在市场情绪回落、年末保收益的背景下，多只基金发布规模预警。 今年以来，权益类基金迎来高光时刻的同时，业绩过山车的现象也频发，不少高收益基金在近期出现业绩返贫 甚至倒亏的现象，显示出这一轮市场调整已对基金净值造成压力，投资者赎回份额锁收益的需求也快速提升， 这也成为不少基金发布规模预警的直接因素。 基金年末赎回压力大 近期，多家公募旗下权益类基金发布预警，主要涉及基金资产规模可能触发合同终止。11月20日，上海一公募 公告旗下一只偏股型基金可能触发合同终止，提示该基金若截至2025年12月2日，出现连续50个工作日基金资 产净值低于5000万元情形，基金公司将依据基金合同约定进入财产清算程序。 北京一公募也发布公告，截至2025年11月19日，旗下一只权益类基金已连续45个工作日基金资产净值低于5000 万元，若该基金连续50个工作日出现基金份额持有人数量不满200人，或者基金资产净值低于5000万元，基金 合同将终止并进行基金财产清算，且不需要召开基金份额持有人大会进行表决。 深圳某公募也公告，旗下一只偏股型基金已连续30个工作日低于5000万元，若出现触发基金合同终止情形，基 金公司将履行基金财产清算。 值 ...

值得一提的是，上述出现基金合同终止风险的基金，清一色实现正收益，部分基金不仅年内收益率保持较高水 平，且基金产品成立以来的累计总收益也表现不俗。 例如，北京某公募旗下的一只权益基金今年内收益率约 为44%，而同类产品的平均收益率只有约25%，同期沪深300的收益率为16%，显示出该基金产品实现赚钱效应 的同时，也大幅跑赢市场。 在市场情绪回落、年末保收益的背景下，多只基金发布规模预警。 今年以来，权益类基金迎来高光时刻的同时，业绩过山车的现象也频发，不少高收益基金在近期出现业绩返贫 甚至倒亏的现象，显示出这一轮市场调整已对基金净值造成压力，投资者赎回份额锁收益的需求也快速提升， 这也成为不少基金发布规模预警的直接因素。 基金年末赎回压力大 近期，多家公募旗下权益类基金发布预警，主要涉及基金资产规模可能触发合同终止。11月20日，上海一公募 公告旗下一只偏股型基金可能触发合同终止，提示该基金若截至 2025 年 12 月 2 日，出现连续 50 个工作日基 金资产净值低于 5000万元情形，基金公司将依据基金合同约定进入财产清算程序。 北京一公募也发布公告，截至2025年11月19日，旗下一只权益类基金已连续4 ...

● 本报记者 王宇露 历经两个多月的调整，医药主题基金正悄然吹响反攻的号角。近期多只医药主题基金业绩止跌回稳，部 分基金甚至重拾涨势。与此同时，医保谈判首次引入"商保创新药目录"机制，犹如一剂强心针，极大点 燃了市场热情，相关ETF火爆放量。机构认为，医药板块特别是创新药领域，在支付体系革新与业绩兑 现的双轮驱动下，其长期投资价值正迎来新一轮的释放窗口。 医药基金重拾涨势 据悉，"商保创新药目录"主要纳入超出基本医保定位、暂时无法纳入基本目录，但创新程度高、临床价 值大、患者获益显著的创新药，推荐商业健康保险、医疗互助等多层次医疗保障体系参考使用。 湘财证券研究报告显示，商业保险对创新药的支付金额预计从2024年的124亿元大幅增长至2035年的 4400亿元，占比从8%提升至44%，商业保险有望成为未来创新药支付的重要方式。 华泰柏瑞基金认为，推动创新药支付体系从单一医保走向"医保+商保"的双轮驱动，高价值创新药的支 付压力有望通过商保渠道分流，从而推动未来创新药市场规模扩容和业绩持续兑现。 创新药板块前景向好 展望后市，机构对医药行业和创新药的投资前景仍较为乐观，前期的调整反而带来了布局窗口。 今年以来， ...

点击注册小程序 查看完整报告 特别申明： 基金产品表现跟踪： 长期行业主题基金指数表现来看，本周医药主题基金表现占优，TMT主题基金回撤明显。截至2025年11 月14日，医药、周期、消费、金融地产、新能源、行业轮动、行业均衡、国防军工、TMT主题基金本周涨 跌幅分别为4.69%、2.00%、1.68%、0.77%、-0.43%、-0.68%、-1.24%、-1.95%、-4.42%。 ETF市场跟踪： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.11.10-2025.11.14）黄金价格上涨，国内权益 市场指数集体回调。行业方面，本周综合、纺织服饰、商贸零售行业涨幅居前，通信、电子、计算机行业 跌幅居前。基金市场方面，本周债券型基金表现 ...

2025 年 11 月 17 日 总量研究 医药主题基金表现占优，TMT、科创主题 ETF 受被动资金加仓 ——基金市场与 ESG 产品周报 20251117 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.11.10-2025.11.14）黄金价格上涨，国内权益市场指数集体回调。行业 方面，本周综合、纺织服饰、商贸零售行业涨幅居前，通信、电子、计算机 行业跌幅居前。基金市场方面，本周债券型基金表现占优，股混基金净值回 撤。 基金产品发行情况：本周国内市场新成立基金 25 只，合计发行份额为 141.73 亿份。其中股票型基金 14 只、FOF 基金 4 只、混合型基金 4 只、债 券型基金 3 只。全市场新发行基金 41 只，从类型来看，股票型基金 23 只、 混合型基金 8 只、FOF 基金 5 只、债券型基金 4 只、REITs1 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周医药主题基金表 现占优，TMT 主题基金回撤明显。截至 2025 年 11 月 14 日，医药、周期、 消费、金融地产、新能源、行业轮动、行业均衡、国防军工、TMT 主题基金 本周涨跌幅 ...

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]

Core Insights - The article emphasizes the importance of the Calmar Ratio as a key reference indicator for selecting funds, highlighting its role in assessing risk-adjusted returns [2][4]. Summary by Sections Basic Screening - The Calmar Ratio is defined as the annualized return divided by the maximum drawdown, with a higher ratio indicating better risk-adjusted returns [4]. - Initial screening can involve setting the Calmar Ratio as the first criterion, focusing on funds with a ratio greater than 1 to avoid those with unfavorable risk-return profiles [6]. - Comparing funds within the same category using the Calmar Ratio helps identify those with superior risk management and return generation capabilities [8]. - Evaluating the Calmar Ratio during bear markets can reveal funds that maintain high ratios, indicating strong risk control [10]. Advanced Analysis - Combining the Calmar Ratio with the Sharpe Ratio allows for a comprehensive assessment of a fund's risk-return characteristics, focusing on extreme risks versus daily volatility [12]. - The Calmar Ratio serves as a litmus test for assessing a fund manager's risk management skills, with a consistently high ratio reflecting a disciplined investment approach [14]. - The maximum drawdown is crucial for understanding an investor's psychological comfort level, with a higher Calmar Ratio suggesting a better holding experience [16]. Strategy Application - For systematic investment plans, prioritizing funds with high Calmar Ratios can reduce psychological stress during market downturns while ensuring decent returns during upswings [19]. - In constructing a fund portfolio, including high Calmar Ratio funds can stabilize overall portfolio performance and reduce volatility [22]. - The Calmar Ratio can help identify "pseudo" high-yield funds that may carry hidden risks, allowing investors to avoid those with unsustainable returns [24]. - Regular monitoring of the Calmar Ratio for held funds can provide early warnings of deteriorating risk-return profiles, prompting timely adjustments [27].

Market Overview - The oil prices surged significantly during the week of September 22 to September 26, 2025, while domestic equity market indices generally rose, and Hong Kong stocks experienced a pullback [4] - In terms of industry performance, the power equipment, non-ferrous metals, and electronics sectors saw the highest gains, whereas social services, comprehensive, and retail sectors faced the largest declines [4] Fund Issuance - A total of 61 new funds were established this week, with a combined issuance of 36.607 billion units. This includes 30 equity funds, 7 bond funds, 17 mixed funds, 1 international (QDII) fund, and 6 FOF funds [5] Fund Performance Tracking - Long-term thematic fund indices showed that new energy and TMT (Technology, Media, and Telecommunications) themed funds had the best net value growth, while pharmaceutical themed funds continued to decline. The weekly performance for various thematic funds as of September 26, 2025, was as follows: new energy (3.67%), TMT (2.29%), cyclical (1.90%), industry balanced (0.83%), industry rotation (0.56%), national defense and military industry (0.56%), financial real estate (-0.45%), consumption (-1.33%), and pharmaceuticals (-1.59%) [6] ETF Market Tracking - Domestic stock ETFs experienced significant net inflows, with passive funds primarily increasing their positions in TMT themes and large-cap broad-based ETFs, while reducing positions in the Sci-Tech Innovation Board and small-cap broad-based ETFs. The median return for stock ETFs was 1.00%, with a net inflow of 23.402 billion yuan. Hong Kong stock ETFs had a median return of -1.90% and a net inflow of 8.395 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.22 percentage points compared to the previous week. In terms of industry allocation, funds increased their positions in electronics, media, and environmental protection sectors, while reducing holdings in telecommunications, pharmaceuticals, and automotive sectors [9] ESG Financial Products Tracking - This week, 23 new green bonds were issued, with a total issuance scale of 30.974 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 4.85 trillion yuan and a total of 4,175 bonds issued as of September 26, 2025. The median net value growth for ESG funds was 1.37% for actively managed equity funds, 1.03% for passive index equity funds, and -0.14% for bond funds [10]

- The report tracks the performance of various types of funds, highlighting that TMT theme funds showed the strongest growth with a net value increase of 5.85% during the week ending August 29, 2025[2][37][38] - Passive index funds focusing on themes like communication and artificial intelligence also performed well, with the median net value change for stock passive index funds being 2.41%[2][42][43] - REITs market indices showed overall growth, with the REITs comprehensive index increasing by 1.36%, and specific indices like municipal facilities REITs rising by 5.70%[50][51][54] - ESG funds demonstrated varied performance, with active equity ESG funds achieving a median net value increase of 3.17%, and social responsibility, green, and sustainable development themes performing notably well[83][84][85]

Core Insights - Since the "9·24" market rally last year, 209 mutual funds have doubled their net asset value, with over 70% being actively managed equity funds [1][4][15] - The market has shown strong bullish trends, with the Hang Seng Index surpassing 25,000 points and the Shanghai Composite Index breaking through key levels of 3,600 and 3,700 points [2][3] Active Equity Funds Performance - Among the 209 funds that have doubled, 155 are actively managed equity funds, significantly outperforming index funds during this period [2][4] - The best-performing active equity fund has outperformed the highest-gaining index fund by over 90 percentage points, while the top active fund in the Beijing Stock Exchange has a performance gap of nearly 150 percentage points compared to the corresponding index fund [2][13] North Exchange Theme Funds - The North Exchange theme funds have emerged as leaders in performance, with 11 out of 124 doubling funds being from this category, occupying the top three positions in terms of returns [5][6] - The North Exchange 50 Index has seen a cumulative increase of over 162% since September 2024, driving the strong performance of related theme funds [7] Sector Performance - Various sectors such as dividends, artificial intelligence, banking, and innovative pharmaceuticals have shown active performance, with funds focused on these areas yielding substantial profits [7] - Specific funds like Yongying Advanced Manufacturing and Debon Xinxing Value have reported net asset value increases exceeding 170% [7] Comparison with Passive Funds - In contrast to the active funds, only 54 passive index funds have doubled their returns since the "9·24" rally, indicating a significant disparity in performance [13][15] - The average returns of actively managed equity funds are now comparable to those of index funds, marking a shift in the investment landscape [3][15]