分析师：孙书娜 登记编号：S0890523070001 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 近期市场回顾： 2025年11月，权益市场整体下行，债券市场小幅回落。权益市场方面，A股市场整体回落，仅 大盘价值收涨，金融、消费风格相对抗跌，跌幅较小，前期涨幅较大的科技板块估值处于历史较高水平，跌幅 明显。债券市场方面，债市小幅震荡，主要系降息预期落空的影响，叠加股市调整导致固收+产品面临赎回压 力。 果基于对应模型计算，需警惕模型失效的风险，仅供研究参考，不构成投资建议。 01 近期公募基金业绩表现回顾 2025年11月，权益市场整体下行，债券市场小幅回落。 权益市场方面，11月A股市场整体回落，仅大盘价值收涨，金融、消费风格相对抗跌，跌幅较 小，前期涨幅较大的科技板块估值处于历史较高水平，跌幅明显。分行业而言，纺织服装、石油 石化、银行涨幅靠前，分别为3.53%、3.19%、3.16%，电子、汽车、计算机跌幅相对较深，分别 录得-4.87%、-5.61%、-5.64%。具体来看，11月中上旬，美联储降息预期降温引发市场波动，叠 ...

Market Overview - In September 2025, the equity market continued its upward trend, but the growth rate slowed compared to August, with a notable structural market characterized by strong performance in technology growth sectors [5][11] - The bond market faced pressure due to the stronger equity market, leading to a volatile environment [6][11] Equity Market Insights - The leading sectors in September included electric equipment and new energy, non-ferrous metals, and electronics, with respective gains of 18.64%, 12.64%, and 10.28%. Conversely, sectors like comprehensive finance, banking, and national defense saw declines of -8.04%, -6.64%, and -6.62% [5][10] - The market experienced significant fluctuations around the military parade, followed by a rebound in AI-related stocks due to better-than-expected earnings from overseas AI leaders [5][10] Fund Performance - All major equity fund indices recorded gains, with the Wind Active Equity Fund Index, Wind Mixed Equity Fund Index, and Wind Ordinary Stock Fund Index rising by 6.67%, 5.52%, and 5.43% respectively [5][10] - The fund performance review indicated a general uptrend in fund style indices, with growth and small-cap styles continuing to dominate [7] Bond Market Insights - The bond market continued to experience fluctuations, with the equity market's strength exerting pressure on bond yields [6][11] - Key events included a meeting between the Ministry of Finance and the central bank, which raised expectations for the resumption of bond buying, followed by concerns over fund redemption due to new regulations [6][11] Fund Strategy Adjustments - The active equity fund selection strategy focuses on sectors with high short-term prosperity, emphasizing the need for sustained industry momentum amid prolonged market differentiation [11] - Adjustments to the pure bond fund selection strategy were made to enhance returns by incorporating credit bonds and strategies adept at wave trading [17][18] Thematic Fund Performance - Thematic funds showed varied performance, with sectors benefiting from overseas demand for energy storage and breakthroughs in solid-state battery technology leading the gains [8][10] - Financial and real estate thematic funds lagged, reflecting a shift in market sentiment as risk appetite increased [8][10] Future Outlook - The bond market is expected to continue its volatile trend, with potential for moderate recovery amid a cooling stock market and macroeconomic data [18] - The focus on domestic demand remains crucial, with expectations for sectors like aviation and liquor to gain traction as consumer infrastructure initiatives are implemented [13][14]

Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]