基金研究周报：全球资产普遍承压，避险情绪显著升温（2.24-2.28）

Market Overview - The A-share market transitioned from strong to weak last week, with the Shanghai Composite Index closing above 3300 points, experiencing a nearly 2% drop on Friday. The weekly decline was 1.72% for the Shanghai Composite Index, 3.46% for the Shenzhen Index, and 4.87% for the ChiNext Index, indicating a significant pullback in growth stocks, while the dividend index rose approximately 1.04% [1][11]. Industry Performance - The average decline of Wind's first-level industry indices was 1.84%, with only 38% of the Wind Top 100 concept indices showing positive returns. Steel, real estate, and food and beverage sectors performed relatively well, with increases of 3.18%, 2.22%, and 1.77% respectively. In contrast, the previously strong TMT sector saw significant declines, with computer, media, and communication sectors dropping by 7.82%, 8.00%, and 9.64% respectively [1][11][12]. Fund Issuance - A total of 31 funds were issued last week, including 22 equity funds, 3 mixed funds, and 6 bond funds, with a total issuance of 427.57 billion units [1][17]. Fund Performance - The Wind China Fund Total Index fell by 1.56% last week, with the ordinary equity fund index down 2.73% and the mixed equity fund index down 3.11%. The bond fund index saw a smaller decline of 0.22% [2][8]. Global Market Context - Global market sentiment was affected by rising risk aversion, with major overseas indices under pressure. The Nasdaq index led the decline with over 5%, while the Nikkei 225 and the Korean Composite Index fell by 4.18% and 4.59% respectively, reflecting concerns about the current economic outlook [3][4]. Commodity Market - The BDI dry bulk index surged by 18.14% due to a rebound in shipping demand, while copper, crude oil, and gold experienced varying degrees of decline. NYMEX natural gas prices plummeted by approximately 7% due to weak demand [5]. Currency Market - The US dollar index saw a slight increase, with non-US currencies showing mixed performance [6]. Bond Market - The bond market experienced a low-level recovery, with improved market sentiment. The 10-year government bond futures remained stable, while the 30-year futures saw a slight decline of 0.34% [14]. High-Frequency Indicators - Various high-frequency indicators showed stability in monetary policy, with the 7-day reverse repo rate at 1.500% and the 1-year MLF rate at 2.000%, indicating no changes compared to the previous week [16].