基金市场一周观察（20260309-20260313）：权益市场分化，大盘成长风格占优

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - This week, the A - share market was generally differentiated, with the ChiNext Index leading the gains and the large - cap growth style outperforming. The North Securities 50 Index had a relatively large decline. In terms of industries, coal and construction led the gains, while national defense and military industry, petroleum and petrochemicals, and comprehensive finance lagged behind [2][6]. - The average return of all - market active equity funds was - 0.86%. Funds with better performance were mostly heavily invested in industries such as power equipment and new energy, and basic chemicals. For industry - themed funds, the average returns of all sectors were negative this week, with the consumer sector funds having relatively leading average returns and the TMT sector funds having relatively lagging average returns [2][14][15]. - The bond market generally declined this week, with the credit bond market slightly rising. The average return of short - term bond funds was 0.03%, and that of medium - and long - term bond funds was - 0.01%. The average return of bond funds with equity exposure was negative, and the convertible bond market declined, with the average return of convertible bond funds being negative [2][27]. - During the statistical period, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.29%, 0.98%, and 1.46% respectively [2][41]. - During the statistical period, the average increases of equity - oriented, index - type, and other - type QDII funds were 1.77%, 1.35%, and 1.63% respectively, while the average decline of bond - type QDII funds was 0.62%. This week, REITs funds declined by an average of 0.51% [2][42][44]. 3. Summary by Relevant Catalogs 3.1 Market Review - The A - share market was differentiated this week. The ChiNext Index led the gains, the large - cap growth style outperformed, and the North Securities 50 Index had a large decline. As of the close this week, the Shanghai - Shenzhen 300 Index closed at 4669 points, up 0.19%; the Shanghai Composite Index closed at 4095 points, down 0.7%; the Shenzhen Component Index closed at 14281 points, up 0.76%; the ChiNext Index closed at 3310 points, up 2.51%. In the Hong Kong stock market, the Hang Seng Index fell 1.13%, and the Hang Seng Tech Index rose 0.62% [6]. - In terms of industries, coal and construction led the gains, with increases of over 4%, while national defense and military industry, petroleum and petrochemicals, and comprehensive finance lagged behind [9]. 3.2 Key Fund Tracking 3.2.1 Active Equity - Fund Performance: As of Q4 2025, there were 4140 ordinary stock - type funds, partial - stock hybrid funds, high - position flexible allocation funds, and balanced hybrid funds (with the latest stock position > 50%) that had been established for more than one year. The average return of the all - market funds in the sample this week was - 0.86%. Funds with better performance were mostly heavily invested in industries such as power equipment and new energy, and basic chemicals. For industry funds, the average returns of all sectors in the sample were negative this week, with the consumer sector funds having relatively leading average returns and the TMT sector funds having relatively lagging average returns [13][14][15]. - Position Estimation: This week, the stock positions of ordinary stock - type and partial - stock hybrid funds both rebounded. Compared with the previous week, the position of ordinary stock - type funds increased by 0.69 percentage points, and that of partial - stock hybrid funds increased by 0.53 percentage points. In terms of industry and sector allocation, compared with the previous week, active partial - stock funds increased their allocation to finance, growth, and cyclical sectors and reduced their allocation to stable and consumer sectors. In terms of sub - industries, compared with the previous week, the allocation to industries such as automobiles, banks, and real estate increased, while the allocation to industries such as pharmaceutical biology, electronics, and food and beverages decreased [20]. 3.2.2 Bond - type Funds - Bond Market Performance: The bond market generally declined this week, with the credit bond market slightly rising. The ChinaBond Total Wealth Index closed at 246.85, down 0.19% from last week; the ChinaBond Treasury Bond Index closed at 246.18, down 0.34% from last week; the ChinaBond Credit Bond Index closed at 226.65, up 0.03% from last week. The overall return of bond funds with equity exposure was negative this week. The CSI Convertible Bond Index closed at 508.67, with a weekly change of - 1.1%, and the trading volume was 337.4 billion yuan, a change of - 21.443 billion yuan from last week. As of the end of this week, the median market price of convertible bonds was 137.5 yuan, a change of - 1.96 yuan from last week; the median conversion premium rate was 23.20%, a change of - 2.67% from last week [27][28]. - Fund Performance Overview: The average return of short - term bond funds this week was 0.03%, and the median was 0.03%; the average return of medium - and long - term bond funds was - 0.01%, and the median was 0.02%. The average return of first - tier bond funds was - 0.13%, and the median was - 0.04%; the average return of second - tier bond funds was - 0.22%, and the median was - 0.13%. The average return of partial - bond hybrid funds was - 0.23%, and the median was - 0.13%; the average return of low - position flexible allocation funds was - 0.28%, and the median was - 0.16%. The average return of convertible bond funds was - 1.72%, and the median was - 1.77% [31][35][38][39]. 3.2.3 FOF Funds The FOF funds were classified into low - risk, medium - risk, and high - risk categories. The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.29%, 0.98%, and 1.46% respectively [41]. 3.2.4 QDII Funds During the statistical period, the average increases of equity - oriented and index - type QDII funds were 1.77% and 1.35% respectively, the average increase of other - type QDII funds was 1.63%, and the average decline of bond - type QDII funds was 0.62% [42]. 3.2.5 REITs Funds This week, REITs funds declined by an average of 0.51%. Among them, the Huitianfu Jiuzhoutong Pharmaceutical Warehousing and Logistics REIT led the gains, rising 1.86% in the past week; the Huatai Jiangsu Expressway REIT had the strongest liquidity, with a trading volume of 88.7516 million yuan in the past week [44][45].