公募基金12月月报：市场震荡下行，私募规模创三年新高-20251203

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - In November, the main indices of the Shanghai and Shenzhen markets fluctuated and declined. The Sci - Tech Innovation 50 Index had the largest decline of 6.24%, while the SSE 50 Index was relatively resilient with a decline of 1.39%. Thirteen out of 31 Shenwan primary industries rose, with the top 5 gainers being comprehensive, banking, textile and apparel, petroleum and petrochemicals, and light manufacturing. The top 5 decliners were computer, automobile, electronics, non - bank finance, and pharmaceutical biology [1][14]. - In October 2025, the number of newly opened accounts for individual and institutional investors decreased significantly after continuous monthly increases. The private securities investment fund market continued its moderate recovery. The newly -备案 scale in October rebounded to 42.92 billion yuan, and the existing scale expanded significantly to 22.05 trillion yuan, reaching a new high in nearly three years [2][21]. - In November, 65 new funds were issued with a scale of 5.3052 billion yuan. The issuance shares of active and passive equity funds both declined month - on - month, and the equity fund issuance market continued to cool slightly. Except for commodity - type funds, all types of funds declined to varying degrees, with equity - biased funds having the largest average decline of 2.43%. Value style outperformed growth style, and large - cap style outperformed small - cap style [3]. - Through the calculation of the industry positions of active equity funds, in November, the industries with the highest increase in positions were household appliances, non - ferrous metals, and food and beverages; the industries with the highest reduction in positions were national defense and military industry, computer, and electronics. The overall position of active equity funds on November 28, 2025, was 81.96%, up 2.12 pct from the previous month [4]. - In November, the net inflow of funds into the ETF market was 120.526 billion yuan, slowing down from the previous month. Many broad - based indices such as the CSI 300 experienced capital outflows, while ETFs related to gold, Hong Kong technology, non - bank finance, and innovative drugs had the highest net inflows. Among the most actively traded targets, some ETFs had significant gains or losses, and specific funds had large net inflows or outflows [5]. - In November, the risk - parity model declined by 0.14%, and the risk - budget model declined by 0.34% [6]. 3. Summary by Relevant Catalogs 3.1 Last Month's Market Review 3.1.1 Domestic Market Situation - In November, the main indices of the Shanghai and Shenzhen markets fluctuated and declined. The Sci - Tech Innovation 50 Index had the largest decline of 6.24%, and the SSE 50 Index was relatively resilient with a decline of 1.39%. Thirteen out of 31 Shenwan primary industries rose, with the top 5 gainers and decliners as mentioned above. The ChinaBond Composite Full - Price Index declined by 0.26%, and the total full - price indices of ChinaBond treasury bonds, financial bonds, and credit bonds declined between 0.10% and 0.60%. The CSI Convertible Bond Index declined by 0.69%, and the Nanhua Commodity Index rose by 0.53% [14]. 3.1.2欧美及亚太市场情况 - In November, the main indices of the European, American, and Asia - Pacific markets showed mixed performance. In the US stock market, the S&P 500 rose by 0.37%, the Dow Jones Industrial Average rose by 0.32%, and the Nasdaq declined by 1.51%. In the European market, the French CAC40 rose by 0.02%, and the German DAX declined by 0.51%. In the Asia - Pacific market, the Hang Seng Index declined by 0.18%, and the Nikkei 225 declined by 4.12% [26]. 3.1.3 Market Valuation Situation - In November, the valuations of most main market indices were adjusted downward. The growth - technology indices represented by the Sci - Tech Innovation 50 Index and the ChiNext Index were under pressure. The historical quantile of the price - to - earnings ratio of the former decreased significantly, and the latter was already at a relatively low historical level. The historical quantile of the price - to - book ratio of the CSI 1000 Index also declined significantly. Among industries, the top 5 industries with the highest historical quantiles of the price - to - earnings ratio of the Shenwan primary index were banking, real estate, electronics, commercial trade, and coal. The historical quantile of the price - to - earnings ratio of the banking industry was at a high level, and that of the real estate industry reached 94.8%. The bottom 5 industries with the lowest historical quantiles were non - bank finance, agriculture, forestry, animal husbandry and fishery, food and beverages, beauty care, and non - ferrous metals, with the non - bank finance industry's valuation approaching its historical low since 2013 [30]. 3.2 Overall Situation of Public Funds 3.2.1 Fund Issuance Situation - In November, 65 new funds were issued with a scale of 5.3052 billion yuan, and the issuance speed slowed down significantly compared with the previous month. Among them, 31 equity funds, 17 hybrid funds, 8 bond funds, 8 FOF funds, and 1 REITs fund were issued. The issuance shares of active and passive equity funds both declined month - on - month, and the equity fund issuance market continued to cool slightly [39]. 3.2.2 Fund Market Return Situation - In November, except for commodity - type funds, all types of funds declined to varying degrees. Equity - biased funds had the largest average decline of 2.43%. From the perspective of fund style indices, the market showed a broad - based decline, with significant differentiation in the performance of different - style funds. Value style outperformed growth style, and large - cap style outperformed small - cap style. Among different - sized equity - biased public funds, the mini - funds with a scale of 50 million - 100 million had the smallest average decline of 2.26% and a positive - return ratio of 13.22%, while the large - scale funds with a scale of 4 billion - 10 billion had the largest average decline of 2.56% and a positive - return ratio of 10.98% [3][47][51]. 3.2.3 Active Equity Fund Position Situation - In November, the industries with the highest increase in positions of active equity funds were household appliances, non - ferrous metals, and food and beverages; the industries with the highest reduction in positions were national defense and military industry, computer, and electronics. The overall position of active equity funds on November 28, 2025, was 81.96%, up 2.12 pct from the previous month [4][54][55]. 3.3 ETF Fund Situation - In November, the net inflow of funds into the ETF market was 120.526 billion yuan, slowing down from the previous month. Cross - border ETFs had a net inflow of 54.892 billion yuan, bond - type ETFs had a net inflow of 17.884 billion yuan, and stock - type ETFs had a net inflow of 13.017 billion yuan. The average daily trading volume of the overall ETF market was 455.931 billion yuan, the average daily trading volume was 164.867 billion shares, and the average daily turnover rate was 7.94%, a decrease of 1.72 pct from October. Many broad - based indices such as the CSI 300 experienced capital outflows, while ETFs related to gold, Hong Kong technology, non - bank finance, and innovative drugs had the highest net inflows. Some ETFs had significant gains or losses, and specific funds had large net inflows or outflows [5][58][62]. 3.4 Model Operation Situation - In November, the risk - parity model declined by 0.14%, and the risk - budget model declined by 0.34%. Since 2015, the annualized return of the risk - parity model was 4.74% with a maximum drawdown of 2.31%, and the annualized return of the risk - budget model was 4.90% with a maximum drawdown of 9.80%. The asset allocation weights of the models will remain unchanged next month. For the risk - parity model, the weights of stocks, bonds, commodities, and QDII are 6%, 66%, 14%, and 14% respectively; for the risk - budget model, the weights are 13%, 48%, 10%, and 30% respectively [6][74][75].