公募基金指数跟踪周报（2025.12.22-2025.12.26）：“春季躁动”抢跑，成长和周期占优-20251229

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The equity market rebounded last week, with the Shanghai Composite Index achieving an "eight - consecutive - yang" pattern. The rebound was due to the pulse of incremental funds in A500ETF and the pre - emptive action under high expectations for the "Spring Rally." Mid - term, global liquidity is expected to be loose, and there are opportunities for the undervalued pro - cyclical style to make up for losses. [2][3][12] - The bond market continued to recover last week. In the current environment, the space for a deep adjustment in the bond market is limited, and the 10 - year Treasury yield may maintain a narrow - range oscillation pattern in the future. [3][13] - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, indicating strong investor recognition. [4][17] Summary According to the Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week, the CSI 300 index rose 1.95%, the Shanghai Composite Index rose 1.88%, and the CSI 500 index rose 4.03%. The average daily trading volume of the whole A - share market was 1,956.9 billion, showing an increase compared to the previous week. The rebound was due to A500ETF incremental funds and the pre - emptive action for the "Spring Rally." [2][10] - The mid - term US monetary policy is expected to be loose. Short - term market focus is on US inflation and employment data. If the data shows economic cooling, the stock market may continue to rise; otherwise, it may affect the domestic growth style. [11] - At the end of the year, the focus of the market has shifted to commercial aerospace. Overseas, SpaceX signaled an IPO, and Google made related investments; domestically, many commercial aerospace companies are queuing up for IPOs on the Science and Technology Innovation Board. [12] 1.2. Fixed - Income Market Review and Observation - Last week, the bond market continued to recover. The 1 - year Treasury yield decreased by 6.75BP to 1.29%, the 10 - year Treasury yield increased by 0.68BP to 1.84%, and the 30 - year Treasury yield decreased by 0.19BP to 2.22%. The 10 - year Treasury yield may maintain a narrow - range oscillation pattern. [3][13] - Last week, the US Treasury yield oscillated downward. The 1 - year, 2 - year, and 10 - year US Treasury yields all decreased by 2BP. The GDP data initially pushed up the yield, but it later declined due to the consumer confidence index. [14] - Last week, the CSI REITs Total Return Index rose 1.56%. In the primary market, 4 new public REITs made progress, and Huaxia Zhonghe Clean Energy REIT was established. [15][16] 1.3. Public Fund Market Dynamics - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, with the public investor effective subscription multiple about 392 times and the offline investor effective subscription multiple exceeding 340 times. [4][17] 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - Active Stock Fund Selection: The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability, and balances the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index. [20][21] 2.2. Investment Style - Based Index - Value Stock Fund Selection: It selects 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index. [23] - Balanced Stock Fund Selection: It selects 10 funds with relatively balanced and value - growth styles. The performance benchmark is the CSI 800. [25][26] - Growth Stock Fund Selection: It selects 10 funds with active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index. [28] 2.3. Industry Theme - Based Index - Pharmaceutical Stock Fund Selection: It selects 15 funds based on the intersection market value of fund equity holdings and the representative index, and constructs an evaluation system. The performance benchmark is the pharmaceutical theme fund index. [32][33] - Consumption Stock Fund Selection: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the consumption theme fund index. [33][34] - Technology Stock Fund Selection: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the technology theme fund index. [37] - High - end Manufacturing Stock Fund Selection: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the high - end manufacturing theme fund index. [42][43] - Cyclical Stock Fund Selection: It selects 5 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the cyclical theme fund index. [45][46] 2.4. Money - Market Enhanced Index - Money - Market Enhancement Strategy: The index aims for liquidity management and a smooth - upward curve. It mainly invests in money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index. [49] 2.5. Pure - Bond Index - Short - Term Bond Fund Selection: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index + 50% * General Money - Market Fund Index. [52] - Medium - and Long - Term Bond Fund Selection: It selects 5 medium - and long - term pure - bond funds, balancing coupon strategies and band - trading operations. It adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to the market. [54] 2.6. Fixed - Income + Index - Low - Volatility Fixed - Income + Selection: It selects 10 funds with an equity central position of 10%. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index. [56] - Medium - Volatility Fixed - Income + Selection: It selects 5 funds with an equity central position of 20%. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index. [60] - High - Volatility Fixed - Income + Selection: It selects 5 funds with an equity central position of 30%. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index. [63] 2.7. Other Fixed - Income - Related Indices - Convertible Bond Fund Selection: It selects 5 funds based on the proportion of convertible - bond investment and constructs an evaluation system. [66] - QDII Bond Fund Selection: It selects 6 funds with stable returns and good risk control based on credit and duration. [69] - REITs Fund Selection: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type. [70]