Group 1: Market Overview - The market showed a volatile recovery trend last week. Most indices opened lower on Monday and gradually recovered, but still ended the week with losses. The ChiNext Index led the decline, with a weekly drop of 1.67%. The non - bank financial and computer sectors were weak, with weekly declines of about 3.98% and 3.43% respectively, while the non - ferrous metals sector was prominent, with a weekly gain of 2.78% [1] - The market focus remained on the geopolitical situation. The geopolitical situation was still tense, and the uncertainty in the Strait of Hormuz supported high - level volatile energy prices. Overseas, the US dollar index continued to fluctuate strongly, and the US March PMI indicators were divided, leading to a further decline in market expectations for the Fed to cut interest rates. Domestically, the RMB exchange rate remained in a strong - oscillating pattern [1] Group 2: Options Market - In the options market last week, the implied volatility (IV) of various financial options rebounded. The IV of the STAR 50 options (IV = 29%) and ChiNext ETF options (IV = 24%) rose above the median of the past year. The IV of 50 and 300 options was in the range of 15% - 17%, and that of CSI 500 and CSI 1000 options was in the range of 25% - 28%. The PCR of most financial options was in the range of 60% - 80%, slightly lower than the previous week [2] Group 3: Strategy Outlook - The market may continue the volatile pattern, and the implied volatility of financial options will continue to rise. It is advisable to hold indices with relatively reasonable valuations, such as the SSE 50 and CSI 300, and consider selling out - of - the - money put options on the corresponding indices. For the STAR 50 Index, which has large recent fluctuations and high static valuations, if holding the underlying assets, one can consider buying out - of - the - money put options or selling out - of - the - money call options. If there are substantial spot gains, one can consider taking profits on the spot and keeping a small amount of long - term call options. The CSI 1000 - 2606 index futures basis has converged, and one can consider rolling over to the 2609 contract with a higher basis to form a covered call strategy [3] Group 4: Market Data - The report provides detailed data on various financial options, including the closing price, price change, IV, ΔIV (daily), historical quantile, IV median in the past year, option trading volume, and PCR of multiple underlying assets such as the SSE 50ETF, SSE 50 Index, CSI 300ETF, CSI 500ETF, CSI 1000 Index, ChiNext ETF, STAR 50ETF, and Shenzhen 100ETF [5] - It also presents data on the price, price change, IV of different months, and related quantiles of various underlying assets over different time periods, as well as information on IV term structure, intraday IV trends, skew index, smile curve, and the relationship between IV and trading volume [7][10][15]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs 50ETF - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.13% decline on March 26, a 0.41% increase on March 27, and a -0.14% decline on March 30. The current month IV and next month IV also showed corresponding changes [1]. - The skew index on March 30, 2026, was 124.95 [2]. 300ETF (Shanghai) - The current month contract has 16 days until expiration. From March 25 - 30, 2026, the underlying price fluctuated, with a 1.45% increase on March 25, a -1.23% decline on March 26, and a 0.45% increase on March 27. The current month IV and next month IV also changed accordingly [4]. - The skew index on March 25, 2026, was 132.26 [6]. 300ETF (Shenzhen) - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.22% decline on March 26, a 0.51% increase on March 27, and a -0.19% decline on March 30. The current month IV and next month IV also changed [9]. - The skew index on March 26, 2026, was 128.29 [16]. CSI 500ETF (Shanghai) - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a 0.63% increase on March 26, a -0.29% decline on March 27, and a 1.53% increase on March 30. The current month IV and next month IV also changed [18]. - The skew index on March 30, 2026, was 129.52 [19]. CSI 500ETF (Shenzhen) - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.70% decline on March 26, a 1.27% increase on March 27, and a 0.42% increase on March 30. The current month IV and next month IV also changed [21]. - The skew index on March 30, 2026, was 128.12 [23]. ChiNext ETF - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.33% decline on March 26, a 0.92% increase on March 27, and a -0.88% decline on March 30. The current month IV and next month IV also changed [24]. - The skew index on March 30, 2026, was 106.93 [26]. Shenzhen 100ETF - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.40% decline on March 26, a 0.76% increase on March 27, and a -0.61% decline on March 30. The current month IV and next month IV also changed [28]. - The skew index on March 30, 2026, was 132.23 [31]. Science and Technology Innovation 50ETF - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -2.02% decline on March 26, a 0.96% increase on March 27, and a -0.80% decline on March 30. The current month IV and next month IV also changed [36]. - The skew index on March 30, 2026, was 131.42 [39]. STAR 50ETF - The current month contract has 16 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -2.01% decline on March 26, a 0.99% increase on March 27, and a -0.83% decline on March 30. The current month IV and next month IV also changed [42]. - The skew index on March 30, 2026, was 117.45 [43]. 300 Index - The current month contract has 13 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.32% decline on March 26, a 0.56% increase on March 27, and a -0.24% decline on March 30. The current month IV and next month IV also changed [45]. - The skew index on March 30, 2026, was 117.93 [47]. 1000 Index - The current month contract has 13 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.44% decline on March 26, a 1.40% increase on March 27, and a 0.28% increase on March 30. The current month IV and next month IV also changed [50]. - The skew index on March 30, 2026, was 138.43 [54]. SSE 50 Index - The current month contract has 13 days until expiration. From March 26 - 30, 2026, the underlying price fluctuated, with a -1.22% decline on March 26, a 0.45% increase on March 27, and a -0.14% decline on March 30. The current month IV and next month IV also changed [55]. - The skew index on March 30, 2026, was 127.79 [56].

Market Overview - As of March 20, 2026, the total market size of ETFs reached 5.10 trillion yuan, a decrease of 0.92 trillion yuan since the beginning of the year, with the number of listed ETFs increasing to 1,458, adding 55 new ones [2][26] - The stock-type ETFs accounted for 2.95 trillion yuan, while commodity-type ETFs saw a significant increase of 820.92 billion yuan to 3325.55 billion yuan, indicating sustained demand for hedging [2][26] - The top 20 fund companies experienced a general decline in ETF volumes, with significant pressure on equity sectors, leading to increased differentiation among leading institutions [2][8] Performance Analysis - The domestic equity market saw a substantial pullback, with the CSI 500 and CSI 1000 indices dropping by 6.00% and 5.29% respectively, while valuation levels remained historically high [11][12] - Defensive sectors did not perform well, with the power ETF declining by 2.97%, indicating that even traditionally safe investments were affected by market conditions [11][12] - The military and dividend ETFs had high PE ratios of 96.54 and 99.26 respectively, while the Hang Seng Technology ETF and pharmaceutical ETF remained at lower valuation levels, suggesting potential long-term investment appeal [11][18] Fund Flows - There was a marginal shift in fund flows, with broad-based ETFs seeing a net inflow of 126.08 billion yuan over the past five days, marking a return to positive territory for the first time recently [3][32] - However, over a 60-day period, broad-based ETFs still experienced a net outflow of 10,101.11 billion yuan, indicating ongoing mid-term pressure [3][32] - The recent inflow into the ChiNext index of 52.59 billion yuan suggests a notable shift of funds from safe-haven assets towards growth-oriented equities [21][32] Trading Activity - The trading volume of ETFs reached approximately 2.58 trillion yuan, reflecting a decrease from the previous week, with a notable shift of funds from bonds to equities and cross-border investments [39][41] - The trading activity of bond ETFs decreased significantly, while stock-type ETFs, particularly those related to the A500 index, remained highly active [41][45] - The turnover rate for bond ETFs showed a downward trend, indicating a shift in trading frequency and a potential move towards more stable asset allocations [42][45] Issuance Dynamics - A total of 10 ETFs were listed last week, with a combined share of 3.633 billion, indicating a recovery in supply [49][51] - The number of ETFs currently in issuance decreased to 49, while the number of newly established funds increased significantly to 47, suggesting a more robust supply side for the market [49][51] - Future listings are expected to be limited, with only three ETFs announced for the next two weeks, reflecting a potential contraction in supply [51]

1. Report Industry Investment Rating - The report does not mention the industry investment rating [8] 2. Core Viewpoints of the Report - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session, especially on March 23, when many products had a significant increase in volume at the end of the session [7][10] - After the market closed on March 23, the quantitative signals quickly strengthened, but there was differentiation among sectors. The technology sector had relatively weak signals [7] - In terms of style, the mid - cap blue - chip market is still favored, and the agriculture and manufacturing industries are optimistic, with a focus on the photovoltaic sector [7] 3. Summaries According to the Directory 3.1 3月23日主要宽基指数ETF成交量明显放大 - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session. On March 23, when the market had a significant adjustment, many ETFs showed significant volume increases after 14:45. For example, the trading volume of Huatai - Berries CSI 300ETF, Huaxia SSE 50ETF, Southern CSI 500ETF, and Southern CSI 1000ETF in the last 15 minutes accounted for 10.5%, 17.8%, 8.8%, and 15.9% of the whole - day trading volume respectively [10] 3.2 盘后量化模型信号迅速转强，市场有望迎来反弹 3.2.1 下跌后估值安全边际提升 - As of March 23, 2026, with the change in market sentiment, the price - to - earnings ratios of major A - share broad - based indexes have fallen back to a reasonable range. Compared with March 2, the valuation quantiles of major broad - based indexes have significantly decreased, and the market has become more rational. Currently, they are mostly in the 70 - 80 quantiles, providing a higher safety margin for equity assets [24] 3.2.2 3月23日盘后量化信号迅速转强 - **Broad - based index short - term signal strengthening**: The short - term signal of broad - based indexes has a good historical performance. On March 23, the quantitative signals of major broad - based indexes quickly strengthened after the market closed. Since 2026, the quantitative signals were strong in January, neutral in February, and weakened at the end of March. With the rapid decline of the market on March 23, the quantitative signals returned to the previous high level [30][35] - **Industry medium - term signal strengthening but sector differentiation**: The monthly medium - term signal of industry indexes also has an indicative effect. Similar to the performance of broad - based index signals, the quantitative signals indicating the industry strength in the next month also strengthened, but there was differentiation among sectors. The signals of value - based sectors were strong, while the expectations of the technology sector were still relatively weak, and the mid - cap blue - chip style is expected to continue to strengthen [38][40] 3.3 继续看好农业与制造，重点关注光伏板块 - Despite the high uncertainty in the external situation, the investment opportunities still focus on stocks with medium - risk characteristics, and the characteristics of mid - cap blue - chips will be further strengthened, with a focus on the cyclical and manufacturing sectors. In the context of the prominent global energy security requirements, the new energy industry (photovoltaic, wind power, power transmission) with global competitive advantages in China is the core main line of the manufacturing sector. The report lists relevant ETFs in the photovoltaic, power, and agricultural sectors for reference [46]

Core Viewpoint - The article discusses the unprecedented "renaming battle" in China's ETF market, where over 1,400 ETFs must complete renaming by the end of March, marking the end of the "name dividend" era and the beginning of a standardized branding phase for ETF products [1]. Group 1: Historical Context and Development - In 2004, China’s first ETF, the Huaxia SSE 50 ETF, was launched by Huaxia Fund, marking the beginning of the ETF market in China [3]. - Huaxia Fund took five years to develop the ETF, conducting extensive investor education and outreach, which laid the groundwork for the future growth of the ETF market [3]. - By January 2026, Huaxia Fund's ETF management scale exceeded 1 trillion yuan, making it the first fund manager in China to reach this milestone [3]. Group 2: Product Strategy and Market Position - Huaxia Fund's ETF product lineup has grown to 122, covering a wide range of categories including core broad-based, popular industry themes, cross-border markets, and Smart Beta strategies [7]. - The "asset management Lego" concept allows investors to construct portfolios flexibly, with flagship products providing stability and growth opportunities [7]. - Huaxia Fund has shown a keen ability to capture emerging industries, with significant growth in ETFs related to robotics and artificial intelligence [8]. Group 3: Service and Innovation - The launch of the "Red Rocket" platform in 2024 represents Huaxia Fund's commitment to investor education and service, providing a comprehensive online service for index investment [11]. - The platform has served over 15 million users and attracted thousands of professional financial advisors, indicating its broad market appeal [11]. Group 4: Competitive Landscape and Fee Strategy - The collective renaming of ETFs aligns with Huaxia Fund's strategy of standardization and transparency, which aims to lower investment decision-making barriers for investors [13]. - Huaxia Fund has reduced management fees for 35 ETFs to the lowest market rate of 0.15% per year, demonstrating its competitive edge and commitment to investor benefits [13]. - This low-fee strategy is based on a scale effect, where larger scale leads to higher operational efficiency and lower fees, benefiting investors [13]. Group 5: Global Positioning - By 2025, China's ETF market surpassed 6 trillion yuan, becoming the largest in Asia and the second largest globally, with Huaxia Fund's international ranking improving to 18th among global ETF providers [16]. - The rise of Huaxia Fund reflects the broader growth of China's asset management industry on the global stage, challenging established players in the ETF market [16].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View There is no clear core view presented in the provided content. The report mainly provides a large amount of data on various financial products' prices, price changes, implied volatility (IV), and related statistics. 3. Summary by Related Catalogs 3.1 50ETF - **Price and IV Data**: From March 16 - 18, 2026, the 50ETF price was 3.028, 3.039, and 3.035 respectively, with corresponding price changes of -0.23%, 0.36%, and -0.13%. The corresponding monthly IVs were 14.45%, 15.58%, and 14.44%, and the next - month IVs were 14.71%, 14.79%, and 14.29% [1]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year were 47.70%, 64.40%, and 47.30%, and in the past 2 - year were 49.80%, 63.10%, and 49.20%. The next - month IV quantiles in the past 1 - year were 46.40%, 47.20%, and 40.90%, and in the past 2 - year were 47.70%, 49.40%, and 41.40% [1]. - **Skew Index**: The skew index of the main contract month was 106.41 today, 112.32 yesterday, 107.13 two days ago, 117.10 three days ago, and 107.20 four days ago [2]. 3.2 Shanghai 300ETF - **Price and IV Data**: From March 13 - 18, 2026, the Shanghai 300ETF price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 4.680 with a 0.06% increase, monthly IV of 16.09%, and next - month IV of 15.74% [5]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, as well as the next - month IV quantiles in the past 1 - year and 2 - year, are presented [5]. - **Skew Index**: The skew index of the main contract month today is 108.94, and other historical data is also provided [8]. 3.3 Shenzhen 300ETF - **Price and IV Data**: From March 16 - 18, 2026, the Shenzhen 300ETF price and price changes, monthly IV, and next - month IV are shown. For example, on March 16, the price was 4.879 with a 0.06% increase, monthly IV of 14.83%, and next - month IV of 15.28% [10]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are given [10]. - **Skew Index**: The skew index of the main contract month today is 112.17, and historical data is also available [13]. 3.4 Shanghai CSI 500ETF - **Price and IV Data**: From March 16 - 18, 2026, the Shanghai CSI 500ETF price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 8.259 with a - 1.98% decrease, monthly IV of 22.08%, and next - month IV of 23.14% [16]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are presented [16]. - **Skew Index**: The skew index of the main contract month today is 114.79, and historical data is also provided [18]. 3.5 Shenzhen CSI 500ETF - **Price and IV Data**: From March 16 - 18, 2026, the Shenzhen CSI 500ETF price and price changes, monthly IV, and next - month IV are shown. For example, on March 16, the price was 3.282 with a - 0.76% decrease, monthly IV of 22.10%, and next - month IV of 23.22% [19]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are given [19]. - **Skew Index**: The skew index of the main contract month today is 130.43, and historical data is also available [21]. 3.6 ChiNext ETF - **Price and IV Data**: From March 16 - 18, 2026, the ChiNext ETF price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 3.349 with a 1.48% increase, monthly IV of 23.45%, and next - month IV of 24.47% [22]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are presented [22]. - **Skew Index**: The skew index of the main contract month today is 125.46, and historical data is also provided [24]. 3.7 Shenzhen 100ETF - **Price and IV Data**: From March 16 - 18, 2026, the Shenzhen 100ETF price and price changes, monthly IV, and next - month IV are shown. For example, on March 16, the price was 3.541 with a 0.45% increase, monthly IV of 19.59%, and next - month IV of 19.96% [25]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are given [25]. - **Skew Index**: The skew index of the main contract month today is 117.33, and historical data is also available [28]. 3.8 Science and Technology Innovation 50ETF - **Price and IV Data**: From March 16 - 18, 2026, the Science and Technology Innovation 50ETF price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 1.458 with a 0.55% increase, monthly IV of 27.48%, and next - month IV of 27.40% [32]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are presented [32]. - **Skew Index**: The skew index of the main contract month today is 102.71, and historical data is also provided [35]. 3.9 STAR 50ETF - **Price and IV Data**: From March 16 - 18, 2026, the STAR 50ETF price and price changes, monthly IV, and next - month IV are shown. For example, on March 16, the price was 1.413 with a 0.50% increase, monthly IV of 27.35%, and next - month IV of 27.09% [38]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are given [38]. - **Skew Index**: The skew index of the main contract month today is 101.18, and historical data is also available [40]. 3.10 300 Index - **Price and IV Data**: From March 16 - 18, 2026, the 300 Index price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 4671.559 with a 0.05% increase, monthly IV of 13.76%, and next - month IV of 14.72% [45]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are presented [45]. - **Skew Index**: The skew index of the main contract month today is 127.74, and historical data is also provided [47]. 3.11 1000 Index - **Price and IV Data**: From March 16 - 18, 2026, the 1000 Index price and price changes, monthly IV, and next - month IV are shown. For example, on March 16, the price was 8211.352 with a - 0.04% decrease, monthly IV of 19.38%, and next - month IV of 22.86% [50]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are given [50]. - **Skew Index**: The skew index of the main contract month today is 112.02, and historical data is also available [54]. 3.12 Shanghai 50 Index - **Price and IV Data**: From March 16 - 18, 2026, the Shanghai 50 Index price and price changes, monthly IV, and next - month IV are provided. For example, on March 16, the price was 2954.089 with a - 0.09% decrease, monthly IV of 14.79%, and next - month IV of 59.09% [55]. - **IV Quantiles**: The monthly IV quantiles in the past 1 - year and 2 - year, and the next - month IV quantiles in the past 1 - year and 2 - year are presented [55]. - **Skew Index**: The skew index of the main contract month today is 98.95, and historical data is also provided [57].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall trend in the ETF market last week was that domestic equities generally declined, with high - valuation broad - based indices under pressure. Bonds provided a hedge, and sectors with defensive or resource attributes such as electricity were relatively dominant. There was a clear migration of funds from equity broad - based ETFs to gold, fixed - income, and some thematic ETFs, showing an obvious defensive tendency [22][23][33]. 3. Summary According to the Directory 3.1 Scale: Total Expansion and Structural Stratification (Market/Product/Institution) 3.1.1 Product Scale - As of March 13, 2026, the total number of ETFs in the whole market was 1,456, with a total scale of 52,528.30 billion yuan and 33,707.47 billion shares. Stock - type ETFs were the main force in terms of scale, with 1,131 funds, a scale of 30,551.01 billion yuan, and 21,147.17 billion shares. Compared with the previous week, the overall share increased by 400 million, but the scale decreased by 50.2 billion yuan. The number of stock - type ETFs remained unchanged, the share increased by 1.6 billion, but the scale decreased by 33.1 billion yuan [15][16]. 3.1.2 Institution Scale - Last week, the top 20 fund companies managed a total net asset value of 23 trillion yuan, accounting for 62% of the whole market, indicating significant industry concentration. E Fund and China Asset Management led in total scale with a more balanced structure. Tianhong was more focused on the money - market type. The scale fluctuations last week mainly came from the stock - type and ETF segments, with a "reduction" trend in the equity and ETF segments of the market, and more incremental funds concentrated in a few medium - sized institutions [18][19][20]. 3.2 Performance: Differentiated Gains and Losses and Valuation Positions 3.2.1 Major ETFs - Last week, the domestic equity market was generally weak, with broad - based indices generally retreating. The valuation quantiles of medium - and small - cap indices were at relatively high levels, indicating weakening market risk appetite. Structurally, there were obvious differences. The power ETF rose by 3.88%, showing defensive attributes, while the securities ETF fell by 1.68% due to systematic market adjustments rather than high valuations. Bonds strengthened slightly, and cross - border (QDII) ETFs were also weak, with the Hang Seng Tech Index ETF relatively resistant to decline and at a low historical valuation quantile [22][23]. 3.2.2 CITIC First - level Industry Index - Last week, industry performance showed obvious differentiation. Most industries had relatively high valuation quantiles but different trends. Strong industries were concentrated in the high - valuation range, while low - valuation sectors were generally weak [28]. 3.2.3 Representative ETF Products - As of March 13, 2026, in terms of scale, the Huatai - Peregrine SSE 300 ETF ranked first with 205.803 billion yuan. In terms of trading activity, bond - type ETFs were prominent, and in terms of valuation, some ETFs such as the military - leading ETF and the dividend ETF were at historical high levels, while the Hang Seng Tech ETF and the pharmaceutical ETF were at historical low levels, which were attractive for long - term investors [29]. 3.3 Funds: Sector Liquidity and Net Inflow Structure 3.3.1 Overall Market Overview: Scale and Net Redemption - As of March 13, 2026, the total scale of the whole - market ETFs reached 5.25 trillion yuan, slightly shrinking by 0.77 trillion yuan compared with the beginning of the year. The number of listed ETFs increased to 1,452, an increase of 52 compared with the beginning of the year. Stock - type ETFs were still the main force in scale, but their scale decreased by 0.78 trillion yuan compared with the beginning of the year. Commodity - type ETFs performed the best, with a significant increase of 109.841 billion yuan compared with the beginning of the year [36]. 3.3.2 Major Category of Funds: Stocks/Bonds/Commodities/Cross - border - Last week, funds generally showed a defensive tendency. Broad - based ETFs continued to have net outflows, while industry - thematic ETFs and commodity ETFs had net inflows. The SGE Gold 9999 had the largest net inflow, indicating a strong demand for hedging [4][32]. 3.3.3 Internal Equity: Broad - based vs. Industry/Theme vs. Strategy - As of March 13, 2026, the funds of major broad - based ETFs were generally weak, with continuous net outflows. Thematic ETFs and cyclical manufacturing ETFs were the main directions of fund inflows, while broad - based ETFs continued to be under pressure, indicating an obvious migration of existing funds from broad - based to thematic and cyclical directions [49]. 3.3.4 Top 20 Stock - type ETF Redemption Net Inflows - Last week, power and hedging assets were the main directions pursued by funds. The Grid Equipment ETF had the largest net inflow, followed by the Haifutong Short - term Financing ETF and the Free Cash Flow ETF. The Hang Seng Tech ETF did not appear in the top 10 list, indicating a weakening of short - term capital momentum for Hong Kong technology stocks [53]. 3.3.5 Leveraged Funds: Top 20 Net Margin Purchases and the Relationship with Redemption - Last week, the Bosera Convertible Bond ETF had the largest net margin purchase, followed by the Science and Technology Innovation 50 ETF and the E Fund Hong Kong Securities ETF. There were four typical relationships between margin trading and redemption, and the overall resonance of redemption and margin trading in the market was weak last week [55][56]. 3.4 ETF Trading Congestion 3.4.1 Changes in Trading Volume and Top 10 Turnover ETFs - As of March 13, 2026, the total trading volume of the ETF market was about 2.7 trillion yuan, with the increase mainly coming from bond - type ETFs, followed by stock - type ETFs. The trading volume of bond - type ETFs showed high turnover and high trading volume, and the trading congestion of bond - type ETFs was significantly differentiated. In stock - type ETFs, A500 - related ETFs were the most active in trading, and the trading of large - cap styles still dominated the market [60][63][66]. 3.5 Issuance Dynamics - Last week, the ETF issuance market declined. There were 66 funds being issued, a decrease of 14.29% compared with the previous week. 30 funds were established, an increase of 328.57% compared with the previous week, and 0 funds were listed, a decrease of 100% compared with the previous week. It is expected that 10 ETFs will be listed in the next two weeks, mainly stock - type, covering multiple themes. New products in some directions may be able to承接 existing capital enthusiasm, while the short - term trading activity of new products in some directions may be limited [76][78].

Market Overview - As of March 6, 2026, the total market size of ETFs reached 5.30 trillion yuan, a decrease of 0.72 trillion yuan since the beginning of the year, with the number of listed ETFs increasing to 1,445, adding 45 new listings [2][22] - The stock-type ETFs accounted for 3.09 trillion yuan, while bond-type ETFs totaled 737.49 billion yuan, and commodity-type ETFs increased by 106.15 billion yuan to 356.61 billion yuan, driven by strong demand for gold as a safe haven [2][22] Performance Disparity - Last week, leading military industry ETFs and dividend ETFs had PE percentiles close to 100, while the Hang Seng Technology ETF (15.57), pharmaceutical ETF (32.73), and electric power ETF (44.71) remained at historical low valuations, indicating potential investment opportunities [2][12][18] - The performance of various sectors showed significant divergence, with cyclical manufacturing ETFs like oil rising by 8.20%, while broader indices like the CSI 300 and CSI 500 experienced declines of 1.23% and 3.62%, respectively [12][16] Fund Flows - Overall, funds showed a defensive tendency last week, with broad-based ETFs experiencing net outflows, while commodity (gold) and fixed-income ETFs attracted capital, with SGE gold seeing a net inflow of 877.57 billion yuan year-to-date [3][20] - The main inflow channels were thematic ETFs (+2,016 billion yuan) and cyclical manufacturing ETFs (+1,443 billion yuan), indicating a clear trend of capital migrating from broad-based ETFs to thematic and cyclical sectors [3][33] Issuance Dynamics - The issuance of ETFs accelerated last week, with 77 ETFs in the process of being issued (up 48% week-on-week), and 12 new funds established (up 140%) [4][52] - New products primarily focused on energy sectors, with electric grid equipment, electric power, and photovoltaic ETFs dominating the new listings, reflecting current market trends [4][52] Trading Activity - The total trading volume of ETFs was approximately 2.9 trillion yuan last week, with bond-type ETFs leading the increase, followed by stock-type ETFs [39] - The short-term bond ETF from Hai Fu Tong had a weekly trading volume of 2,991.97 billion yuan, indicating high liquidity in the bond market [41] Valuation Insights - The valuation structure showed that core broad-based ETFs remained relatively stable, while growth and small-cap valuations were more volatile, reflecting a higher sensitivity to market fluctuations [12][18] - The Hang Seng Technology ETF and other low-valuation sectors like pharmaceuticals are attracting attention for potential long-term investments due to their historical low PE percentiles [18][20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall ETF market in the week of 2026.03.02 - 2026.03.06 showed a trend of structural differentiation. The equity market was generally weak, with high - valuation broad - based ETFs under pressure, while bonds provided hedging, and sectors with defensive/resource attributes such as oil and electricity were relatively dominant. There was a clear migration of funds from equity broad - based ETFs to gold, fixed - income, and some thematic ETFs, indicating a defensive tendency [21][22][31]. - The issuance of ETFs accelerated significantly last week, with new products mainly in the energy direction. However, the grid equipment ETF was at a high valuation, and the concentrated issuance might increase congestion, while the power ETF had a relatively reasonable valuation and controllable risks [4]. 3. Summary by Relevant Catalogs 3.1 Scale: Total Expansion and Structural Stratification (Market/Product/Institution) 3.1.1 Product Scale - As of March 6, 2026, the total number of ETFs in the whole market was 1,446, with a total scale of 53,029.83 billion yuan and 33,703.54 billion shares. Stock - type ETFs were the absolute main force, with 1,131 funds, a scale of 30,882.03 billion yuan, and 21,131.36 billion shares. The scale of cross - border ETFs was 9,452.05 billion yuan, bond - type ETFs was 7,374.88 billion yuan, commodity - type ETFs was 3,566.12 billion yuan, and currency - type ETFs was 1,749.61 billion yuan [11][13]. - Compared with the previous week, the overall share increased by 30.9 billion, but the scale decreased by 83.6 billion yuan. Stock - type ETFs increased in number and share but decreased in scale, while bond - type, commodity - type, and currency - type ETFs increased in both share and scale [12]. 3.1.2 Institution Scale - Last week, the top 20 fund companies managed a total net asset value of 23 trillion yuan, accounting for 62% of the whole market, showing a significant industry head effect and a high level of concentration. The top 10 fund companies mainly focused on currency and equity (stocks + ETFs). E Fund and China Asset Management had leading and more balanced total scales, Tianhong was more focused on currency - type products, and Bosera, Fullgoal, and Penghua had a more fixed - income - oriented structure [14]. - Compared with the previous week, the scale fluctuations last week mainly came from the stock and ETF sectors. Some leading institutions' equity and ETF scales declined, while some medium - sized institutions showed an incremental trend, and the differentiation among institutions increased [16]. 3.2 Performance: Rise - Fall Differentiation and Valuation Position 3.2.1 Large - Category ETFs - Last week, the domestic equity market was generally weak, with broad - based indexes generally retreating. The small - and medium - cap indexes (CSI 500/CSI 1000) had larger declines, and the valuation quantiles were still at a high level. Structurally, there was obvious differentiation. The oil ETF in the cyclical manufacturing direction rose against the trend, and the power ETF in the dividend/utilities direction also rose, while the securities ETF fell [21]. - Bonds strengthened slightly, and cross - border (QDII) ETFs were also weak. Overall, the main trend last week was the general decline of domestic equities, high - valuation broad - based indexes under pressure, bonds providing hedging, and sectors with defensive/resource attributes such as oil and electricity being relatively dominant [22]. 3.2.2 CITIC First - Level Industry Index - Last week, industry performance showed obvious differentiation. Sectors such as petroleum and petrochemicals, coal, and banks were strong but with high valuations; sectors such as power and public utilities, agriculture, forestry, animal husbandry, and fisheries, and communications were strong but with relatively low valuations; sectors such as computers, electronics, and machinery were weak and with high valuations; sectors such as food and beverages, commercial retail, and real estate were weak and with low valuations [26]. 3.2.3 Representative ETF Products - In terms of scale, Huatai - Bertrands SSE 50 ETF (510300) ranked first with 208.329 billion yuan. In terms of trading activity, bond - type ETFs were prominent, and among equity - type ETFs, the Hang Seng Tech ETF and A500ETF were the most actively traded. In terms of valuation, military - leading ETFs and dividend ETFs were at historical high levels, while the Hang Seng Tech ETF, pharmaceutical ETF, Nasdaq ETF, and power ETF were at historical low levels, which had certain allocation attractiveness for medium - and long - term investors [28]. - Among the top 20 indexes, the SSE 50 ETF had the largest scale but a significant decline last week. Most equity - type index ETFs had a net outflow of funds, while safe - haven and fixed - income assets were favored by funds. The SGE Gold 9999 had the most prominent performance, and some thematic ETFs also showed good inflow trends [30]. 3.3 Funds: Sector Liquidity and Net Inflow Structure 3.3.1 Whole - Market Overview: Scale and Net Redemption - Last week, the total scale of the whole - market ETFs reached 5.30 trillion yuan, slightly shrinking by 0.72 trillion yuan compared with the beginning of the year. The number of listed ETFs increased to 1,445, with 45 new ones compared with the beginning of the year. Stock - type ETFs were still the main force, but their scale decreased compared with the beginning of the year. Bond - type ETFs had the largest shrinkage, while commodity - type ETFs performed the best, and currency - type and cross - border ETFs had a slight increase [34]. 3.3.2 Large - Category Funds: Stocks/Bonds/Commodities/Cross - Border No specific content provided in the text for a detailed summary. 3.3.3 Internal Equity: Broad - Based vs. Industry/Theme vs. Strategy - Last week, the funds of major broad - based ETFs were generally weak, with the SSE 50 having a continuous net outflow in the past 60 days, and the ChiNext also under great outflow pressure. The main directions of capital inflow were thematic ETFs and cyclical manufacturing ETFs, while broad - based ETFs continued to be under pressure, indicating an obvious migration of funds from broad - based to thematic and cyclical directions [49][50]. 3.3.4 Top 20 Stock - Type ETF Redemption Net Inflows - Last week, energy and safe - haven assets were the main directions pursued by funds. The oil ETF had the highest net inflow, and the grid equipment ETF and other energy - related ETFs also had high net inflows. Gold ETFs continued the net inflow trend. The Hang Seng Tech ETF also received a net inflow despite a decline [54]. 3.3.5 Leveraged Funds: Top 20 Margin - Trading Net Buys and the Relationship with Redemption - Last week, the grid equipment ETF had the highest margin - trading net buy, followed by the Hang Seng Tech Index ETF and the Hong Kong Stock Connect Internet ETF. The medical ETF also had a relatively high margin - trading net buy. Gold - related ETFs had a large margin - trading net buy in total. There were four typical relationships between margin - trading and redemption, and the power ETF was the only one in the "double - strong" quadrant [56][57]. 3.4 ETF Trading Congestion 3.4.1 Top 10 ETFs in Terms of Turnover and Trading Volume - Last week, the total trading volume of the ETF market was about 2.9 trillion yuan. The increase in volume mainly came from bond - type ETFs, followed by stock - type ETFs. In the bond - type ETFs, the short - term financing ETF had the highest trading volume and turnover rate. In the stock - type ETFs, the electronic industry ETFs were the most actively traded, and the oil and petrochemical ETFs had a high turnover rate but relatively low trading volume. The large - cap style still dominated the market trading volume, and the game between growth and balanced styles was the core main line of current stock - type ETF trading [61][68][71]. 3.5 Issuance Dynamics and Trading Congestion - Last week, the ETF issuance market accelerated significantly, with 77 funds being issued, a 48% increase compared with the previous week. 12 funds were established (a 140% increase compared with the previous week), and 7 funds were listed (a 133% increase compared with the previous week). The supply of new products accelerated significantly. The newly listed ETFs were mainly in the energy and manufacturing directions, but the grid equipment ETF was at a high - valuation and high - congestion level, while the power ETF had a relatively reasonable valuation [78][80].

Core Viewpoint - The article discusses the investment outlook following the National People's Congress (NPC) in China, highlighting key market indicators and expert opinions on various asset classes for March 2026 [3][5]. Group 1: Key Market Indicators - The article identifies several key market indicators including the CSI 300 Index, STAR 50 Index, Hang Seng Index, US stocks, US Dollar Index, gold prices, housing prices in first-tier cities, and oil prices as benchmarks for market predictions [3][15]. - Historical data shows that during the NPC, the market's performance tends to decline, with a lower winning rate compared to the week prior [4]. Group 2: March Investment Opportunities - March is characterized as a critical window for wealth allocation, coinciding with several important financial events such as earnings reports, real estate activity, and central bank meetings [6][7]. - The "earnings report season" in March often shifts market sentiment from aggressive to defensive, as investors seek to avoid underperforming stocks [8]. - The real estate market typically sees increased activity in March and April, driven by school enrollment considerations and government policy interventions [9][11]. Group 3: Expert Opinions on Asset Classes - For the CSI 300 Index, opinions are divided, with 4 experts bullish, 3 bearish, and 1 neutral, citing macroeconomic factors and high historical valuations as risks [18]. - The STAR 50 Index has the highest bullish sentiment, with 62.5% of experts expecting a rebound after a period of underperformance [20]. - The outlook for US stocks is predominantly bearish, with 50% of experts predicting declines due to high valuations and geopolitical tensions [23]. - The Hang Seng Index shows mixed opinions, with equal numbers of experts bullish and bearish, reflecting ongoing uncertainties in the market [25]. - Gold is viewed with caution, as experts are split on its future performance, balancing its inflation-hedging properties against potential geopolitical easing [28]. - The US Dollar Index has unanimous support against bearish sentiment, with experts citing inflation and monetary policy as key drivers [31]. - Oil prices are expected to face volatility, with experts cautious about potential geopolitical resolutions impacting prices [33]. - The outlook for housing prices in first-tier cities is uncertain, with most experts indicating a lack of clear direction and a tendency to remain at the bottom [35]. Group 4: Investment Strategies - The article suggests a diversified asset allocation strategy, categorizing investments into risk assets (stocks and real estate), defensive assets (bank products and bonds), and safe-haven assets (gold) [40][42]. - The most favored asset is the STAR 50 ETF, followed by "HALO" concept stocks and consumer ETFs, indicating a preference for technology and consumer sectors [44]. - Experts recommend a cautious approach to investing, focusing on quality assets and avoiding speculative positions in the current volatile environment [56][60].