开放式基金策略双周报：港股通创新药ETF逆市上涨，关注跨境ETF投资机会-2025-03-31

Market Overview - The A-share market experienced a volume contraction and a decline in major indices, with the North Securities 50 index dropping by 7.32% and the CSI 300 index down by 2.28% [7] - The convertible bond market fell by 1.57% due to the drag from the equity market, while the pure bond market showed signs of recovery, with the CSI All Bond, CSI Government Bond, and CSI Credit Bond increasing by 0.18%, 0.21%, and 0.40% respectively [8] Fund Market Performance - The China Fund Index decreased by 1.38% over the past two weeks, with significant internal structural differentiation in equity funds. Funds focused on the pharmaceutical theme and dividend strategies performed well, while those invested in the TMT sector lagged, with performance differences exceeding 20% [12] - Gold and silver-themed funds showed strong performance, driven by geopolitical uncertainties and tariff issues, with gold assets reaching historical highs [12] - QDII funds investing in Hong Kong innovative pharmaceutical themes performed well, while those focused on Hong Kong technology themes underperformed [12] Future Investment Outlook and Strategies - For equity assets, it is recommended to use the CSI A500 as a core holding and allocate to themes such as TMT, consumer goods, pharmaceuticals, and cross-border assets based on market risk preferences [29] - In the bond market, the ongoing issue of insufficient domestic demand remains, and with high real interest rates, a new round of monetary easing is expected. Long-term interest rate bonds may be considered during bond market adjustments [29] - For precious metals, despite gold assets reaching new highs, volatility risks are increasing. A recommended allocation of 2% to 5% in gold assets can enhance the risk-adjusted return of investment portfolios [29] New Fund Market - Currently, there are 28 funds available for subscription, with 24 being equity funds, 1 mixed fund, and 3 bond funds. Notably, 23 of the equity funds are index funds, accounting for 95.6% of the total [26]