Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the secondary market situation, ETF product profiles (including market performance, fund inflows and outflows, trading volume, margin trading, and new issuance and listing) of ETF funds from February 23 - February 27, 2026, and presents data on various indexes and ETFs [1][10][19] Summary by Directory 1 Secondary Market Overview - **Index Returns**: Among A - shares, overseas major broad - based indexes, gold index, and Nanhua Commodity Index, CSI 2000, Nikkei 225, and Nanhua Commodity Index had the highest weekly returns, which were 0.35%, 0.00%, and - 0.25% respectively. The highest - return industries among Shenwan primary industries were non - ferrous metals (2.78%), public utilities (2.50%), and basic chemicals (2.31%), while the lowest - return industries were non - bank finance (-3.98%), computer (-3.44%), and agriculture, forestry, animal husbandry and fishery (-2.94%) [1][10][15] - **Index Valuations**: The PE valuation quantile of the Hang Seng Index was the highest at 90.24%, and that of the S&P 500 was the lowest at 15.14%. Among industries, the highest - valuation quantile industries were public utilities (98.76%), coal (98.35%), and communication (97.11%), while the lowest - valuation quantile industries were non - bank finance (1.24%), food and beverage (2.07%), and beauty care (5.79%) [10][14][15] 2 ETF Product Profile 2.1 ETF Market Performance - **By ETF Type**: Bond ETFs had the best average performance with a weighted average return of 0.22%, while commodity ETFs had the worst performance with a weighted average return of - 3.81% [19] - **By Index and Listing Board**: ETFs corresponding to CSI 2000 and CSI 500 had better market performance with weighted average returns of 0.31% and - 0.14% respectively, while those related to ChiNext Innovation 50 and ChiNext had worse performance with weighted average returns of - 1.78% and - 1.65% respectively [19] - **By Industry Sector**: Biopharmaceutical sector ETFs had the best average performance with a weighted average return of 2.41%, while financial real - estate sector ETFs had the worst performance with a weighted average return of - 3.33% [22] - **By Theme**: Innovative drug and new - energy ETFs had better performance with weighted average returns of 4.40% and 0.70% respectively, while non - bank and consumer electronics ETFs had relatively poor performance with weighted average returns of - 3.70% and - 3.04% respectively [22] 2.2 ETF Fund Inflows and Outflows - **By ETF Type**: Bond ETFs had the largest net fund inflow of 211.55 billion yuan, while industry - themed ETFs had the smallest net fund inflow of - 197.31 billion yuan [2][24] - **By Index and Listing Board**: CSI 300 ETFs had the largest net fund inflow of 45.56 billion yuan, while Hong Kong stock ETFs had the smallest net fund inflow of - 49.87 billion yuan [2][24] - **By Industry Sector**: Traditional manufacturing sector ETFs had the largest net fund inflow of 32.95 billion yuan, while cyclical sector ETFs had the smallest net fund inflow of - 121.65 billion yuan [2][28] - **By Theme**: New - energy and dividend ETFs had the largest net fund inflows of 34.78 billion yuan and 20.57 billion yuan respectively, while chip semiconductor and non - bank ETFs had the smallest net fund inflows of - 28.10 billion yuan and - 12.79 billion yuan respectively [2][28] 2.3 ETF Trading Volume - **By ETF Type**: Commodity ETFs had the largest increase in the average daily trading volume change rate of 47.73%, while bond ETFs had the largest decrease of - 10.53% [34] - **By Index and Listing Board**: US stock ETFs had the largest increase in the average daily trading volume change rate of 52.99%, while ChiNext Innovation 50 had the largest decrease of - 12.87% [36] - **By Industry Sector**: Biopharmaceutical sector had the largest increase in the average daily trading volume change rate of 18.48%, while the cyclical sector had the largest decrease of - 34.76% [39] - **By Theme**: Non - bank and innovative drug ETFs had the largest average daily trading volumes in the past 5 days, which were 127.49 billion yuan and 91.83 billion yuan respectively. Low - carbon environmental protection and new - energy ETFs had the largest increase or the smallest decrease in the average daily trading volume change rate, which were 40.73% and 19.86% respectively. Military and central and state - owned enterprise ETFs had the largest decrease or the smallest increase in the average daily trading volume change rate, which were - 28.80% and - 21.80% respectively [43] 2.4 ETF Margin Trading - The net margin purchase of all stock - type ETFs was - 4.54 billion yuan, and the net margin short - sale was 4.17 billion yuan. During the sample period, Cathay CSI All - Index Securities Company ETF had the largest net margin purchase, and Southern CSI 1000 ETF had the largest net margin short - sale [2][49] 2.5 ETF New Issuance and Listing - During the sample period, 9 funds were established and 4 funds were listed [3][51]

Market Overview - On February 13, the total ETF margin balance in the two markets was 115.864 billion yuan, a decrease of 9.483 billion yuan from the previous trading day [1] - The financing balance was 108.367 billion yuan, down by 9.454 billion yuan, while the securities lending balance was 7.497 billion yuan, a decrease of 29.625 million yuan [1] - In the Shanghai market, the ETF margin balance was 80.922 billion yuan, a decrease of 8.662 billion yuan, with a financing balance of 74.354 billion yuan, down by 8.657 billion yuan [1] - In the Shenzhen market, the ETF margin balance was 34.942 billion yuan, a decrease of 0.822 billion yuan, with a financing balance of 34.013 billion yuan, down by 0.796 billion yuan [1] ETF Margin Financing and Securities Lending - The top three ETF margin balances on February 13 were: Huaan Gold ETF (7.407 billion yuan), E Fund Gold ETF (4.136 billion yuan), and Guotai CSI All-Share Securities Company ETF (3.787 billion yuan) [2] - The top three ETF financing buy amounts were: Hai Futong CSI Short Bond ETF (1.683 billion yuan), Hang Seng Technology ETF (909 million yuan), and Bosera Convertible Bond ETF (874 million yuan) [4] - The top three ETF financing net buy amounts were: Dachen Hang Seng Technology ETF (31.3105 million yuan), Huaan Gold ETF (30.3682 million yuan), and Huatai-PB CSI 300 ETF (27.6497 million yuan) [5] ETF Securities Lending - The top three ETF securities lending sell amounts were: Southern CSI 500 ETF (1.27 billion yuan), Southern CSI 1000 ETF (283.781 million yuan), and Bosera Convertible Bond ETF (229.007 million yuan) [7]

Market Overview - As of February 12, the total ETF margin balance in the two markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] - The financing balance was 117.82 billion yuan, up by 4.536 billion yuan, while the securities lending balance decreased by 4.2073 million yuan to 7.527 billion yuan [1] - In the Shanghai market, the ETF margin balance was 89.583 billion yuan, increasing by 4.501 billion yuan, with a financing balance of 83.011 billion yuan, up by 4.506 billion yuan [1] - The Shenzhen market's ETF margin balance was 35.764 billion yuan, increasing by 30.4641 million yuan, with a financing balance of 34.809 billion yuan, up by 29.959 million yuan [1] ETF Margin Balances - The top three ETFs by margin balance on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (8.632 billion yuan) - Hua An Yi Fu Gold ETF (7.377 billion yuan) - Yi Fang Da Gold ETF (4.122 billion yuan) [2][3] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (7.6 billion yuan) - Hua Tai Bai Rui Nan Fang Dong Ying Hang Seng Technology Index (QDII-ETF) (1.012 billion yuan) - Bo Shi Zhong Zheng Convertible Bonds and Exchangeable Bonds ETF (681 million yuan) [4][5] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (4.49 billion yuan) - Hua Tai Bai Rui Nan Fang Dong Ying Hang Seng Technology Index (QDII-ETF) (271 million yuan) - Hua Xia Hang Seng Technology (QDII-ETF) (144 million yuan) [6][7] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on February 12 were: - Nan Fang Zhong Zheng 1000 ETF (1.02265 million yuan) - Nan Fang Zhong Zheng 500 ETF (537.15 thousand yuan) - Hua Xia Shang Zheng Ke Chuang Ban 50 Component ETF (391.57 thousand yuan) [8][9]

Market Overview - As of February 11, the total ETF margin balance in the two markets reached 120.816 billion yuan, an increase of 0.815 billion yuan from the previous trading day [1] - The financing balance was 113.285 billion yuan, up by 0.829 billion yuan, while the securities lending balance decreased by 14.0281 million yuan to 7.531 billion yuan [1] - In the Shanghai market, the ETF margin balance was 85.082 billion yuan, increasing by 0.754 billion yuan, with a financing balance of 78.506 billion yuan, up by 0.757 billion yuan, and a securities lending balance of 6.577 billion yuan, down by 3.1301 million yuan [1] - In the Shenzhen market, the ETF margin balance was 35.733 billion yuan, increasing by 61.4517 million yuan, with a financing balance of 34.779 billion yuan, up by 72.3496 million yuan, and a securities lending balance of 0.954 billion yuan, down by 1.0898 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on February 11 were: - Huaan Yifu Gold ETF (7.415 billion yuan) - Haifutong CSI Short Bond ETF (4.143 billion yuan) - E Fund Gold ETF (4.108 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on February 11 were: - Haifutong CSI Short Bond ETF (3.131 billion yuan) - Bosera CSI Convertible Bond and Exchangeable Bond ETF (0.869 billion yuan) - Huatai-PB South East Asia Hang Seng Technology Index (QDII-ETF) (0.743 billion yuan) [4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on February 11 were: - Haifutong CSI Short Bond ETF (1.224 billion yuan) - Fuguo 7-10 Year Policy Financial Bond ETF (0.147 billion yuan) - E Fund ChiNext ETF (0.139 billion yuan) [6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on February 11 were: - Southern CSI 500 ETF (16.4511 million yuan) - Bosera CSI Convertible Bond and Exchangeable Bond ETF (15.6204 million yuan) - Huatai-PB CSI 300 ETF (13.3722 million yuan) [7]

Market Overview - As of February 10, the total ETF margin balance in the two markets is 1200.01 billion yuan, a decrease of 10.85 billion yuan from the previous trading day [1] - The financing balance is 1124.56 billion yuan, down by 10.86 billion yuan, while the margin short balance is 75.45 billion yuan, which increased by 141.45 million yuan [1] - In the Shanghai market, the ETF margin balance is 843.29 billion yuan, a decrease of 8.95 billion yuan, with a financing balance of 777.49 billion yuan, down by 9.08 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 356.72 billion yuan, a decrease of 1.89 billion yuan, with a financing balance of 347.07 billion yuan, down by 1.78 billion yuan [1] ETF Margin Balances - The top three ETF margin balances as of February 10 are: 1. Huaan Yifu Gold ETF (74.84 billion yuan) 2. E Fund Gold ETF (41.05 billion yuan) 3. Guotai CSI All-Share Securities Company ETF (38.8 billion yuan) [2] ETF Financing Buy Amounts - The top three ETF financing buy amounts on February 10 are: 1. Hai Fudong CSI Short Bond ETF (1.242 billion yuan) 2. Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.049 billion yuan) 3. Huatai-PineBridge Southern Eastern Hong Kong Technology Index (QDII-ETF) (718 million yuan) [4] ETF Financing Net Buy Amounts - The top three ETF financing net buy amounts on February 10 are: 1. Huabao CSI Medical ETF (754.137 million yuan) 2. Guangfa CSI Media ETF (610.08 million yuan) 3. E Fund CSI Overseas China Internet 50 (QDII-ETF) (568.384 million yuan) [5] ETF Margin Sell Amounts - The top three ETF margin sell amounts on February 10 are: 1. Southern CSI 1000 ETF (256.052 million yuan) 2. Huatai-PineBridge CSI 300 ETF (88.673 million yuan) 3. Huaxia SSE 50 ETF (51.573 million yuan) [6]

Market Overview - As of February 6, the total ETF margin balance in the two markets is 121.27 billion yuan, a decrease of 0.335 billion yuan from the previous trading day [1] - The financing balance is 113.73 billion yuan, down by 0.252 billion yuan, while the securities lending balance is 7.539 billion yuan, a decrease of 82.616 million yuan [1] - In the Shanghai market, the ETF margin balance is 85.203 billion yuan, down by 0.287 billion yuan, with a financing balance of 78.61 billion yuan, a decrease of 0.23 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 36.068 billion yuan, down by 48.5603 million yuan, with a financing balance of 35.122 billion yuan, a decrease of 22.5599 million yuan [1] ETF Margin Financing Balances - The top three ETF margin balances on February 6 are: 1. Huaan Yifu Gold ETF (7.641 billion yuan) 2. E Fund Gold ETF (4.125 billion yuan) 3. Guotai CSI All-Share Securities Company ETF (3.895 billion yuan) [2] ETF Financing Buy Amounts - The top three ETF financing buy amounts on February 6 are: 1. Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.712 billion yuan) 2. Huaan Yifu Gold ETF (1.456 billion yuan) 3. Huatai-PineBridge Southbound Hang Seng Technology Index (QDII-ETF) (1.121 billion yuan) [4] ETF Financing Net Buy Amounts - The top three ETF financing net buy amounts on February 6 are: 1. Southbound CSI 500 ETF (234 million yuan) 2. Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (202 million yuan) 3. Southbound CSI 1000 ETF (117 million yuan) [5] ETF Securities Lending Sell Amounts - The top three ETF securities lending sell amounts on February 6 are: 1. Southbound CSI 500 ETF (68.2845 million yuan) 2. Southbound CSI 1000 ETF (36.3184 million yuan) 3. Guangfa CSI 1000 ETF (36.2675 million yuan) [7]

Market Overview - As of February 5, the total ETF margin balance in the two markets is 121.606 billion yuan, a decrease of 247 million yuan from the previous trading day [1] - The financing balance is 113.984 billion yuan, down by 200 million yuan, while the securities lending balance is 7.622 billion yuan, a decrease of 46.735 million yuan [1] - In the Shanghai market, the ETF margin balance is 85.489 billion yuan, a decrease of 83.627 million yuan, with a financing balance of 78.839 billion yuan, down by 36.391 million yuan [1] - In the Shenzhen market, the ETF margin balance is 36.116 billion yuan, a decrease of 1.63 billion yuan, with a financing balance of 35.144 billion yuan, also down by 1.63 billion yuan [1] ETF Margin Balances - The top three ETFs by margin balance on February 5 are: - Huaan Yifu Gold ETF (7.664 billion yuan) - E Fund Gold ETF (4.126 billion yuan) - Guotai CSI All-Share Securities Company ETF (3.944 billion yuan) [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on February 5 are: - Hai Futong CSI Short Bond ETF (1.78 billion yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.569 billion yuan) - Huaan Yifu Gold ETF (1.426 billion yuan) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on February 5 are: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (159 million yuan) - GF CSI Hong Kong Innovative Medicines (QDII-ETF) (151 million yuan) - Huaan Yifu Gold ETF (110 million yuan) [6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on February 5 are: - Southern CSI 500 ETF (92.5785 million yuan) - Southern CSI 1000 ETF (69.2863 million yuan) - Huaxia CSI 1000 ETF (20.042 million yuan) [8]

Market Overview - As of February 3, the total ETF margin balance in the two markets is 122.589 billion yuan, a decrease of 0.258 billion yuan from the previous trading day [1] - The financing balance is 115.104 billion yuan, down by 0.226 billion yuan, while the securities lending balance is 7.485 billion yuan, a decrease of 31.623 million yuan [1] - In the Shanghai market, the ETF margin balance is 85.858 billion yuan, a decrease of 0.482 billion yuan, with a financing balance of 79.301 billion yuan, down by 0.451 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 36.731 billion yuan, an increase of 0.224 billion yuan, with a financing balance of 35.803 billion yuan, up by 0.225 billion yuan [1] ETF Margin Financing Balances - The top three ETF margin financing balances as of February 3 are: - Huaan Yifu Gold ETF (7.533 billion yuan) - Guotai CSI All-Share Securities Company ETF (4.147 billion yuan) - E Fund Gold ETF (4.12 billion yuan) [2] ETF Financing Buy Amounts - The top three ETF financing buy amounts on February 3 are: - Hai Futong CSI Short Bond ETF (5.537 billion yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.671 billion yuan) - Huaan Yifu Gold ETF (1.228 billion yuan) [4] ETF Financing Net Buy Amounts - The top three ETF financing net buy amounts as of February 3 are: - Guotai CSI All-Share Securities Company ETF (0.145 billion yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (0.124 billion yuan) - Jiashi CSI 500 ETF (0.123 billion yuan) [6] ETF Securities Lending Sell Amounts - The top three ETF securities lending sell amounts on February 3 are: - Huatai-PB CSI 300 ETF (45.3476 million yuan) - Southern CSI 1000 ETF (16.6351 million yuan) - Southern CSI 500 ETF (11.5041 million yuan) [8]

Market Overview - As of January 26, the total ETF margin balance in the two markets is 122.201 billion yuan, a decrease of 1.706 billion yuan from the previous trading day [1] - The financing balance is 114.486 billion yuan, down by 1.814 billion yuan, while the securities lending balance is 7.715 billion yuan, an increase of 0.109 billion yuan [1] - In the Shanghai market, the ETF margin balance is 86.057 billion yuan, a decrease of 1.115 billion yuan, with a financing balance of 79.287 billion yuan, down by 1.198 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 36.144 billion yuan, a decrease of 0.590 billion yuan, with a financing balance of 35.199 billion yuan, down by 0.616 billion yuan [1] Top ETF Margin Balances - The top three ETFs by margin balance on January 26 are: - Huaan Yifu Gold ETF (7.535 billion yuan) - Huatai-PB CSI 300 ETF (4.362 billion yuan) - E Fund Gold ETF (4.122 billion yuan) [2] Top ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on January 26 are: - Hai Futong CSI Short Bond ETF (6.535 billion yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.289 billion yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (1.126 billion yuan) [4] Top ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on January 26 are: - Huaan Yifu Gold ETF (0.155 billion yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (0.151 billion yuan) - Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (0.101 billion yuan) [6] Top ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on January 26 are: - Southern CSI 1000 ETF (68.8717 million yuan) - Southern CSI 500 ETF (54.4666 million yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (46.5501 million yuan) [8]

Market Overview - As of January 21, the total ETF margin balance in the two markets reached 125.498 billion yuan, an increase of 2.566 billion yuan from the previous trading day [1] - The financing balance was 117.806 billion yuan, up by 2.589 billion yuan, while the securities lending balance decreased by 22.9329 million yuan to 7.691 billion yuan [1] - In the Shanghai market, the ETF margin balance was 88.676 billion yuan, increasing by 2.394 billion yuan, with a financing balance of 81.922 billion yuan, up by 2.414 billion yuan, and a securities lending balance of 6.754 billion yuan, down by 20.6359 million yuan [1] - In the Shenzhen market, the ETF margin balance was 36.822 billion yuan, an increase of 173 million yuan, with a financing balance of 35.884 billion yuan, up by 175 million yuan, and a securities lending balance of 937 million yuan, down by 2.297 million yuan [1] Top ETF Margin Balances - The top three ETFs by margin balance on January 21 were: - Huaan Yifu Gold ETF (7.355 billion yuan) - E Fund Gold ETF (4.159 billion yuan) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (4.065 billion yuan) [2] Top ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on January 21 were: - Hai Fudong China Bond Short-term ETF (5.585 billion yuan) - Bosera China Convertible Bonds and Exchangeable Bonds ETF (1.322 billion yuan) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (1.263 billion yuan) [4] Top ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on January 21 were: - Fortune China Bond 7-10 Year Policy Financial Bond ETF (579 million yuan) - Huaxia Shanghai 50 ETF (301 million yuan) - Huatai-PineBridge CSI 300 ETF (295 million yuan) [5] Top ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on January 21 were: - Southern CSI 1000 ETF (36.2664 million yuan) - Huatai-PineBridge CSI 300 ETF (30.9749 million yuan) - Southern CSI 500 ETF (12.4608 million yuan) [6]