公募基金权益指数跟踪周报（2025.11.17-2025.11.21）：市场共振避险升温，AI叙事回归基本面-20251124

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Global market resonance led to collective adjustments in mainstream capital markets last week (2025.11.17 - 2025.11.21). Concerns about over - investment in AI and changes in monetary policy expectations triggered the market adjustment. The expectation of a Fed rate cut in December cooled significantly, reversing the previous trading logic based on a loose monetary environment and AI industry trends [2][12]. - In the AI field, before it forms a wide - spread commercial application that can generate stable cash flow, its infrastructure spending depends on the operating cash flow and debt financing of technology giants, which are closely related to pro - cyclical variables. The technology sector remains highly sensitive to the real economy and monetary policy [4][14]. - There is a significant divergence within the Fed regarding a December rate cut. Conflicting data has made the Fed's decision - making difficult, and the probability of a 25 - basis - point rate cut in December has fluctuated, causing the US Treasury yield to rise first and then fall [4][15]. 3. Summary by Directory 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - Last week, the Shanghai Composite Index fell 3.90%, the CSI 300 fell 3.77%, the CSI 500 fell 5.78%, and the ChiNext Index fell 6.15%. The daily average trading volume of the entire A - share market was 1859.7 billion, a decrease from the previous week [12]. - The market's concern about over - investment in AI and the change in monetary policy expectations triggered the market adjustment. Despite positive news from NVIDIA and Google, concerns about over - investment in AI persisted. The cooling expectation of a Fed rate cut in December reversed the previous trading logic [12]. - When the market focuses too much on the micro - details of growth stocks' immediate financial reports, it often indicates a stock price adjustment. The North American AI sector has fully priced in the high growth in 2026, but the growth prospect in 2027 is unclear [13]. - Google's new models verified the effectiveness of the Scaling Law, but the computing power suppliers still hold an irreplaceable position in the computing power market. Before AI forms a stable commercial model, its infrastructure spending is closely related to pro - cyclical variables [14]. - There is a divergence within the Fed on a December rate cut. Conflicting data has made the decision - making difficult, and the probability of a rate cut has fluctuated, causing the US Treasury yield to rise first and then fall [15]. 3.1.2 Public Fund Market Dynamics - The CSRC will optimize the ETF registration and listing review process, cancel the requirement to submit a letter of no objection from the stock exchange during the ETF registration process, and the Shanghai and Shenzhen Stock Exchanges have also modified their self - regulatory rules accordingly [5][16]. - For ETF products tracking mature indices, fund managers can directly apply to the CSRC for registration. For products with innovative elements, the exchange will evaluate whether to develop relevant ETF products. Fund managers should design products carefully to avoid problems such as unsuccessful fundraising [17]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | YTD | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Preferred | - 4.85% | - 2.96% | 32.19% | 33.26% | | Value Stock Fund Preferred | - 3.44% | - 0.16% | 16.91% | 17.00% | | Balanced Stock Fund Preferred | - 4.52% | - 2.67% | 26.11% | 23.35% | | Growth Stock Fund Preferred | - 6.08% | - 3.24% | 44.81% | 31.79% | | Pharmaceutical Stock Fund Preferred | - 6.07% | - 4.10% | 34.28% | 16.33% | | Consumption Stock Fund Preferred | - 3.51% | - 5.11% | 8.95% | 1.93% | | Technology Stock Fund Preferred | - 5.86% | - 5.09% | 37.94% | 40.10% | | High - end Manufacturing Stock Fund Preferred | - 8.53% | - 4.47% | 24.68% | 18.66% | | Cyclical Stock Fund Preferred | - 4.57% | - 3.41% | 21.36% | 12.79% | 3.2.1 Active Stock Fund Preferred - Index positioning: 15 funds are selected in each period, with equal - weight allocation. Core positions are selected according to performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is roughly balanced according to the CSI Active Stock Fund Index [19]. - Performance benchmark: Active Stock Fund (930980.CSI) [20] 3.2.2 Value Stock Fund Preferred - Index positioning: The value style includes deep - value and quality - value styles. 10 funds of deep - value, quality - value, and balanced - value styles are selected to form the index [23]. - Performance benchmark: CSI 800 Value Index (H30356.CSI) [24] 3.2.3 Balanced Stock Fund Preferred - Index positioning: Balanced - style fund managers balance the valuation and growth of individual stocks and switch to stocks with higher cost - performance. 10 relatively balanced and value - growth style funds are selected to form the index [26][27]. - Performance benchmark: CSI 800 (000906.SH) [27] 3.2.4 Growth Stock Fund Preferred - Index positioning: Growth - style funds aim to capture the performance and valuation double - click opportunities of high - growth companies and挖掘 "dark - horse" companies. 10 active - growth, quality - growth, and balanced - growth style funds are selected to form the index [28]. - Performance benchmark: 800 Growth (H30355.CSI) [28] 3.2.5 Pharmaceutical Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of the CITIC Pharmaceutical Index. 15 funds are selected to form the index after evaluation [31]. - Performance benchmark: Pharmaceutical Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [31] 3.2.6 Consumption Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [31]. - Performance benchmark: Consumption Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [32] 3.2.7 Technology Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [37]. - Performance benchmark: Technology Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [37] 3.2.8 High - end Manufacturing Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 10 funds are selected to form the index after evaluation [39]. - Performance benchmark: High - end Manufacturing Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [39] 3.2.9 Cyclical Stock Fund Preferred - Index positioning: Funds are divided into industry themes based on the intersection market value of their equity holdings and the constituent stocks of relevant CITIC indices. 5 funds are selected to form the index after evaluation [39]. - Performance benchmark: Cyclical Theme Fund Index (fitted by Huabao Fund Research and Investment Platform) [40]