基金研究周报：消费板块走强，大宗商品回调（2.2-2.6）

Market Overview - The A-share market faced overall pressure last week, with major indices declining, particularly the Sci-Tech 50, which fell by 5.76%. The ChiNext Index and ChiNext 50 dropped by 3.28% and 3.68%, respectively, indicating significant pullback pressure on growth sectors [2] - In contrast, the Shanghai 50 and CSI Dividend indices showed relative resilience, with declines of less than 1%, reflecting a defensive stance in value sectors. The Wind Micro Index, however, rose by 1.86%, indicating a rotation of funds towards small-cap stocks [2] - Market sentiment remains cautious, with risk appetite decreasing, despite active trading [2] Industry Performance - The performance of the Wind primary industry indices showed significant divergence. Consumer staples led with a gain of 2.87%, followed by industrials, consumer discretionary, and financials, which rose by 1.14%, 0.77%, and 0.71%, respectively. Conversely, information technology, materials, and communication services experienced the largest declines, falling by 4.86%, 4.52%, and 3.53% [11][12] - The preference for defensive consumer sectors over technology growth sectors is evident, likely driven by rising consumption expectations ahead of the Spring Festival, while tech stocks are under pressure from valuation adjustments and tightening liquidity expectations [11] Fund Issuance and Performance - A total of 40 funds were launched last week, including 16 equity funds, 8 mixed funds, 7 bond funds, and 9 FOF funds, with a total fundraising amount of 30.859 billion units [14] - The overall performance of the Wind All Fund Index declined by 1.19%, with ordinary equity funds down by 2.06% and mixed equity funds down by 2.39%. Bond funds remained stable, while equity funds faced significant pressure [7][14]