1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints - The report expects the liability growth rate of the real - sector to decline to around 8.3% in March 2026, and to around 8.0% by the end of 2026. The liability growth rate of the government sector is expected to drop to around 11.5% in March and around 11.6% by the end of 2026. It is recommended that investors control stock and bond positions, focus on short - term and money - market assets, and the equity style is expected to shift towards value - dominance [2][17][18]. - Amid the China - US competition and potential re - valuation of the US technology sector, global funds may flow to China. Attention should be paid to whether the RMB exchange rate enters an appreciation channel. The risk preference may enter a range - bound state, and new funds in the financial market may be limited [6][20]. - In the short term, due to the Iran - US conflict, the A - share market is negatively correlated with international oil prices. Long - term bond prices have stabilized, and ultra - long - term bond prices have risen. The report continues to recommend the Shanghai Composite 50 Index (80% position) and the CSI 1000 Index (20% position) [7][21][22]. - In the de - leveraging cycle, the cost - performance ratio between stocks and bonds favors equities to a limited extent, and the value style is more likely to be dominant. The report recommends an A + H dividend portfolio and an A - share portfolio, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][58]. 3. Summary of Each Section 3.1 National Asset - Liability Sheet Analysis Liability Side - In February 2026, the real - sector liability growth rate was 8.4%, up from 8.3% previously. It is expected to decline to around 8.3% in March and remain stable in April. The government debt increased by 223.6 billion yuan last week, higher than the planned 185.4 billion yuan. The government liability growth rate at the end of February was 12.1%, down from 12.6% previously, and is expected to further decline to around 11.5% in March [2][17][18]. - The money market tightened last week. It is still expected that the peak of the money market in March will occur on the 5th. It is estimated that the one - year Treasury bond yield will have a lower limit of about 1.3% and a central value of around 1.4%, with a 10 - basis - point interest rate cut expected in 2026 [3][18]. Asset Side - The physical data from January to February showed a significant improvement compared to December. The two sessions set the annual real economic growth target for 2026 at 4.5 - 5%, and the nominal economic growth target is around 5.0% [19]. 3.2 Stock - Bond Cost - Performance and Stock - Bond Style - Since 2011, China has entered a period of declining potential economic growth, which may have ended in Q4 2024. The government put forward three major policy goals in 2016. Currently, the de - leveraging on the liability side has not ended, but the room for further de - leveraging is limited [6][20]. - Last week, the money market tightened, and the Iran - US conflict dominated the market. The A - share market was bearish, and the bond market was bullish, with the growth style prevailing. The ten - year Treasury bond yield dropped by 1 basis point to 1.82%, and the 30 - year Treasury bond yield dropped by 4 basis points to 2.35%. The stock - bond cost - performance ratio favored bonds [7][21]. 3.3 Industry Recommendation Industry Performance Review - This week, the A - share market declined with shrinking volume. The Shanghai Composite Index fell 1.1%, the Shenzhen Component Index fell 0.8%, and the ChiNext Index fell 1.7%. Among the Shenwan primary industries, non - ferrous metals, public utilities, basic chemicals, pharmaceutical biology, and textile and apparel had the highest gains, while non - bank finance, computer, agriculture, forestry, animal husbandry and fishery, beauty care, and national defense and military industry had the largest declines [29]. Industry Crowding and Trading Volume - As of March 29, the top five crowded industries were electronics, power equipment, non - ferrous metals, communications, and basic chemicals, while the bottom five were beauty care, comprehensive, social services, textile and apparel, and steel. The industries with the largest increase in crowding this week were pharmaceutical biology, non - ferrous metals, public utilities, basic chemicals, and automobiles, while those with the largest decline were computer, communications, power equipment, electronics, and building decoration [30]. - The average daily trading volume of the entire A - share market this week was 2.11 trillion yuan, down from 2.21 trillion yuan last week. Public utilities, coal, social services, pharmaceutical biology, and textile and apparel had the highest year - on - year growth rates in trading volume, while steel, basic chemicals, agriculture, forestry, animal husbandry and fishery, building decoration, and petroleum and petrochemicals had the largest declines [33]. Industry Valuation and Earnings - This week, among the Shenwan primary industries, building materials, basic chemicals, public utilities, petroleum and petrochemicals, and textile and apparel had the largest increases in PE(TTM), while beauty care, computer, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics had the largest declines. Industries with high 2024 full - year earnings forecasts and relatively low current valuations compared to history include banking, securities, insurance, pharmaceutical biology, beauty care, new energy, gaming, and consumer electronics [35][36]. Industry Prosperity - In terms of external demand, there were both increases and decreases. The global manufacturing PMI rose from 50.9 in February to 51.9, and most major economies' PMIs increased. The CCFI index rose 1.6% week - on - week, and port cargo throughput rebounded. South Korea's export growth rate decreased slightly in February and increased to 50.4% in the first 20 days of March. Vietnam's export growth rate decreased from 34.3% in January to 6.3% in February [40]. - In terms of domestic demand, second - hand housing prices declined last week, and quantity indicators showed mixed trends. Highway truck traffic volume rebounded, and the capacity utilization rate of ten industries rebounded to around the historical median level in March. Automobile trading volume was relatively weak seasonally, new - home sales were at a historical low, and second - hand home sales were at a historical high [40]. Public Fund Market Review - In the fourth week of March (March 23 - 27), most active public equity funds outperformed the CSI 300. As of March 27, the net asset value of active public equity funds was 3.81 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [55]. Industry Recommendation - In the de - leveraging cycle, the cost - performance ratio between stocks and bonds favors equities to a limited extent, and the value style is more likely to be dominant. The recommended A + H dividend portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][58].

Report Summary 1. Report Investment Rating No information provided regarding the industry investment rating. 2. Core View Last week, the ChinaBond New Composite Index rose 0.02% throughout the week. Short - term and medium - to - long - term pure bond funds increased by 0.05% and 0.07% respectively. The ChinaBond AAA Sci - tech Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index rose 0.06% and 0.07% respectively. Bond - type ETFs had a net outflow of 804 million yuan in the past week, with different trends among different types of ETFs [3]. 3. Summary by Related Catalogs 3.1. Fund Flows - As of March 20, 2026, bond - type ETFs had a net outflow of 804 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.577 billion yuan, a net inflow of 5.35 billion yuan, and a net outflow of 4.577 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 5.262 billion yuan, 158 million yuan, and 1.574 billion yuan respectively, while market - making credit bonds and sci - tech innovation bonds had net outflows of 535 million yuan and 1.11 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 50.908 billion yuan, 470.265 billion yuan, and 30.175 billion yuan respectively, totaling 551.349 billion yuan [5]. 3.2. Net Value Performance - As of March 20, 2026, the net value trends of various types of bond ETF products were divergent. The 30 - year Treasury Bond ETF performed weakly, falling 0.28% throughout the week, while the China Development Bank Bond ETF and the Treasury Bond ETF Orient Fortune rose 0.08% and 0.07% respectively. The convertible - bond ETF and the Shanghai Stock Exchange Convertible - Bond ETF fell 3.06% and 2.96% respectively last week [6]. 3.3. Credit - Bond ETF and Sci - Tech Innovation Bond ETF Performance - As of March 20, 2026, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0184 and 1.0060 respectively, both rising 0.06% throughout the week. Among credit - bond ETFs, the E Fund Corporate Bond ETF performed relatively well, rising 0.08% throughout the week. Among sci - tech innovation bond ETFs, the ICBC Sci - Tech Innovation Bond ETF and the Yongying Sci - Tech Innovation Bond ETF performed relatively well. As of March 20, 2026, the median discount rate of credit - bond ETFs was 7 basis points, and that of sci - tech innovation bond ETFs was 9 basis points [7]. 3.4. Credit - Type ETF Duration Tracking - As of March 20, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.29 years, 2.02 years, and 2.06 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond Index and the Shenzhen Market - making Corporate Bond Index were 3.45 years and 2.81 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - Tech Innovation Bond Index, the Shanghai AAA Sci - Tech Innovation Bond Index, and the Shenzhen AAA Sci - Tech Innovation Bond Index were 3.26 years, 3.21 years, and 3.10 years respectively [8].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report tracks bond ETFs, showing that there is a differentiation between short - and long - end bonds, and credit - bond ETFs continue to experience outflows. It also presents data on the net inflows and outflows, net value performance, and duration of different types of bond ETFs [1][4] 3. Summary by Relevant Catalogs 3.1 Fund Flows - As of March 13, 2026, bond - type ETFs had a total net outflow of 11.575 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 3.67 billion yuan, 5.141 billion yuan, and 2.764 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.212 billion yuan, 0.199 billion yuan, and 0.721 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 3.206 billion yuan and 5.066 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 52.486 billion yuan, 464.916 billion yuan, and 34.751 billion yuan respectively, with a total of 552.152 billion yuan [4] 3.2 Net Value Performance - Throughout the week, the net value trends of various types of bond ETF products were differentiated. As of March 13, 2026, the 30 - year Treasury bond ETF performed weakly, falling 1.49% for the week, while the China Development Bank bond ETF and the China Development ETF rose 0.05% and 0.04% respectively. The convertible - bond ETF and the Shanghai Stock Exchange convertible - bond ETF fell 1.09% and 1.13% respectively last week [5] 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of March 13, 2026, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0178 and 1.0054 respectively. The credit - bond ETFs remained flat for the week, while the science - innovation bond ETFs fell 0.01%. Among credit - bond ETFs, GF Credit - Bond ETF performed relatively well, rising 0.01% for the week. Among science - innovation bond ETFs, Invesco Science - Innovation Bond ETF and Yongying Science - Innovation Bond ETF performed relatively well. As of March 13, 2026, the median discount rate of credit - bond ETFs was 9 basis points, and that of science - innovation bond ETFs was 11 basis points [6] 3.4 Duration Tracking of Credit - Type ETFs - As of March 13, 2026, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.30 years, 1.99 years, and 2.02 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond Index and the Shenzhen Market - Making Corporate Bond Index were 3.40 years and 2.81 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index were 3.24 years, 3.23 years, and 3.12 years respectively [9] 3.5 Report Summary - Last week, the ChinaBond New Composite Index fell 0.08% for the week. Short - term pure - bond and medium - and long - term pure - bond funds rose 0.03% and fell 0.01% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.02% and 0.03% respectively [8]

Group 1 - The core point of the article highlights the performance of the 30-year Treasury ETF (511090.SH), which experienced a slight decline of 0.02% on February 27, 2026, while attracting significant net inflow of main funds amounting to 47.81 million yuan, ranking it among the top tier in the market [1] - Over the past three days, the fund has seen a continuous inflow of main funds totaling 342 million yuan, also placing it in the top tier of the market [1] - The latest trading volume for the fund reached 30.65 million shares, with a total transaction value of 3.522 billion yuan, further solidifying its position in the top tier of the market [1]

Group 1 - The core viewpoint of the news is that the issuance of government bonds, including national and local special bonds, has accelerated in 2026, with a year-on-year increase of 12% and 60% respectively for national bonds and new special bonds [1] - The 30-year Treasury ETF (511090) showed a slight increase of 0.05% to 115.05 yuan as of 09:32 on February 27, 2026, with a trading volume of 48.67 million yuan and a turnover rate of 0.21% [1] - The average daily trading volume of the 30-year Treasury ETF over the past year was 8.11 billion yuan, indicating strong market interest [1] Group 2 - The bond market faced pressure on February 26, with yields on medium to long-term bonds rising by over 2 basis points, and all Treasury futures contracts closing lower [2] - The 30-year Treasury futures contract fell by 0.53% to 112.09, while the 10-year, 5-year, and 2-year contracts also experienced declines [2] - The overall liquidity in the market is expected to stabilize, with major repo rates declining, indicating a potential balance in the funding environment [2] Group 3 - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year government bonds, serving as a benchmark for investment in this category [2]

Group 1 - The core viewpoint of the news highlights the active trading environment of the 30-year government bond ETF, with a significant turnover and net inflow of funds in recent days [1][2] - As of February 26, the 30-year government bond ETF had a turnover of 11.29% and a transaction volume of 2.588 billion yuan, indicating strong market activity [1] - In the past four trading days, there were net inflows on three occasions, totaling 326 million yuan, reflecting investor interest in long-term government bonds [1] Group 2 - In January, the interbank market saw an increase in bond issuance and net financing, with a total bond issuance of 4.4 trillion yuan, a year-on-year increase of 22.1% [2] - The net financing in January reached 1.99 trillion yuan, representing a month-on-month increase of 136.1% and a year-on-year increase of 42.2% [2] - Factors influencing the bond market included changes in supply and demand, risk appetite adjustments, institutional behavior, and tax period disturbances, with a reduction in pressure from the equity market [2] Group 3 - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which consists of publicly issued and tradable 30-year government bonds [2] - The index serves as a performance benchmark for investments in this category of bonds, excluding special government bonds [2]

Group 1 - The 30-year Treasury ETF (511090) saw a slight increase of 0.01% as of 09:44 on February 25, 2026, with a trading volume of 1.58% and a transaction value of 373 million yuan [1] - Over the past year, the average daily trading volume of the 30-year Treasury ETF was 8.158 billion yuan, and its latest scale reached 23.594 billion yuan [1] - The ETF experienced continuous net inflows over the past eight days, with a maximum single-day net inflow of 658 million yuan, totaling 2.375 billion yuan [1] Group 2 - On February 24, the first trading day after the holiday, the Chinese interbank bond market showed strong performance, with most interest rate bonds yielding lower [2] - The main contract for 30-year Treasury futures rose by 0.20%, leading the gains in the market [1][2] - The People's Bank of China announced a 600 billion yuan MLF operation to maintain liquidity in the banking system, indicating a continued "reasonably ample" monetary policy that supports the interest rate bond market [2]

Group 1 - The 30-year Treasury ETF (511090) saw a 0.12% increase as of February 24, with an active trading volume of 10.29% and a transaction value of 2.399 billion yuan, indicating a vibrant market [1] - Over the past year, the average daily trading volume of the 30-year Treasury ETF reached 8.191 billion yuan, with the latest fund size at 23.283 billion yuan [1] - The ETF experienced continuous net inflows over the past week, totaling 2.086 billion yuan, with a peak single-day net inflow of 658 million yuan [1] Group 2 - On February 24, the 30-year Treasury futures contract rose by 0.32%, while the 10-year, 5-year, and 2-year contracts increased by 0.06%, 0.07%, and 0.03% respectively [1] - The central bank conducted a 7-day reverse repurchase operation of 526 billion yuan at an interest rate of 1.40%, with 1.4524 trillion yuan of reverse repos maturing on the same day [1] - The market sentiment is supported by increased institutional demand for bond holdings ahead of the Spring Festival, contributing to a stable and slightly bullish bond market [1] Group 3 - The Spring Festival saw a significant increase in travel and tourism, with traditional attractions and hotels experiencing price increases, indicating strong consumer demand [2] - The upcoming economic data and policy expectations are crucial for assessing the sustainability of the bond market's stability, as local governments have adjusted economic growth targets [2] - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued bonds with maturities of 25-30 years, serving as a benchmark for this type of investment [2]

Core Insights - The 30-year government bond ETF (511090) has shown significant trading activity, with a turnover of 2.61% and a transaction volume of 5.81 billion yuan as of February 9, 2026 [1] - The ETF has a recent scale of 22.22 billion yuan, with a net inflow of 658 million yuan and a total of 842 million yuan in net inflows over the past five trading days [1] - The bond market is expected to maintain a volatile pattern due to multiple factors, with potential for a strong performance in the latter half of the week as buying pressure returns [1] Trading Dynamics - The bond market has experienced a shift in style, with the previously leading configuration-type bonds slowing down, while the 10-year and 30-year government bonds have seen a recovery [2] - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which includes bonds with a maturity of 30 years and a remaining term of 25-30 years [2] - The market has shown a rotation from ordinary credit bonds to secondary capital bonds and perpetual bonds, with long-term varieties performing better in the latter half of the week [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the short - term (the remaining two trading weeks in February), the macro - liquidity environment is acceptable, and there seems no reason for continuous decline in A - shares, so there is no need to be overly pessimistic. However, if the macro - liquidity tightens in March, it will be a real concern [8][23] - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform [11][62] 3. Summary of Each Section 3.1 National Asset Liability Sheet Analysis - **Liability Side** - In December 2025, the liability growth rate of the real - sector was 8.4% (previous value 8.6%), in line with expectations. It's expected to drop to around 8.3% in January 2026, rebound slightly to around 8.4% in February, and decline in March [1][18] - In the financial sector, last week's capital market loosened marginally, with the peak in February expected to occur this week [1][18] - In December 2025, the government debt growth rate was 12.4% (previous value 13.1%), expected to rebound to around 12.6% in January 2026 and likely decline in February [2][19] - Last week, the government bond net increase was 734.3 billion yuan (slightly higher than the planned 721.4 billion yuan), and next week's planned net increase is 7.02 billion yuan [2][19] - **Monetary Policy** - Last week, the average weekly capital trading volume increased, the capital price decreased, the term spread narrowed slightly, and the capital market loosened marginally [2][19] - The one - year Treasury bond yield rose unilaterally last week, closing at 1.32% on the weekend. It's expected to have a lower limit of about 1.3%, a central value of around 1.4%, and a 10 - basis - point interest rate cut in 2026 [2][19] - The term spread between the ten - year and one - year Treasury bonds narrowed to 49 basis points. The spread between the ten - year and one - year, and the thirty - year and ten - year Treasury bonds is expected to be in the range of 20 - 60 basis points. The future yield fluctuation ranges of the ten - year and thirty - year Treasury bonds are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [2][19] - **Asset Side** - In December 2025, physical quantity data continued to operate stably compared to November. Attention should be paid to whether the economy can continue to stabilize or even rise marginally [3][20] - The annual real economic growth target for 2025 set by the Two Sessions is around 5%, and the nominal economic growth target is around 4.9%. It needs further observation whether 5% will be the central target for China's nominal economic growth in the next 1 - 2 years [3][20] 3.2 Stock - Bond Cost - effectiveness and Stock - Bond Style - Since 2011, China has entered a downward cycle of potential economic growth, which seems to have ended in Q4 2024, followed by a low - level narrow - range oscillation in the profit cycle. The government put forward three policy goals in 2016, and the convergence of the liability side is not over but has limited room [6][21] - Sino - US relations are in a state of equal - strength competition. If the valuation of the US technology sector is re - evaluated, global funds may flow from the US to China. Attention should be paid to the RMB exchange rate [6][21] - Last week, the capital market loosened marginally, equities declined significantly, the value style continued to outperform, and the stock - bond ratio favored bonds. The ten - year Treasury bond yield remained stable at 1.81%, the one - year Treasury bond yield rose 2 basis points to 1.32%, and the thirty - year Treasury bond yield fell 4 basis points to 2.25% [7][22] - The full - position equity strategy with a balanced style underperformed, and the broad - based rotation strategy underperformed the CSI 300 index by - 0.37pct last week. Since its establishment in July 2024, it has underperformed the CSI 300 index by - 2.52pct, with a maximum drawdown of 12.1% [7][22] - The market performance last week was unexpected. Funds may have flowed out of the stock and bond markets to buy safer assets. The decline in US technology stocks may have affected domestic growth stocks. This week, the Shanghai 50 Index (50% position) and the CSI 1000 Index (50% position) are recommended [8][23] - The current broad - based index recommendation strategy focuses on position selection and style analysis, can accommodate large - scale funds, has small fluctuations and good liquidity, and will receive more attention in the context of the marginal convergence of the national asset - liability sheet [9][24] 3.3 Industry Recommendations - **Industry Performance Review** - This week, A - shares fell with shrinking volume. The Shanghai Composite Index fell 1.3%, the Shenzhen Component Index fell 2.1%, and the ChiNext Index fell 3.3% [32] - Among the Shenwan primary industries, food and beverage, beauty care, power equipment, comprehensive, and transportation had the largest increases, while non - ferrous metals, communication, electronics, steel, and computer had the largest declines [32] - **Industry Crowding and Trading Volume** - As of February 6, the top five crowded industries were electronics, power equipment, non - ferrous metals, machinery, and communication, while the bottom five were comprehensive, beauty care, steel, social services, and coal [33] - This week, the top five industries with increased crowding were power equipment, pharmaceutical biology, machinery, national defense and military industry, and automobiles, while the top five with decreased crowding were non - ferrous metals, electronics, agriculture, forestry, animal husbandry and fishery, petroleum and petrochemicals, and non - bank finance [33] - As of February 6, the crowding of communication, power equipment, non - ferrous metals, national defense and military industry, and petroleum and petrochemicals was at relatively high percentiles since 2018, while that of transportation, non - bank finance, real estate, pharmaceutical biology, and food and beverage was at relatively low percentiles [33] - This week, the average daily trading volume of the entire A - share market was 2.4 trillion yuan, up from last week's 3.06 trillion yuan. Food and beverage, beauty care, transportation, coal, and media had the highest year - on - year trading volume growth rates, while steel, non - ferrous metals, building decoration, pharmaceutical biology, and petroleum and petrochemicals had the largest trading volume declines [35] - **Industry Valuation and Earnings** - This week, in the Shenwan primary industries, real estate, food and beverage, beauty care, comprehensive, and power equipment had the largest increases in PE(TTM), while non - ferrous metals, communication, electronics, steel, and computer had the largest declines [39] - As of February 6, 2026, industries with high 2024 full - year profit forecasts and relatively low current valuations compared to history include banking, insurance, power, public utilities, transportation, pharmaceutical biology, beauty care, new energy, and consumer electronics [40] - **Industry Prosperity** - **External Demand**: Mixed performance. In December, the global manufacturing PMI rose from 50.4 to 50.9, and most economies' PMI data in January showed an upward trend. The CCFI index fell 4.55% week - on - week. Port cargo throughput increased. South Korea's export growth rate rose to 13.4% in December and 33.9% in January, and Vietnam's export growth rate rose from 23.9% in December to 34.3% in January [44] - **Domestic Demand**: The second - hand housing price remained flat last week, and quantity indicators showed mixed performance. Highway truck traffic volume increased. The capacity utilization rate of ten industries declined from September to October 2025, increased from November to December, and slightly decreased in January. Automobile sales were weaker than the historical seasonality, new - home sales were at a historical low, and second - hand home sales were relatively strong compared to the historical seasonality. As of February 1, the national second - hand housing listing price index remained flat compared to last week. As of January 30, the production material price index rose 0.9% week - on - week [44] - **Public Offering Market Review** - In the first week of February (February 2 - 6), most active public equity funds underperformed the CSI 300. The weekly growth rates of the 10%, 20%, 30%, and 50% quantiles were 0.8%, 0%, - 0.6%, and - 1.8% respectively, while the CSI 300 fell 1.3% [59] - As of February 6, the net asset value of active public equity funds was estimated to be 3.94 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [59] - **Industry Recommendations** - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. Dividend - type stocks should generally have three characteristics: no balance - sheet expansion, good profitability, and ability to survive [11][62] - Combining the above three characteristics and the under - allocation in the public offering's fourth - quarter report, the recommended A + H dividend portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [11][62]