公募基金权益指数跟踪周报（2025.10.20-2025.10.24）：指数创新高，风格再均衡-20251027

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week (2025.10.20 - 2025.10.24), the A - share market broke through in fluctuations, with the Shanghai Composite Index standing above 3950 points on Friday. The technology - growth sector made a strong comeback in the second half of the week, reflecting market expectations for policies in the "15th Five - Year Plan". However, the A - share market entered a volume - shrinking phase due to macro uncertainties [12]. - If the possible upcoming summit meeting between the two heads of state materializes, the risk appetite of the capital market may be further restored [3][12]. - The "15th Five - Year Plan" focuses on technological self - reliance and self - strength + expanding domestic demand. The strategic position of technology development has been significantly elevated, and expanding domestic demand is emphasized as a "strategic base point" [4][13]. - The market has entered a style - equilibrium stage, indicating that the style switch has basically ended, and the market has returned to a performance - driven structural market. Looking forward, the market may enter a consolidation period, and after November, it may be dominated by valuation [4][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - Market performance: The Shanghai Composite Index rose 2.88%, the ChiNext Index rose 8.05%, and the Hang Seng Index rose 3.62%. The technology - growth sectors such as communication, electronics, and power equipment led the gains. The average daily trading volume of the whole A - share market was 1792.8 billion, a further decline from the previous week [12]. - Sino - US consultations: The consultations in Malaysia from October 24th to 27th are seen as a key signal to ease trade tensions, laying a positive foundation for a possible summit meeting between the two heads of state at the APEC meeting. Past summit meetings have effectively broken negotiation deadlocks [12]. - "15th Five - Year Plan": Compared with the "14th Five - Year Plan", it adds "centering on economic construction" and removes "deepening supply - side structural reform as the main line". The key focuses are technological self - reliance and self - strength + expanding domestic demand, with a significant increase in the strategic position of technology development [13]. - Style switch: The market has entered a style - equilibrium stage, and the style switch has basically ended. After November, the market may be dominated by valuation, and the difficulty of judging its sustainability will increase significantly [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock Fund Preferred Index - Performance: It rose 3.72% last week and has recorded a cumulative excess return of 13.84% since its establishment. Its performance comparison benchmark is the active stock fund (930980.CSI) [5][15]. - Index positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability within value, equilibrium, and growth styles, and balance the style distribution according to the CSI Active Stock - Type Fund Index [16]. 3.2.2 Value Stock Fund Preferred Index - Performance: It rose 1.44% last week and has recorded a cumulative excess return of 2.93% since its establishment. Its performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [6][15]. - Index positioning: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and equilibrium - value styles based on multi - period style division to form the index [18]. 3.2.3 Equilibrium Stock Fund Preferred Index - Performance: It rose 3.14% last week and has recorded a cumulative excess return of 7.66% since its establishment. Its performance comparison benchmark is the CSI 800 (000906.SH) [7][15]. - Index positioning: It selects 10 funds of relatively equilibrium and value - growth styles based on multi - period style division to form the index. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [20]. 3.2.4 Growth Stock Fund Preferred Index - Performance: It rose 5.14% last week and has recorded a cumulative excess return of 12.21% since its establishment. Its performance comparison benchmark is the 800 Growth (H30355.CSI) [7][15]. - Index positioning: It aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and equilibrium - growth styles based on multi - period style division to form the index [24]. 3.2.5 Pharmaceutical Stock Fund Preferred Index - Performance: It fell 1.12% last week and has recorded a cumulative excess return of 19.19% since its establishment. Its performance comparison benchmark is the pharmaceutical - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative pharmaceutical indexes. It constructs an evaluation system in eligible samples, mainly considering indicators such as the fund's relative benchmark index winning rate, and ensures 15 funds are included in the index [24][27]. 3.2.6 Consumption Stock Fund Preferred Index - Performance: It rose 0.59% last week and has recorded a cumulative excess return of 22.45% since its establishment. Its performance comparison benchmark is the consumption - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative consumption indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [27]. 3.2.7 Technology Stock Fund Preferred Index - Performance: It rose 5.79% last week and has recorded a cumulative excess return of 21.12% since its establishment. Its performance comparison benchmark is the technology - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative technology indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [33]. 3.2.8 High - end Manufacturing Stock Fund Preferred Index - Performance: It rose 8.47% last week and has recorded a cumulative excess return of - 2.53% since its establishment. Its performance comparison benchmark is the high - end manufacturing - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [35]. 3.2.9 Cycle Stock Fund Preferred Index - Performance: It fell 1.90% last week and has recorded a cumulative excess return of - 2.85% since its establishment. Its performance comparison benchmark is the cycle - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative cycle indexes. It constructs an evaluation system in eligible samples and ensures 5 funds are included in the index [35].