9月基金月报 | 股市向好债市承压，权益基金涨跌互现，固收基金多数收跌

Core Viewpoint - The macroeconomic environment is showing signs of improvement, with a divergence in stock and bond market performance, as indicated by various economic indicators and market trends [2][3][4]. Economic Indicators - In September, the manufacturing PMI rose to 49.8%, up 0.4 percentage points from August's 49.4%, indicating a slight recovery in manufacturing sentiment despite ongoing economic pressures [3]. - The CPI fell by 0.4% year-on-year in August, while the PPI decreased by 2.9%, showing a narrowing decline compared to July's figures [3]. Stock Market Performance - The A-share market exhibited a volatile upward trend in September, with the Shanghai Composite Index reaching nearly 3900 points, a ten-year high [4]. - Major stock indices saw increases, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.64% and 6.54%, respectively [4]. - Among the 31 Shenwan industry sectors, 13 sectors experienced gains, while 18 sectors declined, with notable increases in the power equipment, non-ferrous metals, and electronics sectors [4]. Bond Market Dynamics - The bond market showed signs of stabilization after initial declines, influenced by expectations of policy easing and market sentiment [5][6]. - The yields on various government bonds exhibited mixed trends, with short-term yields declining and long-term yields increasing [6]. - The overall return of the bond market, as reflected by the Zhongzheng All Bond Index, fell by 0.41% in September [6]. Global Economic Context - The macroeconomic performance in Europe and the U.S. remained robust, with the U.S. Markit Composite PMI at 53.6 and the Eurozone Composite PMI at 51.2, both indicating expansion [7]. - Major global stock indices mostly recorded gains in September, with the Hang Seng Index rising by 7.09% [7]. Fund Performance - The Morningstar China Open-End Fund Index recorded a 3.72% increase in September, with equity funds performing particularly well [16]. - Growth-style funds outperformed value and balanced funds, with large-cap growth equity funds achieving average returns of 8.34% [18]. - Fixed-income funds showed mixed results, with convertible bond funds and active bond funds performing better than traditional bond funds [19][23].