开放式基金周报（20251109）-20251110

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report recommends an equilibrium and growth - oriented style allocation, emphasizing technology and considering cyclical, consumer, and financial sectors. The "transformation bull" in the Chinese stock market is far from over, and the market is in a period of valuation repair and expansion. In the bond market, it is advisable to "emphasize the allocation rhythm and de - emphasize chasing information" [3][15]. Summary by Directory 1. Last Week's Market Review - A - share Market: In the week of 20251103 - 20251107, A - shares rose due to positive news from Sino - US negotiations and improved export data. The power equipment, coal, and petroleum and petrochemical industries performed well. The Shanghai Composite Index rose 1.08%, and the Shenzhen Component Index rose 0.19%. Among the 31 Shenwan primary industries, 19 rose and 12 fell [3][7]. - Bond Market: The bond market declined due to weak import and export data and tight capital sentiment. The yields of 1 - year and 10 - year treasury bonds and national development bonds increased, and the main bond indexes fell, while the CSI Convertible Bond Index rose 0.86% [3][8]. - Overseas Market: US stocks fell as private employment data showed a weak labor market. European markets generally declined, and Asian - Pacific markets showed mixed performance. The US dollar index fell 0.18%. Oil prices dropped as US EIA crude inventory increased more than expected, and gold prices fluctuated [3][9]. 2. Last Week's Fund Market Review - Stock - type Funds: Stock - type funds rose 0.25% overall, with index stock - type funds rising 0.31% and active stock - open funds falling 0.05%. Funds heavily invested in power equipment and some in basic chemicals performed well [3][10]. - Hybrid Funds: Active hybrid - open funds rose 0.12% [10]. - Bond Funds: Bond funds rose 0.2% overall, with index bond funds falling 0.05% and active bond - open funds rising 0.03%. Some partial - debt bond funds and convertible - bond funds with equity assets in power equipment and aviation performed well [3][11]. - QDII Funds: Equity - type QDII funds fell 0.73%, with Hong Kong stock dividend and Hong Kong state - owned enterprise theme funds performing well. QDII bond funds fell 0.02% [12]. - Other Funds: Gold ETFs and their linked funds fell 0.36%, and commodity - type funds fell 0.19% [13]. 3. Future Investment Strategy - Macro - situation: Consumption showed mixed trends, investment in infrastructure had sufficient funds but limited physical work progress, exports improved, production mostly recovered, prices rose slightly, and liquidity was generally loose [14]. - Stock Market: The "transformation bull" in the Chinese stock market will continue, and the underlying logic of the market is changing. The three core factors that previously led to market valuation discounts are being broken and reshaped [15]. - Investment in Funds: For stock - mixed funds, maintain an equilibrium and growth - oriented style allocation, focus on technology - themed funds, and consider structural opportunities in financial, cyclical, and consumer sectors. For bond funds, participate in the long - position market before mid - November and set profit - taking points in late November. For currency funds, there are no trend - based investment opportunities. For commodity funds, appropriately allocate gold ETFs [17]. 4. Latest Fund Market Developments - Public Offering Benchmark Reform: The public offering benchmark reform is accelerating. The benchmark library has been issued, including 69 indexes in the first - class library and 72 in the second - class library, applicable to active - management public - offering funds investing in A - shares and Hong Kong stocks [18]. - Brazil ETFs: Two Brazil ETFs were over - subscribed by more than 7 times, due to market recovery and some investors' arbitrage intentions [21]. - Newly - issued Products: 41 new funds were established last week, with an average subscription period of about 24 days and an average raised share of 6.46 billion, totaling 265 billion shares [22]. - Fund Dividends: 72 funds will conduct equity registration in the coming week, with E Fund Shenzhen 100 ETF being the most notable, distributing a dividend of 0.85 yuan per 10 shares [23].