证 券 研 究 报 告 金融地产行业基金：从投资能力分析到基金经理画像 ——金融产品每周见20260306 | 证券分析师：奚佳诚 | | A0230523070004 | | | --- | --- | --- | --- | | 蒋辛 | | A0230521080002 | | | 邓虎 | | A0230520070003 | | | 联系人： | 奚佳诚 | A0230523070004 | xijc@swsresearch.com | | 2026.3.6 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 基于基金持仓，我们可以将金融地产行业基金分类为3类：1）金融地产+卫星；2）细分赛道：以大金融为主；3）板块轮动。大部分基金 经理采用的策略为"细分赛道" ，采用"金融地产+卫星"、"板块轮动"策略的基金经理较少。 ◼ 金融地产行业基金的3大整体投资能力分析：1）与板块指数相比，金融地产行业基金表现略弱，与金融地产内部本身分化度较低有关；2） 相对擅长选股的行业：银行、非银金融；相对不擅长的行业：房地产；3）对比与全行业基金所选的金融地产股，金融地产行业基金 ...

Core Viewpoint - As of February 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 117.82 billion yuan, increasing by 4.535 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.527 billion yuan, showing a slight decrease of 0.04 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On February 12, 261 ETFs experienced net financing inflows, with the Hai Fu Tong CSI Short Bond ETF leading with a net inflow of 4.49 billion yuan [1] - Other ETFs with significant net inflows included the Huatai-PB Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, Southern CSI 1000 ETF, and Da Cheng Hang Seng Technology ETF [1]

Group 1 - The total margin balance of ETFs in the Shanghai and Shenzhen markets as of January 30 is 120.251 billion yuan, a decrease of 2.896 billion yuan from the previous trading day [1] - The financing balance of ETFs is 112.88 billion yuan, down by 2.767 billion yuan, while the margin balance for securities lending is 7.371 billion yuan, a decrease of 0.129 billion yuan [1] - On January 30, 241 ETFs experienced net financing inflows, with the E Fund CSI Hong Kong Securities Investment Theme ETF leading with a net inflow of 84.1736 million yuan [1] Group 2 - Other ETFs with significant net financing inflows include the Huaxia Hang Seng Internet Technology ETF, the FTSE China A50 ETF, the Huabao CSI Medical ETF, the Bosera Gold ETF, and the Huaan Gold ETF [1]

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 - 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].

Market Overview - As of January 5, the total ETF margin balance in the two markets reached 117.108 billion yuan, an increase of 0.258 billion yuan from the previous trading day. The financing balance was 109.584 billion yuan, up by 10.1788 million yuan, while the securities lending balance was 7.525 billion yuan, increasing by 0.248 billion yuan [1] - In the Shanghai market, the ETF margin balance was 82.818 billion yuan, an increase of 0.194 billion yuan. The financing balance decreased by 2.39695 million yuan to 76.232 billion yuan, while the securities lending balance increased by 0.218 billion yuan to 6.587 billion yuan [1] - In the Shenzhen market, the ETF margin balance was 34.29 billion yuan, an increase of 0.0646316 billion yuan. The financing balance increased by 3.41483 million yuan to 33.352 billion yuan, and the securities lending balance rose by 0.0304833 billion yuan to 0.938 billion yuan [1] ETF Margin Balances - The top three ETFs by margin balance on January 5 were: 1. Huaan Yifu Gold ETF (7.281 billion yuan) 2. E Fund Gold ETF (4.326 billion yuan) 3. Huatai-PB CSI 300 ETF (3.98 billion yuan) [2] ETF Financing Amounts - The top three ETFs by financing amount on January 5 were: 1. E Fund CSI Hong Kong Securities Investment Theme ETF (1.448 billion yuan) 2. Hai Fu Tong CSI Short-term Bond ETF (1.395 billion yuan) 3. Huaxia Hang Seng Technology (QDII-ETF) (0.967 billion yuan) [3] ETF Net Financing Amounts - The top three ETFs by net financing amount on January 5 were: 1. Huatai-PB CSI 300 ETF (0.319 billion yuan) 2. E Fund CSI Hong Kong Securities Investment Theme ETF (0.152 billion yuan) 3. Southern CSI 500 ETF (0.12 billion yuan) [5] ETF Securities Lending Amounts - The top three ETFs by securities lending amount on January 5 were: 1. Huatai-PB CSI 300 ETF (63.8662 million yuan) 2. Huaxia SSE 50 ETF (34.5471 million yuan) 3. Southern CSI 500 ETF (23.8536 million yuan) [7]

Core Viewpoint - As of January 5, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 117.108 billion yuan, reflecting an increase of 0.258 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 109.584 billion yuan, with a slight increase of 0.01 billion yuan compared to the previous trading day [1] - The ETF margin short balance was recorded at 7.524 billion yuan, which increased by 0.248 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On January 5, a total of 246 ETFs experienced net inflows, with the Huatai-PB CSI 300 ETF leading the pack, attracting a net inflow of 0.319 billion yuan [1] - Other ETFs with significant net inflows included the E Fund CSI Hong Kong Securities Investment Theme ETF, Southern CSI 500 ETF, Guotai CSI Semiconductor Materials and Equipment Theme ETF, Huatai-PB CSI Korea Exchange Korea-China Semiconductor ETF, and others [1]

Core Viewpoint - As of December 31, 2025, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 116.85 billion yuan, reflecting a decrease of 2.302 billion yuan from the previous trading day [1] Group 1: ETF Margin Balance - The ETF financing balance stands at 109.574 billion yuan, down by 2.276 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.276 billion yuan, which is a decrease of 0.026 billion yuan from the previous trading day [1] Group 2: Net Buy Insights - A total of 241 ETFs experienced net buying on margin, with the Huatai-PB CSI Korea Exchange Korea-China Semiconductor ETF leading with a net buy of 68.9261 million yuan [1] - Other ETFs with significant net buying include the E Fund CSI Hong Kong Securities Investment Theme ETF, E Fund Gold ETF, and the Fuguo CSI Hong Kong Stock Connect Internet ETF [1]

Core Viewpoint - As of December 25, the total margin balance for ETFs in the Shanghai and Shenzhen markets decreased to 119.42 billion yuan, reflecting a reduction of 7.893 billion yuan from the previous trading day [1] Group 1: ETF Margin Balance - The ETF financing balance stands at 112.007 billion yuan, down by 7.881 billion yuan from the previous trading day [1] - The ETF margin short balance is recorded at 7.413 billion yuan, showing a decrease of 0.12 billion yuan compared to the previous trading day [1] Group 2: Net Inflows - On December 25, 224 ETFs experienced net financing inflows, with the Huaxia SSE Sci-Tech Innovation Board 50 ETF leading with a net inflow of 157 million yuan [1] - Other ETFs with significant net inflows include the E Fund CSI Hong Kong Securities Investment Theme ETF, the Harvest SSE Sci-Tech Innovation Board Chip ETF, the E Fund SSE Sci-Tech Innovation Board 50 ETF, the Guotai CSI All-Share Communication Equipment ETF, and the Yongying National Standard Commercial Satellite Communication Industry ETF [1]