【公募基金】算力延续调整，资金“高低切”——公募基金权益指数跟踪周报（2025.11.10-2025.11.14）

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]