Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging quantitative analysis of industry style continuation and switching perspectives [2]. - The strategy update indicates adjustments in holdings, with specific ETFs being added or maintained based on their performance and market signals [3][12]. ETF Holdings and Performance - The report lists various ETFs along with their market values and sector weights, highlighting significant holdings such as the Shipbuilding ETF with 41.57% in marine equipment and the Wine ETF with 84.12% in liquor [3]. - The strategy's cumulative net return from March 23 to March 27, 2026, was approximately -1.33%, with an excess return of about 0.15% compared to the CSI 300 ETF [3][11]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 27.53%, outperforming the CSI 300 ETF by about 8.23% [3]. Recommended Sectors and Products - For the upcoming week, the report recommends focusing on sectors such as marine equipment, liquor, and securities, with specific ETFs like the Shipbuilding ETF and Securities Insurance ETF being highlighted for addition to the portfolio [12]. - The report also notes that some ETFs and indices have provided daily or weekly risk signals, indicating potential market volatility [12].

Strategy Overview - The report recommends a strategy focused on industry and thematic ETFs, particularly in the film, liquor, and telecommunications sectors for the week of March 23, 2026[2] - New holdings include Film ETF, Liquor ETF, Telecom ETF from E Fund, Media ETF from Guangfa, and Communication ETF from Southern[2] Performance Metrics - From March 16 to March 20, 2026, the strategy recorded a cumulative net return of approximately -6.60%[3] - The strategy's excess return relative to the CSI 300 ETF was about -4.44% during the same period[3] - Since October 14, 2024, the cumulative return of the strategy is approximately 29.26%, with an excess return of about 8.24% compared to the CSI 300 ETF[3] Risk Indicators - The timing signals for some ETFs and indices provided daily or weekly risk alerts as of last weekend[2] - The report highlights potential rapid style shifts within a week and abnormal increases in the discount rates of certain ETFs[6] ETF Holdings and Changes - The report lists specific ETFs with their market values and weekly performance, indicating adjustments in holdings based on recent performance trends[11][12] - The average return of the ETF portfolio was -6.60%, while the excess return compared to the CSI 300 ETF was -4.44%[12]

Group 1: Report Information - The report is a "Industry Rotation TF Strategy Weekly Report" covering the period from March 9, 2026, to March 15, 2026, and was released on March 16, 2026 [1][2] Group 2: Strategy Basis - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] Group 3: Portfolio Adjustment - In the week of March 16, 2026, the model recommends allocating to sectors such as marine equipment, refining and trading, and aviation equipment. The strategy will newly hold products like Ship ETF, Oil and Gas ETF Huatong, Aerospace ETF, Energy ETF GF, and Resources ETF Boshi, and continue to hold Grid Equipment ETF [3][12] Group 4: Portfolio Details | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 560710 | Ship ETF | 16.14 | Added | Marine Equipment (41.57%) | 1 | -1 | | 159309 | Oil and Gas ETF Huatong | 31.18 | Added | Refining and Trading (26.34%) | 1 | -1 | | 159227 | Aerospace ETF | 39.78 | Added | Aviation Equipment (55.27%) | 1 | -1 | | 159945 | Energy ETF GF | 1.37 | Added | Coal Mining (43.03%) | 1 | 1 | | 510410 | Resources ETF Boshi | 12.24 | Added | Industrial Metals (27.62%) | 1 | -1 | | 515210 | Steel ETF | 43.74 | Added | General Steel (56.87%) | 1 | 0 | | 517520 | Gold Stocks ETF | 156.96 | Added | Precious Metals (44.08%) | 1 | -1 | | 516910 | Logistics ETF Fullgoal | 1.35 | Added | Logistics (42.91%) | 1 | 1 | | 159326 | Grid Equipment ETF | 336.01 | Continued | Grid Equipment (77.17%) | 1 | 1 | | 562850 | Central - State - Owned Energy ETF Harvest | 2.90 | Added | Electricity (37.09%) | 1 | 1 | [3] Group 5: Performance Tracking - From March 9 to March 13, 2026, the cumulative net return of the strategy was approximately 2.18%, and the excess return relative to the CSI 300 ETF was approximately 1.97%. From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was approximately 38.39%, and the cumulative excess return relative to the CSI 300 ETF was approximately 14.68% [3] Group 6: Previous Week's Portfolio Changes | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | One - week Return Rate (%) | | --- | --- | --- | --- | --- | | 159887 | Bank ETF | 1.41 | Removed | 4.48 | | 562550 | Green Electricity ETF | 8.30 | - | - | | 159933 | Financial Real Estate ETF SDIC UBS | 1.17 | Removed | -2.79 | | 159326 | Grid Equipment ETF | 336.01 | Continued | -0.11 | | 510060 | Central - State - Owned Enterprises ETF ICBC | 1.02 | Removed | - | | 515220 | Coal ETF | 105.34 | Removed | - | | 562900 | Agriculture ETF E Fund | 2.54 | Removed | 1.45 | | 560980 | Photovoltaic Leading Stocks ETF GF | 4.34 | - | 5.41 | | 510010 | 180 Governance ETF Bank of Communications | 2.52 | - | -0.71 | | 159790 | Carbon Neutrality ETF | 16.63 | Removed | - | | - | ETF Portfolio Average Return | - | - | 2.18 | | 510300 | CSI 300 ETF | 2057.19 | - | 0.21 | | - | ETF Portfolio Excess Return | - | - | 1.97 | [11] Group 7: Timing Signal Explanation - The timing signal is a price - volume indicator. A value of 1 indicates a bullish signal, 0 indicates a neutral signal, and - 1 indicates a bearish signal [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The strategy is based on the reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013), constructing a strategy portfolio based on industry and theme ETFs [2] - From 20260224 - 20260227, the cumulative net return of the strategy was about 0.44%, and the excess return relative to the CSI 300 ETF was about - 0.71%. From October 14, 2024 to now, the cumulative out - of - sample return of the strategy was about 38.54%, and the cumulative excess return relative to the CSI 300 ETF was about 13.71% [5] - In the week of 20260302, the model recommends allocating sectors such as real estate development, cement, and batteries. In the next week, the strategy will newly hold products such as Building Materials ETF, Battery ETF Huitianfu, Bank ETF, and Game ETF, and continue to hold products such as Real Estate ETF and Tourism ETF [13] 3. Summary by Relevant Catalogs 3.1 Strategy Update - The strategy constructs a portfolio based on industry and theme ETFs, with reference to two previous research reports [2] 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held SW Industry and Weights | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159707 | Real Estate ETF | 6.65 | Continue to hold | Real estate development (100%) | - 1 | - 1 | | 159745 | Building Materials ETF | 26.61 | Add | Cement (45.24%) | 1 | 1 | | 159796 | Battery ETF Huitianfu | 84.32 | Add | Batteries (64.18%) | - 1 | - 1 | | 512800 | Bank ETF | 114.46 | Add | Joint - stock banks (42.01%) | - 1 | - 1 | | 159869 | Game ETF | 122.27 | Add | Games (83.85%) | 1 | - 1 | | 159766 | Tourism ETF | 78.92 | Continue to hold | Aviation and airports (33.21%) | 0 | 0 | | 515220 | Coal ETF | 94.06 | Add | Coal mining (88.96%) | 1 | 1 | | 159328 | Home Appliance ETF E Fund | 1.21 | Add | White goods (43.01%) | - 1 | - 1 | | 515650 | Consumption 50 ETF | 36.27 | Add | Baijiu (28%) | - 1 | 0 | | 515760 | Zhejiang State - owned Assets ETF Huaxia | 1.44 | Add | City commercial banks (20.13%) | 0 | 0 | [3] 3.3 Performance Tracking - From 20260224 - 20260227, the cumulative net return of the strategy was about 0.44%, and the excess return relative to the CSI 300 ETF was about - 0.71% - From October 14, 2024 to now, the cumulative out - of - sample return of the strategy was about 38.54%, and the cumulative excess return relative to the CSI 300 ETF was about 13.71% [5] 3.4 Portfolio Adjustment and Recommendations - In the week of 20260302, the model recommends allocating sectors such as real estate development, cement, and batteries - In the next week, the strategy will newly hold products such as Building Materials ETF, Battery ETF Huitianfu, Bank ETF, and Game ETF, and continue to hold products such as Real Estate ETF and Tourism ETF [13]

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry rotation and ETF market overview [2]. Strategy Update - The strategy portfolio includes various ETFs with specific holdings and weightings, such as: - Wine ETF with a market value of 184.16 billion, holding a significant position in the liquor industry (84.84%) [3]. - Real Estate ETF valued at 6.61 billion, fully invested in real estate development (100%) [3]. - Tourism ETF at 88.57 billion, primarily focused on the aviation and airport sector (33.21%) [3]. - New additions include Agriculture and Fishery ETF and Grain ETF, with respective holdings in aquaculture (46.89%) and planting (49.63%) [3]. - The strategy's performance for the period from February 9 to February 13, 2026, showed a cumulative net return of approximately -0.38%, underperforming the CSI 300 ETF by about -0.85% [3]. Performance Tracking - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 37.93%, outperforming the CSI 300 ETF by about 14.43% [3][4]. - The report includes a performance chart illustrating the cumulative return of the industry rotation ETF strategy since its inception [4]. Weekly Holdings and Performance - The report details the weekly performance of various ETFs, indicating that the strategy will continue to hold Wine, Real Estate, Tourism, and Traditional Chinese Medicine ETFs while adding Agriculture and Grain ETFs [11]. - The average return of the ETF portfolio for the week was -0.38%, with a notable underperformance compared to the CSI 300 ETF [11].

Group 1: Report Overview - The report is a weekly strategy report on industry rotation TF from February 2, 2026, to February 8, 2026, released on February 9, 2026 [1][2] - The strategy is based on two previous reports and constructs an ETF - based strategy portfolio [2] Group 2: Investment Recommendations Current Holdings and Changes - ETFs to be continued to hold include Building Materials ETF (159745, market value 21.67 billion yuan), Real Estate ETF (159707, market value 6.40 billion yuan), Petrochemical ETF (159731, market value 17.46 billion yuan), Chemical ETF (159870, market value 340.36 billion yuan), and Rare Metals ETF (562800, market value 62.40 billion yuan) [3] - ETFs to be newly added or adjusted to hold include Tourism ETF (159766, market value 91.07 billion yuan), Wine ETF (512690, market value 192.66 billion yuan), Traditional Chinese Medicine ETF (560080, market value 26.52 billion yuan), New Energy Vehicle ETF (515700, market value 19.75 billion yuan), and Agricultural ETF Harvest (516550, market value 2.03 billion yuan) [3] - ETFs to be removed from the portfolio include Non - Ferrous Metals ETF (512400, market value 352.52 billion yuan), Gold Stocks ETF (517520, market value 151.34 billion yuan), Grain ETF (159698, market value 4.66 billion yuan), Securities and Insurance ETF E Fund (512070, market value 201.73 billion yuan), and Agricultural ETF (159825, market value 26.26 billion yuan) [11] Sector Recommendations - The model recommends allocating to sectors such as cement, real estate development, and airport aviation in the week of February 9, 2026 [12] - In the next week, the strategy will newly hold Game ETF, Wine ETF, Traditional Chinese Medicine ETF, and New Energy Vehicle ETF, and continue to hold Building Materials ETF, Real Estate ETF, and Petrochemical ETF [12] Group 3: Performance Tracking - From February 2 to February 6, 2026, the cumulative net return of the strategy was approximately - 3.85%, and the excess return relative to the CSI 300 ETF was approximately - 2.53% [3] - From October 14, 2024, to February 6, 2026, the out - of - sample cumulative return of the strategy was approximately 38.45%, and the cumulative excess return relative to the CSI 300 ETF was approximately 15.41% [3]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The Financial Street Securities Research Institute constructs a strategy portfolio based on industry and thematic ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] - From 20260126 - 20260130, the cumulative net return of the strategy was approximately - 0.24%, and the excess return relative to the CSI 300 ETF was approximately - 0.39%. From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was approximately 44.34%, and the cumulative excess return relative to the CSI 300 ETF was approximately 19.78% [3] - In the week of February 2, 2026, the model recommends allocating sectors such as refining and trading, cement, and industrial metals. In the next week, the strategy will newly hold products such as Building Materials ETF, Non - Ferrous Metals ETF, and Real Estate ETF, and continue to hold products such as Petrochemical ETF, Chemical ETF, and Gold Stocks ETF [12] 3. Summary by Relevant Catalog 3.1 Strategy Portfolio Information - The strategy portfolio includes ETFs such as Petrochemical ETF (159731), Building Materials ETF (159745), Non - Ferrous Metals ETF (512400), etc. Each ETF has information such as market value, holding status, heavy - held Shenwan industries and their weights, as well as weekly and daily timing signals. For example, the Petrochemical ETF has a market value of 16.60 billion yuan, and the heavy - held industry is refining and trading with a weight of 27.28%, and both the weekly and daily timing signals are 1 [3] 3.2 Performance Tracking - During 20260126 - 20260130, the cumulative net return of the strategy was about - 0.24%, and the excess return relative to the CSI 300 ETF was about - 0.39%. From October 14, 2024 to now, the cumulative out - of - sample return of the strategy was about 44.34%, and the cumulative excess return relative to the CSI 300 ETF was about 19.78% [3] 3.3 Portfolio Adjustment - In the week of February 2, 2026, the strategy will add holdings of Building Materials ETF, Non - Ferrous Metals ETF, Real Estate ETF, etc., and continue to hold Petrochemical ETF, Chemical ETF, Gold Stocks ETF, etc. Some previously held ETFs such as Mining ETF, Communication ETF, etc. will be removed from the portfolio [3][11][12]

Report Summary 1) Report Industry Investment Rating - No information provided in the content 2) Core Viewpoints of the Report - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and thematic ETFs, referring to two strategy reports published in 2024 [2]. - From January 19 to January 23, 2026, the strategy's cumulative net return was about 2.01%, and the excess return relative to the CSI 300 ETF was about 2.68%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 44.34%, and the cumulative excess return relative to the CSI 300 ETF was about 19.78% [3]. - For the week of January 26, 2026, the model recommended allocating to sectors such as precious metals, industrial metals, and communication equipment. The strategy will newly hold products like Gold Stocks ETF, Mining ETF, Communication ETF, Game ETF, and Industrial Mother Machine ETF, and continue to hold products like Power Grid Equipment ETF [3][12]. 3) Summary by Relevant Catalogs Strategy Construction - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and thematic ETFs, referring to "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. Portfolio Adjustment - In the week of January 26 - January 30, 2026, Gold Stocks ETF (market value: 178.55 billion yuan), Mining ETF (market value: 26.44 billion yuan), Communication ETF (market value: 142.74 billion yuan), Game ETF (market value: 145.64 billion yuan), Industrial Mother Machine ETF (market value: 13.70 billion yuan), Chemical ETF (market value: 298.64 billion yuan), VR ETF (market value: 1.82 billion yuan), Consumer Electronics ETF (market value: 30.12 billion yuan), and Petrochemical ETF (market value: 9.10 billion yuan) were to be newly added to the portfolio. Power Grid Equipment ETF (market value: 167.78 billion yuan) was to be held continuously [3]. - In the week of January 19 - January 23, 2026, Defense ETF, Securities and Insurance ETF E Fund, Tourism ETF, Agriculture, Forestry, Animal Husbandry and Fishery ETF, Communication Equipment ETF, Energy Storage Battery ETF E Fund, Financial ETF, and Oil and Gas ETF Huatai - PineBridge were removed from the portfolio. Power Grid Equipment ETF was held continuously, and Grain ETF was newly added [12]. Performance Tracking - From January 19 to January 23, 2026, the strategy's cumulative net return was about 2.01%, and the excess return relative to the CSI 300 ETF was about 2.68%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 44.34%, and the cumulative excess return relative to the CSI 300 ETF was about 19.78% [3]. Risk Signal - As of the end of last week, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [12].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The strategy based on industry and theme ETFs was constructed by the Financial Street Securities Research Institute, and the portfolio was updated weekly. From January 5 - 9, 2026, the strategy's cumulative net return was about 8.72%, and the excess return relative to the CSI 300 ETF was about 5.94%. From October 14, 2024, to January 9, 2026, the strategy's out - of - sample cumulative return was about 41.66%, and the cumulative excess relative to the CSI 300 ETF was about 15.74% [3] - In the week of January 12, 2026, the model recommended allocating sectors such as aviation equipment, aerospace equipment, and aviation airports. The strategy would add holdings of products like Aerospace ETF, Grain ETF, and Power Grid Equipment ETF, and continue to hold products like Satellite Industry ETF, Tourism ETF, and Communication Equipment ETF [13] Group 3: Summary According to the Catalog Strategy Construction - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] Strategy Update - The strategy updated the holdings of ETFs. Newly added holdings included Aerospace ETF, Grain ETF, and Power Grid Equipment ETF. Continued holdings included Satellite Industry ETF, Tourism ETF, etc. [3][13] Performance Tracking - From January 5 - 9, 2026, the strategy's cumulative net return was about 8.72%, and the excess return relative to the CSI 300 ETF was about 5.94%. From October 14, 2024, to January 9, 2026, the strategy's out - of - sample cumulative return was about 41.66%, and the cumulative excess relative to the CSI 300 ETF was about 15.74% [3] Future Recommendations - In the week of January 12 - 16, 2026, the model recommended allocating sectors such as aviation equipment, aerospace equipment, and aviation airports, and recommended products for investment [13]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Financial Street Securities Research Institute constructs a strategy portfolio based on industry and theme ETFs [2] - In the week of 20260105, the model recommends allocating sectors such as aviation equipment, aerospace equipment, and aviation airports. The strategy will newly hold products like Aerospace ETF, Satellite Industry ETF, Tourism ETF, Rare Metals ETF, and continue to hold products like Gold Stocks ETF [12] Group 3: Summary by Related Catalogs Strategy Update - Multiple ETFs are adjusted in the portfolio, including Aerospace ETF, Satellite Industry ETF, Tourism ETF, etc. [3] Performance Tracking - From 20251229 - 20251231, the strategy's cumulative net return is about -1.44%, and the excess return relative to the CSI 300 ETF is about -0.80%. From October 14, 2024 to now, the strategy's out - of - sample cumulative return is about 30.30%, and the cumulative excess return relative to the CSI 300 ETF is about 7.80% [3] ETFs' Information - Information on ETFs' market value, holding status, heavy - held Shenwan industries and weights, and timing signals are provided [3] ETFs' Adjustment in the Recent Week - Some ETFs are调出, and the future - week strategy recommends new holdings and continued holdings [3][12]