Group 1 - The article emphasizes that different stock markets do not move in unison, and understanding multiple markets can provide investors with more opportunities [2] - Global investment can significantly reduce volatility risk, and the article suggests a free course on investing in global stock markets through index funds [2][3] Group 2 - The article discusses three potential risks associated with the rapid growth of index funds, highlighting that they are not without flaws [4] - The first risk is monopoly risk, where a few dominant firms control a significant market share in both the index and index fund sectors, with major players like S&P Dow Jones, FTSE Russell, and MSCI holding 70%-80% of the index market [6] - The second risk involves the tendency of market capitalization-weighted indices to amplify price movements of overvalued stocks, which can lead to bubbles, as seen in the 1990s Nasdaq [10][11] - The third risk pertains to the lack of shareholder power, as index funds hold numerous stocks and cannot effectively participate in corporate governance, raising concerns about the long-term implications of their growing influence [12][13]

Industry Investment Rating No information provided in the report. Core Viewpoints - Last week, the number of newly issued theme products in the US ETF market increased, and the capital flow showed that domestic stock products had outflows while international stock products had inflows of over $8 billion. Bond products saw inflows and commodity ETFs turned to outflows. Futures - based strategies performed prominently, while stock long - short products performed weakly. In the US ordinary public fund market, the total amount of non - money public funds increased in January 2026, but there were significant outflows from domestic and international stock funds in February [2]. Summary by Directory 1. US ETF Innovation Products: Theme Product Issuance Increases - Last week, there were 10 newly issued products in the US, with an increase in the number of theme products. Defiance issued a 2x leveraged product targeting drones and aerial autonomous driving. Nicholas issued two theme products targeting military, rare metals, and nuclear energy, which can partially hold commodity futures and enhance returns through options. Roundhill issued a space technology ETF. An active emerging - market ETF combining active and quantitative strategies was issued by MFS, and MD Sass issued a high - concentration value ETF [7][8]. 2. US ETF Dynamics 2.1 US ETF Fund Flow: Domestic Stock Products Have Outflows - In the past week, US domestic stock products had outflows, while international stock products had inflows of over $8 billion. Bond products had inflows and commodity ETFs turned to outflows. Short - term bond ETFs had obvious inflows, as did developed - market ETFs and cross - border products such as those from Europe and South Korea. The SPDR S&P 500 ETF Trust had outflows of over $10 billion, and gold and corporate - bond ETFs also had outflows. Vanguard's products had relatively stable capital inflows, while the SPDR S&P 500 ETF had obvious continuous outflows [9][11][12]. 2.2 US ETF Performance: Futures - Based Strategies Perform Prominently - With the excellent performance of commodity assets such as gold, commodity futures - based strategies performed well and attracted more attention. iMGP's CTA replication strategy product had a return close to 10% this year and a scale of over $3 billion, and the number of similar products began to increase. Stock long - short products performed weakly [13]. 3. Recent US Ordinary Public Fund Capital Flows - In January 2026, the total amount of US non - money public funds was $24.07 trillion, an increase of $0.43 trillion compared to December 2025. In January, the S&P 500 rose 1.37%, and the scale of US domestic stock products increased by 1.23%. From February 18th to February 25th, US domestic stock funds had outflows of $14 billion, and the outflows in the first two months exceeded $100 billion. The outflows from international stock products also expanded to over $5 billion, while the inflows into bond products narrowed to $4.9 billion [14].

Group 1 - The overall performance of the A-share market declined last week, with the Shanghai Composite Index down by 1.07%, the CSI 500 down by 3.44%, and the STAR 50 down by 4.95% [5][7] - The H-share market also saw declines, with the Hang Seng Index down by 3.28% and the Hang Seng Tech Index down by 3.70% [5][7] - International equity markets experienced similar downturns, with the S&P 500 down by 2.02% and the NASDAQ 100 down by 1.27% [5][7] Group 2 - The bond market showed mixed results, with domestic bond yields declining while U.S. Treasury yields increased. The 30-year, 10-year, and 1-year Chinese government bond yields were reported at 2.2812%, 1.7810%, and 1.2858%, respectively, with slight decreases [8] - In contrast, U.S. Treasury yields for the same maturities were reported at 4.77%, 4.15%, and 3.55%, reflecting increases of 13 basis points, 18 basis points, and 7 basis points, respectively [8] Group 3 - Commodity prices showed varied trends, with gold prices declining. COMEX gold futures closed at $5,137.50 per ounce, down 2.70%, while Shanghai gold closed at ¥1,138.46 per gram, down 0.35% [9] - Copper prices also fell, with LME copper settling at $12,808 per ton, down 4.70% [10] - Conversely, crude oil prices rose significantly, with WTI crude at $90.90 per barrel, up 35.63%, and Brent crude at $92.69 per barrel, up 27.88% [12] Group 4 - The fund market saw a net outflow of capital, with southbound funds experiencing a net outflow of approximately HK$80.94 billion last week. The average daily trading volume of ETFs was about ¥576.75 billion [13] - In terms of fund issuance, there are currently 13,820 public funds in the market with a total net asset value of approximately ¥37.16 trillion. This week, around 36 new funds were issued, including 6 actively managed equity funds and 14 passive index equity funds [14][16]

Group 1 - The Shanghai Stock Exchange has approved Citic Securities Co., Ltd. to provide market-making services for the E Fund Hang Seng A-Share Electric Grid Equipment ETF starting from March 10, 2026, to enhance market liquidity and stability [1] - The announcement is part of the regulatory framework aimed at improving the operational efficiency of listed funds [1] Group 2 - The international oil prices have experienced a historic surge, indicating a significant shift in the global oil and gas market [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the intensified military conflict between the US - Israel and Iran at the end of February and the blockade of the Strait of Hormuz, which led to rising oil prices, the market is worried about the resurgence of US inflation. The US bond yields and the US dollar index rebounded, suppressing the prices of risk - assets globally. In the short term, the ongoing Middle - East geopolitical conflict is the main factor suppressing market risk appetite [2][12]. - In the context of the impact on risk appetite, the financial style can be used as a defensive allocation, and attention should be paid to the volatility risk of technology - growth stocks at relatively high levels. Future focus should be on the evolution of the US - Iran conflict, the navigation situation in the Strait of Hormuz, and the impact of oil price trends on global inflation and national monetary policies [3][13]. - The bond market is currently in a situation of mixed long and short factors. There may be short - term emotional suppression on the bond market, but there is also a demand for capital hedging. The market is still in a state of game, with possible short - term corrections in the shock. It is recommended to choose the opportunity to layout after the correction [4][14]. 3. Summary According to the Directory 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - Global risk - asset prices were generally under pressure. The domestic stock market showed a trend of "first decline and then stability" with relatively low volatility compared to overseas markets. The Shanghai Composite Index fell 0.93%, the ChiNext Index fell 2.45%, and the Hang Seng Index fell 3.28%. The value style outperformed the growth style, and large - cap stocks were relatively more resistant to decline. The average daily trading volume of the whole A - shares was 2641.8 billion, showing a month - on - month increase. The energy, military, and precious metal sectors performed strongly [12]. - The Middle - East situation escalated over the weekend. Iran's selection of a new leader and drone attacks may lead to extended conflicts and energy supply shortages. Domestically, the Two Sessions announced relevant policies, which were in line with market expectations [12]. 3.1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market continued to fluctuate. The 1 - year Treasury yield dropped 3.10BP to 1.39%, the 10 - year Treasury yield rose 0.57BP to 1.78%, and the 30 - year Treasury yield rose 0.86BP to 2.28%. The short - end yield declined significantly [14]. - The US bond yields rose across the board. The 1 - year US bond yield rose 7BP to 3.55%, the 2 - year US bond yield rose 18BP to 3.56%, and the 10 - year US bond yield rose 18BP to 4.15%. The CSI REITs total return index fell 0.79% to 1027.62 points, with data centers and consumer sectors leading the decline. Nine new public REITs made progress in the primary market [15]. 3.2 Fund Index Performance Tracking 3.2.1 Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style distribution according to the CSI equity - biased fund index. The performance benchmark is the CSI equity - biased fund index [19]. 3.2.2 Investment Style - Based Index - **Value Stock Fund Selection**: It includes deep - value and quality - value styles. Ten funds of deep - value, quality - value, and balanced - value styles are selected to form the index. The performance benchmark is the CSI 800 Value Index [19]. - **Balanced Stock Fund Selection**: Balanced - style fund managers balance stock valuation and growth. Ten funds of relatively balanced and value - growth styles are selected to form the index. The performance benchmark is the CSI 800 [22]. - **Growth Stock Fund Selection**: It aims to capture the performance and valuation double - click opportunities of high - growth companies. Ten funds of active - growth, quality - growth, and balanced - growth styles are selected to form the index. The performance benchmark is the 800 Growth Index [26]. 3.2.3 Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: Funds are selected based on the intersection market value ratio of equity holdings and the representative index. An evaluation system is established, and 15 funds are selected to form the index. The performance benchmark is the CSI All - Index Pharmaceutical and Healthcare Index [28]. - **Consumer Stock Fund Selection**: Funds are selected according to the intersection market value ratio of equity holdings and relevant representative indices. Ten funds are selected to form the index. The performance benchmark is the consumer - theme fund index [31]. - **Technology Stock Fund Selection**: Funds are selected based on the intersection market value ratio of equity holdings and relevant representative indices. Ten funds are selected to form the index. The performance benchmark is the technology - theme fund index [35]. - **High - end Manufacturing Stock Fund Selection**: Funds are selected according to the intersection market value ratio of equity holdings and relevant representative indices. Ten funds are selected to form the index. The performance benchmark is the high - end manufacturing - theme fund index [38]. - **Cyclical Stock Fund Selection**: Funds are selected based on the intersection market value ratio of equity holdings and relevant representative indices. Five funds are selected to form the index. The performance benchmark is the CS Cyclical Index [41]. 3.2.4 Money Enhancement Index - **Money Enhancement Strategy**: The index aims at liquidity management, pursues a curve that surpasses money funds and is smooth and upward. It mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [46]. 3.2.5 Pure Bond Index - **Short - Term Bond Fund Selection**: The index aims at liquidity management, pursues a smooth and upward curve while controlling drawdowns. Five funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities are selected to form the index. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Type Fund Index [48]. - **Medium - and Long - Term Bond Fund Selection**: The index invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and selects five funds with both returns and drawdown control. It adjusts the duration and the proportion of credit bond funds and interest - rate bond funds according to market conditions [51]. 3.2.6 Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: The equity center is positioned at 10%. Ten funds with an equity center within 15% in the past three years and recently are selected. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [52]. - **Medium - Volatility Fixed - Income + Selection**: The equity center is positioned at 20%. Five funds with an equity center between 15% - 25% in the past three years and recently are selected. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [55]. - **High - Volatility Fixed - Income + Selection**: The equity center is positioned at 30%. Five funds with an equity center between 25% - 35% in the past three years and recently are selected. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [56]. 3.2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: Funds with a convertible - bond investment ratio meeting certain conditions are used as the sample space. An evaluation system is established, and five funds are selected to form the index [60]. - **QDII Bond Fund Selection**: Six funds with stable returns and good risk control are selected according to credit and duration conditions to form the index [64]. - **REITs Fund Selection**: Ten funds with stable operation, reasonable valuation, and certain elasticity are selected according to the underlying asset types to form the index [65].

Report Industry Investment Rating - Not provided in the given content Core Views - The recent A-share market adjustment is driven by the resonance of external geopolitical shocks and market structural differentiation. The short-term direct cause is the external shock and the concentrated release of market sentiment. Although the medium - and long - term trend is mainly dominated by the domestic economic fundamentals and policy orientation, the uncertainty of the Middle East situation cannot be ignored [2]. - In the short term, the technology sector has corrected, and global stock market volatility has intensified. However, in the medium term, factors such as incremental macro - policies, accelerated A - share earnings growth, and net inflows of long - term funds into the stock market are expected to help the A - share market move forward steadily. It is recommended that investors balance their allocations between growth and value in the short term and overweight the growth style again after market sentiment stabilizes [2]. - The government work report has released positive policy signals, opening up broad development space for the capital market. With the continuous optimization and upgrading of the macro - economic structure, the development foundation of the capital market will be continuously consolidated, and the long - term potential development space is very broad [2]. - The operation in March should maintain the thinking of an oscillating market, not chasing high, not panicking when encountering sharp drops. Low - buying and rolling operations are still the main strategy [2]. Summary by Directory 01. Market Review - **Weekly Market Review**: Before the festival, the four major indices mainly fluctuated. The CSI 300 fell 1.54% weekly, the SSE 50 fell 1.07% weekly, the CSI 500 fell 3.44% weekly, and the CSI 1000 fell 3.64% weekly. The average daily trading volume of the four major indices increased significantly compared with the previous week [2][8]. - **Domestic Data (I) - Valuation Levels of the Four Major Indices**: The document presents the PE and quantile data of the CSI 300, SSE 50, CSI 1000, and CSI 500, but specific analysis is not provided [10][11][12]. - **Domestic Data (II) - Volatility and Basis Oscillate and Decline**: The basis and volatility data of the four major stock index options are shown, with the basis and volatility of the four major stock index options oscillating and declining [14][15]. - **Foreign Data - Increased Fluctuations and Rising Volatility of European and American Indices**: The volatility of European and American indices has increased, and the volatility has risen [18][19]. 02. Macroeconomic Analysis - **Domestic Macroeconomy (I)**: Data on GDP, state - owned industrial enterprise profits, social consumer goods retail sales, industrial added value, fixed - asset investment, and real estate development investment are presented, showing the development trends of different economic indicators [23][24][26]. - **Domestic Macroeconomy (III)**: The manufacturing PMI index has weakened, and the price index has stabilized and rebounded. Import and export data and CPI data are also presented [38][41][42]. - **Domestic High - Frequency Data (I)**: Data on high - frequency indicators such as crude steel production, rebar inventory, and excavator sales are presented [45][47][48]. - **Domestic High - Frequency Data (II)**: Data on real - estate - related indicators such as housing construction area, new housing starts, real - estate development funds, and commercial housing sales area are presented [52][53][54]. - **Foreign Macroeconomy (1)**: Data on the US non - farm payrolls, unemployment rate, inflation, and PMI, as well as the eurozone's inflation and PMI, are presented [58][59][61]. 03. Market Sentiment - **Funding Side**: The short - and long - term funding costs are stable. The document shows the data of open - market operations and SHIBOR interest rates [69][70][71]. - **Sentiment Side**: The buying interest of domestic funds has declined after the festival. The data on margin trading balance, trading volume, and public fund data are presented [73][74][75]. This Week's Market Important Information - **Brokerage Views**: Galaxy Securities believes that the A - share market may show a main line in the oscillation. The short - term focuses on sectors such as oil and gas, while the medium - and long - term focuses on sectors with improved supply - demand patterns and red - chip assets. CICC believes that policy synergy will boost the A - share "stable and progressive" pattern [77][78]. - **This Week's Key Events**: The US CPI and the "Fed's favorite inflation indicator" are released, and China's February CPI, PPI, import - export, and financial data are announced. Earnings reports of some companies are released, and important events such as the Iranian situation, the closing of the Two Sessions in China, and the start of the South Korea - US military exercises are attracting attention [78].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights a significant increase in crude oil prices by 29.35% due to geopolitical tensions, while gold prices have decreased by 2.17%. The commodity fund recorded a growth of 0.29% [3][52]. - The A-share market saw a decline, with the Shanghai Composite Index closing at 4124.19, down by 0.93%. The Shenzhen Component Index and other indices also experienced declines, with the largest drop being 7.14% for the CSI 2000 [7][8]. - In the bond market, the yields for 1-year, 3-year, and 10-year government bonds were 1.29%, 1.36%, and 1.78%, respectively, with slight decreases in yields [25]. - The fund market saw the establishment of 10 new funds, including 7 equity funds and 2 fixed income + funds, with notable sizes for the funds established [43]. Summary by Sections 1. Major Asset Market Overview (1) Equity - The Shanghai Composite Index closed at 4124.19, with a decline of 0.93%. The Shenzhen Component Index and other indices also saw declines, with the largest drop being 7.14% for the CSI 2000. The oil and petrochemical sectors showed significant gains of 8.06% and 3.79%, respectively, while media and technology sectors faced declines of 6.97% and 5.29% [7][8]. (2) Bonds - The report indicates that the 1-year, 3-year, and 10-year government bond yields are 1.29%, 1.36%, and 1.78%, respectively, with slight decreases in yields. The credit spreads for 1-year AAA corporate bonds and local government bonds were 35.63 BP and 36.19 BP, respectively [25][27]. (3) Commodities - The commodity market experienced a notable increase in crude oil prices by 29.35%, while gold prices decreased by 2.17%. Other commodities like industrial silicon and lithium carbonate also showed positive trends [35][36]. (4) Foreign Exchange - The report notes the exchange rates of major currencies against the RMB, with the US dollar appreciating by 0.62% while the euro depreciated by 1.19% [40][42]. 2. Fund Market Overview (1) New Fund Establishments - A total of 10 new funds were established, including 7 equity funds and 2 fixed income + funds, with significant sizes for the funds established [43]. (2) Quantity and Scale - As of March 6, 2026, there are 13,731 open-end public funds with a total scale of 37.68 trillion RMB. Equity funds account for the largest number at 7,376, while fixed income funds hold the largest scale at 23.65 trillion RMB [45][51]. (3) Performance - The report indicates that commodity funds had a relative increase of 0.29%, while QDII and equity funds faced declines of 2.85% and 2.52%, respectively [51][52].

证券研究报告 ETF 未来产业含量盘点 2026 年 3 月 08 日│中国内地 ETF 点评 ETF 市场观察：政策明确支持未来产业发展，哪些 ETF 持股比例较高？ 近期国家政策密集支持未来产业发展，明确将 6G、具身智能、未来能源、 脑机接口、量子科技等产业列为重点培育方向。基于此，我们采用"核心业 务关联/明确技术布局"的严格标准，对相关概念股进行筛选，并结合最新 指数成分权重，梳理了现有 ETF 在五大方向上的持股结构。结果显示，6G、 具身智能、未来能源分别在跟踪电信/通信、机器人、新能源车电池等类别 指数的 ETF 中含量较高；而量子科技和脑机接口等前沿领域，目前在严格 口径下尚缺乏纯粹主题标的，医疗器械类指数在脑机接口方向的权重占比相 对有限。 ETF 市场回顾：近一周宽基 ETF 净流出，A 股油气 ETF 规模快速增加 近一周（2026.3.2-2026.3.6）宽基 ETF 整体净流出，中证 500、沪深 300、 中证 1000ETF 的净流出额均在 50 亿元以上。行业主题 ETF 中，A 股油气 ETF 总规模在近一周内从 77 亿元增长到 282 亿元，单周规模增幅 265%， ...

Report Industry Investment Rating The document does not provide the industry investment rating. Core Views of the Report - From March 2, 2026, to March 6, 2026, all major equity market indices declined, with the STAR 50 index experiencing the largest drop of 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, with the top five gainers being petroleum & petrochemicals, coal, utilities, agriculture, forestry, animal husbandry & fishery, and banking; the top five losers were media, non-ferrous metals, computer, electronics, and building materials [1][12]. - The total scale of public - offering funds reached a new record, and the number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. In the fund performance, quantitative funds had the smallest decline, with an average drop of 2.29% and a positive - return ratio of 4.16%; fixed - income + funds dropped by 0.34% on average, with a positive - return ratio of 30.15%; pure - bond funds rose by 0.11% on average, with a positive - return ratio of 99.46%; pension target FOFs dropped by 1.86% on average, with a positive - return ratio of 0.00%; QDII funds dropped by 2.79% on average, with a positive - return ratio of 7.14% [2][30]. - Last week, the overall ETF market had a net capital inflow of 31.867 billion yuan. Commodity - type ETFs had a relatively large net inflow of 13.181 billion yuan. The daily average trading volume of the overall ETF market reached 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. Sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties, with the net capital outflow of the CSI Small - Cap 500 index approaching 10 billion yuan [3][42][45]. - Last week, 45 new funds were issued, an increase of 9 compared with the previous period; 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period [4][49][54]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Situation - Equity market: All major equity market indices declined, with the STAR 50 index dropping by 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, and the top five gainers and losers were as mentioned above. - Bond market: The ChinaBond Composite Full - Price Index rose by 0.06%, the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.06% and 0.10%, and the CSI Convertible Bond Index dropped by 2.07%. - Commodity market: The Nanhua Commodity Index rose by 6.43% [12]. 1.2欧美及亚太市场情况 All major indices in the European, American, and Asia - Pacific markets declined last week. In the US stock market, the S&P 500 index dropped by 1.55%, the Dow Jones Industrial Average dropped by 2.95%, and the Nasdaq index dropped by 1.24%. In the European market, the French CAC40 dropped by 6.84%, and the German DAX dropped by 6.70%. In the Asia - Pacific market, the Hang Seng Index dropped by 3.28%, and the Nikkei 225 dropped by 5.49% [19]. 1.3 Market Valuation Situation - The valuation quantiles of most major market indices declined last week. In terms of the historical quantiles of price - to - earnings ratio, the CSI 300 had the highest increase of 2.1 pct.; in terms of the historical quantiles of price - to - book ratio, the CSI 300 also had the highest increase of 1.3 pct. - Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio in the Shenwan primary index were real estate, comprehensive, electronics, chemical, and building materials. The real estate industry's price - to - earnings ratio quantile remained high, and the comprehensive industry's reached 94.2%. The bottom five industries with low historical quantiles of price - to - earnings ratio were non - bank finance, food and beverage, agriculture, forestry, animal husbandry & fishery, beauty care, and household appliances, with the non - bank finance industry's valuation approaching its historical low since 2013 [22]. 2. Active - Type Public - Offering Fund Situation Market Hotspots - The total scale of public - offering funds reached a new record. As of the end of January 2026, there were 165 public - offering fund management institutions in China, and the total net asset value of public - offering funds under management was 37.77 trillion yuan. The industry had achieved "ten consecutive increases" in scale [29]. - The number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. As of the end of February 2026, the average time for these institutions to reach the 10 - billion - yuan threshold from establishment was 7.81 years [30]. Fund Performance The performance of different types of funds is as described in the core views section, including the average returns and positive - return ratios of quantitative funds, fixed - income + funds, pure - bond funds, pension target FOFs, and QDII funds. The top - performing funds in different categories last week and this year are also provided [2][30][31]. Industry Positions Last week, the top industries with the highest position - increasing ratios in active equity funds were petroleum & petrochemicals, transportation, and coal; the top industries with the highest position - reducing ratios were electronics, pharmaceutical biology, and basic chemicals. The overall position of active equity funds on March 6, 2026, was 80.39%, an increase of 3.34 pct. compared with the previous period [2][37][38]. 3. ETF Fund Situation - The overall ETF market had a net capital inflow of 31.867 billion yuan last week. Commodity - type ETFs had a net inflow of 13.181 billion yuan. The daily average trading volume was 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. - In terms of individual securities, sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties [3][42][45]. 4. Fund Issuance Situation Statistics - Last week, 45 new funds were issued, an increase of 9 compared with the previous period, including 12 active equity - biased funds and 15 passive index funds. The issuance share of active equity funds was still at a historical low but showed an obvious upward trend this year. - 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period. The Southern Yixiang Steady Income Bond A managed by Sun Lumin and Yang Xu had the largest raising scale of about 4.988 billion yuan [4][49][54].