基金研究周报：沪指15连阳，权益基金大幅走强（1.5-1.9）

Market Overview - The A-share market showed a strong upward trend last week, with the Shanghai Composite Index rising by 3.82%, marking a 15-day consecutive increase, and significant trading volume expansion [2][8] - The growth style outperformed, with the Sci-Tech 50 Index leading with a 9.80% increase, while the CSI 500 and CSI 1000 indices also recorded over 7% gains, indicating that technology and small-cap growth sectors are the main driving forces of the market [2] - In contrast, large-cap value sectors had relatively modest gains, with the CSI Dividend Index only increasing by 1.61%, highlighting ongoing structural differentiation in the market [2] Industry Performance - All major sectors in the market saw gains last week, with the telecommunications services sector leading at 12.04%, benefiting from the development of 5G and the digital economy [12] - The healthcare sector rose by 7.64%, driven by aging demographics and innovation [12] - The financial sector had the smallest increase at 0.41%, influenced by interest rates and regulatory factors, indicating a preference for technology growth over traditional industries [12] Fund Issuance - A total of 11 funds were issued last week, including 5 equity funds, 2 mixed funds, 1 bond fund, and 3 FOF funds, with a total issuance of 8.191 billion units [17] Fund Performance - The Wind All-Fund Index rose by 2.65% last week, with the ordinary equity fund index increasing by 5.26% and the equity mixed fund index rising by 4.79%, indicating strong performance in equity funds [3][7] - The bond fund index saw a slight increase of 0.28%, reflecting stable performance in the bond market [3] Global Market Overview - Global equity markets strengthened last week, with the US indices all rising: the Dow Jones up 2.32%, S&P 500 up 1.57%, and Nasdaq up 1.88% [4] - European markets also performed well, with Germany's DAX rising by 2.94% and France's CAC40 by 2.04% [4] - Commodity markets showed significant divergence, with oil and industrial metals performing strongly, while natural gas fell sharply by 13.18% [4]