【公募基金】周期成长轮动演绎，冲突政策交织影响——公募基金指数跟踪周报（2026.02.24-2026.02.27）

Equity Market Review and Outlook - The market experienced a mild rebound in the first week after the Spring Festival (February 24-27, 2026), with major indices approaching previous highs. The Shanghai Composite Index, CSI 300, ChiNext, CSI 500, and CSI 1000 saw gains of 1.98%, 1.08%, 1.05%, 4.32%, and 4.34% respectively. The total market turnover rebounded to 2.5 trillion yuan [5][6] - The easing of real estate policies in first-tier cities like Shanghai and geopolitical tensions in Iran boosted cyclical sectors such as real estate and chemicals, which rose on price increase expectations. Growth sectors like AI are beginning to extend from tight computing power to upstream semiconductor components and other supply chain segments, with price hikes observed in sub-sectors like electronic fabrics and capacitors [5][6] - Consumer sectors began to pull back after a concentrated realization of gains during the holiday [5] Fixed Income Market Review and Outlook - The bond market continued to fluctuate during the week (February 24-28, 2026). The 1-year government bond yield rose by 0.23 basis points to 1.32%, while the 10-year yield fell by 1.46 basis points to 1.78%. The 30-year yield increased by 2.66 basis points to 2.27%. Despite a rise in profit-taking sentiment post-holiday, a sudden geopolitical conflict led to a flight to safety, causing yields to drop [7][8] - Looking ahead, as profit-taking gradually exits and external uncertainties increase, even if the upcoming Two Sessions introduce economic targets and policies, there remains potential for exceeding expectations. The risk of mid-term adjustments may be limited, with a high probability of continued range-bound fluctuations in the short term [7][8] Public Fund Market Dynamics - On February 27, 2026, the first batch of four products under the new mutual recognition fund regulations was approved by the China Securities Regulatory Commission. These include Morgan Asia High Dividend Fund, Taiping Greater China New Power Fund, Fidelity Global Investment Fund-Hong Kong Bond Fund, and Huaxia Selected RMB Investment Grade Income Fund, covering two equity funds and two bond funds [9]