基金市场跟踪：中小盘收正，板块分化明显TMT板块基金今年收益反超医药板块

Report Title - 中小盘收正，板块分化明显，TMT板块基金今年收益反超医药板块——基金市场跟踪2025.09.19 [2] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the TMT sector funds' year-to-date returns successfully exceeded those of the pharmaceutical sector, becoming the top performer. The pharmaceutical sector's general weakness led to a 2.3% pullback in its funds this week, while the technology and media sectors drove the TMT sector funds up by 2.2% [6][32]. - In terms of style labels, small and medium market capitalization and medium to high valuation have obvious advantages [6][32]. Summary by Directory 1. This Week's Market Fluctuations 1.1 Performance of Major Asset Classes - The A-share market fluctuated slightly. The CSI 300, representing the large-cap market, had a 0.4% pullback, while the CSI 500 and CSI 1000 rose slightly. There was obvious differentiation in style, with the financial sector having a relatively high pullback and the growth sector recording a 1.5% positive return, a gap of nearly 5% [6][10]. - In the bond market, government bonds and corporate bonds fluctuated slightly, and convertible bonds fell 1.5% driven by the stock market [10]. - The Hong Kong and US stock markets rose to varying degrees [10]. - Among representative commodities, agricultural products had a pullback [10]. 1.2 Performance of Industry Themes - This week, each sector in the market showed differentiation. The pharmaceutical sector weakened overall, with all sub - industries having a pullback of over 1.5%. Most of the technology sector closed positive, but cloud computing had a 3.1% pullback. The media sector had a relatively high increase, with the positive return of the animation and game sub - sector exceeding 5%. The mid - stream manufacturing sector was also clearly differentiated, with smart cars rising 4.7% and rare earths falling 4.3%, a gap of 9% [6][12]. 1.3 Performance of Concept Indexes - The top five concepts with the highest gains this week were lithography machines, optical modules (CPO), semiconductor equipment, cameras, and selected auto parts, with the lithography machine concept rising 9%. The top five concepts with the highest losses were rare earths, gold and jewelry, operating systems, selected insurance, and small metals, with rare earths falling 7.4% [17]. 1.4 Trading Heat Tracking - The top five concepts with the highest trading heat this week were state - owned enterprise comprehensive, fund heavy - holding, core assets, 5G applications, and technology leaders. The average daily trading volume of the state - owned enterprise comprehensive concept reached 56.13 billion shares [21]. - Compared with last week, the top five concepts with rising heat were selected coal mining, selected air transportation, urban village renovation, recent IPO stocks, and cross - border e - commerce; the top five concepts with falling heat were digital twin, spatio - temporal big data, gold and jewelry, selected shipping, and fluorine chemical industry [22][23]. 2. Active Equity Fund Tracking 2.1 Classification Returns and Rising Ratios - The median return of international (QDII) stock - type funds in the past week was the highest at 1.4%, and the lowest was enhanced index - type bonds at - 0.3%. The median return of partial - stock hybrid funds in the past month was the highest at 7.0%, and the lowest was hybrid bond - type level 1 at - 0.0% [29]. - The proportion of rising funds in the past month was the highest for enhanced index - type bonds at 100.0%, and the lowest was hybrid bond - type level 1 at 37.7%. The minimum maximum drawdown in the past month was for short - term pure - bond funds at - 0.0%, and the highest was for ordinary stock - type funds at - 5.0% [29]. 2.2 Sub - label Return Situations - In terms of sectors, the TMT sector funds had a 2.2% return in the past week, 15.0% in the past month, and 47.9% year - to - date; the mid - stream manufacturing sector had 2.2%, 9.3%, and 31.8% respectively; the pharmaceutical sector had - 2.3%, - 2.1%, and 43.8% respectively [31]. - In terms of style labels, small - cap and medium - to - high - valuation funds showed obvious advantages [32]. 2.3 Fund Differentiation within Sectors - At the sector level, the consumer sector had the lowest differentiation degree in the past week, with a return range of 6.0%, and the highest was the TMT sector, with a return range of 18.8%. In the past month, the consumer sector also had the lowest differentiation degree, with a return range of 15.1%, and the highest was the TMT sector, with a return range of 44.0% [34]. 2.4 Fund Differentiation within Styles - At the style level, the low - profit - quality funds had the lowest differentiation degree in the past week, with a return range of 13.9%, and the highest were low - cap and high - valuation funds, with a return range of 22.8%. In the past month, the low - valuation funds had the lowest differentiation degree, with a return range of 40.7%, and the highest were high - valuation, high - growth, and high - quality funds, with a return range of 50.1% [38]. 2.5 Top - performing Funds in Each Sector - The report lists the top five funds in each sector in terms of one - month returns [43][44]. 2.6 Top - performing Funds in Each Style - The report lists the top five funds in each style in terms of one - month returns [46]. 3. Private Equity Market Performance 3.1 Overall Performance of the Private Equity Market - The private equity type with the highest return this year is the event - driven type, with a return rate of 39.3% [4][50]. 3.2 Returns of Various Private Equity Types - For stock - strategy private equity, the top - performing products are mostly stock subjective long - only, and most of their year - to - date returns are in the 0% - 20% range [53]. - For bond - strategy private equity, the top - performing products are all bond composites, and most of their year - to - date returns are in the 0% - 5% range [57]. - For portfolio fund - strategy private equity, the top - performing products are all FOFs, and most of their year - to - date returns are above 10% [61]. - For money - market - strategy private equity, the top - performing products are all trust products, and most of their year - to - date returns are in the 0% - 2% range [64]. - For managed - futures private equity, the top - performing products mostly use program trading strategies, and their year - to - date returns are widely distributed, with products in both the <-10% and >10% ranges [67]. - For relative - value - strategy private equity, the top - performing products are all stock - market neutral, and most of their year - to - date returns are in the 10% - 20% range [70]. - For macro - strategy private equity, only 8 products announced their net values this week, and most of their year - to - date returns are above 20% [73]. - For composite - strategy private equity, the top - performing products are mostly trust products, and most of their year - to - date returns are in the 0% - 10% and >30% ranges [77]. - For other - strategy private equity, the top - performing products are mostly under foreign - trade trusts, and most of their year - to - date returns are in the 0% - 10% range [80].