2025 年 9 月 1 日 总量研究 TMT 主题基金涨幅优势延续，超百亿资金加仓 TMT、周期行业 ETF ——基金市场与 ESG 产品周报 20250901 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 2025.8.25-2025.8.29）国内权益市场热度持续，创业板指上涨 7.74%，港股 呈现调整。行业方面，本周通信、有色金属、电子行业涨幅居前，纺织服 饰、煤炭、银行行业跌幅居前。基金市场方面，本周权益型基金整体表现较 好，偏股混合型基金领涨，混合债券型一级基金回调。 基金产品发行情况：本周国内新基市场热度上升，股票型基金发行火热，新 成立基金 44 只，合计发行份额为 282.05 亿份。其中股票型基金 29 只、混 合型基金 5 只、债券型基金 5 只、FOF 基金 2 只、REITs1 只、货币市场型 基金 2 只。全市场新发行基金 29 只，从类型来看，股票型基金 19 只、混合 型基金 7 只、债券型基金 3 只。 基金产品表现跟踪：行业主题基金方面，本周各主题基金净值多数上涨， TMT 主题基金涨幅优势延续，净值上涨 5.85%，金融地产、医药主题基金呈 现回 ...

Market Performance Overview - The domestic equity market indices continued to rise, with the ChiNext Index leading the gains. The communication, pharmaceutical, and automotive sectors showed the highest increases, while media, real estate, and public utilities sectors experienced the largest declines [2] - Equity funds performed well, with mixed equity funds rising by 3.06% during the week [2] Fund Product Issuance - A total of 35 new funds were established this week, with a combined issuance of 21.485 billion units. This included 20 equity funds, 3 bond funds, 7 mixed funds, 4 REITs, and 1 FOF fund [3] - Overall, 33 new funds were issued, comprising 18 equity funds, 8 mixed funds, 3 bond funds, 2 REITs, 1 FOF fund, and 1 international (QDII) fund [3] Fund Product Performance Tracking - The net value of long-term thematic funds increased, with the pharmaceutical theme fund showing significant performance advantages. As of July 18, 2025, the weekly performance of various thematic funds was as follows: pharmaceutical (8.38%), TMT (3.91%), defense and military industry (3.44%), and others [4] - Passive index funds in the Hong Kong market, particularly in pharmaceuticals and communications, performed well [5] ETF Market Tracking - Domestic equity ETFs saw profit-taking, with passive funds reducing their positions in broad-based ETFs. However, there was significant inflow into financial real estate and dividend-themed ETFs. The median return for domestic equity ETFs was 1.38%, with a net outflow of 15.043 billion yuan [7] - Hong Kong ETFs had a median return of 5.53%, with a net inflow of 5.289 billion yuan [7] - Themed ETFs related to the Sci-Tech Innovation Board saw a net inflow of 392 million yuan, while financial real estate themed ETFs had a notable net inflow of 4.211 billion yuan [8] Fund Position High-Frequency Monitoring - The estimated position of actively managed equity funds increased by 0.65 percentage points compared to the previous week. Funds were allocated more towards communication, household appliances, and machinery equipment, while electronic, non-ferrous metals, and food and beverage sectors saw reductions [9] ESG Financial Product Tracking - The issuance of green bonds was subdued, with 9 new green bonds issued, totaling 7.079 billion yuan. The cumulative issuance of green bonds reached 4.67 trillion yuan, with 3,992 bonds issued [10] - The median net value changes for various ESG funds were as follows: actively managed equity ESG funds (2.20%), passive equity index ESG funds (0.80%), and bond ESG funds (0.07%). Funds focused on low-carbon economy, carbon neutrality, and sustainable development showed significant performance advantages [10]

Market Performance Overview - The oil index experienced a significant increase, while the domestic equity market continued its upward trend, with the ChiNext Index rising by 2.36%. In contrast, US stocks saw a slight pullback [2] - Most of the Shenwan first-level industries rose, with real estate, steel, and non-bank financial sectors leading the gains, while coal, banking, automotive, and household appliances sectors declined [2] Fund Product Issuance - The domestic new fund market showed overall improvement, with 35 new funds established, totaling 24.909 billion units issued. This included 14 bond funds, 13 equity funds, 1 REIT, 2 FOFs, and 5 mixed funds [3] Fund Product Performance Tracking - Except for consumer-themed funds, most thematic funds continued to rise, with new energy and financial real estate funds performing relatively well. As of July 11, 2025, the respective performance of various thematic funds was as follows: new energy (1.62%), financial real estate (1.39%), TMT (1.32%), and others [4] Passive Index Fund Performance - The median net value change for passive equity index funds was 1.2%, with strong performances from themes such as Hong Kong securities, rare earths, and financial technology [5] ETF Market Tracking - Domestic equity ETFs saw a reversal in fund flows, primarily moving towards small-cap, sci-tech board, and industry ETFs. The median return for equity ETFs was 1.19%, with a net inflow of 899 million yuan. Hong Kong ETFs also saw a net inflow of 4.848 billion yuan [6] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.11 percentage points compared to the previous week. Increased allocations were observed in telecommunications, automotive, and public utilities, while reductions were noted in non-ferrous metals, food and beverage, and pharmaceutical sectors [7] ESG Financial Product Tracking - A total of 29 new green bonds were issued this week, with a cumulative issuance scale of 32.475 billion yuan. The domestic green bond market has steadily developed, with a total issuance scale of 4.66 trillion yuan and 3,983 bonds issued as of July 11, 2025 [8] ESG Fund Performance - The median net value change for actively managed equity, passive index equity, and bond ESG funds was 0.98%, 1.03%, and -0.05%, respectively. As of July 11, 2025, there were 213 existing ESG funds in the domestic market, with a total scale of 135.564 billion yuan [9]