公募基金权益指数跟踪周报（2025.06.03-2025.06.06）：主题跷跷板加剧，重视赔率思维-20250609

Report Overview - The report is a weekly analysis of the public fund market from June 3, 2025, to June 6, 2025, covering the equity market, public fund market dynamics, and the performance of active equity fund indices [1][2] 1. Weekly Market Observation 1.1 Equity Market Review and Observation - A-share market rebounded slightly last week, with the Shanghai Composite Index, ChiNext Index, and Shenzhen Component Index rising by 1.13%, 2.32%, and 1.42% respectively. The average daily trading volume of the Wind All-A Index reached 1.2 trillion yuan, a 10.5% increase from the previous week [10] - At the beginning of the week, innovative drugs and new consumption remained strong. Later, driven by factors such as NVIDIA's record market value, sectors like CPO and computing power led the gains. The home appliance sector declined significantly due to national subsidy policy restrictions [10] - Regarding the "tech narrative," since April, themes represented by new consumption and innovative drugs have generated good returns, while sectors like AI and robotics have faced fatigue. The reduced trading congestion in the tech sector provides a basis for its rebound. Upcoming events such as software updates and developer conferences may boost the tech market, but for the tech theme to regain the leading position, there needs to be popular applications or technological breakthroughs in the application end [4][11] - The "seesaw effect" between innovative drugs and new consumption is due to the stable trading volume in the market. Currently, the speculation in these two sectors is spreading in a "treasure hunt" manner, which is often a transitional phase. Once policy signals become clearer and economic data improves, the market will shift towards the performance-driven mainline [4][12] 1.2 Public Fund Market Dynamics - On June 5, the Shanghai Stock Exchange held a symposium on high dividends, high returns, and the enhancement of listed company value. In the future, the SSE will encourage listed companies to increase dividend payments and frequencies and enrich the product system related to dividend indices [4][13] 2. Active Equity Fund Index Performance Tracking 2.1 Active Stock Fund Selection - The Active Stock Fund Selection Index selects 15 funds each period, with equal-weighted allocation. It selects active equity funds based on performance competitiveness and style stability, and balances the style distribution according to the CSI Active Stock Fund Index [16] - Last week, the index rose 1.70%, with a cumulative excess return of 7.23% since its establishment [5][17] 2.2 Value Stock Fund Selection - The Value Stock Fund Selection Index includes both deep-value and quality-value styles. It selects 10 funds with deep-value, quality-value, and balanced-value styles to form the index [19] - Last week, the index rose 0.76%, with a cumulative excess return of 2.27% since its establishment [5][17] 2.3 Balanced Stock Fund Selection - The Balanced Stock Fund Selection Index is composed of 10 funds with relatively balanced and value-growth styles. Fund managers in this style balance the valuation and growth potential of individual stocks [20] - Last week, the index rose 1.91%, with a cumulative excess return of 1.74% since its establishment [5][17] 2.4 Growth Stock Fund Selection - The Growth Stock Fund Selection Index aims to capture the performance and valuation double-click opportunities of high-growth companies. It selects 10 funds with active-growth, quality-growth, and balanced-growth styles [24] - Last week, the index rose 2.31%, with a cumulative excess return of 2.18% since its establishment [5][17] 2.5 Pharmaceutical Stock Fund Selection - The Pharmaceutical Stock Fund Selection Index selects funds based on the intersection market value of their equity holdings and the constituent stocks of the CITIC Pharmaceutical Index. It constructs an evaluation system and selects 15 funds to form the index [24] - Last week, the index rose 2.41%, with a cumulative excess return of 9.19% since its establishment [5][17] 2.6 Consumption Stock Fund Selection - The Consumption Stock Fund Selection Index selects funds based on the intersection market value of their equity holdings and the constituent stocks of relevant consumption indices. It constructs an evaluation system and selects 10 funds to form the index [27] - Last week, the index rose 1.49%, with a cumulative excess return of 1.95% since its establishment [5][17] 2.7 Technology Stock Fund Selection - The Technology Stock Fund Selection Index selects funds based on the intersection market value of their equity holdings and the constituent stocks of relevant technology indices. It constructs an evaluation system and selects 10 funds to form the index [30] - Last week, the index rose 2.72%, with a cumulative excess return of 6.46% since its establishment [5][17] 2.8 High-End Manufacturing Stock Fund Selection - The High-End Manufacturing Stock Fund Selection Index selects funds based on the intersection market value of their equity holdings and the constituent stocks of relevant high-end manufacturing indices. It constructs an evaluation system and selects 10 funds to form the index [30] - Last week, the index rose 2.48%, with a cumulative excess return of -6.64% since its establishment [5][17] 2.9 Cyclical Stock Fund Selection - The Cyclical Stock Fund Selection Index selects funds based on the intersection market value of their equity holdings and the constituent stocks of relevant cyclical indices. It constructs an evaluation system and selects 5 funds to form the index [34] - Last week, the index rose 2.14%, with a cumulative excess return of -1.06% since its establishment [5][17]