公募基金市场月度跟踪（2025年2月）：行业主题型主动权益基金能否再拾荣光？

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights a structural market shift towards active equity funds, particularly those focused on technology and growth sectors, which have shown significant excess returns [4][6][25] - The overall market experienced a decline in January 2025, with major indices such as the CSI 300, CSI 500, and CSI 1000 showing declines of -3.0%, -2.4%, and -1.9% respectively, while mixed equity funds saw a slight increase of 0.2% [4][6] - The bond market continued its upward trend, albeit with reduced gains compared to previous periods, with the CSI All Bond Index, CSI Financial Bond Index, and CSI Corporate Bond Index showing increases of +0.5%, +0.1%, and +0.2% respectively [4][6] Market Review - In January 2025, the equity market overall declined, with the CSI 300, CSI 500, and CSI 1000 indices showing respective declines of -3.0%, -2.4%, and -1.9% [6] - The mixed equity fund index, however, increased by 0.2%, indicating a potential shift in investor preference towards active management strategies [6] - The bond market continued to rise, with the CSI All Bond Index gaining +0.5%, while credit spreads for AAA-rated bonds narrowed [4][8] Product Application Situation - A total of 147 funds were applied for in January 2025, a decrease of 15 from the previous month, with significant reductions in bond fund applications [11] - The number of mixed funds applied for increased, focusing on high-growth sectors such as technology and advanced manufacturing [12][14] - The application for index funds saw a slight decrease, with 85 funds applied for, reflecting a more diversified product offering [13][14] Product Issuance Situation - In January 2025, a total of 833 billion units of new funds were issued, a year-on-year increase of 47.3% but a month-on-month decrease of 44.3% [19] - The issuance of stock and mixed funds accounted for 34.0% of the total new fund issuance, indicating a shift in investor focus towards equity products [19] - The issuance of bond funds saw a significant decline, with a total of 469.76 billion yuan issued, reflecting a shift in market sentiment [27] Existing Scale - As of the end of January 2025, the net asset value of public funds reached 31.93 trillion yuan, a year-on-year increase of 16.7% but a month-on-month decrease of 2.7% [4][19] - The stock and mixed fund assets accounted for 24.5% of the total, indicating a slight increase in their proportion [4][19] Discussion on Active Equity Funds - The report discusses the potential for active equity funds to regain prominence, particularly those focused on high-growth sectors, which have shown resilience and significant returns [25] - Factors driving the growth of certain funds include concentrated investments in high-performing sectors and the recognition of fund managers' long-term performance [25] - The report notes that some active equity funds have achieved returns exceeding 40% year-to-date, drawing renewed interest from investors [25]