国泰海通证券开放式基金周报（20250526）：均衡风格配置，重视金融、科技与顺周期类资产-20250526

Report Industry Investment Rating No relevant content provided. Core View of the Report The report suggests an equilibrium style allocation, emphasizing financial, technology, and pro - cyclical assets. It remains optimistic about the Chinese A/H stock markets, expecting the A/H indices to rise further. For the bond market, it believes the current coupon strategy is dominant, and high - grade short - duration credit bonds may benefit. It also provides specific investment suggestions for different types of funds [3][11][12][15]. Summary by Directory 1. Last Week's Market Review - A - share Market: A - shares adjusted last week. The pharmaceutical and biological, comprehensive, and non - ferrous metal industries performed well. The Shanghai Composite Index fell 0.57% to 3348.37 points, and the Shenzhen Component Index fell 0.46% to 10132.41 points. The trading volume of the two A - share markets was 5.69 trillion yuan, a decrease of about 470.7 billion yuan from the previous week [3][6]. - Bond Market: The bond market fluctuated. The central bank conducted a 500 - billion - yuan MLF operation. Compared with May 16, 2025, by May 23, 2025, the 1 - year Treasury yield dropped 0.3BP to 1.45%, and the 10 - year Treasury yield rose 4BP to 1.72%. The main bond indices showed mixed trends, and the Convertible Bond Index fell 0.11% [3][7]. - Overseas Market: U.S. stocks fell due to Moody's downgrade of the U.S. credit rating. The Dow Jones Industrial Average fell 2.47%, the S&P 500 Index fell 2.61%, and the Nasdaq Index fell 2.47%. European and Asian - Pacific markets showed mixed trends. The U.S. dollar index fell 1.84%. Oil prices dropped, while gold prices rose [3][8]. 2. Last Week's Fund Market Review - Stock - type Funds: Stock - type funds fell 0.27% overall. Some funds heavily invested in the pharmaceutical sector performed well. Index funds related to Hong Kong - listed innovative drugs and gold stocks performed well [3][9][10]. - Bond - type Funds: Bond - type funds rose 0.06% overall. Some partial - debt bond funds and convertible - bond funds with equity assets in gold stocks and pharmaceuticals performed well. Pure - debt bond funds with heavy allocations to medium - and high - grade credit bonds also performed well [3][10]. - QDII Funds: Equity - type QDII funds rose 0.03% overall. Some funds mainly investing in Hong Kong - listed pharmaceutical stocks and global gold fields performed well. QDII bond - type funds fell 0.21% [10]. - Other Funds: The annualized yield of money market funds was 1.34%. Gold ETFs and their linked funds rose 3.90%, and commodity - type funds rose 3.11% [10]. 3. Future Investment Strategy - Macro - economy: In April, the economy remained resilient under external shocks. Domestic demand showed some resilience with policy support. In May, external demand may recover, and domestic demand awaits further policy support [11]. - Stock Market: The capital market's basic system reform is accelerating. The report remains optimistic about the Chinese A/H stock markets, believing that the decline in the discount rate is the main driving force for the rise of the Chinese stock market [12]. - Bond Market: The reduction in deposit rates may have limited impact on funds flowing out of the banking system. High - grade short - duration credit bonds may benefit. The coupon strategy remains dominant [12][15]. - Fund Investment: For stock - and hybrid funds, an equilibrium style allocation is recommended, focusing on financial, technology, and pro - cyclical assets. For bond funds, attention should be paid to products with heavy allocations to medium - and short - duration, medium - and high - grade credit bonds and coupon protection. There are no trend - based investment opportunities for money market funds, and gold ETFs can be appropriately allocated for long - term and hedging investments [15]. 4. Latest Fund Market Developments - New Floating - rate Funds: On May 23, 2025, the first batch of 26 new floating - rate funds received regulatory approval. They will be issued on May 27, with different fee rates based on performance [16]. - ETF - FOF Market: The ETF - FOF market is entering a new layout window. More institutions are increasing the weight of ETFs in their asset portfolios [17]. - Newly - established Funds: Last week, 27 new funds were established, with an average subscription period of about 20 days and an average raised share of 608 million, totaling 16.423 billion shares [19]. - Fund Dividends: In the coming week, 36 funds will conduct equity registration, with the most notable being the China Merchants Highway REIT, which will distribute a dividend of 2.155 yuan per 10 shares [20].