【公募基金】AH溢价显著降低，银行再获超额表现——公募基金权益指数跟踪周报（2025.06.09-2025.06.13）

Market Overview - The equity market experienced fluctuations last week (June 9 to June 13, 2025), with a decline in risk appetite due to external events. The average daily trading volume for the entire A-share market was 1.3716 trillion, continuing to rise week-on-week, driven mainly by event-related trading, with sectors like non-ferrous metals, oil and petrochemicals, and agriculture leading the gains [2][13]. AH Share Premium - The AH share premium index fell to a low level of 128 points, breaking below the previous lows of January 2023 and October 2024, placing it in the 0.8% percentile over the past five years. The Hang Seng Index has risen by 19.11% year-to-date, with recent trends indicating that the inflow of southbound capital has slowed, focusing more on sectors with significant gains [3][13]. Banking Sector Performance - The banking sector achieved excess returns, with the banking index rising by 0.67% last week, outperforming the CSI 300 index, which fell by 0.21%. Since May, the banking sector has generated an excess return of 6.21% compared to the CSI 300. Despite overall performance pressure, banks maintained a return on equity (ROE) above 10%, highlighting their stability and dividend certainty [14]. Technology Sector Activity - The technology sector saw a resurgence in trading activity, with its trading volume share increasing to 29.21% in June, following a decline to 25.8% in May. The sector experienced internal differentiation and rotation, with high external demand and performance recovery in areas like computing and optical modules [15]. Public Fund Market Dynamics - On June 11, the Shanghai Stock Exchange held a seminar to discuss the development of index investment in the Sci-Tech Innovation Board, focusing on the construction of a high-quality investment ecosystem for long-term investments. The board has established various indices, including the Sci-Tech 50 and industry-specific indices [16][17]. Active Equity Fund Index Performance - The active equity fund indices showed varied performance last week, with the active stock fund index rising by 0.60%, the value stock fund index up by 0.68%, and the growth stock fund index increasing by 0.76%. The medical stock fund index had a notable rise of 4.72%, reflecting strong performance across different sectors [4][5][7][8].