基金研究周报：科技赛道爆发，红利板块回调（8.25-8.29）

Market Overview - The A-share market experienced slight fluctuations from August 25 to August 29, with major indices showing reduced volatility. The ChiNext Index and ChiNext 50 rose by 7.74% and 9.27% respectively, while the Sci-Tech 50 recorded a 7.49% increase, driven by policy support, particularly the State Council's announcement on August 26 regarding the "Artificial Intelligence +" initiative [3][4] - The Shanghai Composite Index increased by 0.84%, and the Shenzhen Index rose by 4.36%, indicating a positive market sentiment despite some sectors facing challenges [3] Industry Performance - The Wind first-level average index rose by 0.87%, with 72% of the Wind Top 100 concept indices showing positive returns. The telecommunications, non-ferrous metals, and electronics sectors performed well, increasing by 12.38%, 7.16%, and 6.28% respectively. In contrast, the banking, coal, and textile sectors declined by 2.13%, 2.76%, and 2.87% [3][16] - The technology and materials sectors led the market, with the information technology sector achieving a 5.69% increase, while traditional sectors like energy and finance faced declines of -1.74% and -1.44% respectively, reflecting a growing divergence in industry performance during the economic recovery [16][17] Fund Issuance and Performance - A total of 41 funds were issued last week, including 29 equity funds, 5 mixed funds, 5 bond funds, and 2 FOFs, with a total issuance of 28.205 billion units [4][20] - The Wind All Fund Index rose by 1.41%, with the ordinary equity fund index increasing by 2.59% and the mixed equity fund index rising by 2.86% [4][11] Global Asset Review - Global equity markets showed structural differentiation, with U.S. indices slightly declining due to pressure on tech stocks. European markets faced significant drops, with the French CAC and German DAX falling by 2.60% and 1.89% respectively, influenced by political instability in France and concerns over the Federal Reserve [6][7] - Commodity markets saw precious metals leading gains, with COMEX gold and silver rising by 2.86% and 4.34% respectively, driven by increased demand for safe-haven assets amid geopolitical risks [6]