公募基金权益指数跟踪周报（2025.09.01-2025.09.05）：市场波动加大，主题结构切换-20250908

Report Investment Rating - No information provided regarding the industry investment rating. Core Viewpoints - Last week (from September 1, 2025, to September 5, 2025), the equity market experienced volatile adjustments, with the Wind All - A Index falling 1.37%. The recent intensified market adjustments are due to the extreme differentiation of the previous market structure and the rapid rise of core varieties, which require short - term fluctuations for digestion and consolidation [12]. - The high - level sub - sectors of AI computing power, such as PCB, optical modules, domestic AI chips, and the foundry segment, had a significant volume fluctuation last Thursday, indicating that the industrial trend investment centered around the AI computing power chain may enter a transition phase. The new energy and power sector may offer a new direction for flexible funds under the dual - drive of anti - involution and technological breakthroughs [13]. - On September 5, 2025, the CSRC issued the "Regulations on the Management of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", which is the third - stage reform after the management fee and trading fee reforms. The new regulations are expected to improve the ecological environment of the public fund industry [14]. Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: The Wind All - A Index fell 1.37% last week. The ChiNext Index and micro - cap stocks led the gains, while the CSI 1000 and the STAR 50 Index declined. In terms of industry sectors, the medical and advanced manufacturing sectors led the gains, while the financial real - estate and technology sectors led the losses [12]. - Market adjustment reasons: Extreme differentiation in the previous market structure, rapid rise of core varieties, and the end of the National Day parade on September 3, which made some funds choose to cash out [12]. - Market sentiment: Although the equity market fluctuated last week, there was no obvious decline in risk appetite. The average daily trading volume of A - shares last week was 2603.2 billion yuan, a 13% week - on - week decrease but still at a relatively high level. The margin trading balance reached a record high of 2280.8 billion yuan on September 1 and then slightly declined to 2264.2 billion yuan on September 4 [12]. - Industry trends: The AI computing power chain may enter a transition phase, and the new energy and power sector may provide a new direction for funds [13]. 1.2. Public Fund Market Dynamics - On September 5, 2025, the CSRC issued the "Regulations on the Management of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", aiming to reasonably reduce subscription/redemption fees and sales service fees, optimize redemption arrangements, and guide sales institutions to shift from a "traffic" mindset to a "retention" mindset [14]. 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection Index - Positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is roughly balanced according to the CSI Active Equity Fund Index [16]. - Performance: It fell 0.74% last week and has accumulated an excess return of 11.91% since its establishment [7]. 2.2. Value Stock Fund Selection Index - Positioning: Selects 10 funds with deep - value, quality - value, and balanced - value styles based on multi - period style classification [18]. - Performance: It rose 0.36% last week and has accumulated an excess return of 1.63% since its establishment [7]. 2.3. Balanced Stock Fund Selection Index - Positioning: Selects 10 funds with relatively balanced and value - growth styles based on multi - period style classification [20]. - Performance: It fell 0.32% last week and has accumulated an excess return of 8.54% since its establishment [7]. 2.4. Growth Stock Fund Selection Index - Positioning: Selects 10 funds with active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [21]. - Performance: It fell 1.79% last week and has accumulated an excess return of 15.29% since its establishment [7]. 2.5. Pharmaceutical Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 60% in the pharmaceutical industry over the past three years or since establishment, and constructs an evaluation system to form an index with 15 funds [26]. - Performance: It rose 3.93% last week and has accumulated an excess return of 22.15% since its establishment [7]. 2.6. Consumption Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the consumption industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [28]. - Performance: It fell 0.57% last week and has accumulated an excess return of 20.81% since its establishment [7]. 2.7. Technology Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 60% in the technology industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [32]. - Performance: It fell 3.63% last week and has accumulated an excess return of 18.77% since its establishment [7]. 2.8. High - end Manufacturing Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the high - end manufacturing industry over the past three years or since establishment, and constructs an evaluation system to form an index with 10 funds [34]. - Performance: It rose 0.55% last week and has accumulated an excess return of - 3.63% since its establishment [7]. 2.9. Cyclical Stock Fund Selection Index - Positioning: Selects funds with an average purity of no less than 50% in the cyclical industry over the past three years or since establishment, and constructs an evaluation system to form an index with 5 funds [36]. - Performance: It rose 1.47% last week and has accumulated an excess return of - 2.77% since its establishment [7].