Market Strategy - The report suggests that the recent market adjustments provide an upward space, with structural factors determining excess returns. The release of short-seller pressure has led to a broad market rebound, supported by a decline in domestic market risk evaluation amidst rising global risk assessments. This rebound reflects the attraction of long positions due to improved odds [7]. Sector Strategy - The report highlights the transition of the cycle towards manufacturing, with new energy leading the manufacturing market. The importance of energy independence has been emphasized due to geopolitical conflicts, suggesting that mid-cap blue-chip stocks will expand from a simple cyclical price increase logic to a broader focus on "safety" and "independence" [3][7]. - In the photovoltaic sector, the report anticipates a valuation recovery driven by the backdrop of energy independence. The current public fund holdings in the photovoltaic industry are only 1.16%, indicating significant room for growth compared to 5.69% in mid-2022. This under-allocation suggests a potential for valuation improvement as expectations become more favorable [4][7]. - The coal sector is expected to show upward elasticity due to geopolitical tensions. The report notes that the price of thermal coal, a vital resource, may face policy constraints, while coking coal demand could rise due to improved profitability in coking enterprises. This could lead to a rebound in coking coal prices driven by fundamental factors [5][7]. Thematic Strategy - The report identifies that the new energy sector, particularly photovoltaic power, is positioned to become a core focus within the manufacturing sector. The global demand for energy is expected to continue growing, and the development of new energy sources will be a necessary choice for fossil fuel-importing countries like China and European nations [7]. - Specific stocks such as Jiejia Weichuang, Foster, and Haiyou New Materials are mentioned as potential investment opportunities within the photovoltaic sector, while companies like Huaibei Mining, Pingmei Shenma, Shanxi Coking Coal, and Lu'an Environmental Energy are highlighted in the coal sector [7].

Market Strategy - The report suggests that the market is currently in a "bottomed" state despite fluctuations, indicating a potential for recovery in the medium term. Investors are encouraged to focus on mid-cap blue-chip stocks during this period [2][6]. - The external shocks from geopolitical conflicts have largely been priced in by the market, leading to a decrease in risk perception within the domestic market, which supports a stable A-share market [2][6]. Sector Strategy - The report highlights that rising energy prices are positively impacting the agricultural sector, suggesting a strong investment opportunity due to the upward pressure on agricultural product prices caused by geopolitical disturbances [4][6]. - The agricultural sector is expected to benefit from increased production costs, which may lead to a consolidation of inefficient players and improve overall industry dynamics [4][6]. Thematic Strategy - The report emphasizes the importance of energy security, particularly in the photovoltaic sector, where new national standards are being developed to enhance safety and reliability. This shift is expected to benefit key manufacturers and core material suppliers in the solar industry [5][6]. - The report identifies specific investment opportunities in the agricultural sector, recommending stocks such as Hainan Rubber (601118), Longping High-Tech (000998), Muyuan Foods (002714), and Haida Group (002311) [4][6].

Core Insights - The report highlights that geopolitical tensions, particularly the escalation of the US-Iran conflict, are significantly impacting global asset prices and increasing risk aversion, although the direct impact on the Chinese economy is manageable [4][6] - It emphasizes the strengthening of mid-cap blue-chip stocks as a market style, suggesting that investment opportunities will concentrate on key sectors such as critical minerals, chemicals, energy, and agriculture, as well as technological breakthroughs representing new productive forces [4][6] - The report notes that rising commodity prices, driven by geopolitical factors, are expected to affect the agricultural sector, with a confirmed upward trend in grain prices and favorable fundamentals for planting and seed industries [4][6] Market Strategy - The report suggests maintaining a focus on mid-cap blue-chip stocks while being mindful of market rhythms, indicating that the current market environment is characterized by a strong oscillation pattern [4][6] - It recommends specific ETFs related to mid-cap blue-chip stocks and cash flow [4][6] Industry Strategy - The agricultural sector is highlighted as having growth potential due to geopolitical disturbances leading to price increase expectations, with domestic agricultural companies likely to expand their growth limits through international markets [4][6] - The report identifies specific agricultural companies as potential investment targets, including Hainan Rubber, Longping High-Tech, Muyuan Foods, and others [4][6] Thematic Strategy - The report discusses the recent policy initiatives from six departments aimed at promoting the comprehensive utilization of photovoltaic components, which is expected to create development opportunities in the solar industry [4][6] - It mentions specific ETFs related to the photovoltaic sector that could benefit from these developments [4][6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week (from February 24 to February 27, 2026), the median weekly return of equity ETFs was 1.54%. Among broad-based ETFs, the median return of CSI 1000 ETF was 4.30%, the highest. By sector, the median return of cyclical ETFs was 4.14%, the highest. By theme, the median return of photovoltaic ETFs was 3.89%, the highest [1][12]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, but the overall scale increased by 23.01 billion yuan. Among broad-based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan. By sector, the large financial ETF had the most net subscriptions, at 2.057 billion yuan. By hot theme, the securities ETF had the most net subscriptions, at 2.261 billion yuan [2]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares. Among the top 10 ETFs in terms of average daily margin trading volume and short - selling volume, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes, and CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [4]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked the top three in terms of the total scale of listed, non - monetary ETFs. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [5] Summary by Directory ETF Performance - Last week, the median weekly return of equity ETFs was 1.54%. Among broad - based ETFs, the median returns of CSI 1000, CSI 500, STAR Market, A500, SSE 500, ChiNext - related, and SSE 50 ETFs were 4.30%, 4.29%, 2.18%, 2.11%, 1.06%, 1.04%, and 0.16% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.06%, 0.04%, 0.02%, and - 1.52% respectively [12]. - By sector, the median returns of cyclical, technology, consumer, and large financial sector ETFs among equity ETFs last week were 4.14%, 1.43%, - 0.29%, and - 0.97% respectively [18]. - By hot theme, the median returns of photovoltaic, military, and dividend ETFs among equity ETFs last week were 3.89%, 3.12%, and 2.76% respectively, showing relatively strong performance; the median returns of liquor, bank, and securities ETFs were - 1.98%, - 0.99%, and - 0.42% respectively, showing relatively weak performance [18]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.1167 trillion yuan, 1.0232 trillion yuan, and 734.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 344.5 billion yuan and 163.9 billion yuan respectively [20]. - Among broad - based ETFs, the scales of SSE 500 and A500 ETFs were relatively large, at 589 billion yuan and 258.3 billion yuan respectively. The scales of STAR Market, CSI 500, ChiNext - related, SSE 50, and CSI 1000 ETFs were relatively small, at 191.6 billion yuan, 139.1 billion yuan, 127.7 billion yuan, 81 billion yuan, and 54.2 billion yuan respectively [20]. - By sector, as of last Friday, the scale of the technology sector ETF was 555.5 billion yuan, and the scale of the cyclical sector ETF was 366.8 billion yuan. The scales of large financial and consumer ETFs were relatively small, at 199.8 billion yuan and 198.9 billion yuan respectively [26]. - By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 198.9 billion yuan, 141.5 billion yuan, and 114.4 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, and the overall scale increased by 23.01 billion yuan; monetary ETFs had a net subscription of 305.1 million yuan, and the overall scale increased by 306.4 million yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption, at 467 million yuan, and its scale decreased by 337 million yuan; CSI 1000 ETF had the most net redemptions, at 8.124 billion yuan, and its scale decreased by 5.656 billion yuan [27]. - By sector, last week, the large financial ETF had the most net subscriptions, at 2.057 billion yuan, and its scale increased by 711 million yuan; the technology ETF had the most net redemptions, at 5.107 billion yuan, and its scale increased by 2.737 billion yuan. By hot theme, last week, the securities ETF had the most net subscriptions, at 2.261 billion yuan, and its scale increased by 1.646 billion yuan; the dividend ETF had the most net redemptions, at 2.391 billion yuan, and its scale decreased by 99.9 million yuan [31] ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.35%, 86.21%, 99.83%, 100.00%, 71.10%, and 97.32% quantiles respectively, and the price - to - book ratios were at the 54.91%, 73.58%, 100.00%, 86.54%, 68.70%, and 97.81% quantiles respectively. Since December 31, 2019, the current price - to - earnings ratio and price - to - book ratio of STAR Market - related ETFs are at the 77.70% and 80.68% quantiles respectively [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 93.39%, 22.46%, 21.06%, and 96.70% quantiles respectively, and their price - to - book ratios were at the 92.24%, 31.87%, 31.30%, and 93.97% quantiles respectively [40]. - As of last Friday, the price - to - earnings ratio quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.50%, 97.27%, and 96.78% respectively; the price - to - book ratio quantiles of AI, robot, and dividend ETFs were relatively high, at 98.68%, 96.12%, and 93.48% respectively [43]. ETF Margin Trading and Short - Selling - Overall, the margin trading balance and short - selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares [47]. - Among the top 10 equity ETFs in terms of average daily margin trading volume from Monday to Thursday last week, securities ETFs and STAR Market ETFs had relatively high average daily margin trading volumes. Among the top 10 equity ETFs in terms of average daily short - selling volume, CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [50][52]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs and had a relatively high management scale in multiple sub - fields such as scale - index ETFs, theme, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale - index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [56]. - Last week, 1 new ETF was established, namely E Fund CSI Battery Theme ETF. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [59]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Last week (from February 24 to February 27, 2026), the median weekly return of equity ETFs was 1.54%. Among broad - based ETFs, the median return of CSI 1000 ETF was 4.30%, the highest. By sector, the median return of cyclical ETFs was 4.14%, the highest. By theme, the median return of photovoltaic ETFs was 3.89%, the highest [1][12][18]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan, but the overall scale increased by 23.01 billion yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption of 467 million yuan; by sector, the large - financial ETF had the most net subscription of 2.057 billion yuan; by hot theme, the securities ETF had the most net subscription of 2.261 billion yuan [2][27][31]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer and large - financial ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [3][46]. - From last Monday to Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, securities ETFs and STAR Market ETFs had relatively high average daily margin trading purchases, while CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [4][50][52]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong - Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [5][59] 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 1.54%. The median returns of CSI 1000, CSI 500, STAR Market, A500, SSE 500, ChiNext - related, and SSE 50 ETFs were 4.30%, 4.29%, 2.18%, 2.11%, 1.06%, 1.04%, and 0.16% respectively. The median returns of commodity, monetary, bond, and cross - border ETFs were 3.06%, 0.04%, 0.02%, and - 1.52% respectively [12]. - By sector, the median returns of cyclical, technology, consumer, and large - financial sector ETFs among equity ETFs last week were 4.14%, 1.43%, - 0.29%, and - 0.97% respectively. By hot theme, the median returns of photovoltaic, military, and dividend ETFs were 3.89%, 3.12%, and 2.76% respectively, showing relatively strong performance; the median returns of liquor, bank, and securities ETFs were - 1.98%, - 0.99%, and - 0.42% respectively, showing relatively weak performance [18]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.1167 trillion yuan, 1.0232 trillion yuan, and 734.6 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 344.5 billion yuan and 163.9 billion yuan respectively. Among broad - based ETFs, the scales of SSE 500 and A500 ETFs were relatively large, at 589 billion yuan and 258.3 billion yuan respectively [20]. - By sector, as of last Friday, the scale of technology sector ETFs was 555.5 billion yuan, followed by cyclical sector ETFs with a scale of 366.8 billion yuan. The scales of large - financial and consumer ETFs were relatively small, at 199.8 billion yuan and 198.9 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 198.9 billion yuan, 141.5 billion yuan, and 114.4 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 36.867 billion yuan and the overall scale increased by 23.01 billion yuan; monetary ETFs had a net subscription of 3.051 billion yuan and the overall scale increased by 3.064 billion yuan. Among broad - based ETFs, SSE 50 ETF had the least net redemption of 467 million yuan, and its scale decreased by 337 million yuan; CSI 1000 ETF had the most net redemption of 8.124 billion yuan, and its scale decreased by 5.656 billion yuan [27]. - By sector, last week, the large - financial ETF had the most net subscription of 2.057 billion yuan, and its scale increased by 711 million yuan; the technology ETF had the most net redemption of 5.107 billion yuan, and its scale increased by 2.737 billion yuan. By hot theme, last week, the securities ETF had the most net subscription of 2.261 billion yuan, and its scale increased by 1.646 billion yuan; the dividend ETF had the most net redemption of 2.391 billion yuan, and its scale decreased by 999 million yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.35%, 86.21%, 99.83%, 100.00%, 71.10%, and 97.32% quantiles respectively, and the price - to - book ratios were at the 54.91%, 73.58%, 100.00%, 86.54%, 68.70%, and 97.81% quantiles respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of STAR Market - related ETFs are at the 77.70% and 80.68% quantiles respectively [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 93.39%, 22.46%, 21.06%, and 96.70% quantiles respectively, and their price - to - book ratios were at the 92.24%, 31.87%, 31.30%, and 93.97% quantiles respectively [40]. - As of last Friday, the price - to - earnings quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.50%, 97.27%, and 96.78% respectively; the price - to - book quantiles of AI, robot, and dividend ETFs were relatively high, at 98.68%, 96.12%, and 93.48% respectively [43]. ETF Margin Trading - Overall, the margin trading balance and short - selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 48.205 billion yuan in the previous week to 48.997 billion yuan, and the short - selling volume increased from 2.23 billion shares in the previous week to 2.3 billion shares [47]. - Among the top 10 equity ETFs with the highest average daily margin trading purchases from last Monday to Thursday, securities ETFs and STAR Market ETFs had relatively high average daily margin trading purchases. Among the top 10 equity ETFs with the highest average daily short - selling volumes, CSI 1000 ETFs and SSE 500 ETFs had relatively high average daily short - selling volumes [50][52]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale - index ETFs, theme, style, and strategy - index ETFs, and cross - border ETFs; E Fund ranked second, and had a relatively high management scale in scale - index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, and had a relatively high management scale in scale - index ETFs and theme, style, and strategy - index ETFs [56]. - Last week, 1 new ETF was established, which was E Fund CSI Battery Theme ETF. This week, 8 ETFs will be issued, including ICBC CSI Hong Kong - Stock Connect Internet ETF, Great Wall China Securities Free Cash Flow ETF, etc. [59]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the A-share market in China, focusing on market trends, sector performance, and investment opportunities post-Chinese New Year [1][2][3]. Key Points and Arguments Market Performance and Trends - The A-share market exhibited a strong oscillation pattern before the Chinese New Year, with the Shanghai Composite Index peaking at 4,142 points, aligning with the expected range of 4,000 to 4,150 points [2][3]. - Major indices failed to break above the 5-week moving average due to large funds suppressing market movements, indicating a preference for maintaining a range-bound market rather than a rapid upward trend [3][5]. - The market is currently in an ABC adjustment structure, with the B phase ongoing, suggesting that a clear upward movement is unlikely until the C phase is completed [9][14]. Sector Performance - Sectors that performed well before the holiday include technology growth, computing, electronics, media, and telecommunications, which are closely related to the mainstream market trends since September 24, 2022 [4]. - The consumer sector, particularly retail and general consumption, saw significant capital outflows, reflecting a lack of investor confidence in economic recovery [7]. - The food and beverage sector is not expected to experience a major upward trend, with a clear bearish pattern observed [8]. Investment Opportunities - Short-term investment strategies are recommended, focusing on sectors with lower price levels and potential for quick gains, such as brokers, building materials, and banks [20]. - The technology growth sector, including AI applications and robotics, may present localized investment opportunities, but significant upward trends are not anticipated [18]. - The first quarter of 2026 may see the non-ferrous metals sector forming a significant bottom, with a notable increase in the index by 97.5 points in 2025 [21]. Market Sentiment and Future Outlook - The market is expected to maintain a high-risk preference in the short term, with potential for continued focus on technology growth sectors, although caution is advised due to the last trading day before the holiday [6][15]. - New funds are advised to wait for clearer investment opportunities post-March, as the current environment does not favor long-term investments [19][16]. - The overall market structure is likely to remain balanced, with a mix of growth and value styles emerging [30]. Other Important Insights - The recent appreciation of the RMB, surpassing 6.89, is seen as beneficial for the A-share market, supporting a positive outlook for capital markets [11]. - The upcoming political events, such as the two sessions in March, are anticipated to provide clearer investment signals [16]. - The historical context of spring market movements suggests a potential for short-term volatility, but with a cautious approach to avoid chasing high prices [28][31]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the A-share market and relevant sectors.

Group 1 - The photovoltaic concept stocks have declined, with Maiwei Co., Ltd. dropping over 7%, and Sunshine Power, TCL Zhonghuan, and Jiejia Weichuang falling over 3% [1] - Related photovoltaic ETFs have also decreased by more than 2% [1] Group 2 - Specific ETF performance includes: - Guotai Photovoltaic ETF at 0.715, down 2.59% - Photovoltaic ETF Index Fund at 0.869, down 2.58% - Photovoltaic ETF at 1.098, down 2.66% - Other ETFs also show similar declines ranging from 2.21% to 2.66% [2] Group 3 - Some brokerages indicate that the current valuation of the photovoltaic industry remains historically low [2] - Future prospects include measures to address product sales prices, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards, which are expected to be implemented [2] - The competitive landscape and industrial chain ecology of the photovoltaic industry are anticipated to optimize, presenting opportunities for valuation recovery [2]

- The report does not contain any quantitative models or factors related to quantitative investment analysis. The content primarily focuses on ETF performance, scale changes, valuation, financing, and other market-related data[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62][63][64][65][66][67][68][69][70][71][72][73][74][75][76][77][78][79][80][81][82][83][84]

- The report primarily focuses on ETF performance, scale changes, and valuation metrics, with no mention of quantitative models or factors[1][2][3][4] - It provides detailed data on ETF weekly returns, net subscriptions/redemptions, and valuation percentiles across various categories like broad-based, sector, and thematic ETFs[2][3][36] - Specific thematic ETFs such as AI, chip, and photovoltaic ETFs are highlighted for their performance and valuation metrics, but no quantitative models or factors are discussed[19][36][45]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - Last week (from February 2, 2026, to February 6, 2026), the median weekly return of equity ETFs was -1.71%. Among broad - based ETFs, the Shanghai Stock Exchange 50 ETF had the smallest decline, and among sector ETFs, consumer ETFs had the highest return. Among hot - topic ETFs, photovoltaic ETFs had the highest return. Last week, equity ETFs had a net redemption of 2.056 billion yuan, with the Science and Technology Innovation Board ETF having the highest net subscription among broad - based ETFs, technology ETFs having the highest net subscription among sector ETFs, and AI ETFs having the highest net subscription among topic - based ETFs. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed, non - monetary ETFs [1][2][61] 3. Summary According to Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was -1.71%. Among broad - based ETFs, the Shanghai Stock Exchange 50 ETF had a median change of -0.82%, the smallest decline. By sector, consumer ETFs had a median change of 0.10%, the highest return. By topic, photovoltaic ETFs had a median change of 3.09%, the highest return. The median changes of bond, money - market, cross - border, and commodity ETFs were 0.02%, 0.02%, -2.19%, and -6.07% respectively [1][12][18] ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.097 trillion yuan, 1.0195 trillion yuan, and 721.3 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 322.9 billion yuan and 160 billion yuan respectively. Among broad - based ETFs, the CSI 300 and A500 ETFs had relatively large scales. Last week, equity ETFs had a net redemption of 2.056 billion yuan and a total scale reduction of 80.468 billion yuan; money - market ETFs had a net subscription of 6.311 billion yuan and a total scale increase of 6.325 billion yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest net subscription of 5.501 billion yuan, and its scale decreased by 5.248 billion yuan; the CSI 500 ETF had the highest net redemption of 11.647 billion yuan, and its scale decreased by 15.917 billion yuan. By sector, technology ETFs had the highest net subscription of 10.405 billion yuan, and their scale decreased by 18.479 billion yuan; cyclical ETFs had the highest net redemption of 9.527 billion yuan, and their scale decreased by 21.091 billion yuan. By hot - topic, AI ETFs had the highest net subscription of 4.472 billion yuan, and their scale decreased by 3.271 billion yuan; photovoltaic ETFs had the highest net redemption of 0.8 billion yuan, and their scale decreased by 0.198 billion yuan [2][22][29] ETF Benchmark Index Valuation - As of last Friday, in the broad - based ETFs, the ChiNext and Shanghai Stock Exchange 50 ETFs had relatively low valuation quantiles. By sector, the large - finance and consumer ETFs had relatively moderate valuation quantiles. By sub - topic, the wine and new energy vehicle ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantile of the wine ETF increased significantly [3][44][47] ETF Margin Trading - From last Monday to Thursday, the margin trading balance of equity ETFs decreased from 52.343 billion yuan in the previous week to 52.046 billion yuan, and the short - selling volume increased from 2.205 billion shares in the previous week to 2.312 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin purchases, and the CSI 1000 ETFs and CSI 500 ETFs had relatively high average daily short - selling volumes [4][51][54] ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed, non - monetary ETFs, with a relatively high management scale in multiple sub - fields such as scale - based index ETFs, topic - based, style, and strategy - based index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale - based index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with a relatively high management scale in scale - based index ETFs and topic - based, style, and strategy - based index ETFs [55]