2025 年 12 月 01 日 证券研究报告 | 公募基金周报 市场延续缩量，海外风险释放 公募基金权益指数跟踪周报（2025.11.24-2025.11.28） 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师：宋逸菲 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 相关研究报告 2025/12/1》2025-12-01 2、《美联储降息预期摇摆，国内债市 窄幅震荡—公募基金泛固收指数跟踪 周 报 （ 2025.11.17-2025.11.21 ）》 2025-11-24 3、《市场共振避险升温，AI 叙事回归 基本面—公募基金权益指数跟踪周报 （ 2025.11.17-2025.11.21 ）》 2025- 11-24 4 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/11/24》2025-11-24 5、《全球市场震荡因素增加，常青低 波策略优势显现 —公募基金量化遴 选 类 策 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed a volatile pattern last week (2025.11.03 - 2025.11.07), with the value style outperforming the growth style. The market is "desensitized" to positive news due to the lack of earnings report data and the intensified high - level volatility of the US AI sector. The style switch is becoming clearer, and the power grid and energy storage industries are attracting funds [3][13][14]. - The new fund issuance is continuously warming up, and "same - day sold - out funds" have reappeared [6]. - The electricity new (E - new) sector is expected to become one of the main market trends, as the energy logic, especially power supply, is hard to be falsified in the short term, and the expectation of green power policies in China is rising [5][15]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: The A - share market was volatile last week. The Shanghai Composite Index rose 1.08%, the ChiNext Index rose 0.65%, the CSI Dividend Index rose 2.25%, and the North Exchange 50 Index fell 3.79%. The pro - cyclical sectors such as power equipment, coal, and petrochemicals led the gains, while the computer and pharmaceutical sectors declined. The average daily trading volume was 2.01 trillion yuan, down from the previous period [13]. - **Market Features**: The market is "desensitized" to positive news in the fourth quarter. The style switch is clear, and the power grid and energy storage industries are favored. The Shanghai Composite Index may fluctuate around 4000 points, and a fundamental driving force is needed to break through [14]. - **Technology Direction**: In the US, the government's interest - binding with cloud service providers in the AI industry is expected to strengthen. In China, the domestic computing power industry chain is sluggish, and the capital expenditure growth of cloud service providers has slowed down [14]. - **Policy**: On November 7, the State Council issued an implementation opinion focusing on digital - real economy integration, providing long - term policy support for AI, intelligent manufacturing, and new energy industries [15]. - **Power Direction**: The global AI competition is a Sino - US duopoly. China faces challenges in advanced - process chips, while the US has energy infrastructure bottlenecks. The E - new sector is expected to be a market mainstay, with more certain profit realization next year [5][15][16]. 3.2 Public Fund Market Dynamics New fund issuance is warming up, with two funds raising over 3 billion yuan in one day on November 4 [6][18]. 3.3 Active Equity Fund Index Performance Tracking | Index Category | Last Week | Last Month | YTD | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Selection | 0.72% | - 1.06% | 39.20% | 40.33% | | Value Stock Fund Selection | 1.29% | 1.18% | 19.44% | 19.53% | | Balanced Stock Fund Selection | 0.66% | - 1.73% | 32.40% | 29.50% | | Growth Stock Fund Selection | 0.16% | - 3.55% | 52.89% | 39.14% | | Pharmaceutical Stock Fund Selection | - 4.77% | - 8.16% | 36.20% | 17.99% | | Consumption Stock Fund Selection | - 2.11% | - 5.83% | 12.55% | 5.30% | | Technology Stock Fund Selection | 0.75% | - 3.17% | 48.52% | 50.85% | | High - end Manufacturing Stock Fund Selection | 1.23% | - 0.45% | 38.37% | 31.69% | | Cyclical Stock Fund Selection | - 0.25% | - 4.50% | 25.79% | 16.91% | Each index has its own positioning and performance comparison benchmark. For example, the Active Stock Fund Selection Index selects 15 funds equally weighted, and its benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The Shanghai Composite Index approached the 3900 - point mark last week but was dragged down by leading stocks in heavy - weight sectors. The market was high - level volatile, with a structural profit - making effect. High - quality industry leaders, especially globally competitive companies, showed strength. The growth style outperformed the value style, and the market activity increased. The "going global" trend may present a structural opportunity [13]. - The "catch - up" trend of the Hang Seng Tech Index can be attributed to the upward revision of the profit expectations of the Hong Kong stock technology sector and factors on the denominator side such as a stable geopolitical environment and interest - rate cut expectations. If the Fed cuts interest rates continuously in Q4, Chinese assets represented by Hong Kong stocks may attract more foreign capital [5][14]. - The valuation logic of upstream resource stocks has shifted from a cyclical to a DCF model. After the short - term speculative funds withdraw, the resource sector is expected to return to fundamental - driven growth. The photovoltaic sector has rebounded, and the subsequent development depends on policy implementation. The energy - storage sector has opportunities for valuation restoration [5][15]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: From September 15 - 19, 2025, the Shanghai Composite Index neared 3900 points but was pulled down by heavy - weight sectors. The growth style outperformed the value style, with the Shanghai Composite Index down 1.30%, the ChiNext Index up 2.34%, and the Hang Seng Tech Index up 5.09%. The market activity increased, with the average daily trading volume of the whole A - shares reaching 2.5163 trillion [13]. - **Policy and Opportunities**: The Sino - US leaders' phone call and previous policies may drive the "going global" trend as a structural opportunity. The market is re - pricing high - quality industry leaders [13]. - **Sector Analysis** - **Hang Seng Tech**: The profit expectations of the Hong Kong stock technology sector are rising, and factors like a stable geopolitical environment and interest - rate cut expectations are driving the "catch - up" trend. If the Fed cuts interest rates in Q4, more foreign capital may flow in [5][14]. - **Resources**: The valuation logic of resource stocks has shifted. After short - term speculative funds leave, the sector will be driven by fundamentals [5][15]. - **Photovoltaic and Energy Storage**: The photovoltaic sector has rebounded due to anti - involution efforts, and the energy - storage sector has opportunities for valuation restoration driven by policies and improved sentiment [5][15]. 3.2 Active Equity Fund Index Performance Tracking - **Performance of Different Indexes** - **Active Stock Fund Preferred Index**: Up 0.80% last week, with a cumulative excess return of 13.06% since its establishment [7]. - **Value Stock Fund Preferred Index**: Down 0.48% last week, with a cumulative excess return of 5.03% since its establishment [7]. - **Balanced Stock Fund Preferred Index**: Up 0.62% last week, with a cumulative excess return of 9.60% since its establishment [7]. - **Growth Stock Fund Preferred Index**: Up 1.18% last week, with a cumulative excess return of 15.85% since its establishment [7]. - **Pharmaceutical Stock Fund Preferred Index**: Down 2.53% last week, with a cumulative excess return of 20.73% since its establishment [7]. - **Consumer Stock Fund Preferred Index**: Up 0.77% last week, with a cumulative excess return of 22.39% since its establishment [7]. - **Technology Stock Fund Preferred Index**: Up 2.12% last week, with a cumulative excess return of 21.07% since its establishment [7]. - **High - end Manufacturing Stock Fund Preferred Index**: Up 2.13% last week, with a cumulative excess return of - 3.47% since its establishment [7]. - **Cyclical Stock Fund Preferred Index**: Down 4.24% last week, with a cumulative excess return of - 2.77% since its establishment [7]. - **Index Positioning and Benchmarks** - **Active Stock Fund Preferred Index**: Selects 15 funds equally weighted, with the core positions selected based on performance competitiveness and style stability, and balanced according to the style distribution of the CSI Active Equity Fund Index. The benchmark is the Active Stock Fund Index (930980.CSI) [17]. - **Value Stock Fund Preferred Index**: Selects 10 funds with deep - value, quality - value, and balanced - value styles. The benchmark is the CSI 800 Value Index (H30356.CSI) [19][20]. - **Balanced Stock Fund Preferred Index**: Selects 10 relatively balanced and value - growth style funds. The benchmark is the CSI 800 Index (000906.SH) [20]. - **Growth Stock Fund Preferred Index**: Selects 10 actively - growing, quality - growing, and balanced - growing style funds. The benchmark is the 800 Growth Index (H30355.CSI) [23][25]. - **Pharmaceutical Stock Fund Preferred Index**: Selects 15 funds based on the intersection of equity holdings and the pharmaceutical index, with a benchmark of the pharmaceutical theme fund index [24]. - **Consumer Stock Fund Preferred Index**: Selects 10 funds based on the intersection of equity holdings and consumer - related indexes, with a benchmark of the consumer theme fund index [28]. - **Technology Stock Fund Preferred Index**: Selects 10 funds based on the intersection of equity holdings and technology - related indexes, with a benchmark of the technology theme fund index [30]. - **High - end Manufacturing Stock Fund Preferred Index**: Selects 10 funds based on the intersection of equity holdings and high - end manufacturing - related indexes, with a benchmark of the high - end manufacturing theme fund index [34]. - **Cyclical Stock Fund Preferred Index**: Selects 5 funds based on the intersection of equity holdings and cyclical - related indexes, with a benchmark of the cyclical theme fund index [36][38].

Group 1 - The domestic stock market experienced a broad increase last week (August 18-22, 2025), with growth style significantly outperforming value style, and small-cap stocks leading in relative gains. The Shanghai Composite Index rose by 3.49%, the CSI 300 increased by 4.18%, the ChiNext Index climbed by 5.85%, and the STAR 50 surged by 13.31% [3][11] - The leading sectors were concentrated in the AI industry chain, non-ferrous metals, and innovative pharmaceuticals, indicating a persistent structural characteristic in the market [3][11] - The current market sentiment is at a neutral to high level, but not extreme, suggesting the potential for continued upward movement in the absence of significant negative news [11] Group 2 - The domestic computing power sector showed strong performance, driven by breakthroughs from DeepSeek, with a focus on domestic GPU and equipment as well as the expansion into computing power leasing and AI applications [4][12][13] - The military industry is expected to see collaborative development across the entire industry chain, driven by advancements in artificial intelligence, cybersecurity, and underwater operations, as highlighted by the recent military parade [4][13] - The Hong Kong tech sector's performance has been bolstered by scarce assets in innovative pharmaceuticals and new consumption, with expectations of reduced negative impacts from liquidity constraints following dovish signals from the Federal Reserve [4][14] Group 3 - On August 22, 2025, the China Securities Regulatory Commission announced modifications to the classification of securities companies, aiming to enhance the regulatory framework and support the differentiated development of small and medium-sized institutions [4][15] - The new regulations introduce specific indicators for self-operated investments in equity assets, asset management products, and fund distribution, guiding securities firms to strengthen their capabilities in serving the real economy and investors [4][15] Group 4 - The Active Equity Fund Index rose by 3.35% last week, achieving a cumulative excess return of 11.01% since inception [5] - The Value Equity Fund Index increased by 1.88%, with a cumulative excess return of -2.06% since inception [6] - The Balanced Equity Fund Index rose by 3.44%, with a cumulative excess return of 7.76% since inception [7] - The Growth Equity Fund Index increased by 4.56%, achieving a cumulative excess return of 18.11% since inception [8] - The Pharmaceutical Equity Fund Index rose by 0.01%, with a cumulative excess return of 22.86% since inception [9] - The Consumer Equity Fund Index increased by 3.41%, achieving a cumulative excess return of 17.06% since inception [9] - The Technology Equity Fund Index rose by 5.99%, with a cumulative excess return of 18.31% since inception [9] - The High-end Manufacturing Equity Fund Index increased by 2.75%, with a cumulative excess return of -4.27% since inception [9] - The Cyclical Equity Fund Index rose by 1.03%, with a cumulative excess return of -2.58% since inception [9]

Group 1 - The core viewpoint of the article highlights the recent market adjustments, with major indices mostly declining, while specific sectors like PCB and innovative pharmaceuticals continue to accelerate trends, indicating a shift in market dynamics [3][12] - The AI computing sector shows increased capital expenditure from overseas tech giants, confirming the rationality of North American computing demand, while domestic computing's self-control is seen as an inevitable trend [4][13] - The innovative pharmaceutical theme has surged significantly, with the Wind data indicating a 25.61% increase in the innovative drug index for July, driven by clinical advancements and overseas breakthroughs [14] Group 2 - As of August 1, 2025, over 91.81% of actively managed equity funds have achieved positive returns this year, with an average return of 13.50%, significantly outperforming the Shanghai-Shenzhen 300 index [15] - The active equity fund index tracking shows varied performances, with the growth stock index rising by 0.63% and achieving a cumulative excess return of 20.58% since inception [8][12] - The pharmaceutical stock index rose by 3.48% last week, reflecting strong performance in the sector, while the consumer stock index fell by 1.78% [9][12]

Group 1 - The A-share market showed an overall upward trend during the week of July 7-11, 2025, with an average daily trading volume of nearly 1.50 trillion yuan, an increase of approximately 550 billion yuan compared to the previous week [2][14] - Major broad-based indices rose, with the All A Index increasing by 1.71%, and small-cap stocks outperforming, as evidenced by the 2.36% gains in both the CSI 1000 and the ChiNext Index [14] - The real estate, steel, and non-bank financial sectors led the gains, with increases of 6.12%, 4.41%, and 3.96% respectively, while coal, banking, and automotive sectors experienced declines [14] Group 2 - The "anti-involution" theme has gained traction since the Central Economic Committee meeting at the end of April, with a focus on "stabilizing employment" and other livelihood issues, which may constrain the implementation of capacity reduction policies [3][14] - The domestic GPU market is witnessing a surge with two major domestic GPU manufacturers receiving IPO approvals, filling the gap in the A-share market for fully functional GPUs [15] - The upcoming earnings disclosure period is expected to provide significant incremental information for the market, with sectors showing strong mid-year performance likely to attract investor attention [16] Group 3 - On July 11, the Shenzhen Stock Exchange announced revisions to the compilation scheme of the ChiNext Composite Index, including the introduction of a monthly removal mechanism for risk warning stocks and an ESG negative removal mechanism [17] - Seven fund companies have applied for ETFs related to the ChiNext Composite Index, indicating growing interest in this segment [17] Group 4 - The Active Equity Fund Selection Index rose by 0.90% last week, with a cumulative excess return of 12.029% since inception [4] - The Value Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of -5.62% since inception [5] - The Balanced Equity Fund Selection Index rose by 0.61%, with a cumulative excess return of 4.41% since inception [6] - The Growth Equity Fund Selection Index increased by 0.83%, with a cumulative excess return of 16.24% since inception [7] - The Pharmaceutical Equity Fund Selection Index rose by 0.06%, with a cumulative excess return of 21.16% since inception [8] - The Consumer Equity Fund Selection Index decreased by 0.27%, with a cumulative excess return of 14.92% since inception [9] - The Technology Equity Fund Selection Index rose by 1.24%, with a cumulative excess return of 14.84% since inception [10] - The High-end Manufacturing Equity Fund Selection Index increased by 0.94%, with a cumulative excess return of -3.36% since inception [11] - The Cyclical Equity Fund Selection Index rose by 0.72%, with a cumulative excess return of 3.12% since inception [12]

Market Overview - The A-share market experienced a volatile increase last week, with the CSI 300 rising by 1.54% and the CSI 1000 increasing by 0.56% [2][15] - The central economic committee's sixth meeting emphasized the need to govern "involution" competition, leading to a rally in traditional cyclical industries such as steel, coal, and building materials [3][15] Policy Insights - The "anti-involution" policy aims to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to managing supply [3][16] - The focus on "anti-involution" is expected to create a macro environment conducive to technological and industrial upgrades, although related policies have yet to be fully implemented [3][16] Sector Analysis - Deep-sea technology is highlighted as a multidisciplinary industry that may see repeated catalysts as policies are released [4][17] - Recent easing of semiconductor restrictions by the U.S. government may enhance domestic EDA tool replacement rates, with a focus on building a complete industrial chain [4][17] Fund Market Dynamics - The Beijing Stock Exchange launched the "Specialized and New" index on June 30, which includes the top 50 companies in strategic emerging industries, potentially increasing trading activity on the exchange [4][18] Fund Performance Tracking - The Active Equity Fund Index rose by 0.46% last week, with a cumulative excess return of 11.29% since inception [5][19] - The Value Equity Fund Index increased by 0.56%, with a cumulative excess return of -5.87% since inception [6][19] - The Balanced Equity Fund Index saw a rise of 1.85%, with a cumulative excess return of 4.91% since inception [7][19] - The Growth Equity Fund Index increased by 1.15%, with a cumulative excess return of 15.96% since inception [8][19] - The Pharmaceutical Equity Fund Index rose by 6.88%, with a cumulative excess return of 21.94% since inception [9][19] - The Consumer Equity Fund Index increased by 0.57%, with a cumulative excess return of 15.46% since inception [10][19] - The Technology Equity Fund Index rose by 0.46%, with a cumulative excess return of 15.71% since inception [11][19] - The High-end Manufacturing Equity Fund Index increased by 1.73%, with a cumulative excess return of -3.19% since inception [12][19] - The Cyclical Equity Fund Index rose by 1.11%, with a cumulative excess return of 3.73% since inception [13][19]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week (May 26 - May 30, 2025), the A - share market first rose on high volume due to the easing of Sino - US trade negotiations and then entered a volatile adjustment. The sector rotation speed has accelerated recently, and the volatile market pattern remains unchanged [11]. - The innovation drug sector continued to rise last week, driven by multiple favorable events. However, the market heat may have reached a phased high, and the phased market of innovation drugs may end once the strong logical support weakens [12]. - The "new consumption" market has spread from the prosperity of leading stocks to a beta market, and has now entered the marginal spread stage, but its sustainability is uncertain [13]. - The technology sector has reached a stage where layout directions can be explored, as small - cap stocks show signs of peaking and the TMT trading volume as a proportion of the total A - share trading volume has fallen to a relatively low level [14]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - The A - share market first rose on high volume and then oscillated last week. The WanDe All - A Index fell 0.02% for the whole week. The environmental protection, pharmaceutical biology, national defense and military industry, agriculture, forestry, animal husbandry and fishery sectors led the gains, while the automobile, power equipment, non - ferrous metals, and comprehensive sectors underperformed [11]. - As of May 30, the trading volume proportions of the CSI 1000 and CSI 2000 indexes in the Shanghai and Shenzhen stock markets reached 19.59% and 33.26% respectively, both at 5 - year peak levels. Since 2020, the trading volume proportion of the CSI 2000 index has risen from less than 15% to over 30%, while that of the CSI 300 index has dropped from nearly 50% to less than 20%. The A - share market is a stock and shrinking market, and market participants are engaging in a stock game in small - and medium - cap stocks [11]. - The innovation drug sector continued to rise, driven by the approval of 11 innovative drugs from 8 Chinese companies on May 29 and important clinical data disclosed at the 2025 ASCO Annual Meeting from May 30 - June 3. However, the market heat may have reached a peak, and the phased market may end if strong logical support weakens [12]. - The "new consumption" market has spread from leading stocks to various directions such as new - listed Hong Kong - listed tea drinks, A - share pet and beauty care sectors. The market focus has shifted from pet food to non - liquor products, and the market has entered the marginal spread stage with uncertain sustainability [13]. - The technology sector has reached a stage for layout, as small - cap stocks show signs of peaking and the TMT trading volume proportion has declined. Upcoming industrial events in June may act as catalysts [14]. 3.1.2 Public Fund Market Dynamics - On May 30, 2025, the Shanghai Stock Exchange and China Securities Index Company optimized the compilation plan of the SSE 380 Index and launched the SSE 580 Index, forming a flagship broad - based index system of "SSE 50, SSE 180, SSE 380, and SSE 580". The index system covers 50% of the number of Shanghai - listed securities and nearly 90% of the market value [15]. - The SSE index system has established an "integrated two - wing" index brand of "flagship broad - based + science and technology innovation + dividend", which is an important part of promoting the entry of long - term funds into the market [16]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Preferred | - 0.12% | 1.45% | 4.59% | 5.44% | | Value Stock Fund Preferred | - 0.15% | 2.80% | 1.42% | 1.50% | | Balanced Stock Fund Preferred | 0.03% | 2.51% | 2.06% | - 0.17% | | Growth Stock Fund Preferred | - 0.01% | 0.94% | 9.74% | - 0.13% | | Pharmaceutical Stock Fund Preferred | 3.78% | 6.65% | 23.08% | 6.62% | | Consumption Stock Fund Preferred | - 0.93% | 3.15% | 7.37% | 0.46% | | Technology Stock Fund Preferred | - 0.01% | - 0.44% | 2.05% | 3.65% | | High - end Manufacturing Stock Fund Preferred | - 0.30% | - 0.95% | - 4.28% | - 8.90% | | Cyclical Stock Fund Preferred | - 0.81% | 3.01% | 4.22% | - 3.14% | [17] 3.2.1 Active Stock Fund Preferred - The portfolio selects 15 funds each period, with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balance the style distribution according to the CSI Active Stock Fund Index [18]. 3.2.2 Value Stock Fund Preferred - The value style includes deep - value and quality - value styles. The index is composed of 10 funds selected from deep - value, quality - value, and balanced - value styles based on multi - period style classification [20]. 3.2.3 Balanced Stock Fund Preferred - Balanced - style fund managers balance stock valuation and growth, and switch to stocks with higher cost - performance. The index is composed of 10 funds selected from relatively balanced and value - growth styles based on multi - period style classification [21]. 3.2.4 Growth Stock Fund Preferred - The growth style aims to capture the double - click opportunity of performance and valuation during a company's high - growth stage. The index is composed of 10 funds selected from active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [24]. 3.2.5 Pharmaceutical Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry based on the intersection market value of fund equity holdings and the representative index (CITIC Pharmaceutical). An evaluation system is established, and 15 funds are selected to form the index [24]. 3.2.6 Consumption Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Automobile, Home Appliances, etc.). An evaluation system is established, and 10 funds are selected to form the index [29]. 3.2.7 Technology Stock Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Electronics, etc.). An evaluation system is established, and 10 funds are selected to form the index [30]. 3.2.8 High - end Manufacturing Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Construction, etc.). An evaluation system is established, and 10 funds are selected to form the index [34]. 3.2.9 Cyclical Stock Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry based on the intersection market value of fund equity holdings and representative indexes (CITIC Petroleum & Petrochemical, etc.). An evaluation system is established, and 5 funds are selected to form the index [36].