公募基金权益指数跟踪周报（2025.07.14-2025.07.18）：赚钱效应全面扩散-20250721

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 14 - 18, 2025, the A - share market continued to rise, with the Shanghai Composite Index up 0.69%, the CSI 300 up 1.09%, the ChiNext Index up 3.17%, and growth style outperforming value style. Sectors such as optical modules, innovative drugs, and rare earths led the gains [1][12]. - Policy game may intensify. The July Politburo meeting is approaching, and "anti - involution" measures have become the focus, which may drive market enthusiasm in the short term [2][12]. - The technology chain has many catalysts. The AI industry is still in a high - prosperity stage, with the domestic model iteration accelerating and narrowing the gap with overseas advanced models. The restart of large companies' computing power expenditure may drive the computing power infrastructure and the entire AI industry chain [3][13]. - The valuation of innovative drugs is ahead. The valuation of innovative drugs is significantly advanced, making it difficult to make investment decisions based on company performance tracking. If future liquidity remains abundant, attention should be paid to the diversion effect of other thematic sectors [3][14]. - The China Securities A500 Free Cash Flow Index was officially launched on July 16, 2025, which provides a differentiated index selection [15]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market Performance: From July 14 - 18, 2025, the A - share market continued to rise. The Shanghai Composite Index rose 0.69%, the CSI 300 rose 1.09%, the CSI 500 rose 1.20%, and the ChiNext Index rose 3.17%. The average daily trading volume of A - shares was 1546.2 billion, showing a month - on - month increase [12]. - Policy and Economic Situation: In the second - quarter economic data, although domestic demand indicators such as consumption and investment declined in June, the strong production side drove the GDP to grow by 5.2% year - on - year in the second quarter. The Central Urban Work Conference focused on old - city renovation and urban village renewal. The July Politburo meeting is approaching, and "anti - involution" measures may drive short - term market enthusiasm [12]. - Technology Chain Catalysts: In the technology chain, especially in the AI field, there were many positive events last week. The approval of the H20 chip for sale in China, the release of the Kimi K2 model, and the launch of ChatGPT Agent all indicate that the AI industry is in a high - prosperity stage. The restart of large companies' computing power expenditure may drive the industry chain [13]. - Innovative Drugs: The 11th batch of centralized procurement of drugs was announced, and the new rules left room for innovation. The valuation of innovative drugs is significantly advanced, and attention should be paid to the diversion effect of other sectors [14]. 1.2. Public Fund Market Dynamics - The China Securities A500 Free Cash Flow Index was officially launched on July 16, 2025. It selects 50 listed company securities with high free cash flow rates from the CSI A500 Index samples to reflect the performance of companies with strong cash - generating capabilities. It provides a differentiated index selection [15][16]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Thematic | Active Equity Fund Selection | 3.42% | 6.55% | 14.46% | 15.39% | | Investment Style | Value Equity Fund Selection | 0.81% | 2.94% | 6.45% | 6.53% | | | Balanced Equity Fund Selection | 3.61% | 7.42% | 11.87% | 9.42% | | | Growth Equity Fund Selection | 4.96% | 9.19% | 22.90% | 11.85% | | Industry Thematic | Pharmaceutical Equity Fund Selection | 9.79% | 16.18% | 46.28% | 26.72% | | | Consumption Equity Fund Selection | - 1.42% | 1.34% | 8.82% | 1.81% | | | Technology Equity Fund Selection | 4.92% | 9.57% | 17.07% | 18.91% | | | High - end Manufacturing Equity Fund Selection | 4.14% | 8.82% | 7.49% | 2.30% | | | Cyclical Equity Fund Selection | 0.66% | 3.37% | 12.54% | 4.59% | Each sub - index has its own positioning and performance benchmark: - Active Equity Fund Selection: Select 15 funds each period, with equal - weight allocation. The core positions select funds based on performance competitiveness and style stability, and the style allocation is balanced according to the CSI Active Stock Fund Index. The performance benchmark is the Active Equity Fund Index (930980.CSI) [18]. - Value Equity Fund Selection: Select 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [20]. - Balanced Equity Fund Selection: Select 10 relatively balanced and value - growth style funds. The performance benchmark is the CSI 800 (000906.SH) [20][22]. - Growth Equity Fund Selection: Select 10 growth - style funds. The performance benchmark is the 800 Growth Index (H30355.CSI) [23]. - Pharmaceutical Equity Fund Selection: Select 15 funds with a high proportion of pharmaceutical industry holdings. The performance benchmark is the Pharmaceutical Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [24][27][28]. - Consumption Equity Fund Selection: Select 10 funds with a high proportion of consumption - related industry holdings. The performance benchmark is the Consumption Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [28]. - Technology Equity Fund Selection: Select 10 funds with a high proportion of technology - related industry holdings. The performance benchmark is the Technology Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [31]. - High - end Manufacturing Equity Fund Selection: Select 10 funds with a high proportion of high - end manufacturing industry holdings. The performance benchmark is the High - end Manufacturing Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [31]. - Cyclical Equity Fund Selection: Select 5 funds with a high proportion of cyclical industry holdings. The performance benchmark is the Cyclical Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [36].