【公募基金】市场共振避险升温，AI叙事回归基本面——公募基金权益指数跟踪周报（2025.11.17-2025.11.21）

Group 1 - The global market experienced a collective adjustment from November 17 to November 21, 2025, with major indices such as the Shanghai Composite Index down by 3.90%, CSI 300 down by 3.77%, and the ChiNext Index down by 6.15% [3][15] - Concerns over excessive investment in AI and changing monetary policy expectations triggered the market adjustment, despite positive earnings from Nvidia and Google's new model [3][15] - The average daily trading volume in the A-share market decreased to 18,597 billion, reflecting a decline from the previous week [15] Group 2 - The U.S. Federal Reserve is facing internal divisions regarding whether to cut interest rates in December, with conflicting data from the labor market complicating decision-making [4][18] - The Fed's decision-making is further complicated by the lack of new employment and inflation data before the December meeting, leading to uncertainty in interest rate decisions [18] Group 3 - The latest regulatory updates indicate that the China Securities Regulatory Commission (CSRC) will optimize the registration and listing process for ETFs, aiming to promote high-quality development in the ETF market [19] - Fund managers can now apply directly to the CSRC for registration of ETFs tracking mature indices, streamlining the process [19] Group 4 - The Active Equity Fund Indexes showed varied performance, with the Active Stock Fund Preferred Index down by 4.85% last week but achieving a cumulative excess return of 15.22% since inception [20][21] - The Growth Stock Fund Preferred Index experienced a decline of 6.08% last week, with a cumulative excess return of 14.57% since inception [9][21] - The Healthcare Stock Fund Preferred Index fell by 6.07% last week, but has recorded a cumulative excess return of 20.79% since inception [10][21]