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 - In the current environment, investors need to distinguish between different agricultural investments, specifically "pigs," "grains," or "fertilizers" [4][18]. Group 1: Agricultural Sector Dynamics - The agricultural sector has recently gained attention from public and institutional funds due to ongoing geopolitical conflicts, making it a high-interest area for investment [4]. - Since March 2026, the issuance of agricultural-related ETFs has accelerated, with seven companies filing for agricultural index products in just one week [5]. - As of March 2026, there are 16 listed ETFs tracking the agricultural sector, covering various sub-sectors such as planting, breeding, feed, seed, and agricultural machinery [8]. Group 2: Fund Flows and Performance - Several agricultural ETFs have seen significant net inflows since March, with the Agricultural ETF (159825.SZ) and Grain ETF (159698.SZ) recording net subscriptions of 1.1 billion and 720 million respectively [8]. - The agricultural sector has shown a positive trend, with many products achieving around 4% returns in March and several exceeding 10% returns year-to-date [10]. - The Grain Index has emerged as a strong performer, with its corresponding ETFs returning over 15% year-to-date [29][30]. Group 3: Geopolitical Influences - The escalation of geopolitical risks, particularly the instability in the Middle East since February 2026, has disrupted global commodity markets, impacting agricultural costs and prices [13][14]. - Rising prices of natural gas and crude oil, essential for agricultural fertilizers, are expected to increase agricultural production costs [13]. Group 4: Investment Strategies - Investors are advised to carefully select agricultural ETFs based on their underlying assets, as there are significant differences in the investment logic of these funds [18]. - The largest ETF tracking the Livestock Index (159865.SZ) focuses on the "pig cycle," while comprehensive agricultural ETFs like the Agricultural ETF (159825.SZ) provide broader exposure across various agricultural sectors [20][24]. - Commodity-linked ETFs, such as the Soybean Meal ETF (159985.SZ), are highly correlated with international commodity prices and can respond quickly to supply shocks, but they are also more volatile [33].

Summary of Conference Call Notes Industry Overview - The notes reflect the current state of the U.S. stock market, particularly focusing on the impact of geopolitical tensions and regulatory considerations on technology and energy sectors [1][2][3][4][5][6][7][8]. Key Points and Arguments 1. **U.S. Stock Market Volatility**: The U.S. stock market experienced fluctuations due to rumors of new regulations requiring global approval for AI chip purchases, leading to a significant drop in chip stocks [1]. 2. **Geopolitical Tensions**: Ongoing tensions in the Middle East have created uncertainty, with fluctuating oil prices impacting market sentiment. Initial spikes in oil prices were followed by a recovery after news of potential U.S. measures to stabilize the market [2][3][5][6]. 3. **Government Policy Response**: The recent government work report from the two sessions was largely in line with expectations, lacking new initiatives to alleviate geopolitical concerns. This resulted in a significant outflow of capital from the market, indicating a cautious investor sentiment [7]. 4. **Market Dynamics**: The A-share market followed global trends with moderate performance, suggesting limited buying interest. The market is expected to take 2-3 weeks to digest recent volatility, with no immediate expectations for a rebound [7]. 5. **Sector Rotation**: The market is experiencing a rotation between cyclical and technology stocks, with a focus on computing power and related sectors. Recent performance in mechanical and electrical equipment, as well as public utility ETFs, has been positive [7][8]. 6. **Investment Strategies**: There is a potential shift in investor focus towards mid-term asset impacts, with interest in oil and agricultural ETFs. The notes suggest that recent volatility has allowed for speculative sentiment to be digested, creating opportunities in certain sectors [8]. 7. **Technology Sector Outlook**: The technology sector is expected to see increased investment, particularly in ETFs that have experienced significant declines. Recommendations include the Science and Technology Innovation 100 ETF and others that have shown potential for recovery [8]. Additional Important Content - The notes highlight the importance of monitoring geopolitical developments and their potential impact on market dynamics, particularly in the energy and technology sectors [2][3][4][5][6][7][8]. - The mention of specific ETFs indicates a strategic approach to investment, focusing on sectors that may benefit from current market conditions and investor sentiment [8].

Core Insights - The report emphasizes a continued oscillating market pattern, suggesting that the index's upward movement driven by position recovery does not alter the overall oscillating trend [2] - It advocates for a strategic focus on mid-cap blue-chip stocks, particularly in the agricultural and chemical sectors, as they are expected to perform well in the current market environment [2][3] Market Strategy - The report notes that the index is currently at a midpoint of its oscillation range, recommending an active adjustment of portfolio structures to include mid-cap blue-chip stocks [2] - It highlights that the recovery of market positions post-holiday indicates a clear shift in fund allocation towards mid-cap blue-chip stocks, with cyclical manufacturing sectors showing stronger performance compared to technology growth sectors [2] Industry Strategy - In the agricultural sector, the report suggests that domestic companies must expand into international markets to overcome growth limitations, emphasizing the importance of product and technology exports, asset investments, and mergers/joint ventures [3] - Successful companies in this sector are characterized by strong core product advantages, comprehensive industry chain layouts, and effective local market integration [3] Thematic Strategy - The rare earth sector is projected to experience a dual boost in profitability and valuation, with expectations of rising rare earth prices due to sustained demand and supply-side improvements [4] - The report underscores the strategic value of rare earths in the context of increasing geopolitical uncertainties, suggesting that domestic rare earth companies may benefit from accelerated asset consolidation [4]

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry rotation and ETF market overview [2]. Strategy Update - The strategy portfolio includes various ETFs with specific holdings and weightings, such as: - Wine ETF with a market value of 184.16 billion, holding a significant position in the liquor industry (84.84%) [3]. - Real Estate ETF valued at 6.61 billion, fully invested in real estate development (100%) [3]. - Tourism ETF at 88.57 billion, primarily focused on the aviation and airport sector (33.21%) [3]. - New additions include Agriculture and Fishery ETF and Grain ETF, with respective holdings in aquaculture (46.89%) and planting (49.63%) [3]. - The strategy's performance for the period from February 9 to February 13, 2026, showed a cumulative net return of approximately -0.38%, underperforming the CSI 300 ETF by about -0.85% [3]. Performance Tracking - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 37.93%, outperforming the CSI 300 ETF by about 14.43% [3][4]. - The report includes a performance chart illustrating the cumulative return of the industry rotation ETF strategy since its inception [4]. Weekly Holdings and Performance - The report details the weekly performance of various ETFs, indicating that the strategy will continue to hold Wine, Real Estate, Tourism, and Traditional Chinese Medicine ETFs while adding Agriculture and Grain ETFs [11]. - The average return of the ETF portfolio for the week was -0.38%, with a notable underperformance compared to the CSI 300 ETF [11].

Market Strategy - The market is currently in a volatile yet upward trend, driven by position recovery, maintaining a cautious optimism for February. The index is expected to oscillate around the high and low points of January, with a focus on mid-cap blue chips for investment opportunities [2][6] - The strategy suggests actively adjusting portfolios towards mid-cap blue chips, particularly in the chemical and livestock sectors, which are seen as having strong cyclical performance post-holiday [2][6] Industry Strategy - The agricultural sector is encouraged to expand into international markets to overcome growth limitations faced by domestic agricultural enterprises. Successful international ventures typically involve product and technology exports, asset investments, and mergers or joint operations, emphasizing the importance of core product advantages and complete industry chain layouts [3][6] - Key investment targets in the agricultural sector include Muyuan Foods (002714, buy) and Haida Group (002311, buy), with relevant ETFs being Agricultural ETF (159825/159827) and Grain ETF (159698) [3][6] Thematic Strategy - The rare earth sector is poised for a dual boost in profitability and valuation, with expectations of rising rare earth prices in 2026 due to sustained demand and supply-side improvements. The geopolitical landscape enhances the strategic value of rare earths, making it a key area for investment [4][6] - Notable investment targets in the rare earth sector include China Northern Rare Earth Group (600111, buy) and China Rare Earth Group (600259, not rated), with relevant ETFs being Rare Earth ETF (159713/516150) [4][6]

Group 1 - The central document emphasizes stabilizing grain production at approximately 1.4 trillion jin, while promoting a new round of actions to enhance grain production capacity by 100 billion jin [1] - The document calls for expanding the diversification of oilseed supply, including increasing soybean production and expanding the cultivation of rapeseed, peanuts, and oil tea [1] - It highlights the need for stable development of crops like cotton, sugar, and natural rubber, and encourages the implementation of seed industry revitalization actions to accelerate the breeding and promotion of breakthrough varieties [1] Group 2 - The revised Plant Variety Protection Regulations will be officially released in 2025, enhancing the protection of variety rights and encouraging breeding innovation [1] - As of January 30, 2026, the top ten weighted stocks in the National Grain Industry Index (399365) account for 52.33% of the index, including major companies like Dabeinong and Longping High-tech [2] - The Grain ETF (159698) closely tracks the National Grain Industry Index and has seen a net inflow for 11 consecutive days, with a latest price of 1.09 yuan and a net subscription of 2 million shares [1][3]

Group 1 - The report indicates that the recent market adjustment pressure has been released, leading to a rebound, with popular sectors experiencing valuation recovery after a rapid decline [6] - The report maintains a cautiously optimistic view for February, suggesting that while the A-share index may struggle, there is potential for valuation recovery in the H-share market [6] - The report emphasizes the importance of mid-cap blue-chip stocks with medium risk characteristics, particularly in the agricultural sector, which is expected to continue its strength [6] Group 2 - The report highlights that during the "14th Five-Year Plan" period, China's wind and solar installations are expected to maintain high growth rates, with specific segments like offshore wind power and perovskite solar cells showing significant growth potential [6] - It forecasts that energy storage installations will achieve over 50% growth by 2025, driven by the high demand for renewable energy [6] - The report identifies high-growth technology-related stocks in the renewable energy sector as key investment opportunities [6] Group 3 - The report discusses the upcoming mass production of humanoid robots by Tesla, indicating increased certainty in this area, particularly regarding dexterous hands and the humanization of robots [4] - It suggests that the demand for components such as sensors and flexible protective layers will rise as robots become more human-like [4] - The report points out that companies with proven manufacturing and management capabilities in automotive and engineering machinery parts are likely to gain higher market shares [4]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The Financial Street Securities Research Institute constructs a strategy portfolio based on industry and thematic ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] - From 20260126 - 20260130, the cumulative net return of the strategy was approximately - 0.24%, and the excess return relative to the CSI 300 ETF was approximately - 0.39%. From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was approximately 44.34%, and the cumulative excess return relative to the CSI 300 ETF was approximately 19.78% [3] - In the week of February 2, 2026, the model recommends allocating sectors such as refining and trading, cement, and industrial metals. In the next week, the strategy will newly hold products such as Building Materials ETF, Non - Ferrous Metals ETF, and Real Estate ETF, and continue to hold products such as Petrochemical ETF, Chemical ETF, and Gold Stocks ETF [12] 3. Summary by Relevant Catalog 3.1 Strategy Portfolio Information - The strategy portfolio includes ETFs such as Petrochemical ETF (159731), Building Materials ETF (159745), Non - Ferrous Metals ETF (512400), etc. Each ETF has information such as market value, holding status, heavy - held Shenwan industries and their weights, as well as weekly and daily timing signals. For example, the Petrochemical ETF has a market value of 16.60 billion yuan, and the heavy - held industry is refining and trading with a weight of 27.28%, and both the weekly and daily timing signals are 1 [3] 3.2 Performance Tracking - During 20260126 - 20260130, the cumulative net return of the strategy was about - 0.24%, and the excess return relative to the CSI 300 ETF was about - 0.39%. From October 14, 2024 to now, the cumulative out - of - sample return of the strategy was about 44.34%, and the cumulative excess return relative to the CSI 300 ETF was about 19.78% [3] 3.3 Portfolio Adjustment - In the week of February 2, 2026, the strategy will add holdings of Building Materials ETF, Non - Ferrous Metals ETF, Real Estate ETF, etc., and continue to hold Petrochemical ETF, Chemical ETF, Gold Stocks ETF, etc. Some previously held ETFs such as Mining ETF, Communication ETF, etc. will be removed from the portfolio [3][11][12]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The strategy based on industry and theme ETFs was constructed by the Financial Street Securities Research Institute, and the portfolio was updated weekly. From January 5 - 9, 2026, the strategy's cumulative net return was about 8.72%, and the excess return relative to the CSI 300 ETF was about 5.94%. From October 14, 2024, to January 9, 2026, the strategy's out - of - sample cumulative return was about 41.66%, and the cumulative excess relative to the CSI 300 ETF was about 15.74% [3] - In the week of January 12, 2026, the model recommended allocating sectors such as aviation equipment, aerospace equipment, and aviation airports. The strategy would add holdings of products like Aerospace ETF, Grain ETF, and Power Grid Equipment ETF, and continue to hold products like Satellite Industry ETF, Tourism ETF, and Communication Equipment ETF [13] Group 3: Summary According to the Catalog Strategy Construction - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] Strategy Update - The strategy updated the holdings of ETFs. Newly added holdings included Aerospace ETF, Grain ETF, and Power Grid Equipment ETF. Continued holdings included Satellite Industry ETF, Tourism ETF, etc. [3][13] Performance Tracking - From January 5 - 9, 2026, the strategy's cumulative net return was about 8.72%, and the excess return relative to the CSI 300 ETF was about 5.94%. From October 14, 2024, to January 9, 2026, the strategy's out - of - sample cumulative return was about 41.66%, and the cumulative excess relative to the CSI 300 ETF was about 15.74% [3] Future Recommendations - In the week of January 12 - 16, 2026, the model recommended allocating sectors such as aviation equipment, aerospace equipment, and aviation airports, and recommended products for investment [13]