Report Industry Investment Rating - No relevant information provided Core Viewpoints - As of the week ending on September 12, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 2.08%, -0.33%, and 0.02% respectively. The public - fund market showed a pattern of strong stocks and weak bonds, with enhanced strategy indices performing strongly, and precious - metal ETFs having rising returns while energy - chemical ETFs' returns declined [3]. - All the five - style indices of CITIC rose last week, with the growth style leading in returns. The financial style declined in relative strength, while the stability and growth styles had large increases in indicator momentum. Financial - style funds had better excess performance, and the deviation of products from growth and financial styles increased marginally [3]. - The overall market congestion decreased slightly this week, and the consumer style remained in a historically high - congestion range. In the neutral strategy, the stock - index basis fluctuated and recovered, and the ETF premium - rate index rose and then fell. The latest signal indicated a short - term decline risk for the IF basis [3]. - The momentum - reversal factor had better return performance with a weekly excess return of 2.00%, and the leverage factor's excess return continued to decline. The valuation and profit factors strengthened month - on - month in terms of winning rate. The factor cross - section rotation speed increased month - on - month and was in the low - to - middle historical range [3]. - According to the latest score of the style - timing model, the consumer and growth styles rebounded slightly this week, and the current signal favored the stability style. The style - timing strategy's return last week was 1.44%, with an excess return of - 0.41% compared to the benchmark balanced allocation [3]. Summary by Related Catalogs Market Performance - **Overall Market Index**: As of the week ending on September 12, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 2.08%, -0.33%, and 0.02% respectively [3]. - **Public - Fund Market**: The public - fund market showed a pattern of strong stocks and weak bonds. Enhanced strategy indices performed strongly with a weekly return of 2.17%. Precious - metal ETFs' returns continued to rise (gold ETF net value increased by 2.31%), while energy - chemical ETFs' returns continued to decline [3]. Style Analysis - **CITIC Five - Style Indices**: All five - style indices rose last week, with the growth style leading in returns. The financial style declined in relative strength, and the stability and growth styles had large increases in indicator momentum [3]. - **Fund Style**: Financial - style funds had a weekly excess return of 0.77%. The deviation of products from growth and financial styles increased marginally. The overall market congestion decreased slightly this week, and the consumer style remained in a historically high - congestion range [3]. Neutral Strategy - **Stock - Index Basis**: The stock - index basis (futures - spot) fluctuated and recovered. Some contracts of IH and IF were slightly at a premium, and the basis was within one - standard - deviation range of the one - month average. The ETF premium - rate index rose and then fell to the middle - level range of the past month, and the latest signal indicated a short - term decline risk for the IF basis [3]. Barra Factor - **Factor Return**: The momentum - reversal factor had a weekly excess return of 2.00%, and the leverage factor's excess return continued to decline. The valuation and profit factors strengthened month - on - month in terms of winning rate [3]. - **Factor Rotation**: The factor cross - section rotation speed increased month - on - month and was in the low - to - middle historical range [3]. Style - Timing Model - **Style Score**: The consumer and growth styles rebounded slightly this week, and the current signal favored the stability style [3]. - **Strategy Return**: The style - timing strategy's return last week was 1.44%, with an excess return of - 0.41% compared to the benchmark balanced allocation [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - A-share market continued to rebound this week with an oscillating upward trend. The growth style performed well, driving up TMT-themed funds. However, many quantitative index-enhanced products still had mediocre excess returns. The weekly average daily trading volume of the two markets decreased by 10.63% week-on-week. If the trading volume continues to shrink, the chips in high-position sectors will loosen and differentiate, and the market will shift from a unilateral rise to a range-bound pattern. It is recommended to focus on the supplementary rise opportunities of low-position sectors. The basis of four types of stock index futures contracts showed differentiation, with the IM contract having a large discount and the IF contract having a large premium. In the upcoming week with a dense schedule of important macroeconomic events, the A-share market is likely to maintain a volatile and relatively strong market. It is recommended to focus on technology frontier tracks such as robotics and AI computing power, and also seize the rotation and supplementary rise opportunities of sectors such as securities, pig cycles, and games. After a deep adjustment, the national debt market has shown rare allocation value, and investors are advised to moderately increase the allocation ratio [1][11][16]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The A-share market continued to rebound this week, with the growth style performing well and driving up TMT-themed funds. The weekly average daily trading volume of the two markets was 2.3 trillion yuan, a week-on-week decrease of 10.63%. The basis of four types of stock index futures contracts showed differentiation, and the average and median returns of neutral hedge funds this week were -0.06% and -0.08% respectively. This week, the electronics, real estate, agriculture, forestry, animal husbandry, and fishery, media, and computer sectors led the gains. The real estate and agriculture, forestry, animal husbandry, and fishery sectors had a relatively large increase in the weekly trading volume ratio compared with last week, while the trading activity of the comprehensive finance and national defense and military industry sectors decreased significantly. The real estate sector rose 5.82% this week, and the weekly trading volume ratio increased to a new high in the past four weeks at 1.50%. The power equipment and new energy sector only rose 0.50% this week, and the weekly trading volume ratio was a new high in the past four weeks at 9.04%, and the sector may face short-term adjustment pressure [11]. 3.1.2 Market Style - This week, the growth style index rose 3.56%, and the weekly trading volume ratio slightly decreased to 58.73%. The consumption style index rose 0.88%, and the weekly trading volume ratio increased to 11.85%. The financial style index performed weakly in the past month, rising only 0.24% this week, and the weekly trading volume ratio decreased significantly to a new low in the past four weeks at 5.59%. The cyclical style index rose 1.87%, and the weekly trading volume ratio increased to a new high in the past four weeks at 20.69%. The stable style index rose 1.14%, and the weekly trading volume ratio increased significantly to a new high in the past four weeks at 3.13%. Based on the CSI A-share index, the CSI 500 index led the gains this week, rising 3.38%, and the weekly trading volume ratio was a new high in the past four weeks at 19.03%, while the Shanghai and Shenzhen 300 index only rose 1.38%, and the weekly trading volume ratio decreased to 27.65%. In the past three months, the market has shown highly structured characteristics, and the CSI 500 index has performed strongly. In an environment with abundant liquidity, funds clearly prefer opportunities with certainty, driving the collective supplementary rise of high-quality leading stocks in various industries [15]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Thematic Tracks This Week - The report screened single-track and double-track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cycle. Single-track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double-track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report listed the top five funds in each sector in terms of performance this week [20][21]. 3.2.2 Funds with Excellent Performance in Different Strategy Classifications - The report improved the growth, BP, and profit factors to obtain growth, valuation, and quality factors, and divided the funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness. It also listed the funds with relatively excellent performance in different types of funds this week [22]. 3.3 Index-Enhanced Funds 3.3.1 Distribution of Excess Returns of Index-Enhanced Funds This Week - This week, the Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, the STAR 50 rose 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. The representative indexes of the value style sector, such as the Shanghai 50, CSI 100, and Shanghai and Shenzhen 300, rose 0.89%, 1.54%, and 1.38% respectively, while the representative indexes of the growth style sector, such as the Small and Medium 100, CSI 500, CSI 1000, and CSI 2000, rose 3.66%, 3.38%, 2.45%, and 2.16% respectively. The report also listed the average and median excess returns of different index-enhanced funds and the top three funds in terms of excess returns in each category this week [25][26][30]. 3.4 This Week's Fund High-Frequency Position Detection - After excluding funds with high positions in Hong Kong stocks and Beijing Stock Exchange stocks, funds with a scale of less than 200 million yuan, industry-themed funds, and quantitative funds, the results showed that active equity funds significantly increased their positions in the basic chemical (0.61%), machinery (0.24%), and power equipment and new energy (0.19%) industries this week, and significantly reduced their positions in the electronics (0.55%), computer (0.41%), and national defense and military industry (0.19%) industries. From a one-month perspective, the positions in the electronics (2.12%) and communication (0.97%) industries increased significantly, while the positions in the banking (1.11%) and automobile (1.04%) industries decreased significantly [3][43].

Investment Insights - The "Spring Rally" in 2025 is expected to be led by technology growth styles, but a style switch may occur as the Two Sessions approach, with a higher probability of shifting from growth to stability styles [1] - Following the Two Sessions, the technology sector is anticipated to rise again, despite potential short-term underperformance of growth styles due to profit-taking pressures [1] Market Trends - Since February, technology growth styles have shown strong performance, particularly in TMT and robotics sectors, driven by AI themes, while other sectors have performed relatively poorly [1] - During the Two Sessions, there may be an increased demand for index stability, favoring heavyweight stocks, broad-based indices, and dividend stocks [1] Strategic Recommendations - If the market shows strong performance in cyclical sectors due to policy dynamics, it is advisable to take profits at high points [1] - If the technology sector experiences a temporary adjustment, it is recommended to remain proactive and seek opportunities for a "second rise" in March, particularly focusing on AI-related directions [1]