证券研究报告 | 基金研究*周报 2025 年 04 月 14 日 基金研究 国内主要股指全线下跌，资金大幅流入托市 上周国内主要股票指数全线下跌，其中沪深 300、上证 50 和上证指数等大盘 指数涨跌幅分别为-2.87%、-1.60%和-3.11%。中证 500、中证 1000 和创业板 指等中小盘指数涨跌幅分别为-4.52%、-5.50%和-6.73%。风格指数全线下跌， 其中金融风格、周期风格、消费风格、成长风格和稳定风格指数涨跌幅分别 为-3.83%、-5.16%、-2.49%、-5.40%和-1.66%。成长风格下，大盘成长、中 盘成长和小盘成长风格指数涨跌幅分别为-3.52%、-3.84%和 1.14%。 综合 ETF 基金中，上周交易额为 2270.54 亿元，比前周增加 1797.83 亿元。 其中，中大盘风格综合 ETF 交易额为 1372.73 亿元，增加 1132.64 亿元；中 小盘综合 ETF 交易额为 906.99 亿元，增加 670.45 亿元。 截止上周，32 只主题 ETF 的平均周涨跌幅为-3.57%。其中大盘风格 ETF 平均 周涨跌幅为-3.43%，中小盘风格 ETF ...

Core Views - The A-share market is experiencing a significant expansion driven by policy, with the Shanghai Composite Index breaking through the 3400-point level, indicating a potential for continued market recovery and optimism regarding foreign capital inflow [1][2] - In March, the market's risk appetite is expected to rise, supported by positive signals from the National People's Congress and the expectation of a recovery in the real economy, although potential disturbances may arise in April due to factors like earnings disclosures [2][3] - There is a shift in market pricing power towards allocation-type funds, with an increased effectiveness of fundamental factors, suggesting a focus on core assets in sectors like midstream manufacturing, consumer goods, and real estate chains [3][4] Market Dynamics - The market is witnessing a transition from a broad technology focus to core asset appreciation, with short-term strategies favoring low-positioned sectors showing signs of improvement, particularly in midstream manufacturing and consumer goods [5][6] - The relative valuation of the CSI 300 versus the CSI 2000 has fallen to its lowest level since 2017, indicating potential for small-cap growth stocks to catch up [4][5] - Allocation-type foreign capital is likely to seek out low-positioned fundamental opportunities, with recent data indicating a shift towards sectors benefiting from economic recovery [4][5] Sector Focus - Key sectors to watch include engineering machinery, batteries, and consumer goods, which are expected to benefit from the ongoing recovery and demand for core assets [5][6] - The report highlights that the basic improvement signals are concentrated in manufacturing sectors such as engineering machinery, batteries, and photovoltaic industries, as well as consumer goods benefiting from price increases [4][5] - The report suggests that mid-term strategies should continue to focus on the broader technology sector while monitoring key events like Tencent's earnings and the GTC conference for further insights [5][6]