PACIFIC SECURITIES(SH:601099) Tai Ping Yang·2025-05-27 00:30Investment Rating - The report indicates a positive outlook for commodity funds, particularly due to the rise in gold prices, which led to a 3.02% increase in commodity fund performance [21][51]. Core Insights - The A-share market saw a slight decline with the Shanghai Composite Index closing at 3348.37, down 0.57%. Notably, the pharmaceutical, comprehensive, and non-ferrous metal sectors showed significant gains of 1.78%, 1.41%, and 1.26% respectively, while the computer, machinery, and communication sectors experienced declines of -3.02%, -2.48%, and -2.31% [4][9]. - In the Hong Kong market, the Hang Seng Index rose by 1.10%, with the Hang Seng China Enterprises Index increasing by 1.36%. The materials sector led gains with a 6.08% increase, while the consumer staples sector fell by 1.36% [10][17]. - The U.S. stock market indices, including the Dow Jones, Nasdaq, and S&P 500, all experienced declines of approximately -2.47% to -2.61% [22][23]. Summary by Sections 1. Major Asset Market Overview (a) Equity - The A-share market showed mixed performance with the Shanghai Composite Index down 0.57% and notable sector performances varying widely [4][9]. (b) Bonds - The report highlights a net monetary injection of 460 billion yuan through central bank reverse repos. The yields for 1-year, 3-year, and 10-year government bonds were reported at 1.45%, 1.50%, and 1.72% respectively, with the 10-year yield increasing by 4.15 basis points [24][25]. (c) Commodities - The commodity market saw varied performance with crude oil down 0.74% and gold prices rising significantly, leading to a 3.79% increase in domestic gold prices and a 4.75% increase in COMEX gold [33][38]. (d) Foreign Exchange - The report notes fluctuations in currency values against the yuan, with the U.S. dollar depreciating by 0.20% while the euro appreciated by 0.96% [40][42]. 2. Fund Market Overview (a) New Fund Establishments - A total of 26 new funds were established this week, including 21 equity funds and 5 fixed-income funds, with significant sizes reported for West China Li De Monthly Fund (4.156 billion) and China Aviation Investment Grade Green Index Fund (5.990 billion) [43][44]. (b) Fund Performance - The report indicates that all major fund categories, except for equity funds which saw a slight decline of 0.14%, recorded positive returns, with commodity funds leading at 3.02% due to rising gold prices [48][51]. (c) Fund Size and Quantity - As of May 23, 2025, there are 12,676 open-end public funds with a total size of 32.18 trillion yuan, where equity funds account for 51.53% of the total number [45][47].