Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week (August 25 - August 29, 2025), the A - share market continued to oscillate upwards, with the Wande All - A Index rising 1.90%. The technology track was the focus of investors, and the ChiNext Index and ChiNext 50 rose 7.74% and 9.27% respectively, while the Science and Technology Innovation 50 recorded a 7.49% increase [2][11]. - The "AI+" market is currently concentrated on upstream infrastructure - type hardware. With reference to the experience of the mobile Internet, the technology bull market follows a rotation rhythm from hardware to software and from stories to performance. In the future, domestic AI applications will shift from overseas - benchmarked speculation to statement - end growth verification [4][12]. - The mid - year reports of A - share listed companies in 2025 are basically disclosed. The cumulative year - on - year growth rates of the net profit attributable to the parent of all A - shares and all A - shares excluding finance and petrochemicals in 2025H1 are 3.36% and 4.27% respectively, and the performance bottom - warming trend is still on the way [4][13]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: The A - share market continued to oscillate upwards last week. The Shanghai Composite Index approached 3900 points on Monday, adjusted in the middle of the week, and showed an upward trend again on Thursday and Friday. The Wande All - A Index rose 1.90%, and the ChiNext Index, ChiNext 50, and Science and Technology Innovation 50 had significant increases. The communication and electronics sectors led the gains, while the Wande Micro - Cap Index fell 3.78% and the CSI Dividend Index declined 1.10%. The market trading was active, with the trading volume exceeding 2 trillion yuan for 13 consecutive trading days, and the average daily trading volume was 2983.1 billion yuan, an increase of 395.651 billion yuan from the previous week. The average daily turnover rate was 2.579%, an increase of 0.26 percentage points from the previous week [11]. - **"AI+" Market**: The current "AI+" market is concentrated on upstream infrastructure - type hardware. Overseas - chain optical modules and PCBs started in June, and domestic computing power began to make up for the increase in mid - August. With reference to the mobile Internet experience, the technology bull market has a rotation rhythm. The North American AI application is booming, and in the future, domestic AI applications will shift to statement - end growth verification. On August 26, 2025, the State Council issued an opinion, marking the acceleration of China's AI application under policy promotion [4][12]. - **Full A Mid - year Report Disclosure**: The mid - year reports of A - share listed companies in 2025 are basically disclosed. The cumulative year - on - year growth rates of the net profit attributable to the parent of all A - shares and all A - shares excluding finance and petrochemicals in 2025H1 are 3.36% and 4.27% respectively, down 0.83% and 2.39% from 2025Q1. The technology sector has a relatively high marginal improvement in performance, while the upstream resource sector is under pressure [4][13]. - **Consumer Electronics**: Mobile phones are still the most mainstream hardware for users to interact with AI. Since 2025, more AI consumer hardware has tried to become an extension of mobile phones. In the long run, the interaction paradigm of AI hardware is expected to evolve towards "senselessness" [4]. 1.2. Public Offering Fund Market Dynamics - As of the end of July 2025, there were 164 public offering fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public offering qualifications, managing a total net asset value of 35.08 trillion yuan. In July, the net values of stock and hybrid funds increased by 4.07% and 3.76% respectively month - on - month, while the shares decreased by 0.33% and 1.22% respectively. The decrease in the shares of equity - containing funds was due to some holders taking profits [5][14]. 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Preferred Index - **Index Positioning**: Each period selects 15 funds with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and the styles are roughly balanced according to the style distribution of the CSI Active Stock - type Fund Index [16]. - **Performance**: It rose 4.20% last week and has recorded a cumulative excess return of 13.01% since its establishment [6]. 2.2. Value Stock Fund Preferred Index - **Index Positioning**: It includes deep - value and quality - value styles. It selects 10 funds with deep - value, quality - value, and balanced - value styles based on multi - period style division [16]. - **Performance**: It rose 0.95% last week and has recorded a cumulative excess return of - 0.18% since its establishment [6]. 2.3. Balanced Stock Fund Preferred Index - **Index Positioning**: Balanced - style fund managers balance the valuation and growth of individual stocks and are diversified in industries. It selects 10 funds with relatively balanced and value - growth styles based on multi - period style division [21]. - **Performance**: It rose 2.80% last week and has recorded a cumulative excess return of 7.70% since its establishment [6]. 2.4. Growth Stock Fund Preferred Index - **Index Positioning**: It aims to seize the opportunities of performance and valuation double - click of high - growth companies and find "dark horses" in high - potential fields. It selects 10 funds with active - growth, quality - growth, and balanced - growth styles based on multi - period style division [22]. - **Performance**: It rose 5.69% last week and has recorded a cumulative excess return of 17.45% since its establishment [6]. 2.5. Pharmaceutical Stock Fund Preferred Index - **Index Positioning**: It classifies funds according to the intersection market - value proportion of fund equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). It constructs an evaluation system in the samples that meet the industry theme, and selects 15 funds to form the index [26]. - **Performance**: It fell 1.86% last week and has recorded a cumulative excess return of 21.90% since its establishment [6]. 2.6. Consumption Stock Fund Preferred Index - **Index Positioning**: It classifies funds according to the intersection market - value proportion of fund equity holdings and the constituent stocks of representative indices (CITIC Automobile, Home Appliances, etc.). It constructs an evaluation system in the samples that meet the industry theme, and selects 10 funds to form the index [28]. - **Performance**: It rose 0.82% last week and has recorded a cumulative excess return of 16.06% since its establishment [6]. 2.7. Technology Stock Fund Preferred Index - **Index Positioning**: It classifies funds according to the intersection market - value proportion of fund equity holdings and the constituent stocks of representative indices (CITIC Electronics, Communication, etc.). It constructs an evaluation system in the samples that meet the industry theme, and selects 10 funds to form the index [31]. - **Performance**: It rose 5.42% last week and has recorded a cumulative excess return of 18.93% since its establishment [6]. 2.8. High - end Manufacturing Stock Fund Preferred Index - **Index Positioning**: It classifies funds according to the intersection market - value proportion of fund equity holdings and the constituent stocks of representative indices (CITIC Construction, Light Industry Manufacturing, etc.). It constructs an evaluation system in the samples that meet the industry theme, and selects 10 funds to form the index [34]. - **Performance**: It rose 2.00% last week and has recorded a cumulative excess return of - 8.14% since its establishment [6]. 2.9. Cyclical Stock Fund Preferred Index - **Index Positioning**: It classifies funds according to the intersection market - value proportion of fund equity holdings and the constituent stocks of representative indices (CITIC Petroleum and Petrochemicals, Coal, etc.). It constructs an evaluation system in the samples that meet the industry theme, and selects 5 funds to form the index [37]. - **Performance**: It rose 1.33% last week and has recorded a cumulative excess return of - 2.55% since its establishment [6].