2月基金月报 | 股债向好，公募基金多数收涨

Macro Economic Overview - The manufacturing PMI in February recorded 49.0%, down 0.3 percentage points from January's 49.3%, indicating continued pressure on the manufacturing sector, influenced by declines in production index, employment index, and supplier delivery time index [3] - In January, the CPI rose by 0.2% year-on-year, while the PPI fell by 1.4%. Compared to December, the CPI growth rate narrowed due to a decrease in food prices, and the decline in both living and production materials slowed, contributing to a smaller year-on-year drop in PPI [3] A-Share Market Performance - The A-share market showed a fluctuating upward trend in February, with major indices recording gains. The Shanghai Composite Index and Shenzhen Component Index rose by 1.14% and 2.05%, respectively [4] - 23 out of 31 Shenwan industry sectors saw increases, with the comprehensive, steel, and building materials sectors rising over 8%. Conversely, the banking, non-bank financial, and media sectors fell by over 3% [4] - The steel sector's strong performance was driven by the implementation of the "Steel Industry Stabilization Growth Work Plan (2025-2026)", which is expected to optimize industry structure and enhance concentration [4] Bond Market Performance - The bond market strengthened in February, supported by policy and market sentiment recovery. The central bank's actions, including reverse repos, helped maintain liquidity and boost the bond market [5][6] - The yield on 5-year and 10-year government bonds fell by 3 basis points and 4 basis points to 1.54% and 1.78%, respectively, while the 1-year government bond yield rose by 2 basis points to 1.32% [6] - The overall return of the bond market, as reflected by the China Bond Index, increased by 0.17% in February [6] Fund Performance - The Morningstar China Open-End Fund Index recorded a 0.72% increase in February, with all fund types showing positive returns. The stock and bond markets' strong performance led to gains in various fund indices [14] - Among equity funds, small-cap mixed funds outperformed large-cap funds, with average returns of 3.34%, 3.12%, and 2.55% for small-cap mixed, mid-cap balanced, and mid-cap growth funds, respectively [16] - Fixed-income funds collectively rose, with convertible bond funds, active bond funds, and ordinary bond funds achieving average returns of 0.33%, 0.25%, and 0.19%, respectively [17]