基金研究周报：成长风格大幅调整，黄金价格历史新高（10.13-10.17）

Market Overview - The A-share market experienced significant adjustments in the growth style while the value style remained relatively resilient, indicating a structural weakness overall. The ChiNext index, ChiNext 50, and other growth indices saw substantial declines, while the CSI Dividend index rose, reflecting a shift in investor preference towards high-dividend, low-valuation stocks for performance certainty and risk hedging. The Shanghai Composite Index fell by 1.47%, the Shenzhen Composite Index by 4.99%, and the ChiNext Index by 5.71% [2]. Industry Performance - The average decline of Wind's first-level industry indices was 2.34%, with 35% of the Wind Top 100 concept indices showing positive returns. The financial sector led with a weekly increase of 1.89%, while sectors like automotive, media, and electronics saw significant declines of 5.99%, 6.27%, and 7.14%, respectively. This indicates a cooling expectation for high-growth, high-valuation sectors amid current uncertainties [2][11]. Fund Issuance - A total of 10 funds were issued last week, including 4 equity funds, 4 mixed funds, 1 QDII fund, and 1 FOF fund, with a total issuance of 9.548 billion units [2][19]. Fund Performance - The Wind All Fund Index decreased by 2.07%, with the ordinary equity fund index down by 4.11% and the mixed equity fund index down by 4.35%. The bond fund index saw a minor decline of 0.04% [3][9]. Global Asset Review - Gold emerged as the standout performer last week, with COMEX gold prices surpassing $4,300 per ounce, reflecting a consistent optimistic outlook among investors for precious metals. In contrast, energy commodities declined due to concerns over global economic growth and demand expectations [5][7].