【公募基金】股指蓄力突破，主题轮动依旧——公募基金权益指数跟踪周报（2025.07.07-2025.07.11）

Group 1 - The A-share market showed an overall upward trend during the week of July 7-11, 2025, with an average daily trading volume of nearly 1.50 trillion yuan, an increase of approximately 550 billion yuan compared to the previous week [2][14] - Major broad-based indices rose, with the All A Index increasing by 1.71%, and small-cap stocks outperforming, as evidenced by the 2.36% gains in both the CSI 1000 and the ChiNext Index [14] - The real estate, steel, and non-bank financial sectors led the gains, with increases of 6.12%, 4.41%, and 3.96% respectively, while coal, banking, and automotive sectors experienced declines [14] Group 2 - The "anti-involution" theme has gained traction since the Central Economic Committee meeting at the end of April, with a focus on "stabilizing employment" and other livelihood issues, which may constrain the implementation of capacity reduction policies [3][14] - The domestic GPU market is witnessing a surge with two major domestic GPU manufacturers receiving IPO approvals, filling the gap in the A-share market for fully functional GPUs [15] - The upcoming earnings disclosure period is expected to provide significant incremental information for the market, with sectors showing strong mid-year performance likely to attract investor attention [16] Group 3 - On July 11, the Shenzhen Stock Exchange announced revisions to the compilation scheme of the ChiNext Composite Index, including the introduction of a monthly removal mechanism for risk warning stocks and an ESG negative removal mechanism [17] - Seven fund companies have applied for ETFs related to the ChiNext Composite Index, indicating growing interest in this segment [17] Group 4 - The Active Equity Fund Selection Index rose by 0.90% last week, with a cumulative excess return of 12.029% since inception [4] - The Value Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of -5.62% since inception [5] - The Balanced Equity Fund Selection Index rose by 0.61%, with a cumulative excess return of 4.41% since inception [6] - The Growth Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of 16.24% since inception [7] - The Pharmaceutical Equity Fund Selection Index rose by 0.06%, with a cumulative excess return of 21.16% since inception [8] - The Consumer Equity Fund Selection Index decreased by 0.27%, with a cumulative excess return of 14.92% since inception [9] - The Technology Equity Fund Selection Index rose by 1.24%, with a cumulative excess return of 14.84% since inception [10] - The High-end Manufacturing Equity Fund Selection Index increased by 0.94%, with a cumulative excess return of -3.36% since inception [11] - The Cyclical Equity Fund Selection Index rose by 0.72%, with a cumulative excess return of 3.12% since inception [12]