Global and A-share Market Overview - The A-share market experienced an overall decline last week, with the North China 50 Index showing the largest drop at 3.40%. The Hong Kong market also saw a decrease, with the Hang Seng Index down by 1.29%. The top-performing ETFs were primarily in the new energy sector [1][14]. - The performance of major global market indices varied, with the Shanghai Composite Index down by 5.99% and the Shenzhen Component Index down by 5.07% over the week [14]. ETF New Issuance Statistics - A total of 23 stock ETFs were reported in the A-share market last week, with 12 new stock ETFs established. In the US market, three equity ETFs were newly established, two of which are actively managed [1][17][24]. Fund Flow in A-share Market - The top 10 stock ETFs by net inflow were dominated by the CSI 300 Index ETFs, while the top 10 by net outflow were primarily in the non-ferrous metal sector ETFs. The CSI 300 Index ETF saw a net inflow of 38.14 billion yuan, while the CSI A500 Index ETF experienced a net outflow of 19.52 billion yuan [2][25][27]. - In the industry ETF category, the new energy sector led with a net inflow of 56.07 billion yuan, while the TMT sector faced a significant outflow of 64.44 billion yuan [33]. ETF Strategy Performance - The RRG ETF rotation strategy yielded a return of 0.7% last week, outperforming the CSI Equal-weight Index and the CSI 300 Index by 1.27% and 2.11%, respectively. The 50% base + intraday momentum strategy showed returns of 0.91% and 1.33% for the CSI 500 ETF and CSI 1000 ETF, respectively, with excess returns of 0.94% and 1.46% compared to their corresponding 50% position ETFs [4][29].

Group 1 - The ETF market in China has a total of 1,465 ETFs with an asset management scale of 51,020.29 billion yuan as of March 20, 2026 [2] - Among the ETFs, there are 1,139 stock ETFs totaling 29,453.57 billion yuan, 53 bond ETFs totaling 7,253.40 billion yuan, and 219 cross-border ETFs totaling 9,203.51 billion yuan [2] - The median weekly return for stock ETFs was -3.02%, with the best-performing being the Growth ETF at +2.81% and the worst-performing being the Industrial Nonferrous ETF at -13.49% [3][4] Group 2 - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries for potential investment opportunities [5] - Backtesting results from 2017 to February 2024 show that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55% respectively [5] - The combined PB-ROE strategy has an annualized return of 11.93% and an annualized excess return of 13.22%, with a focus on the communication, agriculture, and coal industries [6][7] Group 3 - The report recommends attention to chemical, nonferrous metal, communication, oil, and consumer ETFs based on ETF subscription sentiment indicators [8]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it discusses the performance of various strategies and their relative returns against benchmarks [36]. Core Insights - The industry rotation strategy utilizes four quadrants: macroeconomic, sentiment, technical, and economic conditions to construct factors that drive industry rotation. The strategy has shown strong performance since its inception in 2018, with annualized excess returns of 13.85% for single-factor multi-strategy and 7.28% for composite factor strategies by the end of 2025 [36]. - In 2025, the absolute return for the single-factor multi-strategy was 36%, with an excess return of 12.29% compared to an equal-weighted benchmark. The composite factor strategy achieved an absolute return of 38.1% with an excess return of 14.38% [36]. - The effectiveness of factors in 2025 showed significant differentiation, with macro factors performing exceptionally well, contributing over 23.8% in excess returns, while sentiment and economic factors contributed modestly at 4.1% and 7.1%, respectively. Technical factors underperformed with a -1.1% excess return [36]. Summary by Sections 1. Strategy Overview - The industry rotation strategy framework includes four dimensions: economic conditions, sentiment, technical indicators, and macroeconomic factors, which are used to construct scoring systems for industry selection [8][9]. 2. Factor Performance Analysis - Long-term performance of factors indicates that macro, sentiment, and economic factors have shown superior returns, with macro factors leading in long positions [19]. - Yearly performance of factors has demonstrated strong complementary effects, with at least one effective factor present each year [19]. 3. Weekly Performance of Strategy Holdings - In 2025, the strategies maintained a win rate above 50% throughout the year, with the first week post-recommendation showing weaker performance, followed by three weeks of stable positive excess returns [29][39]. 4. ETF Combination Strategy - The ETF strategy, which has been in place since 2014, has achieved approximately 11% annualized excess returns relative to the CSI 800 index, with an information ratio of 1.01 [34][39]. 5. Conclusion - The report concludes that the industry rotation strategy effectively utilizes multiple factors to achieve superior returns, particularly highlighting the strong performance of macroeconomic factors in 2025 [36].

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the ChiNext Index experiencing the highest increase of 2.51%, while the Hang Seng Index in Hong Kong fell by 1.13%. The leading ETFs were primarily linked to the new energy sector [1][11]. - Major global market indices experienced declines, with the Dow Jones Industrial Average down by 1.99% and the S&P 500 down by 1.60% [12]. ETF New Issuance Statistics - A total of 24 stock ETFs were reported in the A-share market last week, with 22 being industry-themed ETFs. Additionally, 11 stock ETFs were newly established [1][16]. - In the U.S. market, 10 equity ETFs were newly established, with 8 being actively managed ETFs [1][23]. Fund Flows A-share Market - The top 10 ETFs by net inflow were predominantly from the power sector, while the top 10 by net outflow were mainly from the oil sector. The ETF tracking the value 100 index saw significant inflows, while the ETF tracking the CSI A500 index experienced notable outflows [2][24]. - The new energy sector ETFs led the inflows among industry ETFs, while the central enterprise energy ETF and financial technology ETF saw the highest net inflows and outflows, respectively [2][24]. U.S. Market - In the U.S. market, safety-themed ETFs saw the highest net inflows, while resource management-themed ETFs experienced net outflows. Actively managed ETFs based on the Russell 3000 index had significant inflows, while those based on the S&P 500 index saw outflows [3][24]. ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -2.03%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index at -1.61% and -2.22%, respectively [4][29]. - The 50% base + intraday momentum strategy for the CSI 500 ETF and CSI 1000 ETF had returns of -1.66% and -0.84%, respectively, with excess returns of -1.01% and -0.71% compared to the corresponding 50% position ETFs [4][29].

Global and A-share Market Overview - The A-share market experienced an overall decline last week, with the North Stock Exchange 50 Index showing the largest drop of 7.14%. The Hong Kong market also saw a decrease, with the Hang Seng Index down by 3.28%. The leading gainers among ETFs were primarily from upstream sectors [1][14]. - The performance of major global market indices last week indicated a downward trend, with the Shanghai Composite Index down by 0.93% and the Shenzhen Component Index down by 2.22% [14]. ETF New Issuance Statistics - A total of 14 stock ETFs were reported in the A-share market last week, with 3 new stock ETFs established. In the US market, 6 equity ETFs were newly established, all of which were actively managed [1][17][23]. Fund Flow A-share Market - The top 10 ETFs with net inflows were predominantly from the oil sector, while the top 10 with net outflows were mainly broad-based index ETFs. The ETF tracking the Shanghai Composite Index had the highest net inflow, while the ETF tracking the CSI 500 Index had the highest net outflow [2][24]. - The upstream and materials sector ETFs saw significant net inflows, totaling 391.23 billion yuan, while the TMT sector experienced the largest net outflow of 49.16 billion yuan [31][32]. US Market - In the US market, safety-themed ETFs had the highest net inflows, while digital economy-themed ETFs saw the largest net outflows. The total net outflow from ETFs investing in A-shares and Hong Kong stocks amounted to 1.06 million USD [3][24]. ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 0.8%, with excess returns of 2.58% relative to the CSI Equal Weight Index and 1.87% relative to the CSI 300 Index. The 50% base + intraday momentum strategy showed returns of -1.32% and -1.37% for the CSI 500 ETF and CSI 1000 ETF strategies, respectively [4][29].

Financial Engineering - As of February 28, 2026, there are 13,817 existing funds in the market, an increase of 95 funds compared to the previous month. The total net asset value of funds is 37.23 trillion yuan, which is an increase of 9.7 billion yuan, indicating a slight growth in the fund market size [2] - In February 2026, the returns of value, balanced, and growth fund indices were 1.00%, 1.40%, and 0.72% respectively, with balanced funds outperforming growth funds, showing a certain degree of performance divergence among different styles of funds [2] ETF Market Tracking - As of February 28, 2026, there are 1,446 ETFs in the Shanghai and Shenzhen markets, an increase of 16 from the previous period. The total asset management scale is 5.39 trillion yuan, a decrease of 73.79 billion yuan, while the total shares amount to 33.4 trillion, an increase of 60.17 billion shares [3] - In February, the median return of stock ETFs was 0.70%, while cross-border ETFs had the lowest median return of -3.30%. Bond ETFs had a median return of 0.21%, outperforming commodity ETFs [3] - Cross-border ETFs exhibited the highest internal deviation in February, while stock and commodity ETFs had internal deviations of 3.18% and 0.89% respectively. Bond ETFs had the lowest internal deviation at 0.11% [3] ETF Strategy Tracking - The industry ETF rotation strategy focused on steel, coal, and non-ferrous metals in February 2026, achieving a cumulative return of 6.17%, significantly outperforming the cumulative return of the CSI 300 index at 0.09%, resulting in an excess return of 6.08%. Year-to-date, the strategy's cumulative return is 71.82%, compared to the CSI 300's 21.67%, yielding an excess return of 50.15% [4] - The PB-ROE framework's industry ETF rotation strategy focused on non-ferrous metals, transportation, and utilities in February 2026, with a cumulative return of 4.25%, again outperforming the CSI 300 index's 0.09% return, leading to an excess return of 4.16%. Year-to-date, this strategy's cumulative return is 34.51%, compared to the CSI 300's 21.67%, resulting in an excess return of 12.84% [4] Investment Recommendations - For March 2026, there is a positive outlook on the non-ferrous metals, steel, and coal industries, with corresponding ETFs recommended for these sectors. Additionally, based on the PB-ROE situation and supplementary indicators, the ETF rotation strategy suggests focusing on the communication, agriculture, forestry, animal husbandry, and coal industries, with corresponding ETFs recommended for these sectors as well [5]

Global and A-share Market Overview - The A-share market experienced an overall increase last week, with the CSI 1000 index showing the largest gain of 4.34% [1] - The Hong Kong stock market also saw a rise, with the Hang Seng Index increasing by 0.82% [1] - The top-performing ETFs were primarily those tracking upstream sector indices [1] ETF New Issuance Statistics - A total of 16 stock ETFs were reported in the A-share market last week, with one new stock ETF established [16] - In the US market, 12 new equity ETFs were established last week, all of which were actively managed [22] Fund Flows A-share Market - The top 10 ETFs by net inflow were mainly industry-themed ETFs, while the top 10 by net outflow were broad-based index ETFs [2] - The ETF tracking the CSI 1000 index had the highest net outflow, while the ETF tracking the Value 100 index had significant net inflow [2] - The new energy sector ETFs saw the highest net inflow among industry ETFs [2] US Stock ETF Market - The energy transition-themed ETFs had the highest net inflow, while digital economy-themed ETFs experienced the largest net outflow [3] - Among actively managed ETFs, the Avantis Emerging Markets Equity ETF saw the highest net inflow, while the Putnam Sustainable Leaders ETF had the largest net outflow [3] - A total net outflow of $1.21 million was recorded for ETFs investing in A-shares and Hong Kong stocks [3] Commodity Market - The mainland gold ETFs had a net inflow of 3.321 billion yuan, while US gold ETFs saw a net inflow of $3.414 billion [3] ETF Strategy Performance - The RRG ETF rotation strategy yielded a return of 7.83% last week, outperforming the CSI Equal Weight and CSI 300 indices by 5.21% and 6.75%, respectively [4] - The 50% base + intraday momentum strategy for the CSI 500 ETF and CSI 1000 ETF achieved returns of 2.41% and 2.18%, with excess returns of 0.25% and -0.02% compared to their respective 50% base ETFs [4]

Group 1: ETF Market Overview - As of February 6, 2026, there are 1,439 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 53,280.88 billion [2] - The breakdown includes 1,116 stock ETFs (31,401.67 billion), 53 bond ETFs (7,213.28 billion), 27 money market ETFs (1,615.16 billion), 17 commodity ETFs (3,225.87 billion), 211 cross-border ETFs (9,760.39 billion), and 15 unlisted ETFs (64.51 billion) [2] - In the week from February 2 to February 6, 2026, 10 new stock ETFs were listed, including two photovoltaic ETFs and eight others, with a total issuance scale of 36.04 billion [3] Group 2: ETF Performance Analysis - The median weekly return for stock ETFs was -1.63%, with the Sci-Tech Innovation Board New Energy ETF showing the highest increase of 4.09%, while the Gold Stock ETF had the largest decline of 13.25% [4] - The median weekly return for bond ETFs was 0.06%, with the 30-year Treasury ETF increasing by 0.93% and the convertible bond ETF decreasing by 0.30% [4] - The median weekly return for cross-border ETFs was -2.39%, with the Hang Seng Consumer ETF showing the highest increase of 4.81%, while the Brazil ETF had the largest decline of 11.63% [4] Group 3: PB-ROE Framework and Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB high ROE industries and low PB medium ROE industries for investment opportunities [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - A combined strategy from both quadrants resulted in an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the industries of non-ferrous metals, transportation, and public utilities, with corresponding ETFs for each sector [8] - Additionally, it suggests monitoring non-ferrous metals ETF, chemical ETF, software ETF, food and beverage ETF, and photovoltaic 50 ETF for the upcoming week [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report analyzes the market and ETF performance in the past week, and recommends industries and ETFs to focus on next week based on the PB - ROE framework and the ETF redemption sentiment indicator model [8][36] 3. Summary by Directory 3.1 Recent Market Overview (January 19 - 23, 2026) - Among the 31 Shenwan primary industries, 24 rose and 7 fell. The top three gainers were building materials (up 9.23%), petroleum and petrochemicals (up 7.71%), and steel (up 7.31%); the top three losers were banks (down 2.70%), communications (down 2.12%), and non - bank finance (down 1.45%) [4][11] - The Shanghai Composite Index closed at 4136.16, up 0.84% for the week; the Shenzhen Component Index closed at 14439.66, up 1.11% for the week; the ChiNext Index closed at 3349.50, down 0.34% for the week; the Beixin 50 Index closed at 1588.66, up 2.60% for the week; the Hang Seng Index closed at 26749.51, down 0.36% for the week. The average daily trading volume of the Shanghai and Shenzhen stock markets was 27727.12 billion yuan, and the total trading volume for the week was 13.86 trillion yuan [11] - Main funds had net outflows on 4 trading days and net inflows on 1 trading day, with a total net outflow of 125.207 billion yuan for the week. The industries with more net inflows of main funds were banks, non - bank finance, and non - ferrous metals; the industries with more net outflows were electronics, communications, and computers [4][11] 3.2 Recent ETF Market Performance (January 19 - 23, 2026) 3.2.1 Stock - type ETFs - 8 new stock - type ETFs were listed, including 2 battery ETFs and 6 other stock - type ETFs. 9 new ETFs were established, including 2 Shanghai - STAR Market chip ETFs and 7 other ETFs, with a total issuance scale of 4.416 billion yuan [5][18] - The median weekly increase or decrease of stock - type ETFs was 0.88%. Gold stock ETFs and photovoltaic leading ETFs performed well, with gold stock ETFs rising the most (13.17%); science and innovation semiconductor ETFs and financial real - estate ETFs performed poorly, with science and innovation semiconductor ETFs falling the most (3.86%) [5][21] - The average weekly share change of stock - type ETFs was a decrease of 51.8174 million shares. Chemical ETFs and power grid equipment ETFs had more share increases, with chemical ETFs increasing the most (6.316 billion shares); CSI 300ETF and SSE 50ETF had more share decreases, with Huatai - Ber瑞 CSI 300ETF decreasing the most (15.345 billion shares) [21] 3.2.2 Bond - type ETFs - The median weekly increase or decrease of 53 bond - type ETFs was 0.11%. Convertible bond ETFs had the highest increase (2.94%), and treasury bond ETFs had the lowest increase (0.01%). As of January 23, 2026, the scale of Haifutong CSI Short - term Financing ETF (511360.SH) was the largest, at 70.223 billion yuan [24] 3.2.3 Cross - border ETFs - The median weekly increase or decrease of cross - border ETFs was - 0.66%. The Brazilian ETF and the S&P Biotechnology ETF had high increases or decreases, with the Brazilian ETF rising the most (7.63%); the Hong Kong Stock Connect Innovative Drug ETF and the Hong Kong Innovative Drug ETF had low increases or decreases, with the Hong Kong Stock Connect Innovative Drug ETF falling the most (3.94%) [26] - Since the beginning of the year, the median increase or decrease of cross - border ETFs has been 3.84%. The China - South Korea Semiconductor ETF and the Hong Kong Medical ETF had high increases, with the China - South Korea Semiconductor ETF rising 23.87%; the Nasdaq ETF and the Nasdaq Technology ETF had high decreases, with the Nasdaq Technology ETF falling 2.79% [26] 3.3 PB - ROE Framework - based ETF Rotation Strategy Tracking - The strategy focuses on the communications, agriculture, forestry, animal husbandry, and fishery, and transportation industries, corresponding to their respective industry ETFs. This week, the strategy's cumulative return was 1.29%, the CSI 300 Index's cumulative return was - 0.62%, and the strategy's cumulative excess return relative to the CSI 300 Index was 1.91% [7][31] - Since 2023, the strategy's cumulative return has been 27.65%, the CSI 300's cumulative return has been 21.46%, and the strategy's cumulative excess return relative to the CSI 300 Index has been 6.19% [7][33] - Since 2022, the strategy's cumulative return has been 9.16%, the CSI 300's cumulative return has been - 4.81%, and the strategy's cumulative excess return relative to the CSI 300 Index has been 13.98% [35] 3.4 Investment Recommendations - Based on industry PB - ROE and supplementary indicators, the PB - ROE framework - based ETF rotation strategy recommends focusing on the communications, agriculture, forestry, animal husbandry, and fishery, and transportation industries next week, corresponding to their respective industry ETFs [8][36] - According to the ETF redemption sentiment indicator model, it is recommended to focus on breeding ETFs, satellite ETFs, pharmaceutical ETFs, securities ETFs, and science and innovation AI ETFs next week [8][36]

Report Industry Investment Rating No relevant content provided. Core Views - PB-ROE framework's ETF rotation strategy recommends next week to focus on the communication, agriculture, forestry, animal husbandry, and transportation industries, corresponding to their industry ETFs; the ETF redemption sentiment indicator model suggests focusing on the Science and Technology Innovation 50 ETF, SSE 50 ETF, Medical ETF, Photovoltaic ETF, and Robot ETF [9][40] - Combining PB and ROE for industry configuration may be a better choice; the third quadrant's high PB high ROE and the fifth quadrant's low PB medium ROE are key focus areas; combining the third and fifth quadrants to construct a comprehensive PB-ROE strategy has an annualized return of 11.93% and an annualized excess return of 13.22% [32][33] Summary by Directory 1. Recent Market Overview (January 12 - January 16, 2026) - Index performance: Shanghai Composite Index closed at 4101.91, down 0.45% for the week; Shenzhen Component Index closed at 14281.08, up 1.14%; ChiNext Index closed at 3361.02, up 1.00%; Beijing Stock Exchange 50 closed at 1548.33, up 1.58%; Hang Seng Index closed at 26844.96, up 2.34%. The average daily trading volume of the Shanghai and Shenzhen stock markets was 34250.96 billion yuan, and the total trading volume for the week was 17.13 trillion yuan [12] - Industry performance: Among 31 Shenwan primary industries, 13 industries rose and 18 fell. The top three gainers were computer (up 3.82%), electronics (up 3.77%), and non-ferrous metals (up 3.03%); the top three losers were national defense and military industry (down 4.92%), real estate (down 3.52%), and agriculture, forestry, animal husbandry, and fishery (down 3.27%) [5][12] - Main funds: Main funds had net outflows for 5 trading days and no net inflows, with a total net outflow of 2752.39 billion yuan for the week. The industries with more net inflows were banks, public utilities, and coal; the industries with more net outflows were national defense and military industry, power equipment, and computer [5][13] 2. Recent ETF Market Performance (January 12 - January 16, 2026) - Overall situation: As of January 16, 2026, there were 1411 ETFs in the Shanghai and Shenzhen stock markets, with a total asset management scale of 60766.01 billion yuan. There were 1101 equity ETFs (38892.41 billion yuan), 53 bond ETFs (7479.66 billion yuan), 27 money market ETFs (1529.88 billion yuan), 17 commodity ETFs (2751.84 billion yuan), 207 cross-border ETFs (10070.46 billion yuan), and 6 unlisted ETFs (41.76 billion yuan) [20] - Newly listed and established ETFs: 8 ETFs were newly listed, all equity ETFs; 7 ETFs were newly established, with a total issuance scale of 51.24 billion yuan [21] - Equity ETFs: The median weekly increase or decrease was 0.59%. Science and technology semiconductor ETFs and semiconductor equipment ETFs performed well, with the Science and Technology Semiconductor ETF Peng Hua rising the most at 12.46%; aerospace and high-end equipment ETFs performed poorly, with the Aerospace ETF falling the most at 6.88%. The average weekly share change was a decrease of 19.4716 million shares. Software ETFs and media ETFs had more share increases, while the Science and Technology Innovation 50 ETF and CSI 300 ETF had more share decreases [24] - Bond ETFs: The median weekly increase or decrease of 53 bond ETFs was 0.12%. The convertible bond ETF had the highest increase of 0.91%, while the science and technology innovation bond ETF had the highest decrease of 0.00%. As of January 16, 2026, the Haifutong CSI Short-term Financing ETF had the largest scale of 631.50 billion yuan [27] - Cross-border ETFs: The median weekly increase or decrease was 1.18%. The China-South Korea Semiconductor ETF and Hong Kong Stock Connect Internet ETF had the highest increases, with the China-South Korea Semiconductor ETF rising 6.11%; the Hong Kong Securities ETF and Nasdaq Biotechnology ETF had the highest decreases, with the Hong Kong Securities ETF falling 2.28%. Since the beginning of the year, the median increase or decrease was 3.82%, with the China-South Korea Semiconductor ETF and Hong Kong Medical ETF having higher increases, and the Nasdaq ETF and Nasdaq Technology ETF having higher decreases [29] 3. PB-ROE Framework's ETF Rotation Strategy Tracking - Factor effectiveness: PB factor and PB quantile factor show certain stratification ability, and PB quantile factor is more effective; ROE factor's effectiveness declined after 2018; using ROE factor is better than ROE quantile factor; expected ROE factor is better than expected ROE year-on-year factor. Combining PB and ROE for industry configuration may be a better choice [32] - Key quadrants: The third quadrant's high PB high ROE and the fifth quadrant's low PB medium ROE are key focus areas. From 2017 to February 2024, the compound annualized excess returns of the third and fifth quadrant portfolios were 4.27% and 1.55% respectively [32] - Strategy improvement: After supplementing the PB-ROE framework with four dimensions, the annualized excess returns of the third and fifth quadrant strategies were 4.78% and 3.94% respectively. Combining the two strategies, the annualized return was 11.93% and the annualized excess return was 13.22% [33] - Recent performance: This week, the strategy focused on the communication, agriculture, forestry, animal husbandry, and transportation industries, with a cumulative return of -0.86%, and an excess return of -0.29% compared to the CSI 300 Index [8][34] - Performance since 2023: The cumulative return was 26.03%, with an excess return of 3.81% compared to the CSI 300 Index [8][36] - Performance since 2022: The cumulative return was 7.77%, with an excess return of 11.99% compared to the CSI 300 Index [39] 4. Investment Recommendations - PB-ROE framework: Focus on the communication, agriculture, forestry, animal husbandry, and transportation industries next week, corresponding to their industry ETFs [9][40] - ETF redemption sentiment indicator model: Focus on the Science and Technology Innovation 50 ETF, SSE 50 ETF, Medical ETF, Photovoltaic ETF, and Robot ETF next week [9][40]