【公募基金】政策预期兑现，把握结构机会——公募基金权益指数跟踪周报（2025.12.08-2025.12.12）

Core Viewpoint - The market is currently experiencing a high-open and low-close trend, with external demand sectors (like AI and non-ferrous metals) outperforming internal demand sectors (like real estate and consumption). However, external demand stocks are at high levels, leading to increased speculation, while internal demand sectors show insufficient improvement, indicating limited opportunities for indices in the near term [3][12]. Group 1: Market Review and Observations - The central economic work conference held on December 10-11 emphasized a "steady progress" approach, focusing on quality improvement and policy coordination, with a more proactive fiscal policy and moderately loose monetary policy [4][12]. - The Federal Reserve announced a 25 basis point rate cut during the December FOMC meeting, marking the third cut of the year. The market is now focused on the uncertainty of future rate cuts, leading to profit-taking and rotation from high-valuation tech stocks, exacerbating market differentiation [4][14]. - The Bank of Japan's rate hike expectations have risen significantly due to increasing inflation data and a depreciating yen, with the market anticipating limited global market impact from this communication [4][14]. Group 2: Active Equity Fund Index Performance Tracking - The Active Equity Fund Selection Index rose by 0.65% last week, with a cumulative excess return of 15.60% since inception [5]. - The Value Equity Fund Selection Index fell by 1.14% last week, with a cumulative excess return of 3.94% since inception [6]. - The Balanced Equity Fund Selection Index rose by 0.28% last week, with a cumulative excess return of 9.33% since inception [7]. - The Growth Equity Fund Selection Index rose by 1.57% last week, with a cumulative excess return of 13.26% since inception [7]. - The Pharmaceutical Equity Fund Selection Index fell by 0.83% last week, with a cumulative excess return of 21.27% since inception [7]. - The Consumer Equity Fund Selection Index fell by 0.54% last week, with a cumulative excess return of 21.07% since inception [8]. - The Technology Equity Fund Selection Index rose by 2.40% last week, with a cumulative excess return of 21.50% since inception [8]. - The High-end Manufacturing Equity Fund Selection Index rose by 3.10% last week, with a cumulative excess return of -3.11% since inception [9]. - The Cyclical Equity Fund Selection Index fell by 0.09% last week, with a cumulative excess return of -0.42% since inception [10].