Group 1: Report Overview - The report is a weekly strategy report on industry rotation TF from February 2, 2026, to February 8, 2026, released on February 9, 2026 [1][2] - The strategy is based on two previous reports and constructs an ETF - based strategy portfolio [2] Group 2: Investment Recommendations Current Holdings and Changes - ETFs to be continued to hold include Building Materials ETF (159745, market value 21.67 billion yuan), Real Estate ETF (159707, market value 6.40 billion yuan), Petrochemical ETF (159731, market value 17.46 billion yuan), Chemical ETF (159870, market value 340.36 billion yuan), and Rare Metals ETF (562800, market value 62.40 billion yuan) [3] - ETFs to be newly added or adjusted to hold include Tourism ETF (159766, market value 91.07 billion yuan), Wine ETF (512690, market value 192.66 billion yuan), Traditional Chinese Medicine ETF (560080, market value 26.52 billion yuan), New Energy Vehicle ETF (515700, market value 19.75 billion yuan), and Agricultural ETF Harvest (516550, market value 2.03 billion yuan) [3] - ETFs to be removed from the portfolio include Non - Ferrous Metals ETF (512400, market value 352.52 billion yuan), Gold Stocks ETF (517520, market value 151.34 billion yuan), Grain ETF (159698, market value 4.66 billion yuan), Securities and Insurance ETF E Fund (512070, market value 201.73 billion yuan), and Agricultural ETF (159825, market value 26.26 billion yuan) [11] Sector Recommendations - The model recommends allocating to sectors such as cement, real estate development, and airport aviation in the week of February 9, 2026 [12] - In the next week, the strategy will newly hold Game ETF, Wine ETF, Traditional Chinese Medicine ETF, and New Energy Vehicle ETF, and continue to hold Building Materials ETF, Real Estate ETF, and Petrochemical ETF [12] Group 3: Performance Tracking - From February 2 to February 6, 2026, the cumulative net return of the strategy was approximately - 3.85%, and the excess return relative to the CSI 300 ETF was approximately - 2.53% [3] - From October 14, 2024, to February 6, 2026, the out - of - sample cumulative return of the strategy was approximately 38.45%, and the cumulative excess return relative to the CSI 300 ETF was approximately 15.41% [3]

新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 截至2026年2月4日 14:15，中证新能源汽车产业指数(930997)上涨0.51%，成分股银轮股份上涨10.01%， 亿华通上涨9.47%，盟固利上涨5.91%，富临精工上涨5.87%，宁德时代上涨4.91%。新能车ETF(515700) 上涨0.57%，最新价报2.46元。 消息面上，1月新能源车销量亮眼，造车新势力阵营的零跑汽车、蔚来、理想汽车等主要车企实现销量 同比增长。华为鸿蒙智行成绩亮眼，1月交付量同比增长高达65.6%。 开源证券指出，在购置税减免退坡及梯度以旧换新补贴预计对主流价位段新能源车销量造成较大影响的 背景下，2026年重点看好高端化发展方向。尊界S800连续蝉联超豪华轿车市场冠军，重点推荐国产超 豪华领军车企江淮汽车。其次，问界、极氪9X等车型在高端车市场持续放量，也有望明显增强相关车 企的业绩，看好赛力斯、吉利汽车等后续发展。同时，海外市场将继续成为车 ...

Core Insights - The article highlights the significant role of leadership in asset management, emphasizing that a capable leader can navigate market fluctuations and generate consistent returns, while an unsuitable one can lead to failure [1] Company Overview - As of the end of 2025, Ping An Fund, which embodies the "Ping An gene," has nearly 900 billion yuan in assets under management and has generated 80 billion yuan in profits for clients, serving 970 institutional clients and over 170 million channel clients [3][12] - The company was established in 2011, with its chairman, Luo Chunfeng, playing a pivotal role in its development alongside the growth of China's asset management industry [3][12] Early Development - Luo Chunfeng was tasked with establishing Ping An's public fund company in late 2008, and the company officially launched in 2011, with Luo initially serving as the vice president in charge of marketing [3][13] - The early years were characterized by a youthful team and a strong work ethic, guided by the philosophy of preparing for future opportunities while managing current resources [3][13] Strategic Direction - In 2015, Luo established the "first fixed income, then equity" strategy, which proved effective as the company capitalized on market trends, such as the surge in money market funds and the transformation of bank wealth management products [4][15] - By the end of 2025, the public management scale of Ping An Fund's fixed income products exceeded 600 billion yuan, solidifying its position as a leading fixed income provider [5][15] Research and Development Framework - The company has developed a platform-based research and investment system emphasizing long-term value creation, with a focus on talent and diverse strategies [6][16] - By the end of 2025, the active equity management scale doubled, with an average annual return of 48.31%, and notable performance in the long-term rankings [6][16] Product Innovation - Under Luo's leadership, Ping An Fund has launched several innovative products, including the first domestic new energy vehicle ETF and the first artificial intelligence theme ETF, anticipating market trends [7][17] - The company has also invested in developing the Archimedes system for asset allocation, significantly increasing its management scale in this area [7][17] Operational Philosophy - Luo emphasizes the importance of long-term stability over rapid growth, advocating for a gradual increase in fund manager responsibilities based on proven capabilities [8][18] - The company has established a unique risk control system that integrates industry standards with Ping An Group's capabilities, enhancing its operational resilience [8][19] Conclusion - Over fifteen years, Ping An Fund has evolved from a newcomer to a significant player in the asset management industry, demonstrating the value of long-term commitment to client interests [9][19]

- Last week, the median weekly return of stock ETFs was 2.75%[2][14] - Among broad-based ETFs, the median return of the CSI 500 ETF was the highest at 4.04%[2][14] - The median return of sector ETFs was highest for cyclical ETFs at 5.37%[2][20] - The median return of thematic ETFs was highest for new energy vehicle ETFs at 7.17%[2][20] - Last week, stock ETFs saw a net subscription of 356.34 billion yuan, with the total scale increasing by 1322.02 billion yuan[3][31] - Among broad-based ETFs, the A500 ETF had the highest net subscription of 493.22 billion yuan[3][31] - Among sector ETFs, consumer ETFs had the lowest net redemption of 5.80 billion yuan[3][33] - Among thematic ETFs, pharmaceutical ETFs had the highest net subscription of 4.08 billion yuan[3][33] - As of last Friday, the valuation percentiles of broad-based ETFs were as follows: SSE 50 ETF at 83.92%, CSI 300 ETF at 86.40%, CSI 500 ETF at 97.69%, CSI 1000 ETF at 95.55%, ChiNext ETF at 63.15%, and A500 ETF at 97.86%[38] - The valuation percentiles of sector ETFs were as follows: cyclical ETFs at 81.53%, large financial ETFs at 31.82%, consumer ETFs at 28.61%, and technology ETFs at 94.39%[39] - The valuation percentiles of thematic ETFs were as follows: military ETFs at 100.00%, photovoltaic ETFs at 99.84%, and chip ETFs at 96.13%[43] - The top 3 fund companies in terms of total scale of listed non-monetary ETFs were China Asset Management, E Fund Management, and Huatai-PineBridge Fund Management[54] - Last week, the financing balance of stock ETFs increased from 47.637 billion yuan to 47.882 billion yuan, while the securities lending balance decreased from 2.440 billion shares to 2.433 billion shares[46] - The top 10 stock ETFs with the highest average daily financing purchase amount included the STAR 50 ETF and the securities ETF[48][51] - The top 10 stock ETFs with the highest average daily securities lending volume included the CSI 1000 ETF and the CSI 300 ETF[52][53]

Group 1 - The core viewpoint indicates a decline in new energy vehicle concept stocks, with significant drops in companies such as Ganfeng Lithium falling over 7% and Tianci Materials dropping over 4% [1] - The ETF tracking the CSI New Energy Vehicle Index has also decreased by approximately 2% [1] - The CSI New Energy Vehicle Index includes listed companies involved in lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of these securities [2] Group 2 - Some brokerages suggest that driven by the continuous rise in domestic and international demand for power and energy storage, the production and shipment volumes in the power equipment and battery supply chain are expected to increase [2] - Lithium material prices are anticipated to stabilize and rebound [2] - Solid-state batteries, known for their high energy density and safety advantages, are becoming the next generation of battery technology, with accelerated industrialization expected to drive upgrades across the entire equipment, materials, and battery sectors [2]

Market Overview - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.56%, the Shenzhen Component Index down 0.43%, and the ChiNext Index down 0.43% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1,296.2 billion yuan, an increase of 17.9 billion yuan compared to the previous day [1] - Over 1,300 stocks in the market experienced an increase [1] Sector Performance - The AI application sector saw gains, with Douyin Doubao and ChatGPT-related stocks leading the rise [1] - The semiconductor materials and equipment sectors strengthened [1] - The lithium battery industry chain experienced a significant pullback, with solid-state batteries and electrolyte sectors leading the decline [1] - Coal and chemical sectors also faced adjustments [1] ETF Performance - The semiconductor materials and equipment sectors showed strength, with ETFs such as E Fund Semiconductor Equipment ETF, China Merchants Semiconductor Equipment ETF, and Huaxia Semiconductor Materials ETF all rising by 3% [1] - AI application-themed ETFs performed well, with GF Fund Media ETF and Penghua Fund Media ETF increasing by 2.48% and 2.28%, respectively [1] - The battery sector saw a widespread decline, with the Jia Shi Battery ETF and Battery ETF both dropping by 3.9% [1] - The solid-state battery sector also fell, with New Energy Vehicle ETFs declining by 3% [1] - The chemical sector weakened, with Chemical 50 ETF and Chemical ETF both decreasing by 3% [1]

Core Insights - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 4.49% as of November 13, 2025, with significant gains in constituent stocks such as Xinzhou Bang (300037) up 14.43%, Wukuang New Energy (688779) up 14.23%, and Xingyuan Material (300568) up 12.25% [1] Group 1 - The New Energy Vehicle ETF (515700) rose by 4.47%, with the latest price at 2.57 yuan, and has accumulated a 0.53% increase over the past week as of November 12, 2025 [1] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 listed companies involved in various sectors of the new energy vehicle industry [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index are CATL (300750), Huichuan Technology (300124), Sanhua Intelligent Control (002050), BYD (002594), Yiwei Lithium Energy (300014), Huayou Cobalt (603799), Ganfeng Lithium (002460), Xian Dao Intelligent (300450), Changan Automobile (000625), and Tianqi Lithium (002466), collectively accounting for 53.56% of the index [2] - The weightings of the top stocks are as follows: CATL at 10.10%, Huichuan Technology at 8.28%, BYD at 5.91%, Yiwei Lithium Energy at 5.88%, Sanhua Intelligent Control at 5.77%, Huayou Cobalt at 4.74%, Ganfeng Lithium at 3.67%, Xian Dao Intelligent at 3.60%, Changan Automobile at 3.22%, and Tianqi Lithium at 2.72% [3]

Group 1 - The global power battery installation volume from January to September 2025 is approximately 768.3 GWh, representing a year-on-year growth of 35% [1] - In the same period, global sales of new energy vehicles reached about 14.237 million units, a year-on-year increase of 26%, with a penetration rate of 22.1% [1] - The China Securities New Energy Vehicle Industry Index, which tracks 50 listed companies involved in the new energy vehicle sector, reflects the overall performance of leading companies in the industry [1] Group 2 - The top ten weighted stocks in the China Securities New Energy Vehicle Industry Index as of October 31, 2025, account for 53.56% of the index [1] - The top ten stocks include CATL (10.10%), Huichuan Technology (8.28%), BYD (-0.26%), and others, with varying weightings and daily price changes [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index and has shown a recovery in trading, with a maximum intraday increase of over 2.5% [1][4]

Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy vehicle (NEV) sector, with the China Securities New Energy Vehicle Industry Index rising by 1.26% and key stocks like Defu Technology and Shangtai Technology showing significant gains [1][2] - The establishment of China's first national-level automotive chip standard verification platform in Shenzhen marks a significant advancement in the quality verification and evaluation capabilities for automotive-grade chips [1] - The platform includes 13 specialized laboratories and over 80 testing equipment, aiming to create unified testing methods and standards for automotive chips, thereby enhancing the quality of China's automotive chips and contributing to the global industry ecosystem [1] Group 2 - According to CITIC Securities research, the passenger car market shows positive data for September and October, but market expectations are becoming muted; the focus remains on high-end, intelligent, and export-oriented segments [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which consists of 50 listed companies involved in various aspects of the NEV industry, reflecting the overall performance of leading companies in this sector [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 54.61% of the total, with companies like CATL, Huichuan Technology, and BYD leading the list [2][4]