公募基金周报（20251013-20251017）-20251020

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the A-share market adjusted with shrinking volume. Mid-cap stocks had a large correction, while banks and insurance in the large financial sector performed well. The precious metal prices continued to rise, and the prices of London gold and London silver both reached record highs. The trading volume of the two markets decreased, and liquidity continued to shrink. The report suggests paying attention to the structural opportunities brought by the marginal changes in capital flow and optimizing positions in precious metals opportunistically [1][10][15] Summary by Directory 1. This Week's Market Review 1.1 Industry Index - Only the banking, coal, food and beverage, and transportation sectors rose this week, with a significant increase in the weekly trading volume proportion compared to last week. The media sector's trading activity decreased significantly. The non-ferrous metals sector, which was strong in the past 3 months, fell 2.91% this week, but its trading volume proportion increased to a four - week high of 8.27%. The neutral hedge fund's average and median absolute returns were -0.12% and -0.06% respectively [10] 1.2 Market Style - The growth style index significantly corrected by 5.82% this week, and its trading volume proportion dropped to a four - week low of 56.25%. The consumer style index fell 1.31%, and its trading volume proportion rose to a four - week high of 9.49%. The financial style index rose 1.57%, and its trading volume proportion slightly increased to 6.74%. The cyclical style index fell 3.78%, and its trading volume proportion was at a four - week high of 23.55%. The stable style index slightly fell 0.52%, and its trading volume proportion was at a four - week high of 3.97%. Mid - cap stocks had a larger decline, with the CSI 500 index falling 5.17% and its trading volume proportion dropping to a four - week low of 19.30%, while the Shanghai and Shenzhen 300 index fell 2.22%, and its trading volume proportion dropped to 30.09% [14] 2. Active Equity Funds 2.1 Funds with Excellent Performance in Different Theme Tracks This Week - Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report lists the top five funds in different theme tracks such as TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors [19][20] 2.2 Funds with Excellent Performance in Different Strategy Classifications - The funds are divided into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types. The report lists the funds with relatively excellent performance in different types of funds this week [21] 3. Index - Enhanced Funds 3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.10% and 0.12% respectively; those of CSI 500 index - enhanced funds were 0.81% and 0.75% respectively; those of CSI 1000 index - enhanced funds were 0.57% and 0.60% respectively; those of CSI 2000 index - enhanced funds were 0.47% and 0.70% respectively; those of CSI A500 index - enhanced funds were 0.36% and 0.39% respectively; those of ChiNext index - enhanced funds were 0.64% and 0.80% respectively; and those of Science and Technology Innovation and Entrepreneurship 50 index - enhanced funds were 0.27% and 0.25% respectively. The average and median absolute returns of neutral hedge funds were -0.12% and -0.06% respectively, and those of quantitative long - only funds were -3.25% and -3.43% respectively [24][26] 4. This Week's High - Frequency Position Detection of Funds - In the past week, active equity funds significantly increased their positions in the computer (0.44%), electronics (0.31%), and non - ferrous metals (0.19%) industries; and significantly reduced their positions in the non - banking financial (0.17%), banking (0.14%), and automobile (0.13%) industries. From a one - month perspective, the positions in the computer (1.65%) and electronics (0.84%) industries increased significantly, while the position in the pharmaceutical (0.51%) industry decreased significantly [3][42]