, and weakened at the end of March. With the rapid decline of the market on March 23, the quantitative signals returned to the previous high level [30][35] - **Industry medium - term signal strengthening but sector differentiation**: The monthly medium - term signal of industry indexes also has an indicative effect. Similar to the performance of broad - based index signals, the quantitative signals indicating the industry strength in the next month also strengthened, but there was differentiation among sectors. The signals of value - based sectors were strong, while the expectations of the technology sector were still relatively weak, and the mid - cap blue - chip style is expected to continue to strengthen [38][40] 3.3 继续看好农业与制造，重点关注光伏板块 - Despite the high uncertainty in the external situation, the investment opportunities still focus on stocks with medium - risk characteristics, and the characteristics of mid - cap blue - chips will be further strengthened, with a focus on the cyclical and manufacturing sectors. In the context of the prominent global energy security requirements, the new energy industry (photovoltaic, wind power, power transmission) with global competitive advantages in China is the core main line of the manufacturing sector. The report lists relevant ETFs in the photovoltaic, power, and agricultural sectors for reference [46]