公募基金权益指数跟踪周报（2025.08.04-2025.08.08）：两融余额创新高，市场高风偏运行-20250811

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Last week (2025.08.04 - 2025.08.08), the market rebounded with the support of the banking sector. The CSI 300 index rose 1.23% and the CSI 500 index rose 1.78% weekly. However, market structural instability increased, featuring faster theme rotation, intensified differentiation, and more obvious poor - performance characteristics of hot stocks [2][11]. - The robot industry is shifting from "showcasing technology" to "practical use", driven by technological progress and cost reduction. The military industry will remain a key focus in the market due to factors like performance repair, approaching parade, and geopolitical conflicts [3][12]. - In the short - term, the performance of AI chain's computing power and vertical application companies is highly related to the release rhythm of domestic and foreign models and their horizontal comparison. In the long - term, it is affected by actual commercialization progress and implementation [4][13]. - Many active equity funds have announced restrictions on purchases to ensure stable operation and protect the interests of fund holders in the context of significantly improved excess returns of active funds [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - Market trends: The market rebounded last week with the support of the banking sector. Some indices reached new rebound highs, but structural instability increased. The market hotspots shifted to military and robot sectors, while innovative drugs and the North American AI industry chain declined. Since August, incremental funds have changed, with the accelerated inflow of margin trading funds pushing small - cap stocks to new highs. The current market trading volume is moderately increasing but still far from the previous high. The margin trading balance exceeded 2 trillion yuan last week, bringing potential risks [11]. - Industry trends: The robot industry is moving towards practical use, with technological progress and cost reduction driving development. The military industry will be a market focus due to factors such as performance repair, approaching parade, and geopolitical conflicts. The performance of the AI chain is affected by model releases in the short - term and commercialization in the long - term [3][12][13]. 3.1.2 Public Fund Market Dynamics - Many active equity funds have announced purchase restrictions. For example, China Europe Fund announced restrictions on China Europe Medical Innovation and China Europe Science and Technology Innovation Theme funds to ensure stable operation and protect the interests of fund holders [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock - Picking Fund Index - Index positioning: 15 actively managed equity funds are selected each period, equally weighted. Core positions select funds based on performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is balanced according to the CSI Active Stock - Type Fund Index [16]. - Performance: It rose 1.55% last week and has accumulated an excess return of 12.73% since its establishment [6]. 3.2.2 Value Stock - Picking Fund Index - Index positioning: Select 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification. The value style includes different types of value investment [18]. - Performance: It rose 1.69% last week and has accumulated an excess return of - 3.29% since its establishment [6]. 3.2.3 Balanced Stock - Picking Fund Index - Index positioning: Select 10 relatively balanced and value - growth style funds based on multi - period style classification. Fund managers balance stock valuation and growth and consider cost - effectiveness in both stock selection and industry allocation [20]. - Performance: It rose 1.70% last week and has accumulated an excess return of 7.85% since its establishment [6]. 3.2.4 Growth Stock - Picking Fund Index - Index positioning: Select 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification, aiming to capture the double - click opportunities of performance and valuation in high - growth companies [23]. - Performance: It rose 1.05% last week and has accumulated an excess return of 20.49% since its establishment [6]. 3.2.5 Pharmaceutical Stock - Picking Fund Index - Index positioning: Select 15 funds based on the intersection market value ratio of fund equity holdings and the representative pharmaceutical index, and evaluate them through multiple indicators such as relative benchmark index winning rate, drawdown level, style stability, and overall performance competitiveness [23]. - Performance: It fell 1.90% last week and has accumulated an excess return of 22.32% since its establishment [6]. 3.2.6 Consumption Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative consumption - related indices, and evaluate them through multiple indicators [26]. - Performance: It rose 3.34% last week and has accumulated an excess return of 16.68% since its establishment [6]. 3.2.7 Technology Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative technology - related indices, and evaluate them through multiple indicators [30]. - Performance: It rose 1.48% last week and has accumulated an excess return of 19.53% since its establishment [6]. 3.2.8 High - end Manufacturing Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indices, and evaluate them through multiple indicators [30]. - Performance: It rose 1.85% last week and has accumulated an excess return of - 1.33% since its establishment [6]. 3.2.9 Cyclical Stock - Picking Fund Index - Index positioning: Select 5 funds based on the intersection market value ratio of fund equity holdings and representative cyclical indices, and evaluate them through multiple indicators [34]. - Performance: It rose 2.88% last week and has accumulated an excess return of - 0.57% since its establishment [6].