Group 1: Investment Rating of the Report - No information about the industry investment rating is provided in the report. Group 2: Core Views of the Report - As of February 27, the scales of the Sci - Tech Bond ETF and the Benchmark Market - Making Credit Bond ETF have been declining for seven consecutive weeks, but the decline has significantly narrowed since February. The Sci - Tech Bond ETF's scale on February 27 was 274.6 billion yuan, a decrease of 2.9 billion yuan from February 13, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan, a decrease of only 0.3 billion yuan from February 13 [1]. - The scale of Haifutong Fund's Short - Term Financing ETF reached 80.1 billion yuan before the Spring Festival, a significant increase of 12 billion yuan from February 6, and then slightly declined after the festival, with a scale of 77.2 billion yuan on February 27, making it the largest - scale product among current credit bond ETFs [1]. - On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year). Along with the market adjustment, the median static yield of the portfolio reached 1.87%, about 1.2 bp higher on average than before the Spring Festival. Currently, the median duration of the Sci - Tech Bond ETF is 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF is 3.1 years, with little difference [1]. - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure, and relatively more in the 4 - 5 - year and 2 - 3 - year terms. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026, with local state - owned enterprises and central state - owned enterprises basically in half, and the industries including transportation, public utilities, and securities [2]. - In terms of bond sales, bonds with a term of 4 - 5 years were relatively more. Among the top ten sold bonds, 6 had a term of 4 - 5 years, and the industries involved included machinery and equipment, transportation, electronics, and coal. The increase and decrease in the Benchmark Market - Making Credit Bond ETF were not significant. The increase mainly focused on short - duration bonds within 2 years, and the industries involved included transportation and medicine. The decrease mainly involved bonds with a term of 2 - 3 years, and the industries included non - ferrous metals, securities, and public utilities [2]. - In terms of trading, from February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival, indicating low activity. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27. Currently, the trading enthusiasm for the Sci - Tech Bond ETF is low, which is still related to the decline in scale. As the decline rhythm gradually slows down, attention can be paid to the opportunities of component bonds after the scale stabilizes and rebounds [2]. Group 3: Summary According to the Directory Scale and Duration of Credit Bond ETFs - As of February 27, 2026, the total scale of 35 credit bond ETFs was 522.9 billion yuan, a decrease of 6 billion yuan from February 13 (before the Spring Festival). The Sci - Tech Bond ETF's scale was 274.6 billion yuan, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan. The scale of Haifutong Fund's Short - Term Financing ETF was 77.2 billion yuan, the largest among credit bond ETFs [1][5]. - The median duration of the Sci - Tech Bond ETF was 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF was 3.1 years. On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year) [1]. Bond Holdings and Trading of Credit Bond ETFs - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026. The Benchmark Market - Making Credit Bond ETF's increase mainly focused on short - duration bonds within 2 years [2]. - In terms of bond sales, the Sci - Tech Bond ETF mainly sold bonds with a term of 4 - 5 years, and the Benchmark Market - Making Credit Bond ETF mainly sold bonds with a term of 2 - 3 years [2]. - From February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27 [2].

Group 1: Fund Market Tracking - As of February 28, 2026, there are 13,817 existing funds in the market, an increase of 95 from the previous month, with total net asset value reaching 37.23 trillion yuan, up by 9.7 billion yuan [3][8] - In February 2026, the returns of value, balanced, and growth fund indices were 1.00%, 1.40%, and 0.72% respectively, indicating a performance difference among various fund styles [3][13] - The proportion of mixed, bond, and stock funds is the highest in terms of quantity, while money market, bond, and stock funds dominate in terms of asset scale [8][10] Group 2: ETF Market Tracking - As of February 28, 2026, there are 1,446 ETFs in the Shanghai and Shenzhen markets, an increase of 16 from the previous period, with total assets under management at 5.39 trillion yuan, a decrease of 73.79 billion yuan [4][18] - The median return for stock ETFs in February was 0.70%, while cross-border ETFs had the lowest median return at -3.30% [4][23] - The internal deviation of cross-border ETFs was the highest at 3.18%, while bond ETFs had the lowest internal deviation at 0.11% [4][23] Group 3: ETF Strategy Tracking - The industry ETF rotation strategy based on main capital focused on steel, coal, and non-ferrous metals in February 2026, achieving a cumulative return of 6.17%, significantly outperforming the CSI 300 index, which had a return of 0.09% [5][40] - The PB-ROE framework strategy focused on non-ferrous metals, transportation, and utilities in February 2026, with a cumulative return of 4.25%, also outperforming the CSI 300 index [5][47] - Since the beginning of 2023, the main capital industry ETF rotation strategy has achieved a cumulative return of 71.82%, compared to 21.67% for the CSI 300 index, resulting in an excess return of 50.15% [5][43]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the REITs market experienced a correction, with the CSI REITs Index falling 0.6% for the week. Only data center, ecological environment protection, and transportation REITs closed in the positive territory. In terms of the weekly price changes of major indices, the ranking is: CSI 300 > CSI Aggregate Bond > CSI Convertible Bond > CSI REITs. As of February 27, 2026, the dividend yield of equity REITs is 65 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 318 basis points. This week, the China Construction Bank Tianjin Lingang Port REIT was officially declared, marking an important breakthrough in the securitization of China's port industry assets [1]. Summary by Relevant Catalogs Secondary Market Trends - As of February 27, 2026, the closing price of the CSI REITs Index was 796.08 points, with a weekly price change of - 0.6%, performing worse than the CSI 300 Index (1.1%), the CSI Aggregate Bond Index (- 0.4%), and the CSI Convertible Bond Index (- 0.2%). Year - to - date, the ranking of price changes of major indices is: CSI Convertible Bond (+ 6.8%) > CSI REITs (+ 2.7%) > CSI 300 (+ 1.7%) > CSI Aggregate Bond (+ 0.6%). In the past year, the return of the CSI REITs Index was - 6.5%, and the volatility was 6.9%. The return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs on February 27 was 227.4 billion yuan, a decrease of 1.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.35%, an increase of 0.02 percentage points from the previous week [2][6][8]. - In terms of different project attributes, the average weekly price changes of equity - type REITs and concession - type REITs were - 1.5% and - 0.1% respectively. In terms of different project types, there was a divergence in price changes among sectors, with data center, ecological environment protection, and transportation REITs closing in the positive territory. The top three REITs in terms of weekly price increase were Southern Runze Technology Data Center REIT (+ 2.68%), Huatai Jiangsu Expressway REIT (+ 2.33%), and Hua'an Waigaoqiao REIT (+ 1.70%) [3][15][18]. - Among different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.5%; transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 18.5% of the total trading volume of REITs. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (8.97 million yuan), Huatai Jiangsu Expressway REIT (8.18 million yuan), and China AMC Anbo Warehouse REIT (7.60 million yuan) [3][20][21]. Primary Market Issuance - From January 1 to February 27, 2026, there were 3 REIT products in the in - query stage, 10 products with feedback, 9 products declared, and 13 commercial real - estate REITs officially declared on the exchange [23]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is of concern. As of January 23, the average annualized cash distribution rate of public - offering REITs was 6.3%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash - flow method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term indicator, estimating the distributable cash flow from the recent operation of assets to judge the current investment return [25]. - As of February 27, 2026, the dividend yield of equity REITs was 65 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 318 basis points [1][26]. Industry News - On February 25, the Jianxin Tianjin Lingang Development Group Port Closed - end Infrastructure Securities Investment Fund was officially declared. The project was initiated by Tianjin Lingang Development Group, with Tianjin Lingang Port Group as the original equity holder and China Construction Bank Fund as the fund manager. Its underlying assets are 14 various types of terminal berths in the Dagukou Port Area, involving grain and oil terminals, general cargo terminals, and liquefied terminals, etc., with rich asset reserves and solid continuous operation capabilities. It is the first port real - estate investment trust fund (REITs) in China, marking an important breakthrough in the securitization of China's port industry assets [4][32]. - On February 27, the GF Xincheng Wuyue Closed - end Commercial Real - Estate Securities Investment Fund was officially declared. The initiator of this public - offering REITs is Wuyue Shunrui (Shanghai) Commercial Operation and Management Co., Ltd., the manager is GF Fund Management Co., Ltd., and Ruiyuan Capital Management Co., Ltd. is the special plan manager. The underlying assets are high - quality commercial complexes of Wuyue Plaza under New Town Holdings, which is one of the landmark projects promoted by private real - estate enterprises since the pilot implementation of commercial real - estate REITs [4][32].

金融工程 证 券 研 究 报 告 【金工周报】（20260224-20260227） 短期模型以中性为主，后市或维持中性震荡 本周回顾 本周市场普遍上涨，上证指数单周上涨 1.98%，创业板指单周上涨 1.05%。 A 股模型： 短期：成交量模型中性。特征龙虎榜机构模型中性。特征成交量模型看空。智 能算法沪深 300 模型中性，智能算法中证 500 模型中性。 中期：涨跌停模型中性。上下行收益差模型绝大部分宽基指数看多。月历效应 模型中性。 长期：长期动量模型中性。 综合：A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型： 中期：成交额倒波幅模型看空。上下行收益差模型中性，上下行收益差相似模 型看多。 本周行业指数普遍上涨，涨幅前五的行业为：钢铁、有色金属、基础化工、煤 炭、电力及公用事业，跌幅前五的行业为：传媒、消费者服务、食品饮料、非 银行金融、银行。从资金流向角度来说，有色金属、石油石化、银行、农林牧 渔主力资金净流入居前，传媒、电力设备及新能源、计算机、机械、基础化工 主力资金净流出居前。 本周股票型基金总仓位为 95.75%，相较于上周增加了 24 个 bps，混合型基 ...

国泰海通证券 3 月基金投资策略 [Table_Authors] 江涛(分析师) A 股延续上涨行情，重视主投周期和科技领域基金 本报告导读： 2026 年 2 月，A股虽在月初经历短期波动，但全月仍延续了前期的上涨行情。我们 建议后续基金配置在整体维持均衡风格的前提下，适度偏向成长，从大类资产配置 角度来看可以对黄金和美股相关 ETF 进行一定配置。 投资要点： [Table_Summary] 基金投资策略 请务必阅读正文之后的免责条款部分 基金评价 /[Table_Date] 2026.03.01 | | 021-23185672 | | --- | --- | | | jiangtao4@gtht.com | | 登记编号 | S0880525040067 | | | 倪韵婷(分析师) | | | 021-23185605 | | | niyunting@gtht.com | | 登记编号 | S0880525040097 | [Table_Report] 相关报告 国泰海通证券-基金业绩排行榜（2026-02-28） 2026.02.28 国泰海通证券 1 月基金表现回顾 2026.02.04 国泰海 ...

《润泽数据中心 REIT 宣布扩募— —公募 REITs 周度跟踪 （2026.02.09-2026.02.20）》 2026/02/23 《中核水电 REIT 上市——公募 REITs 周度跟踪（2026.02.02- 2026.02.06）》 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报！——公募 REITs 周度跟踪 （2026.01.26-2026.01.30）》 2026/01/31 2026 年 02 月 28 日 6 单商业不动产 REITs 进入问询 ——公募 REITs 周度跟踪（2026.02.23-2026.02.27） 相关研究 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(resea ...

Group 1 - The core investment philosophy of the fund manager emphasizes "independent thinking, probabilistic thinking, contrarian courage, and forward-looking vision," focusing on balanced allocation and risk control through a multi-faceted stock selection framework of "cigar butt stocks (static undervaluation) + quality stocks (steady growth) + technology stocks (forward-looking layout)" [2][14][15] - The representative product, Guotou Ruijin New Silk Road Fund, has achieved a total return of 148.37% and an annualized return of 8.93% since its inception, significantly outperforming the average of its peers and ranking in the top 15.95% of its category [3][29][30] - The fund's performance over various time frames shows returns of 24.86% over the past year, 12.82% over three years, 24.66% over five years, and 109.60% over ten years, all substantially exceeding the performance benchmark [4][29] Group 2 - The fund maintains a high equity position, consistently above 90%, focusing on stock selection rather than market timing, which reflects its core investment philosophy of emphasizing industry allocation and individual stock selection [37][38] - The industry allocation strategy is characterized by balanced diversification, with the largest sector allocation typically remaining below 25%, thus effectively controlling risks associated with overexposure to any single sector [38][41] - The fund's stock selection is diverse, focusing on long-term value, with a rigorous selection standard that prioritizes long-term factors over short-term market trends [53][54] Group 3 - The fund has demonstrated a low turnover rate, maintaining it below 100% since 2022, which indicates a stable investment style and effective cost management [66][67] - The fund has provided consistent dividends, with a total of 9 distributions amounting to 110 million yuan, exceeding 1.4 times the current fund net value, showcasing its commitment to returning profits to investors [5][72] - The investment management company, Guotou Ruijin, emphasizes value investing and fundamental research, aiming to create long-term stable returns for investors [80][81]

证券研究报告 | 2026年02月28日 ETF 周报 上周光伏、军工 ETF 领涨，中证 1000ETF 净赎回居首 核心观点 金融工程周报 ETF 业绩表现 上周（2026 年 02 月 24 日至 2026 年 02 月 27 日，下同）股票型 ETF 周度收益率中位数为 1.54%。宽基 ETF 中，中证 1000ETF 涨跌幅中位 数为 4.30%，收益最高。按板块划分，周期 ETF 涨跌幅中位数为 4.14%， 收益最高。按主题进行分类，光伏 ETF 涨跌幅中位数为 3.89%，收益最 高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 368.67 亿元，总体规模增加 230.10 亿元。在 宽基 ETF 中，上周上证 50ETF 净赎回最少，为 4.67 亿元；按板块来看， 大金融 ETF 净申购最多，为 20.57 亿元；按热点主题来看，证券 ETF 净申购最多，为 22.61 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看， 消费、大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、新 能车 ETF 的估值分位数相对 ...

证券研究报告 | 2026年02月28日 ETF 周报 上周光伏、军工 ETF 领涨，中证 1000ETF 净赎回居首 核心观点 金融工程周报 ETF 业绩表现 上周（2026 年 02 月 24 日至 2026 年 02 月 27 日，下同）股票型 ETF 周度收益率中位数为 1.54%。宽基 ETF 中，中证 1000ETF 涨跌幅中位 数为 4.30%，收益最高。按板块划分，周期 ETF 涨跌幅中位数为 4.14%， 收益最高。按主题进行分类，光伏 ETF 涨跌幅中位数为 3.89%，收益最 高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 368.67 亿元，总体规模增加 230.10 亿元。在 宽基 ETF 中，上周上证 50ETF 净赎回最少，为 4.67 亿元；按板块来看， 大金融 ETF 净申购最多，为 20.57 亿元；按热点主题来看，证券 ETF 净申购最多，为 22.61 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看， 消费、大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、新 能车 ETF 的估值分位数相对 ...

【导读】官宣"换帅"，顾勇升任东财基金总经理 又一家基金公司官宣"换帅"。 2月27日晚间，东财基金发布高级管理人员变更公告，副总经理顾勇升任总经理，原总经理沙富贵因工作安排卸任。 东财基金成立于2018年10月26日，是"互联网系"基金公司，由东财证券100%控股。数据显示，截至去年年末，东财基金的公募基金管理规模为576亿元， 行业排名第84位。 顾勇出任东财基金总经理 2026年2月27日晚间，东财基金宣布，原副总经理顾勇正式出任总经理、财务负责人，原总经理沙福贵因工作安排离任。顾勇于2025年3月出任东财基金副 总经理，时隔不到一年便"接棒"总经理一职。 规模突破570亿元 主要依靠固收业务支撑 据官网介绍，东财基金成立于2018年10月26日，是由东方财富（300059）证券股份有限公司全资设立的子公司。 在固收业务发展带动下，东财基金过去一年规模大幅增长。数据显示，截至去年年末，东财基金的公募基金管理规模为576亿元，相比2024年年末增长了 130.4%。 | 新任高级管理人员职务 | 总经理、财务负责人 | | --- | --- | | 新任高级管理人员姓名 | 顾勇 | | 任职日期 | ...