公募基金周报：公私募规模齐扩张，权益市场仍处于震荡调整区间-20260330

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - From March 23 to March 27, 2026, all major equity market indices declined, with the ChiNext Index experiencing the largest drop of 1.68%. Among the 31 Shenwan primary industries, 9 industries rose, with non - ferrous metals, public utilities, chemicals, pharmaceutical and biological, and textile and apparel being the top five gainers, while non - bank finance, computer, agriculture, forestry, animal husbandry and fishery, beauty care, and national defense and military industry were the top five losers [1][12] - The scale of public funds exceeded 38 trillion yuan, and the total scale of private funds reached 22.60 trillion yuan. The equity market is still in an oscillating adjustment phase. Among them, the decline of equity - biased funds was the smallest, with an average decline of 0.31% and a positive return ratio of 32.20%; the average return of fixed - income + funds was 0.05%, with a positive return ratio of 58.03%; the average return of pure - bond funds was 0.07%, with a positive return ratio of 98.49%; the average return of pension target FOF was - 0.02%, with a positive return ratio of 45.73%. In addition, the average return of QDII funds was - 0.57%, with a positive return ratio of 27.70% [2][28][29] - Last week, the overall ETF market had a net capital outflow of 6.679 billion yuan. Structurally, bond - type ETFs had a significant net inflow of 21.479 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market last week reached 532.374 billion yuan, the average daily trading volume reached 222.049 billion shares, and the average daily turnover rate was 9.31% [3][40] - Last week, 25 new funds were issued, the same as the previous period; 51 new funds were established, an increase of 5 compared to the previous period. New funds raised a total of 26.149 billion yuan, a decrease of 8.033 billion yuan compared to the previous period [4][51] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Domestic Market Situation - From March 23 to March 27, 2026, all major equity market indices declined, with the ChiNext Index dropping 1.68%. Among the 31 Shenwan primary industries, 9 industries rose, with non - ferrous metals, public utilities, chemicals, pharmaceutical and biological, and textile and apparel being the top five gainers, while non - bank finance, computer, agriculture, forestry, animal husbandry and fishery, beauty care, and national defense and military industry were the top five losers. In the bond market, the ChinaBond Composite Full - Price Index rose 0.04%, the total full - price indices of ChinaBond Treasury bonds, financial bonds, and credit bonds fluctuated between a decline of 0.02% and an increase of 0.02%, the China Securities Convertible Bond Index rose 1.28%, and in the commodity market, the Nanhua Commodity Index fell 0.25% [12] 3.1.2 European, American and Asia - Pacific Market Situation - Last week, most major indices in European, American and Asia - Pacific markets declined. Among them, in the US stock market, the S&P 500 Index fell 1.56%, the Dow Jones Industrial Average fell 0.99%, and the Nasdaq Index fell 3.23%; in the European market, the French CAC40 rose 0.47%, and the German DAX fell 0.35%; in the Asia - Pacific market, the Hang Seng Index fell 1.29%, and the Nikkei 225 remained unchanged [18] 3.1.3 Market Valuation Situation - Last week, the valuation quantiles of most major market indices declined. In terms of the historical quantiles of price - to - earnings ratio, the Shanghai Composite 50 Index had the largest decline of 3.8 pct.; in terms of the historical quantiles of price - to - book ratio, the Shanghai Composite 50 Index also had the largest decline of 17.1 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio in the Shenwan primary index last week were real estate, building materials, comprehensive, chemicals, and electronics. Among them, the price - to - earnings ratio quantile of the real estate industry remained at a high level, and the price - to - earnings ratio quantile of the building materials industry reached 86.8%. Attention should be paid to the potential correction risk in the future. The five industries with relatively low historical quantiles of price - to - earnings ratio last week were non - bank finance, food and beverage, household appliances, agriculture, forestry, animal husbandry and fishery, and beauty care. Among them, the valuation of the non - bank finance industry was close to the historical low since 2013 [21] 3.2 Active Public Fund Situation 3.2.1 Market Hotspots - The scale of public funds exceeded 38 trillion yuan. As of the end of February 2026, there were 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public fund management qualifications. The total net asset value of public funds managed by these institutions was 38.61 trillion yuan. The total number of funds in the market reached 13,821, an increase of 96 compared to the end of January. The share and net value increased to 32,768.6 billion shares and 38,605.2 billion yuan respectively, with a month - on - month increase of about 2.7% and 2.2% respectively, indicating a net inflow of funds. The capital structure showed the characteristics of continuous capital inflow into fixed - income and cash management funds, short - term pressure on equity funds, and increasing cross - border allocation. The market risk appetite was still in the process of recovery but had not fully rebounded [28] - The total scale of private funds reached 22.60 trillion yuan. As of the end of February 2026, the outstanding scale of private funds was 22.60 trillion yuan, continuing the steady expansion trend since 2025 and maintaining at a historical high level. The number of outstanding funds was 140,300, and the industry's capital - carrying capacity remained stable. Structurally, the scale of private equity investment funds was 11.16 trillion yuan, accounting for nearly half, still being the core support; the scale of private securities investment funds was 7.35 trillion yuan, showing strong elasticity in the context of market recovery; the scale of venture capital funds was 3.80 trillion yuan, continuing to play a supplementary role [29] 3.2.2 Fund Performance - The equity market is still in an oscillating adjustment phase. The decline of equity - biased funds was the smallest, with an average decline of 0.31% and a positive return ratio of 32.20%; the average return of fixed - income + funds was 0.05%, with a positive return ratio of 58.03%; the average return of pure - bond funds was 0.07%, with a positive return ratio of 98.49%; the average return of pension target FOF was - 0.02%, with a positive return ratio of 45.73%. In addition, the average return of QDII funds was - 0.57%, with a positive return ratio of 27.70% [2][29] 3.2.3 Industry Position and Overall Position of Active Equity Funds - Through the calculation of the industry positions of active equity funds, the top three industries with the largest increase in positions last week were basic chemicals, coal, and electronics; the top three industries with the largest decrease in positions were banks, public utilities, and transportation. The overall position of active equity funds on March 27, 2026, was 77.29%, an increase of 5.61 pct. compared to the previous period [2][37][38] 3.3 ETF Fund Situation - Last week, the overall ETF market had a net capital outflow of 6.679 billion yuan. Structurally, bond - type ETFs had a significant net inflow of 21.479 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market last week reached 532.374 billion yuan, the average daily trading volume reached 222.049 billion shares, and the average daily turnover rate was 9.31%. In terms of individual bonds, last week, funds showed the characteristics of risk aversion and concentration on core assets at the index level: funds significantly flowed into low - risk and broad - based large - cap indices such as CSI AAA Science and Technology Innovation Corporate Bonds, short - term financing bonds, and CSI 300, while high - elasticity sectors such as chemicals, Hong Kong stock Internet, and CSI 1000 continued to experience outflows, indicating a decline in overall risk appetite and a more conservative allocation [3][40][44] 3.4 Fund Issuance Situation Statistics - Last week, 25 new funds were issued in China, the same as the previous period. Among them, there were 9 active equity - biased funds and 11 passive index funds. All 11 passive index funds were equity - type, mainly tracking indices such as CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence, CSI Hong Kong Stock Connect Information Technology Composite, CSI All - Share Household Appliances, and CSI All - Share Electric Power and Public Utilities. Currently, the issuance share of active equity funds is still at a historical low, but there has been an obvious upward trend since this year. 51 new funds were established last week, an increase of 5 compared to the previous period. New funds raised a total of 26.149 billion yuan, a decrease of 8.033 billion yuan compared to the previous period. Among them, Tianhong Honghua Hybrid A managed by Hu Yu had the largest fundraising scale, approximately 4.087 billion yuan [4][48][51]