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

Group 1 - The consumer and photovoltaic sectors saw significant gains last week, with several related ETFs rising over 3% [1][2] - The A-share market's broad-based products experienced active trading, with ETFs tracking the CSI A500 index exceeding a total transaction volume of 250 billion yuan [1][2] - The market outlook for February suggests a continuation of the upward trend, driven by concentrated earnings forecasts and the recovery of leading companies' performance [1][4] Group 2 - The Hong Kong consumer sector performed strongly, with ETFs such as the Hang Seng Consumer ETF leading the gains [2] - Gold-related ETFs faced a downturn, with an average decline of over 5% across 14 commodity gold ETFs, and some gold stock ETFs dropping more than 13% [2] - The technology sector attracted significant capital inflow, with the Huatai-PineBridge Hang Seng Technology ETF seeing a net inflow of over 3.8 billion yuan last week [3] Group 3 - Several asset management institutions have released macro outlooks for China's equity market in 2026, highlighting diverse growth paths driven by the 14th Five-Year Plan [4][5] - Key investment areas identified include technology, manufacturing, renewable energy, healthcare, and emerging consumer sectors [4][5] - The market is expected to maintain a structural trend in February, with a focus on core growth assets that are currently at historical median valuation levels [5]

Group 1 - The consumer and photovoltaic sectors saw significant gains, with several related ETFs rising over 3% last week, while gold and artificial intelligence sectors experienced declines, with some ETFs dropping over 9% [1][2] - A-shares market showed active trading in broad-based products, with ETFs tracking the CSI 500 index exceeding a total trading volume of 250 billion yuan, and those tracking the Sci-Tech 50 index surpassing 30 billion yuan [1][2] - The market outlook for February suggests a continuation of the upward trend, driven by concentrated earnings forecasts and the recovery of leading companies' performance, benefiting core assets [1][4] Group 2 - The Hong Kong consumer sector performed strongly, with ETFs such as the Hang Seng Consumer ETF leading the gains, while the photovoltaic sector also showed positive performance [1] - The gold sector underperformed, with commodity gold ETFs declining over 5%, and gold stock ETFs experiencing even greater declines, with some dropping over 13% [2] - The technology sector attracted significant capital inflow, with the Hang Seng Technology ETFs seeing substantial net inflows, particularly the Huatai-PineBridge Hang Seng Technology ETF, which had a net inflow of over 3.8 billion yuan last week [2] Group 3 - The satellite communication sector also experienced notable capital inflow, with the Yongying National Commercial Satellite Communication Industry ETF seeing a net inflow of over 1.8 billion yuan [3] - Several ETFs, including the Huazhong Gold ETF and the Southern CSI Nonferrous Metals ETF, reported net inflows exceeding 10 billion yuan this year [3] - Investment firms are focusing on five key areas for the Chinese equity market by 2026: technology, manufacturing, renewable energy, healthcare, and emerging experiential consumption [3] Group 4 - The market is expected to stabilize in February, with a shift in focus from January's credit and liquidity performance to macro and industry clues [4] - The "14th Five-Year Plan" is anticipated to provide a clearer framework for high-quality development and new growth drivers, stabilizing market perceptions of future growth [4] - Core assets are recommended for continued attention, as their valuations are at historical median levels, with stable profit expectations and increasing foreign capital inflow [4]

Report Industry Investment Rating - Not provided in the content Core View of the Report - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Summary by Relevant Catalogs Market Overview - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Stock ETF - The top-traded stock ETFs on February 4, 2026, were Huaxia CSI A500 ETF, which rose 0.73% with a discount rate of 0.73%; Huatai-PineBridge CSI A500 ETF, which rose 0.69% with a discount rate of 0.65%; and Southern CSI 500 ETF, which rose 0.26% with a discount rate of 0.28% [3][7] Bond ETF - The top-traded bond ETFs on February 4, 2026, were Haifutong CSI Short-term Financing ETF, which rose 0.01% with a discount rate of 0.01%; Bosera CSI Convertible and Exchangeable Bond ETF, which fell 0.12% with a discount rate of -0.20%; and Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF, which fell 0.05% with a discount rate of -0.08% [4][9] Gold ETF - On February 4, 2026, gold AU9999 rose 3.86%, and Shanghai Gold rose 4.40%. The top-traded gold ETFs were Huaan Gold ETF, which rose 4.27% with a discount rate of 3.66%; Bosera Gold ETF, which rose 4.43% with a discount rate of 3.67%; and E Fund Gold ETF, which rose 4.40% with a discount rate of 3.65% [12] Commodity Futures ETF - On February 4, 2026, Dacheng Nonferrous Metals Futures ETF rose 0.85% with a discount rate of 2.42%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.33% with a discount rate of 1.20%; and Huaxia Feed Soybean Meal Futures ETF rose 0.20% with a discount rate of 4.52% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.34%, the Nasdaq Composite fell 1.43%, the S&P 500 fell 0.84%, and the German DAX fell 0.07%. On February 4, 2026, the Hang Seng Index rose 0.05%, and the Hang Seng China Enterprises Index fell 0.05%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 2.10% with a discount rate of 1.75%; Huatai-PineBridge CSI KRX Korea-China Semiconductor ETF, which fell 1.18% with a discount rate of 13.24%; and Huaxia Hang Seng Tech ETF, which fell 1.39% with a discount rate of -1.20% [16] Money ETF - The top-traded money ETFs on February 4, 2026, were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [18]

Group 1: Market Overview - On February 3, the A-share market rebounded after a dip, with resource-related ETFs such as gold, non-ferrous metals, and mining showing strong performance [1] - Multiple popular thematic ETFs saw significant inflows during the volatile market, with the Guotai Gold ETF experiencing a net inflow of over 2.2 billion yuan despite declines of 7.33% and 10% on January 30 and February 2, respectively [1][9] - The market is characterized by a clear divergence in hotspots, with the technology sector and cyclical sectors showing upward resonance [11] Group 2: Performance of Thematic ETFs - Non-ferrous metals and gold sectors experienced a notable rebound, with several related thematic ETFs rising over 5% [2] - The Huazhang Gold ETF closed with a gain of 5.19% and a trading volume of 21.613 billion yuan [3] - Specific ETFs such as the Zhonghan Semiconductor ETF and Guotai Photovoltaic ETF saw increases exceeding 6% [6] Group 3: Fund Inflows - The Guotai Gold ETF led the market in net inflows, with 1.371 billion yuan on February 2 and 871 million yuan on January 30 [10] - The Boshi Convertible Bond ETF also attracted significant inflows, with 1.054 billion yuan on February 2 and 276 million yuan on January 30 [9][10] Group 4: Sector Insights - The recent sharp decline in gold prices is viewed as a short-term technical adjustment rather than a long-term trend reversal, with macro structural factors supporting gold remaining intact [4] - The semiconductor sector, particularly the Zhonghan Semiconductor ETF, has shown a trading turnover rate exceeding 120%, with a cumulative increase of over 40% since 2026, leading the ETF market [7]

Market Overview - As of January 30, the total ETF margin balance in the two markets is 120.251 billion yuan, a decrease of 2.896 billion yuan from the previous trading day [1] - The financing balance is 112.88 billion yuan, down by 2.768 billion yuan, while the securities lending balance is 7.371 billion yuan, a decrease of 129 million yuan [1] - In the Shanghai market, the ETF margin balance is 84.19 billion yuan, a reduction of 1.917 billion yuan, with a financing balance of 77.757 billion yuan, down by 1.8 billion yuan [1] - The Shenzhen market's ETF margin balance is 36.061 billion yuan, decreasing by 979 million yuan, with a financing balance of 35.122 billion yuan, down by 967 million yuan [1] ETF Margin Financing Balances - The top three ETFs by margin balance on January 30 are: 1. Huaan Yifu Gold ETF (7.783 billion yuan) 2. E Fund Gold ETF (4.156 billion yuan) 3. Guotai CSI All-Share Securities Company ETF (3.892 billion yuan) [2] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on January 30 are: 1. Hai Futong CSI Short Bond ETF (4.538 billion yuan) 2. Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (2.375 billion yuan) 3. Huaan Yifu Gold ETF (1.598 billion yuan) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on January 30 are: 1. E Fund CSI Hong Kong Securities Investment Theme ETF (84.1736 million yuan) 2. Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (48.62 million yuan) 3. Fuguo Shanghai Composite Index ETF (42.3782 million yuan) [5] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on January 30 are: 1. Southern CSI 1000 ETF (74.7985 million yuan) 2. Huatai-PB Shanghai and Shenzhen 300 ETF (18.0902 million yuan) 3. Southern CSI 500 ETF (11.3948 million yuan) [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the market performance of A - shares and various ETFs on January 28, 2026, including the performance of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the price changes and trading volumes of different types of ETFs [2][3][4]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index rose 0.27% to close at 4151.24 points, the Shenzhen Component Index rose 0.09% to close at 14342.89 points, and the ChiNext Index fell 0.57% to close at 3323.56 points. The trading volume of A - shares in the two markets was 29919 billion yuan. The top - performing industries were non - ferrous metals (5.92%), petroleum and petrochemical (3.54%), and coal (3.42%), while the bottom - performing industries were comprehensive (-2.53%), media (-1.77%), and national defense and military industry (-1.68%) [2][6]. Stock ETF - The top - trading - volume stock ETFs included: Huatai - Peregrine CSI 300 ETF, up 0.32% with a discount rate of 0.24%; E Fund CSI 300 ETF, up 0.29% with a discount rate of 0.19%; and China AMC CSI 300 ETF, up 0.27% with a discount rate of 0.18% [3][7]. - The report also provided a table of the top ten stock ETFs by trading volume, showing details such as code, fund name, price, change rate, tracking index, and discount rate [8]. Bond ETF - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, down 0.00% with a discount rate of 0.00%; China AMC Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF, up 0.04% with a discount rate of 0.03%; and Bosera CSI Convertible and Exchangeable Bond ETF, up 0.99% with a discount rate of 1.22% [4][9]. - A table of the top five bond ETFs by trading volume was presented, including code, fund name, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 3.57% and Shanghai Gold rose 3.27%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 3.16% with a discount rate of 3.23%; E Fund Gold ETF, up 3.19% with a discount rate of 3.22%; and Bosera Gold ETF, up 3.20% with a discount rate of 3.20% [10]. - A table of the gold ETFs showed details such as code, fund name, price, change rate, trading volume, IOPV, and discount rate [11]. Commodity Futures ETF - Dacheng Non - ferrous Metals Futures ETF rose 0.74% with a discount rate of 0.98%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.53% with a discount rate of 1.27%; and China AMC Feed Soybean Meal Futures ETF rose 0.76% with a discount rate of 3.92% [11]. - A table provided information on the commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, discount rate, tracking index, and tracking index change rate [12]. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.83%, the Nasdaq rose 0.91%, the S&P 500 rose 0.41%, and the German DAX fell 0.15%. On this day, the Hang Seng Index rose 2.58% and the Hang Seng China Enterprises Index rose 2.89%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, up 0.62% with a discount rate of - 0.43%; Huatai - Peregrine Hang Seng Technology ETF, up 1.88% with a discount rate of 1.56%; and Huatai - Peregrine CSI KRX China - South Korea Semiconductor ETF, up 7.43% with a discount rate of 17.96% [14]. - A table of the top five cross - border ETFs by trading volume was shown [15]. Money ETF - The top - trading - volume money ETFs were: Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [16]. - A table presented the top three money ETFs by trading volume [17].

Market Overview - The market rebounded yesterday with all three major indices turning positive, driven by strong performance in the chip industry, precious metals, CPO concepts, and space photovoltaic concepts [1] - Conversely, sectors such as coal and batteries experienced significant declines [1] ETF Fund Flows - On January 27, the non-monetary ETF market saw significant inflows, with the following notable changes: - Huaxia CSI Segmented Nonferrous Metals Industry ETF saw an increase of 704 million shares and a net inflow of 1.657 billion yuan - Huaan Gold ETF increased by 119 million shares with a net inflow of 1.293 billion yuan - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF increased by 74 million shares with a net inflow of 1.088 billion yuan [1][2] ETF Performance - The top 20 ETFs by net inflow as of January 27 include: - Southern CSI Shenwan Nonferrous Metals ETF with a net inflow of 14.474 billion yuan - Huaxia CSI Electric Grid Equipment Theme ETF with a net inflow of 12.740 billion yuan - Penghua CSI Segmented Chemical Industry Theme ETF with a net inflow of 11.980 billion yuan [4] Overall Market Data - As of January 27, the total ETF shares in the market reached 32,858.54 billion shares, with a total scale of 56,365.94 billion yuan - The financial sector saw the largest increase in shares, with 26 funds tracking it - The largest increase in thematic shares was in the CSI Segmented Chemical Industry, with 6 funds tracking it - The highest return index was the Sino-Korean Semiconductor, which increased by 3.98% with 1 fund tracking it [4]

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

Report Overview - The report provides an overview of the A-share market, ETFs, and other financial instruments on January 23, 2026 [2][6]. Market Overview - The Shanghai Composite Index rose 0.33% to 4136.16 points, the Shenzhen Component Index rose 0.79% to 14439.66 points, and the ChiNext Index rose 0.63% to 3349.50 points [2][6]. - The total trading volume of A-shares was 31184 billion yuan [2][6]. - The top-performing sectors were power equipment (3.50%), non-ferrous metals (2.73%), and national defense and military industry (2.65%), while the worst-performing sectors were communication (-1.52%), banking (-0.90%), and coal (-0.76%) [2][6]. Stock ETF - The top-traded stock ETFs were Huatai-PineBridge CSI 300 ETF (-0.49%, discount rate -0.56%), E Fund CSI 300 ETF (-0.46%, discount rate -0.59%), and ChinaAMC CSI 300 ETF (-0.49%, discount rate -0.59%) [3][7]. Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (0.02%, discount rate 0.00%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (0.09%, discount rate 0.13%), and Bosera CSI Convertible and Exchangeable Bond ETF (1.28%, discount rate 1.26%) [4][9]. Gold ETF - Gold AU9999 rose 2.46%, and Shanghai Gold rose 2.55%. The top-traded gold ETFs were HuaAn Gold ETF (2.67%, discount rate 2.57%), E Fund Gold ETF (2.73%, discount rate 2.59%), and Bosera Gold ETF (2.67%, discount rate 2.59%) [12]. Commodity Futures ETF - Dacheng Non-ferrous Metals Futures ETF rose 1.61% with a discount rate of 1.56%, China Construction Bank Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 2.54% with a discount rate of 3.68%, and ChinaAMC Feed Soybean Meal Futures ETF fell 0.30% with a discount rate of 3.57% [13]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.63%, the Nasdaq Composite rose 0.91%, the S&P 500 rose 0.55%, and the German DAX rose 1.20%. On January 23, the Hang Seng Index rose 0.45%, and the Hang Seng China Enterprises Index rose 0.51%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (-0.58%, discount rate -1.29%), GF CSI Hong Kong Innovative Drug ETF (1.30%, discount rate 0.79%), and Huatai-PineBridge Hang Seng Technology ETF (0.67%, discount rate -0.21%) [16]. Money Market ETF - The top-traded money market ETFs were Silver HuaRui Daily Interest ETF, Huabao Tianyi ETF, and China Construction Bank Money Market ETF [18].