基金市场一周观察（20251117-20251121）：股跌债分化，金融地产基金平均跌幅较小

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the equity market declined across the board, with the large - cap value style being relatively resilient and the North - Star 50 index experiencing a significant decline. Among industries, the banking sector had the smallest decline, while the power equipment & new energy and comprehensive sectors had larger declines [1][2][6]. - The average return of all - market active equity funds was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry - themed funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [2][11]. - In the bond market, the interest - rate bond market declined, the credit - bond market rose, and the convertible - bond market declined. The average returns of short - term and medium - to - long - term bond funds were 0.02%, while the average returns of equity - linked bond funds and convertible - bond funds were negative [1][2]. - As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2]. - During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively. This week, REITs declined by an average of 1.20% [2]. 3. Summary According to Relevant Catalogs 3.1 Market Review - The equity market declined across the board this week. The Shanghai - Shenzhen 300 Index closed at 4454 points, down 3.77%; the Shanghai Composite Index closed at 3835 points, down 3.9%; the Shenzhen Component Index closed at 12538 points, down 5.13%; and the ChiNext Index closed at 2920 points, down 6.15%. In the Hong Kong stock market, the Hang Seng Index declined by 5.09% and the Hang Seng Tech Index declined by 7.18% [6]. - In terms of industries, the banking sector declined the least, by 0.87%, while the power equipment & new energy and comprehensive sectors declined by 9.41% and 9.47% respectively [9]. 3.2 Key Fund Tracking 3.2.1 Active Equity - Fund Performance: The average return of all - market funds in the sample this week was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [11][12]. - Position Estimation: This week, the positions of common stock - type and partial - stock hybrid funds both decreased. Compared with the previous week, the position of common stock - type funds decreased by 0.31 percentage points, and that of partial - stock hybrid funds decreased by 0.05 percentage points. Actively managed partial - stock funds increased their allocation to consumption, finance, and cyclical sectors and reduced their allocation to stable and growth sectors [17]. 3.2.2 Bond - Type Funds - Bond Market Performance: The credit - bond market rose this week. The ChinaBond Total Wealth Index closed at 246.39, down 0.01% from last week; the ChinaBond Treasury Bond Index closed at 246.64, down 0.05% from last week; and the ChinaBond Credit Bond Index closed at 225.09, up 0.04% from last week. The convertible - bond market declined, with the CSI Convertible Bond Index closing at 482.94, down 1.78% week - on - week, and the trading volume was 318 billion yuan, a decrease of 31.316 billion yuan from last week [20][22]. - Fund Performance Overview: The average return of short - term bond funds this week was 0.02%, and the median was 0.03%; the average return of medium - to - long - term bond funds was 0.02%, and the median was 0.02%. The average returns of first - tier and second - tier bond funds were - 0.16% and - 0.77% respectively. The average return of partial - bond hybrid funds was - 1.1%, and the median was - 0.99%; the average return of low - position flexible - allocation funds was - 0.84%, and the median was - 0.67%. The average return of convertible - bond funds was - 2.41%, and the median was - 2.4% [25][27][29]. 3.2.3 FOF As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2][32]. 3.2.4 QDII During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively [2]. 3.2.5 REITs This week, REITs declined by an average of 1.20%. Among them, CICC Yizhuang Industrial Park REIT had a relatively high increase, rising 0.96% in the past week. China Asset Management CR Land Ucommune REIT had the highest liquidity, with a trading volume of 128.2851 million yuan in the past week [36][37].