Market Performance Overview - The equity market indices collectively rose during the week of December 22-26, 2025, with the CSI 500 increasing by 4.03%. The sectors that performed well included non-ferrous metals, defense and military industry, and electric equipment, while beauty care, social services, and banking sectors saw declines [4]. Fund Product Issuance - A total of 65 new funds were established in the domestic market this week, with a combined issuance of 27.894 billion units. This included 19 bond funds, 18 stock funds, 18 mixed funds, 6 FOF funds, 1 REIT, and 3 money market funds. Overall, 23 new funds were issued across various types, including 8 mixed funds, 8 stock funds, 5 bond funds, 1 FOF fund, and 1 REIT [5]. Fund Product Performance Tracking - The defense and military theme funds saw a significant increase in net value this week, while the medical and consumer theme funds experienced a pullback. As of December 26, 2025, the net value changes for various thematic funds were as follows: defense and military (6.62%), new energy (6.34%), TMT (4.15%), industry balanced (3.08%), industry rotation (2.63%), cyclical (2.63%), financial real estate (0.14%), consumer (-0.21%), and medical (-0.81%) [6]. ETF Market Tracking - Stock ETFs continued to see significant inflows, with a net inflow of 36.341 billion yuan. The median return for stock ETFs was 2.74%. In contrast, Hong Kong stock ETFs had a median return of -0.09% with a net inflow of 1.612 billion yuan. Cross-border ETFs had a median return of 0.90% and a net inflow of 0.655 billion yuan. Commodity ETFs had a median return of 3.59% with a net inflow of 2.129 billion yuan. Notably, the broad market theme ETFs saw a total inflow of 43.784 billion yuan, while the medical theme ETFs had a net inflow of 0.403 billion yuan [7]. ESG Financial Product Tracking - This week, 31 new green bonds were issued, totaling an issuance scale of 22.114 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.17 trillion yuan and a total of 4,458 bonds issued as of December 26, 2025. The domestic fund market currently has 211 ESG funds with a total scale of 153.222 billion yuan. The median net value changes for various ESG fund types this week were 4.12% for active equity, 2.50% for passive stock index, and 0.06% for bond ESG funds, with themes like carbon neutrality, green energy, and environmental protection performing well [8].

以国内某大型公募为例，其在2021年8月推出的医疗健康基金，在随后的2021年、2022年、2023年和2024年， 年度收益率分别亏损5%、21%、7%和14%。尽管该基金在2025年凭借超过30%的收益率展现出不俗的弹性， 但其单位净值依然不足0.8元，自成立以来的累计损失仍达22%。 这并非行业孤例。另一只成立于2021年4月的医药主题基金，因在市场最高点建仓，境遇更为惨淡。在连续四 年下跌后，即便2025年实现了约20%的反弹，其净值也未能突破0.5元，深陷净值腰斩的泥潭。 在赛道繁荣阶段入市的公募产品，正面临着"赚钱"也无法挽回口碑的尴尬。 在赛道最繁荣的顶点入市，曾是公募吸金崛起的良机，如今却成了业绩枷锁。对于2021年高位成立的医药主题 基金而言，即便迎来2025年的强劲反弹，也难以抹平四年的深幅亏损与口碑损害，没有择时布局的产品成为业 绩困境的重要原因，基金合同的有限存续期，也让"等待价值发现"成了一场与时间竞赛的陷阱与豪赌。 基金业绩弹性难换口碑 2025年的A股市场精彩纷呈，赛道型基金轮番上演赚钱效应，成为市场绝对的主角。然而，对于那些在2021年 夏天赛道最火热时点成立的医药主题基金来说 ...

Core Viewpoint - The pharmaceutical sector has experienced a slowdown in its upward momentum after a strong rally earlier in the year, with a noticeable reduction in the number of "doubling funds" [1] Group 1: Market Performance - As of November 28, only two pharmaceutical-themed funds maintained a doubling return for the year, indicating a significant decrease from the previous peak in the third quarter [1] - Over the past three months, the leading pharmaceutical ETFs have seen a decline in scale, reflecting a shift in investor sentiment from aggressive accumulation to a more cautious outlook [1] Group 2: Industry Outlook - The pharmaceutical sector is currently in a transitional phase characterized by a clear policy bottom and emerging valuation bottom, but with intensified capital competition [1] - From a long-term perspective, the growth logic of the pharmaceutical industry remains intact, supported by ongoing policy reinforcement, improved industry cash flow, and a rebound in new drug research and development investments [1] - The fundamental resilience and cost-effectiveness of the sector continue to provide support for investment [1]

另外，有14只医药行业主题基金今年以来的净值为负，部分产品成立在医药板块进入调整的时期，其中 3只产品净值跌幅超过10%。 不过，业内人士依旧看好板块投资前景。展望2026年医药投资趋势，中信证券医疗健康产业首席分析师 陈竹表示，无论是中国医药企业在创新领域的集中兑现，还是政策端出台支持创新药械、优化集采、推 动商保等一系列产业支持政策，医疗健康产业的内外因催化因素都有望延续，医疗健康产业开始逐步重 新回归到临床价值和需求导向的市场价格定价体系，带来稳定且持续的国内医药市场环境和长坡厚雪的 发展主基调，上市公司也有望迎来持续且稳定的业绩增长趋势，带来行业成长确定性的贝塔。 他认为，医药行业将是有望继续维持超配的行业，建议投资者在2026年从横向维度上，围绕以下几条主 线进行布局。一是创新驱动和国际化，在反内卷的国内政策环境下，关注创新驱动和国际化出海的相关 标的；二是自主可控，建议更多地关注自主可控下核心零部件、试剂、科研上游的进口替代进程加速的 相关标的；三是新政新气象，关注受益于集采优化、医保三个支付、消费刺激政策和国企改革的相关标 的。 【深圳商报讯】（记者 詹钰叶）今年以来A股医药板块持续强势，相关主 ...

Core Viewpoint - The article highlights the recent trend of multiple funds issuing scale warnings due to increased redemption pressure from investors seeking to lock in profits amid market volatility and declining sentiment [1][2]. Fund Scale Warnings - Several public funds have issued warnings regarding potential contract termination due to asset scale falling below required thresholds. For instance, a fund in Shanghai may face termination if its net asset value remains below 50 million yuan for 50 consecutive working days by December 2, 2025 [3]. - A fund in Beijing has already seen its net asset value below 50 million yuan for 45 consecutive working days, with a risk of termination if it continues for another 5 days or if the number of fund holders drops below 200 [3]. - A fund in Shenzhen has also reported a continuous low asset value for 30 working days, indicating a potential for liquidation if the situation persists [3]. Performance of Funds - Notably, the funds at risk of termination have still achieved positive returns. For example, a fund in Beijing has reported a year-to-date return of approximately 44%, significantly outperforming the average return of similar products at around 25% and the CSI 300 index at 16% [4]. - Despite strong performance, these funds have struggled to attract new investments, leading to prolonged low asset scales. A pharmaceutical-themed fund, for instance, has a year-to-date return exceeding 90% but an asset scale of less than 50 million yuan [4]. Investor Behavior and Market Sentiment - The year-end redemption pressure is attributed to investors' desire to secure profits, especially as many high-yield funds have experienced significant drawdowns, leaving minimal returns [6]. - Recent data indicates that as investor sentiment has cooled, the demand for conservative strategies has increased, with many active equity funds suffering losses in the past month [6]. - A technology-themed fund that initially saw a peak return of nearly 50% has since dropped to below 10% due to market downturns, prompting significant redemptions from investors seeking to lock in profits [7]. Market Outlook and Strategy - Despite cautious sentiment among fund holders, several fund companies believe there are still opportunities in low-positioned sectors within the broader technology market. They suggest focusing on quality stocks that may rebound [9]. - Analysts predict that the macroeconomic environment may lead to a GDP slowdown in Q4, but overall market volatility is expected to remain moderate, with no significant catalysts for large price swings [9][10]. - A fund manager emphasizes that while the AI and technology sectors remain strong, investors should be cautious of high-positioned stocks due to potential increased volatility [10].

Group 1 - The article highlights that several funds have issued scale warnings due to market sentiment decline and increased investor demand for locking in profits as year-end approaches [1][2] - Many equity funds have experienced significant performance fluctuations, with some high-yield funds facing losses recently, indicating that the current market adjustment has pressured fund net values [1][4] - The article notes that despite some funds showing positive returns, they have struggled to attract new investments, leading to asset sizes falling below contractual thresholds [3][4] Group 2 - Recent warnings from public funds indicate that several equity funds may trigger contract termination due to asset net values falling below 50 million yuan for consecutive working days [2][3] - Specific funds, despite achieving high annual returns (e.g., a fund with a 44% return compared to a 25% average for similar products), have not attracted sufficient capital, resulting in low asset sizes [3][4] - The article discusses the trend of investors redeeming shares to secure profits, particularly in light of recent market downturns affecting fund performance [4][5] Group 3 - The article mentions that fund managers are currently cautious but see opportunities in low-position sectors within the technology space, suggesting a focus on quality stocks for potential rebounds [6][7] - It is noted that the overall market is lacking new catalysts, with expectations of a stable economic growth rate around 4.5% to 4.7% for the fourth quarter, indicating a potential for market fluctuations rather than drastic adjustments [6][7] - The article emphasizes that while high-position sectors may still have strong fundamentals, investors should be wary of increased volatility and short-term adjustment risks [7]

Core Viewpoint - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment period, driven by the introduction of the "Commercial Insurance Innovative Drug Directory" mechanism in the national medical insurance negotiations, which has significantly boosted market enthusiasm [1][2][3] Group 1: Pharmaceutical Fund Performance - Several pharmaceutical theme funds have demonstrated strong upward momentum, with some products doubling in net value this year due to favorable factors such as the expansion of innovative drug business development (BD) transactions [1] - As of late August, the Yongying Pharmaceutical Innovation A fund had a return rate of 113.05% for the year, but experienced a pullback starting in early September. Recently, it has stabilized, with a near one-month return rate of -0.66% as of November 18 [2] - The Fuguo Pharmaceutical Innovation A fund also saw a net value pullback from early September, but has begun to recover, with a near one-month return rate of 2.19% as of November 18 [2] Group 2: New Catalysts - The introduction of the "Commercial Insurance Innovative Drug Directory" during the 2025 national medical insurance negotiations is reigniting investment enthusiasm in innovative drugs, leading to a significant increase in trading volume for related ETFs, such as the Hang Seng Innovative Drug ETF, which saw daily trading volumes exceeding 1.2 billion yuan from November 12 to 14 [2][3] - The "Commercial Insurance Innovative Drug Directory" includes innovative drugs that exceed basic medical insurance coverage but have high clinical value and significant patient benefits, suggesting a shift towards a multi-layered medical insurance system [2] Group 3: Future Outlook for Innovative Drugs - Institutions remain optimistic about the investment prospects in the pharmaceutical industry and innovative drugs, viewing recent adjustments as a new opportunity for positioning [3] - The Chinese innovative drug industry is still in its early stages of international development, with significant growth potential as domestic innovative drug sales currently account for only about 10% of the overall pharmaceutical market [3][4] - The shift from relying on "story expectations" to focusing on "value realization" is expected to lead to a qualitative leap in the innovative drug sector, supported by continuous performance realization and payment system reforms [3]

Market Overview - In the week from November 10 to November 14, 2025, gold prices increased while domestic equity market indices collectively retreated. The comprehensive, textile and apparel, and retail trade sectors saw the highest gains, while the communication, electronics, and computer sectors experienced the largest declines [4]. Fund Issuance - A total of 25 new funds were established in the domestic market this week, with a combined issuance of 14.173 billion units. This included 14 equity funds, 4 FOF funds, 4 mixed funds, and 3 bond funds. Overall, 41 new funds were issued across the market, comprising 23 equity funds, 8 mixed funds, 5 FOF funds, 4 bond funds, and 1 REIT [5]. Fund Performance Tracking - The performance of long-term thematic funds showed that the pharmaceutical theme funds performed best with a gain of 4.69%, while TMT theme funds saw a significant decline of 4.42%. Other thematic fund performances included cyclical (2.00%), consumer (1.68%), financial real estate (0.77%), new energy (-0.43%), industry rotation (-0.68%), industry balance (-1.24%), and national defense and military industry (-1.95%) [6]. ETF Market Tracking - This week, various ETFs saw inflows, particularly TMT and Sci-Tech themed ETFs, driven by passive fund accumulation. The median return for equity ETFs was -1.08% with a net inflow of 11.729 billion yuan. Hong Kong stock ETFs had a median return of 1.32% and a net inflow of 8.432 billion yuan. Commodity ETFs, represented by gold ETFs, had a median return of 3.26% with a net inflow of 5.957 billion yuan [7]. Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.19 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in electronics, home appliances, and automobiles, while reducing their holdings in computers, non-bank financials, and banks [8]. ESG Financial Products Tracking - This week, 30 new green bonds were issued, totaling 64.801 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance of 5.02 trillion yuan and 4,297 bonds issued as of November 14, 2025. The median net value change for active equity, passive index equity, and bond ESG funds was -1.67%, -1.13%, and +0.04%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance [9].

Quantitative Models and Construction Methods 1. Model Name: Active Equity Fund Position Estimation Model - **Model Construction Idea**: The model aims to estimate the high-frequency positions of active equity funds using quantitative methods based on daily disclosed net value sequences[64] - **Model Construction Process**: - Utilize constrained multivariate regression models to find the optimal estimation results of fund positions among the constructed asset sequences[64] - Construct simulated portfolios for each fund to improve the accuracy of position estimation[64] - Measure the overall position change trend of active equity funds and further estimate their latest industry preferences[64] - **Model Evaluation**: The model provides a high-frequency estimation of fund positions, which is crucial for understanding the investment behavior of active equity funds[64] 2. Model Name: REITs Series Index Construction Model - **Model Construction Idea**: The model provides a new perspective for asset allocation using REITs indices based on index investment philosophy[48] - **Model Construction Process**: - Construct a complete series of REITs indices to reflect the market performance comprehensively[48] - Provide detailed sub-indices for different underlying assets and project types, considering the high dividend characteristics of REITs[48] - Use a tiered rounding method to ensure the stability of the index calculation[48] - Apply the divisor adjustment method to maintain the continuity of the index when non-trading factors (e.g., new issuance, expansion) occur[48] - **Model Evaluation**: The model effectively captures the performance of various REITs assets and provides valuable tools for investors to measure the risk-return profile of REITs[48] Model Backtesting Results Active Equity Fund Position Estimation Model - **Weekly Position Change**: The estimated positions of active equity funds decreased by 0.19 percentage points compared to the previous week[64] - **Industry Allocation Trends**: Increased allocation in electronics, home appliances, and automobiles; decreased allocation in computers, non-bank finance, and banking sectors[64] REITs Series Index Construction Model - **Weekly Performance**: The comprehensive REITs index increased by 0.87%[50] - **Sub-Indices Performance**: - Property REITs Index: +0.81%[50] - Franchise REITs Index: +1.00%[50] - Affordable Rental Housing REITs Index: +1.51%[50] Quantitative Factors and Construction Methods 1. Factor Name: ESG Fund Performance Tracking - **Factor Construction Idea**: Track the performance of ESG funds by considering environmental, social, and governance factors in investment strategies[79] - **Factor Construction Process**: - Classify ESG funds into thematic ESG funds and general ESG funds based on their investment strategies[79] - Thematic ESG funds include "ESG," "sustainable," and "responsible investment" themes[79] - General ESG funds cover themes like "low carbon," "carbon neutral," "green," "environment," "climate," "ecology," "Yangtze River protection," etc.[79] - Social themes include "social responsibility," "poverty alleviation," "rural revitalization," "Belt and Road," "Silk Road," "regional development," etc.[79] - Governance themes include "corporate governance" and "governance"[79] - **Factor Evaluation**: The factor provides a comprehensive classification and tracking of ESG funds, helping investors understand the performance and impact of ESG investments[79] Factor Backtesting Results ESG Fund Performance Tracking - **Number of ESG Funds**: 213 funds with a total scale of 1520.28 billion yuan[80] - **Thematic Distribution**: - ESG Theme: 172.07 billion yuan[80] - Environmental Theme: 1185.57 billion yuan[80] - Social Theme: 137.23 billion yuan[80] - Governance Theme: 25.41 billion yuan[80] - **Type Distribution**: - Active Equity Funds: 804.90 billion yuan[80] - Stock Passive Index Funds: 202.64 billion yuan[80] - Pure Bond Funds: 221.67 billion yuan[80] - Bond Passive Index Funds: 278.98 billion yuan[80] - QDII Funds: 12.08 billion yuan[80] - **Weekly Performance**: - Active Equity ESG Funds: Median net value change of -1.67%[84] - Stock Passive Index ESG Funds: Median net value change of -1.13%[84] - Bond ESG Funds: Median net value change of +0.04%[84]

Group 1: Market Overview - After the National Day holiday, gold prices surged, and the equity market indices showed mixed performance, with the Shanghai Composite Index rising [4] - This week, cyclical theme funds outperformed in net value growth, while pharmaceutical theme funds continued to decline [4] - Domestic stock ETFs saw significant net inflows, with funds primarily increasing positions in TMT, new energy, and cyclical industry ETFs, while reducing positions in large-cap theme ETFs [4] Group 2: Metal and Material Prices - The price of electrolytic cobalt reached 345,000 CNY/ton, a week-on-week increase of 3.9%. The price ratio of electrolytic cobalt to cobalt powder was 0.94, down 5.9% week-on-week [5] - The price of carbon fiber remained stable at 83.8 CNY/kg, with a gross profit of -8.38 CNY/kg [5] Group 3: Construction and Building Materials - Electronic fiberglass prices increased, and the supply-demand situation for fiberglass may improve in Q4. However, cement prices in East China declined, and downstream demand remained weak post-holiday [5] - The glass industry experienced low production and sales rates after the holiday, with inventory levels increasing significantly compared to pre-holiday [5] Group 4: Company Insights - Huguang Co., Ltd. has focused on the research, development, manufacturing, and sales of automotive wiring harnesses for 28 years, capitalizing on opportunities in the electric and intelligent automotive sectors, leading to simultaneous increases in volume and price [6] - Meitu Inc. showcased its core product functionalities during the 2025 Investor Day, highlighting robust fundamentals and accelerated growth in subscription users driven by AI enhancements and global expansion efforts [6]