2025 年 9 月 30 日 晨会速递 分析师点评 市场数据 行业研究 【金工】新能源主题基金净值涨幅占优，被动资金加仓 TMT 主题 ETF——基金市场 与 ESG 产品周报 20250929 本周国内权益市场指数普遍上涨，港股回调，新基市场热度持续，新成立基金 61 只， 合计发行份额为 366.07 亿份。行业主题基金表现来看，本周新能源、TMT 主题基金 净值涨幅占优，医药主题基金净值持续回撤。半导体主题产品净值表现明显占优。国 内股票 ETF 资金大幅净流入，细分主题来看，被动资金主要加仓 TMT 主题、大盘宽 基 ETF，减仓科创板、中小盘等宽基主题 ETF。 行业研究 【建筑建材】建材行业稳增长工作方案发布，以质量效益为中心严禁新增产能——建 材、建筑及基建公募 REITs 周报（9 月 20 日-9 月 26 日） (买入) 六部门印发《建材行业稳增长工作方案（2025-2026 年）》，注重供需两端协同发力。 当前我们建议关注：新材料方向：中国巨石（玻纤龙头，切入特种电子布赛道），国 恩股份（改性塑料龙头，战略布局 PEEK 及机器人方向），濮耐股份（活性氧化镁业 务弹性），科达制造（非洲 ...

Group 1 - The "15th Five-Year Plan" will focus on three core themes: technology leadership, boosting domestic demand, and security development. Key policy measures include stabilizing economic growth, enhancing total factor productivity, accelerating AI application, stabilizing manufacturing share, and investing more resources in human capital [4] - The pure bond fund analysis will examine approximately 1,000 pure bond funds, focusing on investor structure, bond types, duration, and leverage to accurately characterize each fund's duration style [4] - In the equity market, the new energy and TMT-themed funds showed superior net value growth, while the pharmaceutical sector continued to decline. There was significant net inflow into domestic stock ETFs, particularly in TMT and large-cap broad-based ETFs [4][5] Group 2 - Freeport has reduced its production guidance for 2025 and 2026 by 20,000 and 27,000 tons respectively, which accounts for 0.9% and 1.2% of global copper production in 2024. There is an expectation for copper prices to rise due to improved air conditioning production in the last quarter of the year [6] - The asphalt operating rate is at its highest level in five years, and the prices of ductile iron pipes and processing fees are at their annual peaks. The steel sector's profitability is expected to recover to historical average levels, with potential PB recovery for steel stocks [6] - The construction materials industry has released a growth stabilization plan that emphasizes quality and efficiency, prohibiting new capacity additions. This plan aims to enhance profitability through coordinated efforts on both supply and demand sides [6] Group 3 - Pfizer's acquisition of Metsera and its next-generation weight loss product portfolio highlights the significant potential and long-term viability of the weight loss drug market. This move underscores the industry's urgent need for next-generation therapies and the competitive landscape in the GLP-1 sector [7]

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 provided content does not include any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The report primarily focuses on fund market performance, ETF flows, ESG products, and other financial market observations. Therefore, there are no relevant quantitative models or factors to summarize.

- 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]

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]