公募基金周报：权益市场主要指数全部上调，公募基金规模突破34万亿元-20250728

Report Industry Investment Rating - No industry investment rating information is provided in the document. Core Views - This week, the major market indices all increased. Among them, the CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive [2]. - In the public fund market, the hot topics included the release of public fund market data by the Asset Management Association of China and the expansion of personal pension funds. In terms of performance, equity funds generally rose this week, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [3]. - In the ETF market, the overall capital inflow was 1.922 billion yuan this week, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33%. In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds [4]. - This week, 23 new funds were issued, 10 fewer than last week; 36 new funds were established, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week [5]. Summary by Relevant Catalogs 1. This Week's Market Review 1.1 Domestic Market Situation - From July 21 to July 25, 2025, the major equity market indices continued to rise. The STAR 50 had the largest increase of 4.63%, and the CSI 500 also had an increase of over 3%. In the industry sector, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive. In the bond market, the ChinaBond Composite Full - Price Index fell 0.44%, and the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices fell between 0.23% and 0.61%. The CSI Convertible Bond Index rose 2.14%. In the commodity market, the Nanhua Commodity Index rose 2.73% [13]. 1.2 European, American, and Asia - Pacific Market Situation - This week, the major indices in European, American, and Asia - Pacific markets showed mixed performance. In the US stock market, the S&P 500 index rose 0.98%, the Dow Jones Industrial Average rose 1.30%, and the Nasdaq index rose 1.02%. In the European market, the French CAC40 rose 0.15%, and the German DAX fell 0.30%. In the Asia - Pacific market, the Hang Seng Index rose 2.27%, and the Nikkei 225 rose 4.11% [22]. 1.3 Market Valuation Situation - This week, the major market indices all increased. The CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, the top five industries with the highest historical quantiles of the price - earnings ratio valuation of the Shenwan primary index this week were real estate, banking, automobiles, electronics, and steel. Among them, the price - earnings ratio valuation quantile of real estate had reached 98.6%, and attention should be paid to the potential correction risk in the future. The five industries with relatively low historical quantiles of the price - earnings ratio valuation this week were agriculture, forestry, animal husbandry, and fishery, non - banking finance, food and beverage, non - ferrous metals, and light manufacturing [25]. 2. Active Public Fund Situation - Market hot topics: On July 24, the Asset Management Association of China released public fund market data. As of the end of June 2025, there were 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public fund qualifications. These institutions managed a total net asset value of public funds of 34.39 trillion yuan. Personal pension funds had a significant expansion, with the CSI 500 index - enhanced funds from Guotai Haitong Asset Management, Bodao Fund, and Tianhong Fund, as well as the China Merchants CSI 300 index - enhanced fund, announcing the addition of Class Y fund shares only available for purchase with personal pension funds and revising legal documents such as the fund contract. So far, the number of index - enhanced fund products in personal pension funds has increased from 19 to 23, with underlying indices covering many options such as the SSE 50, CSI 300, CSI 500, CSI 800, and CSI Dividend [33]. - Market performance: This week, equity funds generally rose, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [33]. - Through the calculation of the industry positions of active equity funds, the industries with the largest increase in positions this week were building materials, coal, and building decoration; the industries with the largest decline were national defense and military industry, electronics, and biomedicine. The overall position of active equity funds on July 25, 2025, was 75.38%, a decrease of 3.14 percentage points compared to last week [3][41][43]. 3. ETF Fund Situation - This week, the overall capital inflow of the ETF market was 1.922 billion yuan, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33% [4][48]. - In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds. ETF targets with relatively large net inflows included the CSI Hong Kong Securities Investment Theme, the CSI Hong Kong Stock Connect Non - Banking Financial Theme, and the CSI All - Share Building Materials Index; ETF targets with relatively large net outflows included the SSE STAR Market Composite, the SSE STAR 50 Component, and the ChiNext Index [4][49]. 4. Fund Issuance Statistics - This week, 23 new funds were issued in China, 10 fewer than last week. Among them, there were 6 actively managed equity - biased funds and 10 passive index funds. Among the 10 passive index funds, 8 were stock - type, mainly tracking indices such as the China Securities General Aviation Industry, the CSI All - Share Free Cash Flow, the CSI 800 Free Cash Flow, and the China Securities Robot Industry Index [55]. - This week, 36 new funds were established in China, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week. The largest - raising fund was the Huatai - PineBridge Stable - Benefit 6 - Month Holding Bond A managed by Li Wei and Gan Xinyu, with a raising scale of approximately 3.741 billion yuan [59].