央行连续11个月增持黄金储备【国信金工】

Market Review - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and CSI 300 gaining 0.37%, -0.19%, and -0.51% respectively, while the ChiNext Index, STAR 50, and Shenzhen Component Index fell by -3.86%, -2.85%, and -1.26% respectively [5][13] - The non-ferrous metals, coal, and steel sectors performed well, with returns of 4.35%, 4.30%, and 3.67% respectively, while media, consumer services, and electronics lagged with returns of -3.58%, -2.81%, and -2.52% respectively [18][20] - The central bank's reverse repo operations resulted in a net withdrawal of 16,423 billion yuan, with a total of 26,633 billion yuan maturing and a net market injection of 10,210 billion yuan [21][23] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -1.58%, -0.61%, and -0.31% respectively [31] - Year-to-date, active equity funds have shown the best performance with a median return of 31.00%, while flexible allocation and balanced mixed funds had median returns of 23.56% and 14.74% respectively [31][34] - The median excess return for index-enhanced funds was 0.27%, while quantitative hedge funds had a median return of 0.10% last week [35] Fund Issuance - Four new funds were established last week, with a total issuance scale of 1.13 billion yuan, a decrease from the previous week [41][43] - Among the new funds, the majority were passive index funds (2 funds) and medium to long-term pure bond funds (1 fund), with issuance scales of 852 million yuan and 261 million yuan respectively [41][43] - This week, 51 funds are set to enter the issuance phase, including 23 passive index funds and 10 equity mixed funds [48] ETF Market - As of October 10, 2025, there are seven ETF products with scales exceeding 100 billion yuan, led by Huatai-PB CSI 300 ETF at 426.11 billion yuan [8][9] - The strong performance of leading broad-based ETFs indicates significant investor recognition of their allocation value [8] Gold Reserves - As of September 2025, China's official gold reserves increased to 7.406 million ounces, marking an addition of 40,000 ounces compared to the end of August, with the central bank having increased its gold reserves for 11 consecutive months [10]