Core Viewpoint - The continuous net inflow into the CSI 300 ETF over the past seven trading days serves as a stabilizing signal amidst a declining A-share market, indicating institutional confidence in current valuations [2][3]. Group 1: Market Performance and ETF Inflows - Since March 16, 2026, the CSI 300 ETF has seen a net inflow of approximately 12.9 billion yuan over seven consecutive trading days, marking the first significant inflow this year after a period of net selling since January [2]. - The Shanghai Composite Index experienced a decline of over 4% on March 23, 2026, but the CSI 300 ETF and other major ETFs like the SSE 50 ETF and CSI 500 ETF attracted net purchases of around 4.2 billion yuan and 4.2 billion yuan, respectively [2]. - Historical data shows that during periods of significant net buying in the CSI 300 ETF, the market tends to respond positively, with an average return of 1.28% for the CSI All Share Index during these inflow periods [7]. Group 2: Regulatory Support and Institutional Behavior - The People's Bank of China emphasized the importance of maintaining stability in financial markets, prioritizing stocks, bonds, and foreign exchange, which reflects a strong commitment to market stability [3]. - The behavior of institutional investors, particularly the "national team" such as Central Huijin and the central bank, often correlates with net buying in broad-based ETFs during market downturns, indicating a strategic approach to stabilize the market [3]. Group 3: Historical Analysis of ETF Buying Patterns - An analysis of the CSI 300 ETF's inflow patterns from 2024 onwards identified nine distinct periods of continuous net buying lasting seven days or more, with an average net purchase of approximately 73.2 billion yuan per period [5]. - The longest recorded net buying period was from July 15 to August 9, 2024, lasting 19 days with a total net inflow of about 127 billion yuan [5]. - Following the end of net buying periods, historical data indicates a high probability of market recovery, with average returns of 5.77% after 20 trading days and 7.80% after 40 trading days [10]. Group 4: Investment Strategy Recommendations - Investors are advised to monitor the net inflow trends of major ETFs like the CSI 300 ETF as a key timing signal for entering the market, particularly during significant net buying periods [15]. - For clients holding long positions in subjective or quantitative strategies, maintaining patience is recommended, as historical data suggests favorable returns in the months following periods of substantial ETF inflows [15].

- The report introduces the **RSI (Relative Strength Index)** as a factor, which is calculated using the formula: $ RSI = 100 - \frac{100}{1 + RS} $ where RS represents the ratio of the average gain to the average loss over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 indicate an oversold market[2] - The report also calculates **Net Purchase (NETBUY)** as a factor, using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $ where NETBUY(T) is the net purchase amount, NAV(T-1) is the ETF's net asset value from the previous trading day, and R(T) is the return on the current day[2] - The report tracks **ETF performance metrics** such as daily price changes, RSI values, net purchases, and trading volumes for various ETFs, categorized into "broad-based" and "thematic" indices. Examples include ETFs tracking indices like CSI 300, CSI 500, and sector-specific indices such as non-bank financials and dividends[2][4] - The report provides detailed **RSI values** for various ETFs, such as: - CSI 300 ETFs: RSI values range from 40.03 to 41.72 - CSI 500 ETFs: RSI values range from 38.32 to 40.20 - CSI 1000 ETFs: RSI values range from 39.63 to 40.21 - Thematic ETFs (e.g., Semiconductor, Renewable Energy): RSI values range from 30.34 to 52.96[4][6] - The report evaluates **net purchase amounts** for ETFs, with examples including: - CSI 300 ETFs: Net purchases range from -20.87 billion to 1.15 billion - CSI 500 ETFs: Net purchases range from -4.85 billion to 1.01 billion - CSI 1000 ETFs: Net purchases range from -12.83 billion to 0.02 billion - Thematic ETFs: Net purchases range from -16.49 billion to 62.07 billion[4][6] - The report highlights **trading volumes** for ETFs, with examples including: - CSI 300 ETFs: Trading volumes range from 0.29 billion to 39.32 billion - CSI 500 ETFs: Trading volumes range from 1.03 billion to 45.84 billion - CSI 1000 ETFs: Trading volumes range from 0.35 billion to 35.07 billion - Thematic ETFs: Trading volumes range from 0.04 billion to 75.07 billion[4][6] - The report provides **qualitative evaluations** of the RSI and NETBUY factors, noting their utility in identifying overbought/oversold conditions and tracking fund flows, respectively[2]

- The report introduces the RSI (Relative Strength Index) as a quantitative factor, calculated using the formula: $ RSI = 100 - 100 / (1 + RS) $, where RS represents the ratio of average gains to average losses over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 suggest an oversold market[2] - Another quantitative factor mentioned is the net subscription amount (NETBUY), calculated using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $, where NETBUY(T) represents the net subscription amount, NAV(T-1) is the ETF's net asset value from the previous trading day, and R(T) is the return rate for the current day[2] - The report tracks daily trends in intraday trading using 5-minute interval price data, highlighting the highest and lowest prices with red dots. However, it notes potential data gaps due to missing intraday information[2] - The report categorizes ETFs into "Broad-based" and "Thematic" groups based on the indices they track, such as CSI 300, CSI 500, and industry-specific indices like non-bank financials and dividends[2] - The report provides detailed metrics for various ETFs, including RSI values, net subscription amounts, institutional holdings, and transaction volumes, offering insights into market trends and fund performance[4][6]

Core Viewpoint - China Coal Energy Co., Ltd. has shown a significant increase in stock price, rising by 5.06% to 17.65 CNY per share, with a trading volume of 979 million CNY and a market capitalization of 234.015 billion CNY as of March 11 [1][4]. Company Overview - China Coal Energy Co., Ltd. is located at 1 Huangsi Street, Chaoyang District, Beijing, established on August 22, 2006, and listed on February 1, 2008 [1][4]. - The company's main business segments include coal business (81.03% of revenue), coal chemical business (12.48%), coal mining equipment manufacturing (6.24%), other businesses (6.00%), financial services (1.57%), and supplementary income (0.63%) [1][4]. Shareholder Information - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of China Coal Energy, having reduced its holdings by 1.4517 million shares to 31.2208 million shares, representing 0.24% of circulating shares [2][5]. - The estimated floating profit from this transaction is approximately 26.5377 million CNY [2][5]. - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 422.258 billion CNY, yielding 1.11% year-to-date and 22.1% over the past year [2][5]. Fund Management - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has been in the position for 16 years and 285 days, managing assets totaling 550.928 billion CNY [3][6]. - During Liu Jun's tenure, the best fund return was 218.93%, while the worst return was -45.64% [3][6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The "mid - cap blue - chip" style is strengthening, and the market in March 2026 may follow the logic of the cycle + high - end manufacturing sectors. The report is optimistic about the cycle and manufacturing fields, suggesting to focus on chemical, non - ferrous (especially small and medium - sized metals), agricultural products and related shipping and transportation in the cycle field, and military industry, large aircraft, new energy, robots, high - end equipment in the manufacturing field. Based on the industry and style rotation model, it also recommends paying attention to non - ferrous metals, communication, national defense and military industry, coal, basic chemical industries and the mid - cap value style in March [7][60]. Summary by Directory ETF Market Overview - As of February 27, 2026, there are 1447 domestic ETF products, an increase of 49 compared with the beginning of the year, and the total scale is 5.39 trillion yuan, a rebound of 584 billion yuan from the previous month [7][10]. Dynamics of ETFs in Each Asset Class - **A - share ETFs**: There are 1093 A - share ETFs, an increase of 6 from the previous month, and the total scale is 3.12 trillion yuan, a rebound of 192 billion yuan. The scale of two products exceeds 100 billion yuan, and oil and gas, ship, and non - ferrous related products have the highest increases in performance [12][14]. - **Cross - border ETFs**: There are 257 cross - border ETFs, an increase of 2 from the previous month, and the total scale is 1.0179 trillion yuan, an increase of 2 billion yuan. South Korea - China chip, S&P oil and gas, and Brazil - related ETFs are relatively active, with the South Korea - China chip ETF from Huatai - Peregrine up more than 30% [21][23]. - **Bond ETFs**: There are 53 bond ETFs, the same as the previous month, and the total scale is 735 billion yuan, an increase of 137 billion yuan. Credit bond ETFs mainly composed of science and technology innovation bonds contribute the most to the increase [29]. - **Commodity ETFs**: There are 17 commodity ETFs, the same as the previous month, and the total scale is 344.3 billion yuan, a continuous increase of 21.4 billion yuan from the previous month. Soybean meal and non - ferrous ETFs have higher increases than gold ETFs in the past month [35]. Manager Landscape - **Manager Scale and Ranking**: The scale of leading fund managers has stabilized this month after a significant decline last month. As of February 27, 2026, Huaxia Fund and E Fund still rank top two in non - monetary ETF management scale. In terms of broad - based ETFs, Huaxia Fund ranks first, and in terms of industry ETFs, Huaxia Fund and E Fund are in the top two. The ranking of the top 20 in total ETF scale is also relatively stable this month [41]. - **Manager Competition Pattern Change**: The concentration of leading ETF managers has been declining since the beginning of 2026. As of February 27, 2026, the scale concentration of the top 10 managers has decreased by about 0.1 percentage points to 72.52% compared with the previous month, but the decline has narrowed significantly compared with the 4 - percentage - point decline last month [44]. Capital Flow Changes - **Large - scale Assets**: Capital has flowed out of A - share ETFs by over 200 billion yuan again, but the intensity has narrowed. It has continued to flow into cross - border and commodity ETFs. In the past month, capital has flowed out of the ETF market by 136.3 billion yuan in total, with A - share products having the largest outflow of 215.1 billion yuan, while cross - border and commodity products have inflows of 48 and 19 billion yuan respectively [7][47]. - **Sub - sectors**: Capital has significantly reduced its allocation to CSI 300, CSI 500, SSE 50, and science and technology innovation bonds, and increased its allocation to communication, Hang Seng Technology, gold, short - term financing bonds, and semiconductor/chip sectors [7][50]. Product Application Dynamics - In February 2026, 54 new product applications were received, an increase of 6 from the previous month. Products related to petroleum, electricity, agriculture and other industries with cyclical attributes had relatively more applications [58]. ETF Monthly Investment Strategy - **Based on Industry and Style Rotation Strategy**: The industry rotation strategy based on prosperity suggests being optimistic about non - ferrous metals, communication, national defense and military industry, coal, and basic chemical industries in March 2026. The style rotation strategy shows that the prosperity of the growth style may decline marginally in March, while the value style may diverge, and the mid - cap value style may continue to expand. - **Based on Subjective Strategy Analysis**: The investment focus will shift to "mid - cap blue - chips". It is recommended to focus on the cycle and manufacturing fields. In the cycle field, pay attention to chemicals, non - ferrous metals, agricultural products and related shipping and transportation; in the manufacturing field, focus on military industry, large aircraft, new energy, robots, and high - end equipment. - **March ETF Asset Pool**: A reference pool of equity ETFs for March 2026 is provided, covering mid - cap broad - based, strategy - based, technology - manufacturing, and cyclical sectors [60][78][79].

Core Viewpoint - Yutong Bus experienced a decline of 5.07% in stock price, reaching 29.56 CNY per share, with a trading volume of 728 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 65.44 billion CNY [1] Group 1: Company Overview - Yutong Bus Co., Ltd. is located at No. 6 Yutong Road, Guancheng Hui District, Zhengzhou, Henan Province, and was established on January 8, 1997, with its listing date on May 8, 1997 [1] - The company's main business involves the research, development, production, and sales of buses and bus components, with the revenue composition being: bus manufacturing segment 94.41%, foreign trade segment 32.14%, other segments 12.13%, and passenger transport segment 0.07% [1] Group 2: Shareholder Information - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of Yutong Bus, having reduced its holdings by 1.007 million shares in the third quarter, now holding 22.7272 million shares, which accounts for 1.03% of circulating shares [2] - The estimated floating loss for the ETF today is approximately 35.909 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 422.258 billion CNY, yielding 2.44% year-to-date and 23.84% over the past year [2] Group 3: Fund Holdings - Huatai-PB Fund's Huatai-PB Innovation Upgrade Mixed A (000566) holds 322,000 shares of Yutong Bus, representing 3.31% of the fund's net value, making it the sixth-largest holding [3] - The estimated floating loss for this fund today is about 50,880 CNY [3] - The fund was established on May 6, 2014, with a current scale of 317 million CNY, yielding 10.22% year-to-date and 29.48% over the past year [3]

Group 1 - Jiangsu Changjiang Electronics Technology Co., Ltd. (长电科技) experienced a stock price increase of 5.09%, reaching 49.31 CNY per share, with a trading volume of 2.949 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 88.236 billion CNY [1] - The company, established on November 6, 1998, and listed on June 3, 2003, specializes in integrated circuit system integration, design simulation, technology development, product certification, wafer testing, wafer-level packaging testing, system-level packaging testing, and chip testing, providing direct shipping services to semiconductor customers worldwide [1] - The main revenue composition of the company includes 99.59% from chip packaging and testing, 0.35% from other sources, and 0.05% from leasing income [1] Group 2 - Huatai-PB Asset Management's Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of Changjiang Electronics, having reduced its holdings by 1.0697 million shares in the third quarter, now holding 24.5011 million shares, which accounts for 1.37% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 58.5576 million CNY as of the current date [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a latest scale of 422.258 billion CNY, yielding 2.44% year-to-date, ranking 4224 out of 5572 in its category, and achieving a one-year return of 23.84%, ranking 2653 out of 4311 [2]

Core Viewpoint - The public fund industry is increasingly focusing on investor returns, as evidenced by a significant rise in dividend distributions, with a total of 829 public funds distributing over 36.4 billion yuan in dividends since the beginning of the year [1] Group 1: Dividend Distribution Trends - In the two trading days following the Spring Festival (February 24-25), 37 public fund products distributed a total of 302 million yuan in dividends [1] - This year, over half of the total dividend amount has come from equity funds, marking a shift from previous years where bond funds dominated [1] - Major broad-based ETFs, such as Huatai-PB CSI 300 ETF, led the distribution with over 9.8 billion yuan in dividends, highlighting their significant role in this dividend wave [1] Group 2: Active Management Funds - Actively managed funds have also shown strong dividend distribution, with several funds like China Europe Dividend Enjoyment A and China Europe New Trend A distributing over 350 million yuan in a single payout [2] - Some funds have distributed dividends multiple times within two months, indicating a proactive and stable dividend strategy [2] - Dividend-themed funds have contributed significantly, with products like Huatai-PB SSE Dividend ETF and Fortune CSI Dividend Index Enhanced A collectively distributing over 2.8 billion yuan [2] Group 3: Market Outlook - Fund managers from institutions that have already distributed dividends maintain a positive outlook on the market, particularly for resource and financial sectors [3] - Factors such as declining risk-free rates, ongoing capital market reforms, and supportive domestic demand policies are expected to create a favorable liquidity environment for the A-share market [3] - The anticipated stabilization of the A-share market is supported by improving export conditions and advancements in new technology industries [3]

Group 1 - China Metallurgical Group Corporation (China MCC) shares increased by 5.16%, reaching 3.26 CNY per share, with a trading volume of 1.061 billion CNY and a turnover rate of 1.86%, resulting in a total market capitalization of 67.559 billion CNY [1] - China MCC was established on December 1, 2008, and listed on September 21, 2009. The company is primarily engaged in engineering contracting, resource development, equipment manufacturing, real estate development, and other businesses [1] - The revenue composition of China MCC is as follows: engineering contracting accounts for 90.83%, specialty businesses 7.10%, comprehensive real estate 2.02%, and others 0.05% [1] Group 2 - Among the top ten circulating shareholders of China MCC, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) reduced its holdings by 5.8337 million shares, maintaining a total of 122 million shares, which represents 0.59% of the circulating shares [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a latest scale of 422.258 billion CNY. Year-to-date returns are 1.82%, ranking 4261 out of 5570, while the one-year return is 21.73%, ranking 2656 out of 4305, and since inception, the return is 120.12% [2] - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has a cumulative tenure of 16 years and 271 days, managing total fund assets of 550.928 billion CNY, with the best fund return during his tenure being 218.93% and the worst being -45.64% [2]

Group 1 - Satellite Chemical's stock increased by 5.08%, reaching 23.37 CNY per share, with a trading volume of 932 million CNY and a turnover rate of 1.21%, resulting in a total market capitalization of 78.725 billion CNY [1] - Satellite Chemical Co., Ltd. is located in Jiaxing, Zhejiang Province, established on August 3, 2005, and listed on December 28, 2011. The company's main business involves the production and sales of products such as polypropylene, acrylic acid and esters, ethylene glycol, ethylene oxide, and polyethylene [1] - The revenue composition of Satellite Chemical includes functional chemicals (52.08%), other businesses (24.27%), high polymer new materials (22.36%), and new energy materials (1.29%) [1] Group 2 - Among the top ten circulating shareholders of Satellite Chemical, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) reduced its holdings by 1.4421 million shares in the third quarter, now holding 28.6072 million shares, which accounts for 0.85% of the circulating shares [2] - The estimated floating profit from the current holdings of Huatai-PB CSI 300 ETF is approximately 32.3261 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a latest scale of 422.258 billion CNY, and has achieved a year-to-date return of 0.81% and a one-year return of 22.5% [2]