【金工】医药主题基金表现占优，TMT、科创主题ETF受被动资金加仓——基金市场与ESG产品周报20251117（祁嫣然/马元心）

Market Overview - In the week from November 10 to November 14, 2025, gold prices increased while domestic equity market indices collectively retreated. The comprehensive, textile and apparel, and retail trade sectors saw the highest gains, while the communication, electronics, and computer sectors experienced the largest declines [4]. Fund Issuance - A total of 25 new funds were established in the domestic market this week, with a combined issuance of 14.173 billion units. This included 14 equity funds, 4 FOF funds, 4 mixed funds, and 3 bond funds. Overall, 41 new funds were issued across the market, comprising 23 equity funds, 8 mixed funds, 5 FOF funds, 4 bond funds, and 1 REIT [5]. Fund Performance Tracking - The performance of long-term thematic funds showed that the pharmaceutical theme funds performed best with a gain of 4.69%, while TMT theme funds saw a significant decline of 4.42%. Other thematic fund performances included cyclical (2.00%), consumer (1.68%), financial real estate (0.77%), new energy (-0.43%), industry rotation (-0.68%), industry balance (-1.24%), and national defense and military industry (-1.95%) [6]. ETF Market Tracking - This week, various ETFs saw inflows, particularly TMT and Sci-Tech themed ETFs, driven by passive fund accumulation. The median return for equity ETFs was -1.08% with a net inflow of 11.729 billion yuan. Hong Kong stock ETFs had a median return of 1.32% and a net inflow of 8.432 billion yuan. Commodity ETFs, represented by gold ETFs, had a median return of 3.26% with a net inflow of 5.957 billion yuan [7]. Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.19 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in electronics, home appliances, and automobiles, while reducing their holdings in computers, non-bank financials, and banks [8]. ESG Financial Products Tracking - This week, 30 new green bonds were issued, totaling 64.801 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance of 5.02 trillion yuan and 4,297 bonds issued as of November 14, 2025. The median net value change for active equity, passive index equity, and bond ESG funds was -1.67%, -1.13%, and +0.04%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance [9].