成长风格收益领跑 金融工程周报 基金市场回顾： 操作评级 中信五风格-稳定★☆☆ 金融工程组 张婧婕 Z0022617 010-58747784 gtaxinstitute@essence.com.cn 权益市场策略 本报告版权属于国投期货有限公司 1 不可作为投资依据，转载请注明出处 2025年9月15日 周度报告 截至2025/09/12当周，通联全A（沪深京）、中证综合债与南华 商品指数周度涨跌幅分别为2.08%、-0.33%、0.02%。 公募基金市场方面，近一周呈现出股强债弱格局，其中策略中增 强策略指数表现偏强，周度收益率为2.17%；商品方面，贵金属 ETF收益持续走高，其中黄金ETF净值上行2.31%，而能化ETF收 益继续下探。 中信五风格方面，上周风格指数均收涨，成长风格收益领跑，风 格轮动图显示相对强弱层面金融风格走低，指标动量层面稳定与 成长风格升幅较大。公募基金池方面，近一周金融风格基金超额 表现较优，周度超额收益率为0.77%，从基金风格系数走势来看 产品对成长与金融风格偏移度边际提升，拥挤度方面本周市场整 体拥挤度小幅回落，当前消费风格仍位于历史偏高拥挤区间。 中性策略方面，近一 ...

证券研究报告—公募基金周报 撰写日期：2025 年 09 月 15 日 公募基金周报（20250908-20250912） 投资要点 A 股市场本周延续反弹态势，呈现震荡上行走势。成长风格表现亮眼， 带动 TMT 主题基金同步上行。多数量化指数增强型产品本周超额收益表现 平平。从资金面来看，两市周度日均成交额环比下滑 10.63%，在当前结构 性行情下，若成交量持续萎缩，高位板块的筹码必将松动分化，市场将从单 边上涨转为区间震荡格局，建议关注低位板块的补涨行情。四类股指期货合 约基差表现分化，IM 合约基差大幅贴水，而 IF 合约基差升水幅度较大。 主动权益产品根据本周涨幅排序：深度低估策略中排名前三的分别为 融通行业景气 A（9.13%）、华润元大量化优选 A（7.37%）、华安安进灵活配 置 A（7.01%）；高成长策略中排名前三的分别为东方阿尔法优势产业 A （12.19%）、华夏见龙精选（11.90%）、信澳景气优选 A（10.12%）；高质量 策略中排名前三的分别为汇安成长优选 A（7.64%）、易方达中盘成长 （6.73%）、添富核心精选 LOF（6.54%）；质量低估策略中排名前三的分别为 华安 ...

Market Performance - On April 11, 2025, the three major indices closed higher, with the ChiNext Index rising by 1.36%[2] - The Shanghai Composite Index increased by 0.45%, and the Shenzhen Component Index rose by 0.82%[2] - The total market turnover was 1,348.481 billion yuan, a decrease of 260.706 billion yuan from the previous trading day[2] Sector and Style Analysis - Among 30 CITIC first-level industries, the top performers were Electronics (3.59%), Automotive (2.33%), and National Defense (1.30%)[20] - The worst performers included Agriculture, Forestry, Animal Husbandry, and Fishery (-3.10%), Consumer Services (-1.17%), and Coal (-1.14%)[20] - Growth stocks outperformed value stocks, with small-cap growth leading the performance rankings[20] Fund Flow Insights - On April 11, 2025, the net outflow of main funds was 3.621 billion yuan, with large orders seeing a net outflow of 9.974 billion yuan[3] - Small orders continued to see a net inflow of 16.564 billion yuan, indicating retail investor interest[3] ETF Trading Activity - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant changes in trading volume, with the former increasing by 0.615 billion yuan and the latter decreasing by 2.167 billion yuan[28] - The total trading volume for ETFs was lower compared to the previous trading day, reflecting a cautious market sentiment[28] Global Market Overview - On April 11, 2025, the Hang Seng Index rose by 1.13%, while the Nikkei 225 fell by 2.96%[32] - European indices showed positive performance, with the DAX Index increasing by 4.53% and the FTSE 100 rising by 3.04%[32] - In contrast, major US indices experienced declines, with the Dow Jones Industrial Average down by 2.50%[32]