【公募基金】“春季躁动”行情分化，逐步切换至绩优方向——公募基金指数跟踪周报（2026.01.19-2026.01.23）

Key Points - The article discusses the recent performance of the equity market, highlighting a significant divergence in market trends due to regulatory policies and liquidity conditions. Major sectors like consumption, pharmaceuticals, and finance saw declines, while growth sectors, particularly commercial aerospace, gained attention after adjustments [3][7][9] - The earnings season is beginning, and the market may shift towards profit recovery and valuation repair. The ongoing anti-involution policies are leading to negative investment growth across various industries, indicating future supply contraction, while demand stabilizes under fiscal stimulus and economic recovery, benefiting leading companies in sectors like non-ferrous metals and chemicals [3][9] - The bond market experienced a rise in short-term yields and a decline in long-term yields, with the 1-year government bond yield increasing by 3.95 basis points to 1.28%, while the 10-year and 30-year yields decreased by 1.26 and 1.65 basis points, respectively. This shift is attributed to a "cooling" stock market prompting funds to seek refuge in bonds [4][10] - The China Securities Regulatory Commission released guidelines for public fund performance benchmarks, maintaining consistency with previous drafts and introducing specific adjustments regarding benchmark changes and reporting requirements [12] Equity Market Review - The Shanghai Composite Index rose by 0.84%, while the CSI 300 and ChiNext indices fell by 0.62% and 0.34%, respectively. The average daily trading volume in the A-share market decreased to 27.972 trillion yuan, indicating a reduction in market activity [7] - ETF funds experienced a net outflow, with the CSI 300 ETF seeing a reduction of 49.603 billion units. Other ETFs also faced significant outflows, reflecting a shift in investor sentiment and the effectiveness of regulatory measures aimed at attracting long-term capital [7][8] Bond Market Review - The bond market saw a narrowing of yield spreads, with the short-term funding environment remaining favorable. The People's Bank of China indicated potential for further monetary easing, which could support market sentiment [4][10] Public Fund Market Dynamics - The recent release of performance benchmark guidelines for public funds aims to standardize evaluation criteria and ensure consistency in fund management practices, reflecting a regulatory push towards greater transparency and accountability in the fund industry [12]