Workflow
基金研究周报： 经贸会谈释放积极信号，贵金属价格大幅承压（5.12-5.16）
Wind万得·2025-05-17 22:17

Market Overview - The A-share market showed significant differentiation last week (May 12 to May 16), with large-cap stocks performing well while small-cap and Sci-Tech Innovation Board faced slight pressure. The Shanghai 50 and CSI 300 rose by 1.22% and 1.12% respectively, indicating the defensive advantage of undervalued blue-chip stocks. The ChiNext 50 increased by 2.00%, reflecting the attractiveness of large-cap growth sectors. Conversely, the Sci-Tech 50 fell by 1.10%, possibly due to underwhelming earnings from some semiconductor companies and capital diversion to other tech sectors [2][12]. Industry Performance - Last week, 65% of sectors achieved positive returns, with beauty care, non-bank financials, and automotive sectors performing relatively well, rising by 3.08%, 2.49%, and 2.40% respectively. In contrast, media, defense, and computer sectors showed significant weakness, declining by 0.77%, 1.18%, and 1.26% respectively [2][14]. Fund Issuance - A total of 23 funds were issued last week, including 12 equity funds, 5 mixed funds, 5 bond funds, and 1 fund of funds (FOF), with a total issuance of 24.004 billion units [2][20]. Fund Performance - The Wind China Fund Total Index rose by 0.17% last week. The ordinary equity fund index increased by 0.26%, while the mixed equity fund index rose by 0.30%. The bond fund index saw a slight decline of 0.05% [3][10]. Global Asset Review - Global markets exhibited significant divergence last week, with equity markets generally rising, driven by technology stocks. The S&P 500 and Nasdaq increased by 4.54% and 6.60% respectively, propelled by better-than-expected earnings from AI leaders like Nvidia. European markets also showed resilience, with the German DAX and French CAC both rising over 0.8%, reflecting enhanced economic resilience in the Eurozone. The Hang Seng Index in the Asia-Pacific region rose by 2.09%, influenced by positive signals from US-China trade talks [5][6]. Domestic Bond Market Review - Last week, the 10-year and 30-year government bond futures fell by 0.51% and 1.17% respectively, indicating upward pressure on yields. The short-term funding spread (R007-DR007) showed no significant compression compared to the previous week, while medium to long-term rates remained low [15][19].