Group 1 - The Energy ETF Guangfa (159945) opened down 0.14% at 1.418 yuan on March 26 [1][2] - Major holdings of the Energy ETF include China Shenhua down 0.25%, China Petroleum unchanged, China Petrochemical down 0.51%, Shaanxi Coal up 0.31%, China National Offshore Oil Corporation down 0.02%, Jereh Group down 0.01%, Yanzhou Coal Mining down 0.30%, China Coal Energy up 0.34%, Guanghui Energy up 0.73%, and Shanxi Coking Coal up 0.14% [1][2] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd., with a fund manager named Yao Xi [1][2] - Since its establishment on June 25, 2015, the fund has returned 42.35%, with a return of 4.18% over the past month [1][2]

Group 1: Report Information - The report is a "Industry Rotation TF Strategy Weekly Report" covering the period from March 9, 2026, to March 15, 2026, and was released on March 16, 2026 [1][2] Group 2: Strategy Basis - 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] Group 3: Portfolio Adjustment - In the week of March 16, 2026, the model recommends allocating to sectors such as marine equipment, refining and trading, and aviation equipment. The strategy will newly hold products like Ship ETF, Oil and Gas ETF Huatong, Aerospace ETF, Energy ETF GF, and Resources ETF Boshi, and continue to hold Grid Equipment ETF [3][12] Group 4: Portfolio Details | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 560710 | Ship ETF | 16.14 | Added | Marine Equipment (41.57%) | 1 | -1 | | 159309 | Oil and Gas ETF Huatong | 31.18 | Added | Refining and Trading (26.34%) | 1 | -1 | | 159227 | Aerospace ETF | 39.78 | Added | Aviation Equipment (55.27%) | 1 | -1 | | 159945 | Energy ETF GF | 1.37 | Added | Coal Mining (43.03%) | 1 | 1 | | 510410 | Resources ETF Boshi | 12.24 | Added | Industrial Metals (27.62%) | 1 | -1 | | 515210 | Steel ETF | 43.74 | Added | General Steel (56.87%) | 1 | 0 | | 517520 | Gold Stocks ETF | 156.96 | Added | Precious Metals (44.08%) | 1 | -1 | | 516910 | Logistics ETF Fullgoal | 1.35 | Added | Logistics (42.91%) | 1 | 1 | | 159326 | Grid Equipment ETF | 336.01 | Continued | Grid Equipment (77.17%) | 1 | 1 | | 562850 | Central - State - Owned Energy ETF Harvest | 2.90 | Added | Electricity (37.09%) | 1 | 1 | [3] Group 5: Performance Tracking - From March 9 to March 13, 2026, the cumulative net return of the strategy was approximately 2.18%, and the excess return relative to the CSI 300 ETF was approximately 1.97%. From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was approximately 38.39%, and the cumulative excess return relative to the CSI 300 ETF was approximately 14.68% [3] Group 6: Previous Week's Portfolio Changes | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | One - week Return Rate (%) | | --- | --- | --- | --- | --- | | 159887 | Bank ETF | 1.41 | Removed | 4.48 | | 562550 | Green Electricity ETF | 8.30 | - | - | | 159933 | Financial Real Estate ETF SDIC UBS | 1.17 | Removed | -2.79 | | 159326 | Grid Equipment ETF | 336.01 | Continued | -0.11 | | 510060 | Central - State - Owned Enterprises ETF ICBC | 1.02 | Removed | - | | 515220 | Coal ETF | 105.34 | Removed | - | | 562900 | Agriculture ETF E Fund | 2.54 | Removed | 1.45 | | 560980 | Photovoltaic Leading Stocks ETF GF | 4.34 | - | 5.41 | | 510010 | 180 Governance ETF Bank of Communications | 2.52 | - | -0.71 | | 159790 | Carbon Neutrality ETF | 16.63 | Removed | - | | - | ETF Portfolio Average Return | - | - | 2.18 | | 510300 | CSI 300 ETF | 2057.19 | - | 0.21 | | - | ETF Portfolio Excess Return | - | - | 1.97 | [11] Group 7: Timing Signal Explanation - The timing signal is a price - volume indicator. A value of 1 indicates a bullish signal, 0 indicates a neutral signal, and - 1 indicates a bearish signal [3]

Core Viewpoint - The Energy ETF Guangfa (159945) experienced a significant decline of 6.91% at the opening on March 10, 2023, trading at 1.428 yuan [1] Group 1: ETF Performance - The Energy ETF Guangfa (159945) has a performance benchmark of the CSI All Share Energy Index [1] - Since its establishment on June 25, 2015, the fund has achieved a return of 53.08% [1] - The fund's return over the past month is reported at 17.00% [1] Group 2: Major Holdings Performance - Major holdings in the Energy ETF include: - China Shenhua down 4.09% [1] - China Petroleum down 5.73% [1] - China Petrochemical down 7.14% [1] - Shaanxi Coal and Chemical Industry down 4.37% [1] - China National Offshore Oil Corporation down 9.99% [1] - Jereh Group up 0.03% [1] - Yanzhou Coal Mining down 5.42% [1] - China Coal Energy down 9.67% [1] - Guanghui Energy down 8.89% [1] - Shanxi Coking Coal down 3.67% [1]

Group 1: Market Overview - A-shares experienced a strong rebound on February 4, with active performances in coal, energy, and gold sectors, as well as strong resource-related ETFs [1][3] - Multiple bond ETFs saw active trading, with short-term bond ETF Hai Futong (511360) and Yin Hua Ri Li ETF (511880) each exceeding 10 billion yuan in daily trading volume [2][7] Group 2: ETF Performance - Resource-themed ETFs led the gains, with coal ETFs rising over 9% and energy ETFs increasing by more than 5% [3][4] - The chemical ETF (159870) recorded a net inflow of 14.584 billion yuan from January 1 to February 3, ranking first in the market [2][9] Group 3: Sector Insights - The coal sector is experiencing a tight supply-demand balance, with prices stabilizing and rising, prompting recommendations to focus on high-dividend coal stocks [5] - The photovoltaic sector saw significant gains, driven by recent visits from Elon Musk's team to Chinese photovoltaic companies, boosting related ETFs [6] Group 4: Investment Trends - There has been a notable inflow of funds into technology and securities ETFs, despite recent market corrections in these sectors [2][10] - Over 10 billion yuan has been invested in dividend-related ETFs in the past month, with a focus on those combining Hong Kong stocks, state-owned enterprises, and dividends [11]

ETF Industry News - The Shanghai Composite Index has returned to 4100 points, with multiple ETFs in the oil and petrochemical sector experiencing significant gains, including the Energy ETF Guangfa (159945.SZ) up by 5.99% and the Energy ETF (159930.SZ) up by 5.33% [1] - On February 3, the A-share market saw a reversal with a net inflow of nearly 10 billion yuan into stock ETFs, marking one of the few days of net inflow since January. Major ETFs tracking the CSI 500, CSI 300, and STAR 50 indices saw significant inflows, while thematic ETFs in sectors like non-ferrous metals and photovoltaics experienced net outflows [2] - As of January 31, 2026, 14 ETFs have expanded by over 10 billion yuan, with a notable shift towards industry-themed ETFs and commodity ETFs, indicating a consensus among investors on sectors supported by industrial policies and positive fundamentals [3] Market Overview - On February 4, the A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.85% to close at 4102.2 points, while the ChiNext Index fell by 0.4%. The top performers among major indices included the CSI 300 and CSI 800 [4] - In terms of sector performance, coal, building materials, and real estate sectors led the gains with daily increases of 7.58%, 3.48%, and 2.97% respectively, while media, communication, and computer sectors lagged behind [7] ETF Market Performance - The average daily return for commodity ETFs was the highest at 3.70%, while stock-themed index ETFs had the lowest average return at -0.08% [10] - The top-performing ETFs included the Coal ETF (515220.SH) with a return of 9.07%, followed by the Energy ETF Guangfa (159945.SZ) and the Energy ETF (159930.SZ) with returns of 5.99% and 5.33% respectively [13] - The top three ETFs by trading volume were the A500 ETF Southern (159352.SZ) with a trading volume of 7.732 billion yuan, the CSI 500 ETF (159338.SZ) with 6.968 billion yuan, and the A500 ETF Fund (512050.SH) with 14.236 billion yuan [16]

Group 1: Market Performance - The coal sector is experiencing strong gains, with several coal stocks such as Yanzhou Coal, China Coal, and Shanxi Coking Coal hitting the 10% daily limit up, driving the coal ETF up over 7% [1] - The coal ETF, with a fund size of 8.85 billion yuan, closely tracks the China Coal Index and covers the entire coal industry chain, significantly lowering investment barriers and research costs [1] Group 2: Supply and Demand Dynamics - Due to a cold wave, energy demand has surged as residents require heating, prompting local governments to enhance energy supply measures, including stabilizing coal production and increasing natural gas reserves [1] - Indonesia has suspended spot coal exports following a government plan to significantly reduce production quotas, which could lead to job losses and mine closures according to industry associations [2] Group 3: Investment Outlook - The investment logic for coal stocks remains unchanged, with institutional holdings at low levels and healthy chip structures, indicating a favorable environment for investment [2] - The tightening of supply-side policies is expected to reverse the oversupply situation in the coal industry, with a focus on high-dividend, low-valuation stocks as investment opportunities [3][4] - The current low prices of thermal and coking coal provide room for price rebounds, supported by seasonal demand and supply-side production cuts [4]

Market Overview - The Shanghai Composite Index has rebounded above 4100 points, indicating a market recovery [1] - The coal sector has seen a surge, with coal-related ETFs rising over 9% and energy-related ETFs increasing by more than 5% [1][2] Sector Performance - The coal concept has triggered a wave of limit-up stocks, while the real estate sector has shown active performance [1] - Conversely, sectors such as AI applications, precious metals, and computing hardware have experienced significant declines [1] ETF Performance - Coal ETF (515220.SH) rose by 9.07% to a price of 1.166 [2] - Energy ETFs also performed well, with the Guangfa Energy ETF (159945.SZ) increasing by 5.99% to 1.327 and another Energy ETF (159930.SZ) rising by 5.33% to 1.62 [2] - In contrast, the AI ETF (515980.SH) fell by 4.15% to 0.924, reflecting a downturn in the AI sector [4] Coal Market Insights - Analysts indicate that thermal coal and coking coal prices are still at historical lows, providing room for a rebound [3] - The supply-side "overproduction checks" are expected to reduce output, while the demand side is entering a peak heating season, suggesting a potential improvement in coal supply-demand fundamentals [3] - Thermal coal benefits from long-term contract mechanisms and profit-sharing logic between coal and power companies, while coking coal is more sensitive to market changes [3] AI Sector Analysis - AI is viewed as a core driver of the new technological revolution, with its value lying in creating new possibilities rather than just improving efficiency [5] - The development of large model technologies is reshaping global industrial patterns and is expected to bring significant commercial value to the financial sector, potentially reaching trillions of yuan [5] - However, challenges such as technological bottlenecks, high investment costs, and regulatory balance need to be addressed for further advancement [5]

Group 1 - Coal concept stocks experienced significant gains, with companies such as Yanzhou Coal Mining, China Coal Energy, Shanxi Coking Coal, Meijin Energy, and Lu'an Environmental Energy hitting the daily limit [1] - The coal ETF rose over 9%, while energy-related ETFs increased by approximately 5% [1] Group 2 - Current prices for thermal coal and coking coal remain at historical lows, providing room for a rebound [2] - Supply-side policies aimed at "checking overproduction" are expected to reduce output, while the demand side is entering the heating season, indicating a potential improvement in coal supply and demand fundamentals [2] - Both types of coal are anticipated to have upward price elasticity, with thermal coal supported by long-term contract mechanisms and profit-sharing logic between coal and power companies, while coking coal, being more market-sensitive, may exhibit greater price elasticity [2]

Market Overview - The A-share market experienced a collective adjustment, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index down 0.85%, the ChiNext Index down 0.91%, and the Beijing Stock Exchange 50 Index down 1.45% [1] - The total trading volume in the three markets reached 32,806 billion yuan, an increase of 1,625 billion yuan compared to the previous day, with over 3,700 stocks in decline [1] Sector Performance - The sectors that saw gains included gold, non-ferrous metals, animal vaccines, insurance, oil and gas extraction and services, chemicals, and pork, with significant increases [1] - Conversely, sectors that faced declines included commercial aerospace, large aircraft, military equipment, photolithography machines, semiconductors, robotics, and quantum technology, with notable losses [1] ETF Performance - International gold prices surpassed 5,100 USD per ounce, leading to a surge in gold and non-ferrous resource stocks, with several gold stock ETFs, including Huaan Fund Gold Stock ETF and Ping An Fund Gold Stock ETF, rising over 8% [1] - The non-ferrous sector also saw a strong performance, with the non-ferrous mining ETFs from China Merchants and Guotai Fund increasing by 6.31% and 6.23%, respectively [1] - Oil and gas stocks performed robustly, with the energy ETF from GF rising by 4.39% [1] - The commercial aerospace sector experienced a significant downturn, with satellite ETFs and related funds declining by approximately 8% [1] - The semiconductor equipment sector also faced a decline, with the semiconductor equipment ETF dropping by 4% [1]

Group 1 - The Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.70% on January 19 [2] - Sectors such as precious metals, power grid equipment, and flexible direct current transmission saw significant gains [2] - The National Energy Administration announced that by 2025, China's total electricity consumption is expected to exceed 10 trillion kilowatt-hours, reaching 10.4 trillion kilowatt-hours, a year-on-year increase of 5% [2] Group 2 - Oriental Securities highlighted the zinc sector as an overlooked material in the context of de-globalization, with supply and demand improving and prices expected to rise [3] - The market has been pessimistic about lead and zinc due to domestic infrastructure and real estate concerns, but there is optimism regarding the re-industrialization in Asia, Africa, and Latin America driving demand [3] - Huafu Securities noted that key technologies for small modular reactors (SMR) are being developed by domestic companies, with progress on energy solutions tailored for data centers [3]