1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (from March 9, 2026, to March 13, 2026), the median weekly return of equity ETFs was -0.28%. Among broad-based ETFs, the median return of ChiNext ETFs was 2.49%, the highest. By sector, the median return of cyclical ETFs was -0.12%, the smallest decline. By theme, the median return of new energy vehicle ETFs was 5.01%, the highest [1][12]. - Last week, equity ETFs had a net redemption of 8.649 billion yuan, and the overall scale decreased by 32.72 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the least net redemption, at 598 million yuan. By sector, technology ETFs had the most net subscriptions, at 5.178 billion yuan. By theme, chip ETFs had the most net subscriptions, at 4.572 billion yuan [2][28][33]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non-monetary ETFs were Huaxia, E Fund, and Huatai-PineBridge. This week, 7 ETFs will be issued, including Huabao CSI All-Share Household Appliances ETF, Fullgoal CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, etc. [5][56] 3. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was -0.28%. The median returns of ChiNext, CSI 300, A500, CSI 1000, Shanghai 50, CSI 500, and STAR Market ETFs were 2.49%, 0.17%, -0.26%, -0.42%, -1.21%, -1.44%, and -1.89% respectively. The median returns of money market, bond, cross-border, and commodity ETFs were 0.02%, -0.00%, -0.73%, and -0.73% respectively [12]. - By sector, the median returns of cyclical, consumer, large financial, and technology sector ETFs were -0.12%, -0.13%, -1.41%, and -1.89% respectively. By theme, the median returns of new energy vehicle, power, and photovoltaic ETFs were 5.01%, 4.02%, and 3.55% respectively, showing relatively strong performance, while the median returns of military, resource, and AI ETFs were -6.86%, -4.00%, and -3.85% respectively, showing relatively weak performance [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 3.0086 trillion yuan, 981.2 billion yuan, and 726.1 billion yuan respectively. The scales of commodity and money market ETFs were relatively small, at 360.1 billion yuan and 170.9 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had relatively large scales, at 571.4 billion yuan and 242.7 billion yuan respectively [19]. - By sector, the scale of technology sector ETFs was 511.3 billion yuan as of last Friday, followed by cyclical sector ETFs at 401.5 billion yuan. The scales of consumer and large financial ETFs were relatively small, at 198.7 billion yuan and 192.5 billion yuan respectively. By theme, the scales of chip, resource, and securities ETFs were the highest, at 184.2 billion yuan, 141.7 billion yuan, and 136.7 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 8.649 billion yuan, and the overall scale decreased by 32.72 billion yuan. Money market ETFs had a net redemption of 2.369 billion yuan, and the overall scale decreased by 2.354 billion yuan. Among broad-based ETFs, the Shanghai 50 ETF had the least net redemption, at 598 million yuan, and its scale decreased by 1.533 billion yuan. ChiNext ETFs had the most net redemptions, at 6.204 billion yuan, and their scale decreased by 3.205 billion yuan [28]. - By sector, technology ETFs had the most net subscriptions last week, at 5.178 billion yuan, and their scale decreased by 7.419 billion yuan. Large financial ETFs had the most net redemptions, at 83 million yuan, and their scale decreased by 2.533 billion yuan. By theme, chip ETFs had the most net subscriptions, at 4.572 billion yuan, and their scale decreased by 2.133 billion yuan. Resource ETFs had the most net redemptions, at 7.247 billion yuan, and their scale decreased by 12.551 billion yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 80.68%, 89.93%, 97.27%, 97.69%, 63.17%, and 91.69% quantile levels respectively, and the price-to-book ratios were at the 54.95%, 77.29%, 97.52%, 81.50%, 65.24%, and 93.59% quantile levels respectively. Since December 31, 2019, the price-to-earnings and price-to-book ratios of STAR Market ETFs are currently at the 74.57% and 77.37% quantile levels respectively [34]. - As of last Friday, the price-to-earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the 88.93%, 23.04%, 20.48%, and 91.82% quantile levels respectively, and their price-to-book ratios were at the 94.63%, 35.14%, 23.78%, and 83.65% quantile levels respectively [37]. - As of last Friday, the price-to-earnings ratio quantiles of photovoltaic, dividend, and military ETFs were relatively high, at 99.92%, 98.51%, and 96.45% respectively. The price-to-book ratio quantiles of dividend, AI, and robot ETFs were relatively high, at 99.83%, 95.71%, and 90.67% respectively. Compared with the previous week, the valuation quantile of power ETFs increased significantly. Overall, among broad-based ETFs, the valuation quantile of ChiNext ETFs was relatively low. By sector, the valuation quantiles of consumer and large financial ETFs were relatively moderate. By theme, the valuation quantiles of liquor and securities ETFs were relatively low [42][46]. ETF Margin Trading and Short Selling - Overall, the margin balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 47.824 billion yuan in the previous week to 47.386 billion yuan, and the short selling volume increased from 2.385 billion shares in the previous week to 2.5 billion shares [47]. - Among the top 10 ETFs with the highest average daily margin purchases and short selling volumes from last Monday to Thursday, securities ETFs and STAR Market ETFs had relatively high average daily margin purchases, and CSI 1000 ETFs and CSI 500 ETFs had relatively high average daily short selling volumes [50][52]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non-monetary ETFs and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [53]. - Last week, 10 new ETFs were established. This week, 7 ETFs will be issued, including Huabao CSI All - Share Household Appliances ETF, Fullgoal CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, etc. [56].

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The report highlights a narrowing decline in the Producer Price Index (PPI) and notes that the industrial producer's ex-factory prices decreased by 0.2% month-on-month, with a year-on-year decline of 3.6% [3][23] - The chemical raw materials and chemical products manufacturing industry, as well as the oil and gas extraction industry, have shown a downward trend in fixed asset investment completion year-on-year since 2025 [21][22] - The report emphasizes the importance of the newly implemented energy-saving review and carbon emission evaluation measures, which aim to prevent disorderly capacity expansion and "involution" competition in the industry [22] Market Performance Overview - The Shanghai and Shenzhen 300 index experienced a decline of 0.54% during the period from July 28 to August 8, 2025 [3][11] - The top-performing industry indices during this period included SSH Gold Stocks (4.88%) and Subdivided Nonferrous Metals (0.83%) [3][10] - The report notes significant capital inflows into the infrastructure engineering sector, while the rare metals and nonferrous metals sectors saw substantial capital outflows [11] Key Industry Dynamics - In the chemical sector, the report indicates that major raw material purchase price indices reached a new high of 51.5% in July, reflecting a 2.1 percentage point increase from June [23] - The coal sector is under scrutiny, with the National Energy Administration planning to conduct production inspections in key coal-producing provinces to ensure stable supply [3][28] - The report suggests monitoring the Chemical ETF (159870.SZ) and Coal ETF (515220.SH) for potential investment opportunities [3][12] Company Updates - Wanhua Chemical announced the resumption of production at its Fujian Industrial Park, which had been under maintenance since June 5, 2025 [25] - Salt Lake Co. disclosed plans for share buybacks to enhance investor confidence, with a recent increase in shareholding by its controlling shareholder [26] - Juhua Co. projected a significant increase in net profit for the first half of 2025, with an expected growth of 146% to 166% year-on-year [27]

Group 1 - The ETF market opened with mixed results, with the Southern Computer ETF (159586) leading the gains at 6.16% [1] - The Sci-Tech Innovation Board 50 ETF (588840) increased by 3.79% [1] - The Shanghai 180 ETF Index Fund (530280) rose by 2.99% [1] Group 2 - The Resource ETF (510410) experienced the largest decline, falling by 1.41% [1] - The French CAC40 ETF (513080) decreased by 1.36% [1] - The Rare Metals ETF Fund (561800) dropped by 1.28% [1]

Group 1 - The article discusses the gold-silver ratio, which reflects the relative price relationship between gold and silver, indicating whether silver is undervalued or overvalued. A higher ratio suggests silver is cheaper relative to gold, while a lower ratio indicates the opposite [3][7]. - Historical data shows that the gold-silver ratio reached a peak of 104 in April 2025, but has since declined to 94.14 as of June 20, 2025, with gold priced at $3384.4 per ounce and silver at $35.95 per ounce [3][8]. - The article notes that the gold-silver ratio typically fluctuates within a range, with 80-100 being a top and around 40 being a bottom. The current ratio of 94.14 is above the historical average of approximately 58, suggesting potential for silver price recovery [7][8]. Group 2 - The demand for silver is increasing due to its industrial applications, such as in photovoltaics and electronics, while supply growth is limited, creating a supply-demand gap that supports silver prices [9]. - The article highlights that silver is known for its high volatility, with a volatility rate 1.5 times that of gold [10]. - The recovery of the gold-silver ratio is influenced by multiple factors, including macroeconomic conditions, geopolitical events, and changes in Federal Reserve policies [11]. Group 3 - Some analysts express skepticism about the recovery of the gold-silver ratio, suggesting it may continue to rise due to the significant increase in silver production compared to gold since 1994, with silver production up by 79.9% and gold by only 43.5% [13]. - The article mentions that when the market shifts focus from gold to silver, it often indicates that prices have already reflected speculative themes, prompting investors to reassess reasonable pricing [13]. Group 4 - Currently, there is only one commodity fund investing in silver, the Guotai Silver LOF (161226), which tracks the performance of the Shanghai Futures Exchange silver futures [14]. - The fund has underperformed significantly since its inception, which is noted as a drawback for potential investors [14][19]. Group 5 - The article compares the performance of resource-related funds over the past five years, highlighting several funds that have performed relatively well, including Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A and Jiashi Resource Selection Stock A [20][23]. - The performance of the Shanghai Natural Resources Index and the CSI Upstream Resource Industry Index is discussed, with both indices showing similar performance trends over the past decade [25][27]. Group 6 - The article provides valuation metrics for the Shanghai Resource Index and the CSI Upstream Resource Index, noting their respective P/E ratios of 11.74 and 12.09, as well as P/B ratios of 1.39 and 1.41 [32][33]. - The dividend yield for the Shanghai Resource Index is reported at 4.80%, indicating a relatively attractive yield compared to the CSI Upstream Index's 4.63% [34].