【公募基金】市场缩量震荡，红利、消费轮动显著——公募基金权益指数跟踪周报（2025.05.19-2025.05.23）

Group 1 - The core viewpoint of the article highlights the recent market trends, indicating a mixed performance with a decline in the overall A-share market by 0.63%, while certain sectors like precious metals and pharmaceuticals showed strength due to specific catalysts [2][15] - The small-cap stocks exhibit resilience despite adjustments, with a significant trading volume in the small-cap index, indicating concentrated capital allocation in this segment [16] - The "new consumption" trend is characterized by individual company innovations rather than a broad market shift, emphasizing the importance of specific stocks over general sector trends [17] Group 2 - The pharmaceutical sector continues to benefit from favorable developments, including significant licensing agreements and upcoming clinical presentations, which are expected to drive further interest and investment [18] - The dividend sector is experiencing a temporary pause in differentiation, with financial institutions increasingly focusing on stable dividend-paying assets amid changing market conditions [19] - The public fund market is adapting to new regulations, with 26 floating management fee funds approved shortly after the release of a new development action plan [20][21] Group 3 - The performance of various active equity fund indices shows mixed results, with the medical and consumer sectors performing well, while technology and high-end manufacturing sectors faced declines [24][25] - The active stock fund selection process emphasizes a balanced approach, considering both value and growth styles to optimize returns [26][28][32] - The medical and consumer fund indices have shown significant excess returns since their inception, indicating strong performance in these sectors [9][10][18]