金融工程周报：白银ETF收益领先-20250929

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the week ending September 26, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.21%, -0.27%, and 0.43% respectively [3]. - In the public - fund market, passive index products had strong performance in the past week, neutral strategy products mostly declined, convertible bonds outperformed pure bonds, and precious - metal ETFs continued to strengthen, with silver ETF rising 5.72% and soybean meal ETF continuing to decline [3]. - Among the CITIC five - style indices, growth and cyclical styles rose last week, while the others fell. The style timing model signals a preference for the growth style this week [3]. - The short - term momentum factor in Barra factors had a good performance last week, with a weekly excess return of 1.85%. The style timing strategy had a return of 1.58% last week, with an excess return of 1.85% compared to the benchmark balanced allocation [3]. 3. Summary by Related Catalogs Recent Market Returns - Market indices: Tonglian All A (Shanghai, Shenzhen, Beijing) rose 0.21%, ChinaBond Composite Bond declined 0.27%, and Nanhua Commodity Index rose 0.43% in the week ending September 26, 2025 [3]. - Public - fund market: Passive index products performed strongly, neutral strategy products mostly declined, convertible bonds outperformed pure bonds, precious - metal ETFs strengthened (silver ETF +5.72%, soybean meal ETF declined), and consumer - style funds had an excess return of 0.91% in the past week [3]. CITIC Style Index - Performance: Growth and cyclical styles rose last week, while the others fell. The cyclical style weakened marginally in relative strength, and the stable and financial styles slightly recovered in indicator momentum [3]. - Style timing: According to the style timing model, consumer and cyclical styles declined marginally this week, while stable and financial styles slightly recovered, with a signal favoring the growth style. The style timing strategy had a return of 1.58% last week, with an excess return of 1.85% compared to the benchmark balanced allocation [3]. Barra Factors - Factor performance: The short - term momentum factor had a weekly excess return of 1.85%, and the cash - flow and growth factors' returns recovered marginally. The residual momentum factor's win - rate improved [3]. - Factor rotation: The factor cross - section rotation speed increased this week, reaching the medium historical quantile range [3].