Group 1: Fund Market Overview - The major domestic stock indices experienced a decline last week, with the CSI 300, SSE 50, and SSE Composite Index showing changes of -0.18%, -0.18%, and -0.57% respectively [7] - The mid and small-cap indices, including the CSI 500, CSI 1000, and ChiNext, recorded declines of -1.10%, -1.29%, and -0.88% respectively [7] - The trading volume of comprehensive ETFs was 40.459 billion, a decrease of 20.628 billion from the previous week, with large-cap style ETFs accounting for 21.370 billion and small-cap style ETFs for 19.339 billion [25] Group 2: ETF Performance - The average weekly change for 32 thematic ETFs was -0.67%, with large-cap style ETFs averaging -0.50% and small-cap style ETFs averaging -0.80% [26] - The top three performing comprehensive ETFs were the Shen 100 ETF, 300 ETF, and another 300 ETF, with changes of 0.26%, 0.00%, and -0.03% respectively [31] - The industry thematic ETFs showed mixed results, with the top performers being the Pharmaceutical ETF, Biopharmaceutical ETF, and Nonferrous ETF, with changes of 1.93%, 1.82%, and 1.33% respectively [31] Group 3: Fund Flow Trends - Comprehensive ETFs saw significant outflows, while sectors like military, semiconductor, and electronics attracted substantial inflows, indicating a shift in investor sentiment [31] - The pharmaceutical sector experienced outflows as investors took profits [31] - The trading activity was concentrated in the ChiNext 50, ChiNext, military leaders, banking ETFs, and computer sectors, indicating areas of investor interest [23]

Group 1 - The domestic stock indices showed mixed performance last week, with the CSI 300, SSE 50, and SSE Composite Index changing by 0.38%, -0.33%, and 0.56% respectively, while the CSI 500, CSI 1000, and ChiNext Index increased by 1.20%, 1.85%, and 1.74% respectively [2][9] - The style indices also exhibited mixed results, with financial, cyclical, consumer, growth, and stability style indices changing by 0.21%, 2.44%, 0.24%, 1.41%, and 0.73% respectively [2][9] - The trading volume of comprehensive ETFs was 52.82 billion yuan, a decrease of 48.68 billion yuan from the previous week, with large-cap style ETFs accounting for 24.49 billion yuan and small-cap style ETFs for 28.62 billion yuan [2][28] Group 2 - Among the 32 thematic ETFs, the average weekly change was 0.56%, with large-cap style ETFs averaging 0.21% and small-cap style ETFs averaging 0.83% [3][29] - The top three performing comprehensive ETFs were the ChiNext 50, ChiNext, and CSI 1000 ETFs, with changes of 2.77%, 2.24%, and 1.89% respectively, while the bottom three were the SSE 50 ETF, CSI 300 ETF, and another CSI 300 ETF, with changes of -0.37%, 0.23%, and 0.28% respectively [4][34] - In terms of fund flows, small-cap ETFs like the CSI 1000 saw continued inflows, while large-cap ETFs such as the SSE 50 and CSI 300 experienced outflows [4][34] Group 3 - The bond market saw the Shanghai Stock Exchange convertible bonds increase by 0.85%, while the pure bond index rose across the board with changes of 0.01%, 0.06%, and 0.03% for government bonds, corporate bonds, and local government bonds respectively [17][19] - The commodity market experienced an overall increase, with CRB metal, poultry, and industrial spot prices rising by 2.69%, 1.97%, and 1.92% respectively [20][21] - The overseas ETF market showed positive performance with the NASDAQ ETF, H-shares ETF, and Hang Seng ETF increasing by 4.31%, 3.09%, and 3.23% respectively [43]

Group 1: Market Overview - The domestic stock indices showed mixed performance last week, with the CSI 300, SSE 50, and SSE Composite Index rising by 0.59%, 1.45%, and 1.19% respectively, while the CSI 500, CSI 1000, and ChiNext Index fell by -0.37%, -0.52%, and -0.64% respectively [2][9] - The style indices also exhibited mixed results, with financial, cyclical, consumer, growth, and stability style indices changing by 2.76%, 0.35%, -0.05%, -0.54%, and 1.10% respectively [2][9] - The trading volume of the comprehensive ETF last week was 1014.99 billion yuan, a decrease of 1255.55 billion yuan from the previous week [27] Group 2: ETF Performance - Among the 32 thematic ETFs, the average weekly change was -0.10%, with large-cap style ETFs averaging a weekly change of 1.14% and small-cap style ETFs averaging -1.04% [3][28] - The top three performing comprehensive ETFs were the 50ETF, 300ETF, and another 300ETF, with changes of 1.61%, 0.86%, and 0.80% respectively, while the bottom three were ChiNext, 1000ETF, and 500ETF, with changes of -0.74%, -0.47%, and -0.41% respectively [4][32] - In the thematic ETFs, the top performers were the banking ETF, real estate ETF, and financial ETF, with changes of 4.03%, 3.25%, and 2.92% respectively [32] Group 3: Fund Flows - The comprehensive ETFs continued to see inflows, particularly in the SSE 50, CSI 300, CSI 500, and CSI 1000, indicating ongoing support for these weighted indices [32] - In the thematic sectors, there was notable inflow into banking, real estate, and pharmaceutical sectors, suggesting a bottom-fishing strategy by investors [32] Group 4: Bond and Commodity Markets - In the bond market, the Shanghai Stock Exchange convertible bonds fell by -0.43%, while the pure bond indices showed slight increases of 0.02%, 0.06%, and 0.08% for government, corporate, and local government bonds respectively [16][17] - The commodity market showed mixed results, with the Nanhua precious metals index, CRB commodity index, and CRB poultry spot changing by 3.64%, 2.05%, and 1.88% respectively [19][22]

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]