公募基金指数跟踪周报（2026.03.23-2026.03.27）：局势不明，继续防御-20260330

Report Industry Investment Rating No information provided in the content Core Viewpoints of the Report - The Middle East situation remains tense and complex, with the conflict entering a costly war of attrition. The risk of financial market volatility persists, but the direct impact on the Asian economy may gradually weaken as Asian vessels gain passage through the Strait of Hormuz and oil prices decline. The market is in a period of repeated fluctuations [3][11][12]. - In terms of asset allocation, it is recommended to focus on three main lines: sectors driven by domestic policies and in an upward industrial cycle, such as power grid equipment and lithium - battery materials; technology tracks with long - term growth potential and relatively low valuations, including computing infrastructure, semiconductor equipment and materials; and low - valuation value sectors like coal, chemicals, and finance. In the short term, it is advisable to control positions and seize structural opportunities while waiting for external risks to become clearer [3][12]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week (2026.03.23 - 2026.03.27), the A - share market was under short - term pressure due to external disturbances. The market adjusted significantly in the first half of the week and gradually recovered in the second half, with increased trading activity. The average daily trading volume of the entire A - share market was 21,093 billion yuan, a decrease compared to the previous week [11]. - The market hotspots were concentrated in sectors driven by fundamental improvements or external events. The top - performing industries included basic chemicals, non - ferrous metals, public utilities, and pharmaceutical biology. Innovative drugs and lithium - battery new energy were the leading sectors throughout the week [11]. - The Middle East situation continued to evolve in a highly tense and complex manner. The conflict has entered a costly war of attrition, and there is a risk of the region falling into an all - out melee [11]. - In the short term, the Iran - US conflict may lead to repeated attacks before April 6, bringing significant volatility to the financial market. However, the direct impact on the Asian economy may gradually weaken [3][12]. 1.2. Pan - Fixed - Income Market Review and Observation - Last week (2026.03.23 - 2026.03.27), the bond market oscillated and recovered. The yields of 1 - year, 10 - year, and 30 - year treasury bonds decreased by 0.50BP, 1.27BP, and 3.84BP respectively, to 1.25%, 1.82%, and 2.35% [4][13]. - The US Treasury yield curve steepened. The 1 - year US Treasury yield decreased by 3BP to 3.77%, the 2 - year yield remained flat, and the 10 - year yield increased by 5BP to 4.44% [14]. - The CSI REITs Total Return Index fell 0.83% last week, with warehousing logistics and industrial parks among the sectors with the largest declines. In the primary market, 4 new public REITs made progress [14]. 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - Active Equity Fund Selection: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and the style distribution is roughly balanced according to the CSI Equity - Oriented Fund Index [18]. - Value - Oriented Equity Fund Selection: The index includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification [18]. - Balanced Equity Fund Selection: The index selects 10 relatively balanced and value - growth style funds based on multi - period style classification. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [21]. - Growth - Oriented Equity Fund Selection: The index aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [23][25]. - Pharmaceutical Equity Fund Selection: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). It constructs an evaluation system and selects 15 funds to form the index [27]. - Consumer Equity Fund Selection: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative consumer - related indices. It constructs an evaluation system and selects 10 funds to form the index [30]. - Technology Equity Fund Selection: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative technology - related indices. It constructs an evaluation system and selects 10 funds to form the index [34]. - High - end Manufacturing Equity Fund Selection: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative high - end manufacturing indices. It constructs an evaluation system and selects 10 funds to form the index [37]. - Cyclical Equity Fund Selection: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative cyclical indices. It constructs an evaluation system and selects 5 funds to form the index [39]. 2.2. Other Fund Indices - Money - Market Enhancement Index: The money - market enhancement strategy index aims for liquidity management, pursues a curve that outperforms money - market funds, and is mainly configured with money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index [45]. - Pure - Bond Index: - Short - Term Bond Fund Selection: The index aims for liquidity management and selects 5 funds with stable long - term returns, strict回撤 control, and significant absolute return capabilities. The performance benchmark is a combination of the short - term pure - bond fund index and the common money - market fund index [47]. - Medium - and Long - Term Bond Fund Selection: The index invests in medium - and long - term pure - bond funds, aiming for stable returns while controlling回撤. It selects 5 funds that balance coupon strategies and band - trading operations and adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [50]. - Fixed - Income Plus Index: - Low - Volatility Fixed - Income Plus Selection: The index has an equity central position of 10%, selects 10 funds with an equity central position (considering convertible bond and stock positions) of less than 15% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [53]. - Medium - Volatility Fixed - Income Plus Selection: The index has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [55]. - High - Volatility Fixed - Income Plus Selection: The index has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [56]. - Other Pan - Fixed - Income Indices: - Convertible Bond Fund Selection: The index selects 5 convertible - bond funds based on investment proportion requirements and an evaluation system considering fund product, fund manager, and fund company dimensions [61]. - QDII Bond Fund Selection: The index selects 6 QDII bond funds with stable returns and good risk control based on credit and duration conditions [64]. - REITs Fund Selection: The index selects 10 REITs funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types [65].