1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - TMT industry funds led the gains, and funds accelerated their inflow into cross - border ETFs [1]. - Among the seven types of fund products this week, active equity funds had the highest weekly average return rate of 3.92%. The other types of funds were ranked in descending order of weekly average return rates: ETF funds (3.31%), quantitative funds (2.80%), QDII funds (1.73%), FOF funds (1.32%), bond funds (0.05%), and REITs funds (-1.95%) [3]. - Year - to - date, QDII funds had an average return rate of 20.88%, leading among various types of funds. The other types of funds were ranked in descending order of return rates: active equity funds (20.02%), quantitative funds (16.79%), REITs funds (16.21%), ETF funds (16.19%), FOF funds (8.71%), and bond - type funds (2.03%) [8]. 3. Summary According to the Directory 3.1 Cross - Category Fund Product Return Overview - This week, active equity funds had the highest weekly average return rate of 3.92%. The other types of funds were ranked in descending order of weekly average return rates: ETF funds (3.31%), quantitative funds (2.80%), QDII funds (1.73%), FOF funds (1.32%), bond funds (0.05%), and REITs funds (-1.95%) [3][8]. - Year - to - date, QDII funds had an average return rate of 20.88%, leading among various types of funds. The other types of funds were ranked in descending order of return rates: active equity funds (20.02%), quantitative funds (16.79%), REITs funds (16.21%), ETF funds (16.19%), FOF funds (8.71%), and bond - type funds (2.03%) [8]. 3.2 Active Equity Funds 3.2.1 Performance of Major Broad - Based Indexes in A - share and Hong Kong Stock Markets - This week, major broad - based indexes in the A - share market generally rose, with the ChiNext Index having the highest weekly increase of 8.58%, followed by the STAR 50 Index with a weekly increase of 5.53%. The Shanghai 50 Index had the smallest increase, with a weekly increase of 1.57%. Major broad - based indexes in the Hong Kong stock market also rose this week, with the Hang Seng Index and the Hang Seng Tech Index increasing by 1.65% and 1.52% respectively [11]. 3.2.2 Performance of Shenwan Primary Industry Indexes - This week, most Shenwan primary industry indexes rose. The communication, electronics, and non - bank finance industry indexes performed relatively well, with weekly increases of 7.66%, 7.02%, and 6.48% respectively. The textile and apparel, steel, and banking industry indexes performed weakly, with weekly increases of -1.37%, -2.04%, and -3.19% respectively [14]. 3.2.3 Overview of Returns of High - Performing Active Equity Funds - This week, the overall average return rate of active equity funds was 3.92%. Yongying Digital Economy Smart Selection Hybrid Initiation A performed the best, with a weekly return rate of 18.81%, mainly stimulated by news such as the launch of the first domestic commercial electron - beam lithography machine and Huawei's release of AI inference innovation technology UCM, which may reduce the dependence on HBM, driving up the relevant sectors. The heavy - holding stocks of high - performing funds were mostly in industries such as electronics, communication, and power equipment [16]. 3.2.4 Overview of Returns of Industry Active Equity Funds - This week, the average return rate of industry active equity funds was 4.89%, higher than the overall level of active equity funds. Among the sub - industries, TMT industry funds performed the best this week, with an average return rate of 6.81%. Medical industry funds had a weekly average return rate of 4.51%, ranking second. Consumer industry funds had a relatively weak performance, with a weekly average return rate of 0.71%. The average return rates of the other three types of industry funds were: mid - stream manufacturing (4.42%), financial real estate (2.69%), and cyclical (1.68%) [18]. 3.2.5 Overview of Returns of Non - Industry Active Equity Funds - This week, the average return rate of non - industry funds was 3.80%, close to the overall level of active equity funds. The growth - style funds performed the best this week, with a weekly average return rate of 4.66%. The average return rates of the other two styles were: value - style (2.63%) and balanced - style (3.73%) [21]. 3.3 Quantitative Funds 3.3.1 Overview of Quantitative Fund Returns - This week, the average return rate of quantitative funds was 2.80%. Huatong CSI Science and Technology Innovation and Entrepreneurship 50 Index Enhancement A had the highest weekly return rate of 9.59%. In terms of strategy types, index - enhancement funds had the best weekly average return of 3.20% this week. The weekly average return rates of the other two types were: active quantitative funds (2.64%) and stock long - short funds (-0.38%) [23]. 3.3.2 Overview of Returns of Major Index - Enhancement Quantitative Funds - This week, among index - enhancement quantitative funds, funds tracking the CSI 1000 Index performed the best, with an average return rate of 3.24%. The weekly average return rates of funds tracking the CSI 300, CSI 500, and SZSE Component Indexes were 2.18%, 3.02%, and 2.70% respectively. In terms of excess returns, the proportion of funds achieving positive excess returns this week was 18.10%, a significant decrease from last week. Funds tracking the CSI 300 Index had a relatively better average excess return of -0.19%. The weekly average excess return rates of funds tracking the other three indexes were: CSI 500 Index (-0.85%), CSI 1000 Index (-0.85%), and SZSE Component Index (-1.16%) [25]. 3.4 Bond Funds 3.4.1 Performance of Major Bond Indexes - This week, major indexes in the bond market generally declined. The CSI Aggregate Bond Index had a weekly change of -0.32%, closing at 260.02. The CSI Treasury Bond Index had a weekly change of -0.47%, closing at 246.32. The CSI Credit Bond Index had a weekly change of -0.19%, closing at 213.27 [27]. 3.4.2 Performance of Convertible Bond Indexes - This week, the CSI Convertible Bond Index had a change of 1.60%, closing at 475.25. The weekly trading volume increased by 10.19%. The median convertible bond price rose by 1.54%, closing at 132.72. The median conversion premium rate increased by 1.15% to 27.24% [29]. 3.4.3 Overview of Bond Fund Returns - This week, the average return rate of bond - type funds was 0.05%. Golden Eagle Yuanfeng Bond A performed the best, with a weekly return rate of 5.28%. Most high - performing bond funds were convertible bond - type and partial - debt hybrid funds [32]. 3.4.4 Overview of Pure - Bond Fund Returns - This week, the average return rate of pure - bond funds was -0.17%. The return rates of short - term and medium - long - term pure - bond funds were -0.03% and -0.20% respectively. Green Fortune Pure Bond A performed relatively the best, with a weekly average return rate of 0.64% [34]. 3.4.5 Overview of Hybrid Bond Fund Returns - This week, the weekly average return rate of hybrid bond funds was 0.21%. The return rate of hybrid bond - type first - level funds was -0.02%, and that of hybrid bond - type second - level funds was 0.38%. Golden Eagle Yuanfeng Bond A performed the best, with a weekly return rate of 5.28% [36]. 3.4.6 Overview of Partial - Debt Hybrid and Flexible Allocation Bond Fund Returns - This week, the average return rate of partial - debt hybrid bond funds was 0.50%, and that of flexible allocation bond funds was 0.35%. Hua'an Zhilian Hybrid (LOF) A performed the best, with a weekly return rate of 5.26% [38]. 3.4.7 Overview of Convertible Bond Fund Returns - This week, the average return rate of convertible bond - type funds was 2.33%. Southern Changyuan Convertible Bond A performed the best, with a weekly average return rate of 4.40% [40]. 3.5 ETF Funds 3.5.1 Overview of ETF Fund Fund Flows - This week, ETF funds had a net outflow of 3.212 billion yuan, a month - on - month change of -120.44%. In terms of types, except for stock - type and money - market ETFs, which had net outflows, the other types of ETFs had net inflows. Cross - border ETFs had a net inflow of 18.854 billion yuan this week, a month - on - month increase of 45.03%, and the net inflow amount was at a historical high. Bond - type ETFs had a net inflow of 12.763 billion yuan, a month - on - month increase of 31.95%, and the net inflow amount was also at a historical high. Stock - type ETFs had a net outflow of 24.01 billion yuan, a month - on - month change of -337.54%. Among the sub - types, except for industry - index and style - index ETFs, which had small net inflows, the other types had net outflows. Thematic - index ETFs had the largest net outflow of 16.083 billion yuan, with a month - on - month change of nearly 13 times [42]. 3.5.2 Overview of ETF Funds with the Highest Net Inflows by Index - In terms of tracking indexes, the equity indexes with the highest net inflows this week, ranked by the total net inflow amount, were: the Shanghai 50 Index (4.351 billion yuan), the Hong Kong Stock Connect Internet Index (3.58 billion yuan), and the CSI 1000 Index (3.358 billion yuan). Among the bond - index - tracking ETFs, the ETFs tracking the AAA Sci - tech Innovation Bond Index and the CSI Convertible and Exchangeable Bond Index also had relatively high total net inflows, with total net inflows of 4.306 billion yuan and 3.114 billion yuan respectively [46]. 3.5.3 Overview of ETF Funds with the Highest Net Outflows by Index - This week, the indexes with the highest total net outflows were all equity indexes. Ranked by the total net inflow amount, they were: the STAR 50 Index (11.045 billion yuan), the STAR Chip Index (4.575 billion yuan), the ChiNext Index (3.172 billion yuan), the SZSE Component Index (3.169 billion yuan), and the CSI All - Share Semiconductor Index (2.586 billion yuan) [49]. 3.5.4 Overview of ETF Funds with the Highest Net Inflows - This week, most of the ETFs with the highest net inflows were bond - type and scale - index ETFs. The ETF with the largest net inflow this week was the Shanghai 50ETF, with a net inflow of 4.212 billion yuan. Harvest Sci - tech Innovation Bond ETF had a weekly net inflow of 3.987 billion yuan, ranking second. Among cross - border ETFs, the Hong Kong Stock Connect Non - Bank ETF had a weekly net inflow of 3.112 billion yuan, also ranking relatively high [51]. 3.5.5 Overview of ETF Funds with the Highest Net Outflows - This week, most of the ETFs with the highest net outflows were thematic - index ETFs and scale - index ETFs. The ETF with the largest net outflow this week was the STAR 50ETF, with a weekly net outflow of 7.032 billion yuan. Yin Hua Ri Li ETF had a weekly net outflow of 5.823 billion yuan, ranking second. Among thematic - index ETFs, the STAR Chip ETF had a net outflow of 1.336 billion yuan, ranking relatively high [53]. 3.5.6 Overview of Returns of High - Performing ETF Funds - This week, the overall average change rate of ETF funds was 3.31%. The STAR Market Growth ETF had the highest weekly increase of 19.38%. Most high - performing ETF funds were thematic - index ETFs, with investment themes including fintech, artificial intelligence, and energy - storage batteries [56]. 3.6 FOF Funds - This week, the average return rate of FOF funds was 1.32%. Bank of Communications Smart Selection Progressive Three - Month Holding - Period Hybrid Initiation (FOF) A performed the best, with a weekly return rate of 6.58%. In terms of types, stock - type FOF funds performed the best, with an average return rate of 3.02%. The performances of the other two types were: hybrid - type FOF (1.35%) and bond - type FOF (0.01%) [58]. 3.7 QDII Funds - This week, the overall average return rate of QDII funds was 1.73%. Bosera Hang Seng Healthcare (QDII - ETF) had the highest weekly return rate of 7.15%. The average return rates of different types of QDII funds were: stock - type (2.06%), hybrid - type (1.97%), bond - type (0.10%), and other - type (-0.76%) [60]. 3.8 REITs Funds - This week, the average change rate of REITs funds was -1.95%. China Resources Commercial REIT performed the best, with a weekly change rate of 0.62% [62].