Report Industry Investment Rating The document does not provide the industry investment rating. Core Views of the Report - From March 2, 2026, to March 6, 2026, all major equity market indices declined, with the STAR 50 index experiencing the largest drop of 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, with the top five gainers being petroleum & petrochemicals, coal, utilities, agriculture, forestry, animal husbandry & fishery, and banking; the top five losers were media, non-ferrous metals, computer, electronics, and building materials [1][12]. - The total scale of public - offering funds reached a new record, and the number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. In the fund performance, quantitative funds had the smallest decline, with an average drop of 2.29% and a positive - return ratio of 4.16%; fixed - income + funds dropped by 0.34% on average, with a positive - return ratio of 30.15%; pure - bond funds rose by 0.11% on average, with a positive - return ratio of 99.46%; pension target FOFs dropped by 1.86% on average, with a positive - return ratio of 0.00%; QDII funds dropped by 2.79% on average, with a positive - return ratio of 7.14% [2][30]. - Last week, the overall ETF market had a net capital inflow of 31.867 billion yuan. Commodity - type ETFs had a relatively large net inflow of 13.181 billion yuan. The daily average trading volume of the overall ETF market reached 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. Sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties, with the net capital outflow of the CSI Small - Cap 500 index approaching 10 billion yuan [3][42][45]. - Last week, 45 new funds were issued, an increase of 9 compared with the previous period; 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period [4][49][54]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Situation - Equity market: All major equity market indices declined, with the STAR 50 index dropping by 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, and the top five gainers and losers were as mentioned above. - Bond market: The ChinaBond Composite Full - Price Index rose by 0.06%, the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.06% and 0.10%, and the CSI Convertible Bond Index dropped by 2.07%. - Commodity market: The Nanhua Commodity Index rose by 6.43% [12]. 1.2欧美及亚太市场情况 All major indices in the European, American, and Asia - Pacific markets declined last week. In the US stock market, the S&P 500 index dropped by 1.55%, the Dow Jones Industrial Average dropped by 2.95%, and the Nasdaq index dropped by 1.24%. In the European market, the French CAC40 dropped by 6.84%, and the German DAX dropped by 6.70%. In the Asia - Pacific market, the Hang Seng Index dropped by 3.28%, and the Nikkei 225 dropped by 5.49% [19]. 1.3 Market Valuation Situation - The valuation quantiles of most major market indices declined last week. In terms of the historical quantiles of price - to - earnings ratio, the CSI 300 had the highest increase of 2.1 pct.; in terms of the historical quantiles of price - to - book ratio, the CSI 300 also had the highest increase of 1.3 pct. - Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio in the Shenwan primary index were real estate, comprehensive, electronics, chemical, and building materials. The real estate industry's price - to - earnings ratio quantile remained high, and the comprehensive industry's reached 94.2%. The bottom five industries with low historical quantiles of price - to - earnings ratio were non - bank finance, food and beverage, agriculture, forestry, animal husbandry & fishery, beauty care, and household appliances, with the non - bank finance industry's valuation approaching its historical low since 2013 [22]. 2. Active - Type Public - Offering Fund Situation Market Hotspots - The total scale of public - offering funds reached a new record. As of the end of January 2026, there were 165 public - offering fund management institutions in China, and the total net asset value of public - offering funds under management was 37.77 trillion yuan. The industry had achieved "ten consecutive increases" in scale [29]. - The number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. As of the end of February 2026, the average time for these institutions to reach the 10 - billion - yuan threshold from establishment was 7.81 years [30]. Fund Performance The performance of different types of funds is as described in the core views section, including the average returns and positive - return ratios of quantitative funds, fixed - income + funds, pure - bond funds, pension target FOFs, and QDII funds. The top - performing funds in different categories last week and this year are also provided [2][30][31]. Industry Positions Last week, the top industries with the highest position - increasing ratios in active equity funds were petroleum & petrochemicals, transportation, and coal; the top industries with the highest position - reducing ratios were electronics, pharmaceutical biology, and basic chemicals. The overall position of active equity funds on March 6, 2026, was 80.39%, an increase of 3.34 pct. compared with the previous period [2][37][38]. 3. ETF Fund Situation - The overall ETF market had a net capital inflow of 31.867 billion yuan last week. Commodity - type ETFs had a net inflow of 13.181 billion yuan. The daily average trading volume was 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. - In terms of individual securities, sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties [3][42][45]. 4. Fund Issuance Situation Statistics - Last week, 45 new funds were issued, an increase of 9 compared with the previous period, including 12 active equity - biased funds and 15 passive index funds. The issuance share of active equity funds was still at a historical low but showed an obvious upward trend this year. - 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period. The Southern Yixiang Steady Income Bond A managed by Sun Lumin and Yang Xu had the largest raising scale of about 4.988 billion yuan [4][49][54].