【公募基金】板块高低切换，从算力到电力——公募基金权益指数跟踪周报（2025.11.03-2025.11.07）

Market Overview - The A-share market exhibited a volatile pattern from November 3 to November 7, 2025, with value style outperforming growth style. The Shanghai Composite Index rose by 1.08%, while the ChiNext Index increased by 0.65% [3][17] - The market is currently experiencing a lack of earnings data catalysts for the fourth quarter, compounded by high volatility in the US AI sector, leading to a desensitization to positive news [3][17] - There are clear signs of a style switch in the market, with the power grid and energy storage industry chains becoming focal points for capital [3][17] Technology Sector Insights - AI is positioned as a strategic core industry in the US, with expected strengthening of ties between the government and cloud service providers. However, the industry's short-term revenue realization capability is limited [4][19] - Domestic cloud service providers are facing challenges due to difficulties in obtaining advanced chips, leading to a noticeable slowdown in capital expenditure growth in the second and third quarters [4][20] - A recent policy directive from the State Council emphasizes the integration of digital and real economies, providing long-term policy support for AI, smart manufacturing, and new energy sectors [4][20] Energy Sector Insights - The global AI industry competition is currently dominated by the US and China, with China's main challenge being breakthroughs in advanced chip processes, while the US faces energy infrastructure bottlenecks [4][21] - The energy logic, particularly regarding power security, is unlikely to be invalidated in the short term, and the new energy sector is expected to become a key market focus [4][21] - Although the new energy sector lacks strong performance support in the short term, it has a more transparent supply-demand and price tracking system compared to previous themes, leading to higher certainty in profit realization next year [4][21] Public Fund Market Dynamics - New fund issuance is showing signs of recovery, with "sunshine funds" reappearing. Notably, the 富国兴和基金 raised over 30 billion yuan, reaching its fundraising cap and ending early [5][22] Active Equity Fund Index Performance - The Active Equity Fund Selection Index rose by 0.72% last week, achieving a cumulative excess return of 13.78% since inception [6][23] - The Value Equity Fund Selection Index increased by 1.29%, with a cumulative excess return of 2.45% since inception [7][23] - The Balanced Equity Fund Selection Index rose by 0.66%, with a cumulative excess return of 8.47% since inception [8][23] - The Growth Equity Fund Selection Index saw a modest increase of 0.16%, with a cumulative excess return of 12.837% since inception [9][23] - The Pharmaceutical Equity Fund Selection Index fell by 4.77%, but has a cumulative excess return of 19.76% since inception [10][23] - The Consumer Equity Fund Selection Index decreased by 2.11%, with a cumulative excess return of 20.22% since inception [11][23] - The Technology Equity Fund Selection Index rose by 0.75%, achieving a cumulative excess return of 18.41% since inception [12][23] - The High-end Manufacturing Equity Fund Selection Index increased by 1.23%, but has a cumulative excess return of -2.57% since inception [14][23] - The Cyclical Equity Fund Selection Index fell by 0.25%, with a cumulative excess return of -2.87% since inception [15][23]