Report Investment Rating - The operation rating of CITIC Five-Style - Stable is ★☆☆ [4] Core Viewpoints - In the week ending March 27, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -0.76%, 0.06%, and -0.25% respectively. The convertible bond strategy in the public fund market performed well with a weekly return rate of 0.60%, while the equity long strategy index continued to decline, and most neutral strategy products rose. The pure - bond strategy index closed up, and the medium - to - long - term return was stronger than that of short - term pure bonds. Among commodities, the energy and chemical ETF rose 3.35%, the precious metal ETF net value continued to decline, and the non - ferrous metal ETF's return rebounded slightly [3] - Among the CITIC Five - Style indices, the stable and cyclical styles closed up, while the other styles closed down. The style rotation chart shows that the relative strength of the cyclical style has increased significantly recently, and the relative strength momentum of the consumption style has declined marginally. In the public fund pool, the growth and financial style fund indices outperformed the benchmark, with weekly excess return rates of 0.89% and 0.64% respectively. The market's bias towards the growth and financial styles has increased. This week, the market congestion index rebounded, and the current financial style congestion is in the medium - to - high percentile range of the past year [3] - Among the Barra factors, the short - term momentum factor performed strongly in the past week, the return of the profitability factor adjusted, the winning rate of the liquidity factor continued to decline, and the valuation and scale factors rebounded marginally. This week, the cross - section rotation speed of factors increased month - on - month and is currently in the medium percentile range of the past year [3] - According to the latest scoring results of the style timing model, the financial style rebounded marginally this week, and the current signal continues to be the stable style. The return rate of the style timing strategy last week was 0.56%, and the excess return rate compared with the benchmark balanced allocation was 1.13% [3] Summary by Directory Fund Market Review - **Market Index Returns**: The weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -0.76%, 0.06%, and -0.25% respectively [3] - **Public Fund Strategy Performance**: The convertible bond strategy had a weekly return of 0.60%. The equity long strategy index continued to decline, most neutral strategy products rose. The pure - bond strategy index closed up, with medium - to - long - term returns stronger than short - term pure bonds. The energy and chemical ETF rose 3.35%, the precious metal ETF net value continued to decline, and the non - ferrous metal ETF's return rebounded slightly [3] CITIC Five - Style Analysis - **Style Index Performance**: The stable and cyclical styles closed up, while the other styles closed down. The relative strength of the cyclical style increased significantly, and the relative strength momentum of the consumption style declined marginally [3] - **Fund Pool Performance**: The growth and financial style fund indices outperformed the benchmark, with weekly excess return rates of 0.89% and 0.64% respectively. The market's preference for growth and financial styles increased [3] - **Style Congestion**: The market congestion index rebounded, and the current financial style congestion is in the medium - to - high percentile range of the past year [3] Barra Factor Analysis - **Factor Performance**: The short - term momentum factor performed strongly, the return of the profitability factor adjusted, the winning rate of the liquidity factor continued to decline, and the valuation and scale factors rebounded marginally [3] - **Factor Rotation Speed**: The cross - section rotation speed of factors increased month - on - month and is currently in the medium percentile range of the past year [3] Style Timing Model - The financial style rebounded marginally this week, and the current signal continues to be the stable style. The return rate of the style timing strategy last week was 0.56%, and the excess return rate compared with the benchmark balanced allocation was 1.13% [3]

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]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As of the week ending January 16, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.45%, 0.15%, and 1.13% respectively. In the public - fund market, the common stock strategy continued to lead the gains with a weekly return of 1.26%. The convertible bond strategy outperformed the pure - bond strategy. Among commodities, the returns of energy - chemical and soybean meal futures ETFs declined, while precious metals and non - ferrous metals ETFs rose, with the silver ETF having a weekly increase of 23.15% [3]. - In terms of the CITIC five - style, the growth and cyclical styles rose in the past week, while the others fell. The style rotation chart showed that the relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased. The crowding indicator rose slightly this week, and the consumer style was in a historically high - crowding range [3]. - Among Barra factors, the short - cycle momentum factor had a better performance with a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. In terms of winning rates, the residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year. According to the latest score of the style timing model, the stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3]. Group 3: Summary by Related Catalogs Fund Market Review - The common stock strategy led the gains in the public - fund market with a weekly return of 1.26%. The neutral - strategy products had more gains than losses. The convertible bond strategy outperformed the pure - bond strategy. Energy - chemical and soybean meal futures ETFs had return corrections, while precious metals and non - ferrous metals ETFs rose, with the silver ETF up 23.15% [3]. CITIC Five - Style Analysis - The growth and cyclical styles rose in the past week, while the others fell. The relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased, and the consumer style was in a historically high - crowding range [3]. Barra Factor Analysis - The short - cycle momentum factor had a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. The residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year [3]. Style Timing Model - The stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3].

1. Report Industry Investment Rating - The report gives a one-star rating (★☆☆) for the CITIC Five-Style - Growth, indicating a bullish bias but with limited operability on the market [2] 2. Core Viewpoints - As of the week ending January 9, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 5.06%, -0.15%, and 2.54% respectively. The ordinary stock strategy led the gains in the public fund market with a weekly return of 5.26%, while neutral strategy products had more declines than gains. Convertible bond strategy outperformed pure bond strategy, and precious metal ETFs in commodities rebounded with gold ETFs rising 2.91% and non-ferrous metal ETFs continuing the upward trend [3] - Among the CITIC five styles, the growth style led the gains last week with a weekly return of 7.03%. The style rotation chart shows that the relative strength of the consumption and financial styles has strengthened marginally recently, while the relative strength momentum of the cyclical style has weakened slightly. Consumption and financial style funds in the public fund pool outperformed their benchmarks on average in the past week. The market's deviation from the growth and stable styles has increased according to the fund style coefficient trend. The congestion indicator decreased week-on-week, and the congestion levels of cyclical and consumption style funds have risen to the medium to high percentile range in history [3] - In terms of Barra factors, the liquidity factor had a better performance in the past week with a weekly excess return of 2.11%, while the dividend and profitability factors had excess drawdowns. In terms of win - rate, the short - term momentum factor strengthened marginally and the leverage factor weakened slightly. The cross - sectional rotation speed of factors rebounded slightly this week and is currently in the middle percentile range in the past year. According to the latest score of the style timing model, the consumption and growth styles rebounded month - on - month this week, and the signal is biased towards the growth style. The return of the style timing strategy last week was 4.96%, with an excess return of 1.08% compared to the benchmark balanced allocation [3] 3. Summary by Relevant Catalogs Recent Market Returns - The weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity Index are presented, along with their monthly, quarterly, and semi - annual returns. The weekly return of the ordinary stock strategy in the public fund market is 5.26% [3][5] CITIC Style Index Relative Rotation Chart - It shows the relative strength and relative strength momentum of financial, cyclical, consumption, growth, and stable styles in the past week, last week, past month, past three months, past six months, and past year [7] Fund Style Index Excess Return Performance - Displays the excess returns of financial, cyclical, consumption, and growth styles in the past week, last week, past month, past three months, past six months, and past year [8] Fund Style Congestion - Illustrates the congestion levels of cyclical, growth, consumption, and financial styles over a certain period [9] CITIC Style Index Net Value Trend - Presents the net value trends of financial, cyclical, consumption, growth, and stable styles [10] This Week's Barra Single - Factor Style Preference - Shows the style preference of Barra single factors [11] Barra Single - Factor Style Strategy Excess Return Performance - Displays the excess returns of Barra single - factor style strategies in the past week, last week, and past month [12] One - Year Barra Single - Factor Style Excess Net Value Trend - Illustrates the excess net value trends of Barra single factors over the past year [15]

1. Report Industry Investment Rating - The operation rating for CITIC Five-Style - Cycle is ☆☆★ [2] 2. Core Views of the Report - As of the week ending December 31, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -0.31%, -0.20%, and -0.71% respectively [3] - In the public fund market, the performance of stock and bond strategies diverged in the past week. The short-term pure bond strategy performed strongly, the ordinary stock strategy index declined slightly, and most neutral strategy products rose. In the commodity market, the net value of precious metal ETFs corrected, with the adjustment of gold ETFs greater than that of silver. The non-ferrous and energy chemical ETFs continued to rise [3] - Among the CITIC five styles, the cyclical style rose last week, while the other styles declined. The style rotation chart shows that the relative strength of the stable and consumer styles has declined marginally recently, and the relative strength momentum of the five styles has decreased month-on-month [3] - In the public fund pool, the average performance of consumer and financial style funds outperformed the benchmark in the past week. From the trend of the fund style coefficient, the market's deviation from the consumer style has increased. This week, the congestion indicator has increased compared with last week, and the congestion of growth style funds has risen to the middle and high percentile range of history [3] - Among the Barra factors, the medium- and long-term momentum factor had a better performance in the past week, with a weekly excess return of 0.89%. The excess return of the profitability factor weakened, the winning rate of the liquidity and capital flow factors strengthened marginally, and the volatility factor weakened slightly during the week. This week, the cross-sectional rotation speed of the factors continued to decline, falling to the middle and low percentile range in the past year [3] - According to the latest scoring results of the style timing model, the growth style has recovered month-on-month this week, and the current signal favors the cyclical style. The return of the style timing strategy last week was -1.41%, and the excess return compared with the benchmark balanced allocation was -0.76% [3] 3. Summary by Relevant Catalogs Recent Market Returns - The weekly, monthly, quarterly, and semi-annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in the report [5] - The weekly returns of major public fund strategy indices are also provided [5] - The establishment scale of public fund products in recent years is shown in the report [5] - The maximum drawdown of major public fund strategy indices in the past three months is presented [5] CITIC Style Index - The net value trend of the CITIC style index from December 1 to December 30, 2025, is shown, including the financial, cyclical, consumer, growth, and stable styles [7] - The relative rotation chart of the CITIC style index shows the relative strength and momentum of different styles in the past week, last week, past month, past three months, past six months, and past year [9] - The excess return performance of the fund style index in different time periods is presented [10] - The congestion of different fund styles is shown, with the data as the percentile in the past year [11] Barra Factor - The preference of Barra single-factor styles this week is presented, with the preference range from 0 to 1, where a value closer to 1 indicates a higher degree of preference [12] - The excess return performance of Barra single-factor style strategies in different time periods is shown [14] - The excess net value trend of Barra single-factor styles in the past year is presented [17]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - In the week ending December 26, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 2.73%, 0.07%, and 4.00% respectively. The equity strategy in the public - fund market rebounded, the commodity - type ETFs strengthened, and the silver ETF net value increased significantly [3]. - The growth and cyclical styles performed strongly last week, while the consumer style declined slightly. The style timing model currently signals a preference for the consumer style [3]. - The neutral strategy shows that the basis of stock index futures continued to rise last week, and the average premium rate index of 500 and 1000 ETFs decreased [3]. - Among Barra factors, the medium - long - term momentum factor's return strengthened this week, and the valuation factor's excess return declined [3]. 3. Summary by Related Catalogs Market Returns - Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index had weekly returns of 2.73%, 0.07%, and 4.00% respectively. Public - fund strategies: the enhanced index strategy rose 2.82%, and the silver ETF had a weekly return of 17.43% [3]. Style Performance - Growth and cyclical styles were strong last week, consumer style declined slightly. Financial and growth funds had better excess performance. The market's deviation from growth and consumer styles slightly recovered. The congestion index increased compared to last week, with cyclical style fund congestion at a historical low and growth style at a historical medium - high level [3]. Neutral Strategy - The basis of stock index futures (futures - spot) continued to rise last week. IC and IM contract basis rose above 3 times the standard deviation of the average in the past three months. The average premium rate index of 500 and 1000 ETFs decreased and is currently at a medium - low level in the past three months [3]. Barra Factors - Medium - long - term momentum factor's return strengthened, valuation factor's excess return declined. The leverage factor's strength increased marginally, and the dividend factor weakened. The factor cross - section rotation speed decreased slightly and is currently at a medium level in the past year [3]. Style Timing - According to the style timing model, the growth style weakened marginally this week, and the signal favors the consumer style. Last week, the style timing strategy's return was 4.41%, with an excess return of 2.61% compared to the benchmark balanced allocation [3].

1. Report Industry Investment Rating - The investment rating for the growth style of CITIC's five - style classification is ★☆☆, indicating a bullish but less operable trend [4] 2. Core Viewpoints - In the week ending December 12, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.26%, 0.11%, and - 1.21% respectively. The return of pure - bond strategies in the public fund market rebounded slightly, and the return of ordinary stock strategies in equity strategies was relatively strong. The return of precious metal ETFs continued to rise, with the silver futures ETF rising 9.27%, while energy - chemical and soybean meal ETFs declined [4] - Among CITIC's five styles, the growth style rose last week, while the other styles fell. The style rotation chart shows that the relative strength of the growth and financial styles increased marginally, and the relative strength momentum of the stable style decreased significantly [4] - In the public fund pool, the average excess performance of financial - style funds was relatively weak in the past week. The market's deviation from the cyclical style decreased according to the trend of fund style coefficients. The crowding indicator rebounded slightly compared to last week. Currently, the crowding of cyclical - style funds has risen to a relatively high quantile range in the past year, while the crowding of financial and consumption styles is in a relatively low quantile range in the past year [4] - In the neutral strategy, as of last Friday, the basis (futures - spot) of IH and IF contracts weakened and fell below one - standard - deviation below the three - month average. The basis of IC and IM contracts showed a slight rebound. At the same time, the average premium rate of corresponding stock - index ETFs decreased month - on - month, and the average premium rate of all ETFs except the 1000ETF fell to a relatively low quantile range in the past three months [4] - Among Barra factors, the liquidity factor stabilized in the past week, with a weekly excess return of 0.64%. The excess performance of ALPHA and residual momentum factors was weak. In terms of winning rates, the growth and liquidity factors increased month - on - month, while the profitability factor weakened slightly. The cross - sectional rotation speed of factors decreased marginally this week and is currently in a medium quantile range in the past year [4] - According to the latest scoring results of the style timing model, the stable style decreased month - on - month this week, and the current signal favors the growth style. The return of the style timing strategy last week was - 1.06%, and the excess return compared to the benchmark balanced allocation was - 0.68% [4] 3. Summary by Relevant Catalogs Fund Market Review - The return of pure - bond strategies in the public fund market rebounded slightly in the past week. In equity strategies, the return of ordinary stock strategies was relatively strong, the return of precious metal ETFs continued to rise, the silver futures ETF rose 9.27%, and energy - chemical and soybean meal ETFs declined [4] Equity Market Style - Among CITIC's five styles, the growth style rose last week, while the other styles fell. The relative strength of the growth and financial styles increased marginally, and the relative strength momentum of the stable style decreased significantly [4] - In the public fund pool, the average excess performance of financial - style funds was relatively weak in the past week. The market's deviation from the cyclical style decreased according to the trend of fund style coefficients. The crowding indicator rebounded slightly compared to last week. Currently, the crowding of cyclical - style funds has risen to a relatively high quantile range in the past year, while the crowding of financial and consumption styles is in a relatively low quantile range in the past year [4] Neutral Strategy - As of last Friday, the basis (futures - spot) of IH and IF contracts weakened and fell below one - standard - deviation below the three - month average. The basis of IC and IM contracts showed a slight rebound. At the same time, the average premium rate of corresponding stock - index ETFs decreased month - on - month, and the average premium rate of all ETFs except the 1000ETF fell to a relatively low quantile range in the past three months [4] Barra Factors - The liquidity factor stabilized in the past week, with a weekly excess return of 0.64%. The excess performance of ALPHA and residual momentum factors was weak. In terms of winning rates, the growth and liquidity factors increased month - on - month, while the profitability factor weakened slightly. The cross - sectional rotation speed of factors decreased marginally this week and is currently in a medium quantile range in the past year [4] Style Timing Model - According to the latest scoring results, the stable style decreased month - on - month this week, and the current signal favors the growth style. The return of the style timing strategy last week was - 1.06%, and the excess return compared to the benchmark balanced allocation was - 0.68% [4]

1. Report Industry Investment Rating - The report gives a "★☆☆" rating to the CITIC Five - Style - Growth, indicating a bullish bias but with limited trading opportunities on the market [4]. 2. Core Viewpoints - As of the week ending November 28, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond Index, and Nanhua Commodity Index were 2.87%, - 0.26%, and 1.99% respectively. In the public fund market, equity strategies rebounded in the past week, while medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased significantly by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded. Among the CITIC five - styles, all styles rose last Friday, with the growth style leading in terms of returns. The style rotation chart shows that the relative strength of the financial style declined, while that of the consumer style strengthened. The medium - and long - term momentum factor's return rebounded, with a weekly excess return rate of 1.66%. According to the latest score of the style timing model, the growth style strengthened this week, and the signal currently favors the growth style [3][4]. 3. Summary by Relevant Catalogs Fund Market Review - In the public fund market, equity strategies rebounded in the past week, with the ordinary stock strategy index rising 3.33%. Medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded [4]. Equity Market Style - **CITIC Five - Style Performance**: All five styles of CITIC rose last Friday, with the growth style leading in returns. The style rotation chart shows that the relative strength of the financial style declined, and that of the consumer style strengthened. In the public fund pool, financial and growth - style funds outperformed their benchmarks on average in the past week. The market's deviation towards cyclical and financial styles increased. The congestion index changed little compared to last week, and the congestion of financial - style funds is currently in the relatively high - percentile range of the past year [4]. - **Neutral Strategy**: As of last week, the basis of stock index futures (futures - spot) fluctuated and weakened. The basis of IC and IM fell below the average of the past three months. Meanwhile, the average premium rate index of the corresponding ETFs of stock indices decreased month - on - month and dropped to the low - percentile range of the past three months [4]. - **Barra Factors**: The return of the medium - and long - term momentum factor rebounded in the past week, with a weekly excess return rate of 1.66%. The leverage and profitability factors weakened slightly. In terms of win - rate, the liquidity factor weakened, and the reversal factor rebounded. The cross - sectional rotation speed of factors continued to increase this week and is currently in the high - percentile range of the past year [4]. - **Style Timing**: According to the latest score of the style timing model, the growth style strengthened this week, and the stable style declined slightly. The current signal favors the growth style. The return of the style timing strategy last week was 0.80%, and the excess return compared to the benchmark balanced allocation was - 1.19% [4].

Report Investment Rating - The report gives an operation rating of ★☆☆ for CITIC's five-style - stable [4] Core View - In the week ending November 21, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -5.12%, -0.02%, and -1.81% respectively. The equity strategy index in the public fund market weakened, short - term pure bonds had strong returns, convertible bond strategies had a pullback, and the returns of non - ferrous and precious metal ETFs and energy and chemical ETFs declined. In the CITIC five - style, all styles fell last Friday, with the cycle and growth styles performing weakly. The style timing signal favors the stable style this week [3][4] Section Summaries Fund Market Review - The equity strategy index in the public fund market weakened collectively in the past week, with the ordinary stock index falling 5.13%. Short - term pure bond returns were strong, convertible bond strategy returns pulled back, non - ferrous and precious metal ETF returns adjusted, and energy and chemical ETF net values continued to decline [4] Equity Market Style - **CITIC Five - Style Performance**: All five styles closed down last Friday, with the cycle and growth styles having weak returns. The style rotation chart shows that the relative strength and relative strength momentum of the five styles declined. In the public fund pool, the average performance of cycle and consumption style funds outperformed the benchmark in the past week. The market's deviation from the financial and growth styles increased. The crowding indicator changed little compared to last week, and the growth and cycle styles were in the lower quantile range in the past year [4] - **Neutral Strategy**: As of last week, the basis of IH and IF (futures - spot) declined and fell below the range of one standard deviation below the three - month average. In contrast, the basis of IC and IM showed an upward trend. Recently, the average premium rate index of ETFs corresponding to stock indices rebounded, with the premium rate indices of CSI 500 and CSI 1000 ETFs rising more significantly [4] - **Barra Factors**: In the past week, the leverage and intraday volatility factors had better returns, with a weekly excess return of 1.14%. The returns of medium - and long - term momentum factors continued to weaken. In terms of winning rates, the residual momentum factor increased slightly, and the growth factor decreased. The cross - section rotation speed of factors this week was the same as last week and was in the higher quantile range in the past year [4] - **Style Timing Model**: According to the latest scoring results of the style timing model, the cycle style declined this week, and the growth style rebounded slightly. The current signal favors the stable style. The return of the style timing strategy last week was -3.94%, with an excess return of 0.59% compared to the benchmark equal - weighted allocation [4]

Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]