一、上周市场回顾 上周A股市场主要宽基指数走势出现分化，科创50、创业板指、中小板指收 益靠前，收益分别为6.47%、1.96%、1.75%，中证1000、上证综指、中 证500收益靠后，收益分别为-0.55%、0.21%、0.98%。 从成交额来看，除深证成指、中小板指和科创50指数外，上周主要宽基指 数成交额均有所下降。行业方面，上周电子、有色金属、电力设备及新能源 收益靠前，收益分别为3.67%、3.24%、3.21%，消费者服务、商贸零 售、轻工制造收益靠后，收益分别为-6.71%、-3.92%、-2.80%。 截至上周五，央行逆回购净投放资金6406亿元，逆回购到期18268亿元，净公 开市场投放24674亿元。除1年期和5年期外，不同期期限的国债利率有所上 行，利差扩大0.54BP。上周中证转债指数上涨0.94%，累计成交1627亿元，较 前一周减少125亿元。 上周共上报44只基金，较上上周申报数量有所增加。申报的产品包括4只FOF、 1只QDII，博时中证通用航空主题ETF、富国国证石油天然气ETF、鹏华上证科 创板芯片设计主题ETF、兴证全球沪深300质量ETF等。 9月25日，证监会官网显 ...

证券研究报告 | 2025年09月28日 金融工程专题研究 兴证全球基金申报首只ETF，公募基金规模突破 36 万亿 上周市场回顾。上周A股市场主要宽基指数走势出现分化，科创 50、创 业板指、中小板指收益靠前，收益分别为 6.47%、1.96%、1.75%，中 证 1000、上证综指、中证 500 收益靠后，收益分别为-0.55%、0.21%、 0.98%。 从成交额来看，除深证成指、中小板指和科创 50 指数外，上周主要宽 基指数成交额均有所下降。行业方面，上周电子、有色金属、电力设备 及新能源收益靠前，收益分别为 3.67%、3.24%、3.21%，消费者服务、 商贸零售、轻工制造收益靠后，收益分别为-6.71%、-3.92%、-2.80%。 截至上周五，央行逆回购净投放资金 6406 亿元，逆回购到期 18268 亿 元，净公开市场投放 24674 亿元。除 1 年期和 5 年期外，不同期期限的 国债利率有所上行，利差扩大 0.54BP。上周中证转债指数上涨 0.94%， 累计成交 1627 亿元，较前一周减少 125 亿元。 风险提示：市场环境变动风险，本报告基于客观数据，不构成投资建议。 证券分析 ...

Market Review - The A-share market showed a mixed performance among major indices, with the Small and Medium-sized Board Index, CSI 300, and ChiNext Index yielding returns of 1.83%, 1.54%, and 1.50% respectively, while the Sci-Tech 50, CSI 1000, and CSI 500 indices lagged with returns of -0.35%, 0.56%, and 0.81% respectively [6][12] - The steel, banking, and building materials sectors performed well, with returns of 5.27%, 3.78%, and 3.63% respectively, while comprehensive finance, computer, and overall sectors underperformed with returns of -4.45%, -0.86%, and -0.72% respectively [18][19] - The People's Bank of China conducted a net withdrawal of 1.3753 trillion yuan through reverse repos, with a total of 2.0275 trillion yuan maturing [20] Fund Issuance - A total of 23 new funds were established last week, with a total issuance scale of 5.328 billion yuan, which is a decrease compared to the previous week [4][43] - Among the newly established funds, 41.72 billion yuan was from equity funds, 0.89 billion yuan from mixed funds, and 10.67 billion yuan from bond funds, while no new alternative or money market funds were issued [43][44] - There were 36 funds that entered the issuance phase last week, and 41 funds are expected to start issuing this week [4][47] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.16%, 0.99%, and 0.99% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 11.34%, while active equity, flexible allocation, and balanced mixed funds had median returns of 6.02%, 3.47%, and 2.06% respectively [31][33] - The median excess return for index-enhanced funds was 0.17%, while quantitative hedging funds had a median return of 0.33% last week [34] New Fund Models - On July 4, the China Securities Regulatory Commission reported the application of 11 new floating-rate products, including those from major fund companies such as Bank of China Fund and Ping An Fund, with fee rates set at three levels: 1.2%, 1.5%, and 0.6% [7][8] New Index Launch - On June 30, the Beijing Stock Exchange and China Securities Index Co., Ltd. launched the North Exchange Specialized and Innovative Index, which selects the top 50 "little giant" companies based on market capitalization to reflect the overall performance of specialized and innovative companies listed on the North Exchange [10][11]

- The report discusses the performance of various broad-based indices in the A-share market, highlighting that the Small and Medium Enterprise Board Index, CSI 300, and ChiNext Index had the highest returns last week, with returns of 1.83%, 1.54%, and 1.50%, respectively[1][13] - The report also notes that the Science and Technology Innovation Board 50 Index, CSI 1000, and CSI 500 indices had lower returns, with returns of -0.35%, 0.56%, and 0.81%, respectively[1][13] - In terms of trading volume, the report mentions that the trading volume of major broad-based indices decreased last week, with the indices positioned between the 45%-70% historical percentile over the past 52 weeks[1][14] - The report provides a detailed analysis of the performance of various industry sectors, noting that the steel, banking, and building materials sectors had the highest returns last week, with returns of 5.27%, 3.78%, and 3.63%, respectively[1][19] - Conversely, the comprehensive financial, computer, and comprehensive sectors had the lowest returns, with returns of -4.45%, -0.86%, and -0.72%, respectively[1][19] - The report highlights the performance of open-ended public funds, stating that active equity, flexible allocation, and balanced hybrid funds had returns of 1.16%, 0.99%, and 0.99%, respectively, last week[1][31] - It also mentions that alternative funds had the best performance year-to-date, with a median return of 11.34%, while active equity, flexible allocation, and balanced hybrid funds had median returns of 6.02%, 3.47%, and 2.06%, respectively[1][32] - The report discusses the performance of quantitative public funds, noting that the median excess return of index-enhanced funds was 0.17% last week, while the median return of quantitative hedge funds was 0.33%[1][34] - Year-to-date, the median excess return of index-enhanced funds was 2.94%, and the median return of quantitative hedge funds was 0.95%[1][34] - The report provides a detailed breakdown of the performance of various types of funds, including active equity, flexible allocation, balanced hybrid, short-term pure bond, medium- to long-term pure bond, mixed bond primary, mixed bond secondary, money market, and alternative funds[1][33] - The report includes a list of the top-performing funds in various categories, such as the top three weekly performers in the active equity category, which were Zhonghang Youxuan Linghang A (15.84%), Yongying Yiyao Jiankang A (15.52%), and Hongtu Chuangxin Yiliao Baojian (13.39%)[1][59] - The report also lists the top ten weekly performers in the index-enhanced fund category, with the top performer being Anxin Zhongzheng 500 Index Enhanced A (1.87%)[1][60] - Additionally, the report lists the top ten weekly performers in the quantitative hedge fund category, with the top performer being Zhongyou Juedui Shouyi Celue (1.16%)[1][61] - The report provides a summary of the newly established funds last week, noting that a total of 23 new funds were established, with a combined issuance scale of 53.28 billion yuan[1][46] - The report also mentions that 36 new funds entered the issuance stage last week, with the majority being passive index funds and equity hybrid funds[1][51]

- The report does not contain any specific quantitative models or factors related to construction, testing, or evaluation[4][6][8] - The report primarily focuses on market performance, fund issuance, and industry trends without delving into quantitative investment strategies or factor analysis[4][6][8] - No formulas, quantitative factor construction processes, or model evaluations are provided in the report[4][6][8]

Market Review - The A-share market showed mixed performance last week, with the Small and Medium-sized Board Index, CSI 300, and Shenzhen Component Index yielding returns of 0.62%, -0.18%, and -0.46% respectively, while the STAR 50, CSI 1000, and CSI 500 indices lagged with returns of -1.47%, -1.29%, and -1.10% respectively [1][6] - The total trading volume of major indices decreased last week, with all major indices falling within the historical percentile range of 35%-55% over the past 52 weeks [9][10] - In terms of industry performance, the comprehensive, pharmaceutical, and automotive sectors led with returns of 1.93%, 1.92%, and 1.80% respectively, while comprehensive finance, computer, and electronics sectors lagged with returns of -4.79%, -3.00%, and -2.10% respectively [13][14] Open-end Public Fund Performance - Last week, the active equity, flexible allocation, and balanced mixed funds had returns of -0.05%, -0.04%, and -0.12% respectively. Year-to-date, alternative funds performed best with a median return of 6.57%, while active equity, flexible allocation, and balanced mixed funds had median returns of 2.34%, 0.54%, and -0.11% respectively [24][26] - The median excess return for index-enhanced funds was 0.19%, while the median return for quantitative hedge funds was -0.09%. Year-to-date, the median excess return for index-enhanced funds was 1.65%, and for quantitative hedge funds, it was 0.46% [27][28] Fund Product Issuance - Last week, 27 new funds were established with a total issuance scale of 164.23 billion, a decrease from the previous week. The issuance included 94.88 billion for equity funds, 0 billion for mixed funds, and 69.35 billion for bond funds [33][34] - There were 25 funds that entered the issuance phase for the first time last week, and 35 funds are expected to start issuing this week [2]

- The report does not contain any specific quantitative models or factors related to quantitative investment strategies[4][5][7] - The content primarily focuses on market reviews, fund performance, and fund issuance dynamics, without delving into the construction, evaluation, or testing of quantitative models or factors[4][5][7] - No quantitative model or factor-related metrics, such as IR or excess returns, are discussed in the provided documents[4][5][7]

报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 25 只，合计发行规模为 204.76 亿元，较前一周有所增 加。此外，上周有 34 只基金首次进入发行阶段，本周将有 27 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 上周共上报 44 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 1 只 QDII ， 4 只 FOF ，华夏凯德商业资产 REIT 、汇添富上证科创板人工智能 ETF 、汇添富恒生港股通中国科技 ETF 、华夏中证 500 自由现金流 ETF 、万家国证港股通科技 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，上证综指、沪深 300 、科创 50 指数收益靠前，收益分别为 1.19% 、 0.59% 、 -0.31% ，中小板 指、创业板指、深证成指指数收益靠后，收益分别为 -1.15% 、 -0.64% 、 -0.54% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周银 行、房地产、煤炭收益靠前，收益分别为 4.23% 、 3.78% 、 2.62% ， 国防军工、农 ...