公募基金权益指数跟踪周报（2025.09.15-2025.09.19）：市场波动提升，中期线索转向-20250922

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The Shanghai Composite Index approached the 3900 - point mark last week but was dragged down by leading stocks in heavy - weight sectors. The market was high - level volatile, with a structural profit - making effect. High - quality industry leaders, especially globally competitive companies, showed strength. The growth style outperformed the value style, and the market activity increased. The "going global" trend may present a structural opportunity [13]. - The "catch - up" trend of the Hang Seng Tech Index can be attributed to the upward revision of the profit expectations of the Hong Kong stock technology sector and factors on the denominator side such as a stable geopolitical environment and interest - rate cut expectations. If the Fed cuts interest rates continuously in Q4, Chinese assets represented by Hong Kong stocks may attract more foreign capital [5][14]. - The valuation logic of upstream resource stocks has shifted from a cyclical to a DCF model. After the short - term speculative funds withdraw, the resource sector is expected to return to fundamental - driven growth. The photovoltaic sector has rebounded, and the subsequent development depends on policy implementation. The energy - storage sector has opportunities for valuation restoration [5][15]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - Market Performance: From September 15 - 19, 2025, the Shanghai Composite Index neared 3900 points but was pulled down by heavy - weight sectors. The growth style outperformed the value style, with the Shanghai Composite Index down 1.30%, the ChiNext Index up 2.34%, and the Hang Seng Tech Index up 5.09%. The market activity increased, with the average daily trading volume of the whole A - shares reaching 2.5163 trillion [13]. - Policy and Opportunities: The Sino - US leaders' phone call and previous policies may drive the "going global" trend as a structural opportunity. The market is re - pricing high - quality industry leaders [13]. - Sector Analysis - Hang Seng Tech: The profit expectations of the Hong Kong stock technology sector are rising, and factors like a stable geopolitical environment and interest - rate cut expectations are driving the "catch - up" trend. If the Fed cuts interest rates in Q4, more foreign capital may flow in [5][14]. - Resources: The valuation logic of resource stocks has shifted. After short - term speculative funds leave, the sector will be driven by fundamentals [5][15]. - Photovoltaic and Energy Storage: The photovoltaic sector has rebounded due to anti - involution efforts, and the energy - storage sector has opportunities for valuation restoration driven by policies and improved sentiment [5][15]. 3.2 Active Equity Fund Index Performance Tracking - Performance of Different Indexes - Active Stock Fund Preferred Index: Up 0.80% last week, with a cumulative excess return of 13.06% since its establishment [7]. - Value Stock Fund Preferred Index: Down 0.48% last week, with a cumulative excess return of 5.03% since its establishment [7]. - Balanced Stock Fund Preferred Index: Up 0.62% last week, with a cumulative excess return of 9.60% since its establishment [7]. - Growth Stock Fund Preferred Index: Up 1.18% last week, with a cumulative excess return of 15.85% since its establishment [7]. - Pharmaceutical Stock Fund Preferred Index: Down 2.53% last week, with a cumulative excess return of 20.73% since its establishment [7]. - Consumer Stock Fund Preferred Index: Up 0.77% last week, with a cumulative excess return of 22.39% since its establishment [7]. - Technology Stock Fund Preferred Index: Up 2.12% last week, with a cumulative excess return of 21.07% since its establishment [7]. - High - end Manufacturing Stock Fund Preferred Index: Up 2.13% last week, with a cumulative excess return of - 3.47% since its establishment [7]. - Cyclical Stock Fund Preferred Index: Down 4.24% last week, with a cumulative excess return of - 2.77% since its establishment [7]. - Index Positioning and Benchmarks - Active Stock Fund Preferred Index: Selects 15 funds equally weighted, with the core positions selected based on performance competitiveness and style stability, and balanced according to the style distribution of the CSI Active Equity Fund Index. The benchmark is the Active Stock Fund Index (930980.CSI) [17]. - Value Stock Fund Preferred Index: Selects 10 funds with deep - value, quality - value, and balanced - value styles. The benchmark is the CSI 800 Value Index (H30356.CSI) [19][20]. - Balanced Stock Fund Preferred Index: Selects 10 relatively balanced and value - growth style funds. The benchmark is the CSI 800 Index (000906.SH) [20]. - Growth Stock Fund Preferred Index: Selects 10 actively - growing, quality - growing, and balanced - growing style funds. The benchmark is the 800 Growth Index (H30355.CSI) [23][25]. - Pharmaceutical Stock Fund Preferred Index: Selects 15 funds based on the intersection of equity holdings and the pharmaceutical index, with a benchmark of the pharmaceutical theme fund index [24]. - Consumer Stock Fund Preferred Index: Selects 10 funds based on the intersection of equity holdings and consumer - related indexes, with a benchmark of the consumer theme fund index [28]. - Technology Stock Fund Preferred Index: Selects 10 funds based on the intersection of equity holdings and technology - related indexes, with a benchmark of the technology theme fund index [30]. - High - end Manufacturing Stock Fund Preferred Index: Selects 10 funds based on the intersection of equity holdings and high - end manufacturing - related indexes, with a benchmark of the high - end manufacturing theme fund index [34]. - Cyclical Stock Fund Preferred Index: Selects 5 funds based on the intersection of equity holdings and cyclical - related indexes, with a benchmark of the cyclical theme fund index [36][38].