4月基金月报| 股市调整债市回暖 权益基金集体收跌 固收基金涨跌互现

Macro Economic Overview - In April, the domestic macro economy faced pressure, with the manufacturing PMI dropping to 49.0%, down 1.5% from March's 50.5%, indicating a return to contraction after two months [1] - The decline in manufacturing sentiment was primarily due to decreases in production index, new orders index, raw material inventory index, and employment index [1] - The CPI decreased by 0.1% year-on-year in March, while the PPI fell by 2.8%, with the PPI decline widening compared to February's decreases of 0.7% and 2.2% respectively [1] Market Performance - Global stock markets, including China, experienced significant adjustments in April due to U.S. tariff policies, but A-shares rebounded after state-owned enterprises intervened [2] - Major stock indices collectively fell in April, with the Shanghai Composite Index and Shenzhen Component Index down by 1.70% and 5.75% respectively [2] - The majority of the 31 Shenwan industry sectors declined, with only 4 sectors rising; beauty care and agriculture sectors saw increases of over 3% [2] Sector Analysis - The agriculture and livestock sectors gained market favor amid the backdrop of U.S.-China trade tensions, supporting the rise in the agriculture, forestry, animal husbandry, and fishery sectors [2] - The beauty care sector's growth was driven by regulatory actions against illegal institutions and the implementation of consumption-boosting policies [2] Bond Market Insights - The bond market saw a downward trend in yields due to a generally loose monetary environment and weak stock market performance, with 1-year, 5-year, and 10-year government bond yields falling to 1.46%, 1.52%, and 1.62% respectively [2] - The overall return of the bond market, as reflected by the China Bond Index, increased by 1.41% in April, with government bonds outperforming credit bonds [2] International Economic Context - The U.S. Markit Composite PMI fell to 50.6% in April from 53.5% in March, while the Eurozone manufacturing PMI slightly improved to 49.0% from 48.6% [4] - Brent crude oil prices dropped by 18.30% in April, influenced by OPEC+ production decisions and global economic recession concerns [4] - Gold prices rose by 4.88% due to heightened risk aversion stemming from escalating global trade tensions [4] Fund Performance Overview - The Morningstar China Open-End Fund Index recorded a 1.59% decline in April, with stock and allocation fund indices falling by 2.72% and 1.09% respectively [12] - Fixed income funds showed mixed performance, with interest rate bond funds and pure bond funds achieving monthly gains of 0.90% and 0.61% respectively [17] - QDII funds benefited from strong performances in German, Taiwanese, and Japanese stocks, with emerging market mixed funds returning 2.29% [23]