证券研究报告 明合作力 策略专题 2025年08月 07日 【策略专题】 居民资产负债表修复行至何处 资产负债表修复系列 5 华创证券研究所 证券分析师:姚佩 邮箱:yaopei@hcyjs.com 执业编号:S0360522120004 联系人:朱冬墨 邮箱:zhudongmo@hcyjs.com 相关研究报告 《[华创策略】四类基金画像:加仓、减仓、调仓、 极致风格——25Q2基金季报专题研究》 2025-07-30 2%。从收益分布来看,老基金至今仍低于 2021/2/18 净值高点的比例为 68%, 新基金仍低于初始净值的比例为 61%;目前仍低于净值比较基准超 30%的老 基金比例为 30%、新基金比例为 18%。24/9 以来随着市场的回暖整体收益出 现明显抬升,截至25/8/6 新老基金整体收益均值回暖 25pct(较收益低点 24/1), 其中老基金 20pct,新基金 29pct。 《 华创策略联合行业】PCB:AI 算力的基石一 一牛市产业主线系列 1》 2025-07-30 《[华创策略]"十五五"重点产业前瞻 -- "十 五五"系列 1》 2025-07-14 《【华创证券红利资产研究 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last month, most of the market's major index valuations were adjusted downward. In terms of price - to - earnings ratio, the historical percentile of the ChiNext Index and CSI 300 dropped to 4.5% and 44.4% respectively. In terms of price - to - book ratio, only the Sci - Tech Innovation 50's valuation percentile increased to 36.1%. Among the 31 Shenwan primary industries, only 4 industries rose [1]. - In April, 76 new funds were issued with a scale of 583.80 billion yuan. The issuance of active equity funds was cold, while the issuance share of passive equity funds increased slightly. Only commodity funds and pure - bond funds rose, with growth rates of 4.53% and 0.52% respectively. Growth style underperformed value style, and large - cap style was inferior to small - cap style. The position of active equity funds on April 30, 2025 was 81.17%, a decrease of 0.69pct from the previous month [2]. - In the ETF market, equity ETFs had the highest net inflow, reaching 18.2928 billion yuan. Most broad - based indexes had large net inflows, and some ETFs had significant gains or losses [3]. - In April, the risk - parity model dropped 0.09%, and the risk - budget model dropped 0.61% [4]. Summary by Directory 1. Last Month's Market Review 1.1 Domestic Market Situation - In April, the major indexes of the Shanghai and Shenzhen markets fluctuated and retreated. The ChiNext Index fell by more than 7%, and the Sci - Tech Innovation 50 had the smallest decline of 1.01%. Among the 31 Shenwan primary industries, only 4 industries rose, while the top 5 decliners were electrical equipment, communication, household appliances, computer, and electronics. In the bond market, the ChinaBond Composite Full - Price Index rose 0.95%, and the CSI Convertible Bond Index fell 1.31%. In the commodity market, the Nanhua Commodity Index fell 5.01% [12]. 1.2欧美及亚太市场情况 - In April, the European, American, and Asia - Pacific markets showed mixed performance. The S&P 500 fell 0.37%, the Dow Jones Industrial Average fell 3.22%, and the Nasdaq rose 0.85%. In the European market, the French CAC 40 fell 2.53%, and the German DAX rose 1.50%. In the Asia - Pacific market, the Hang Seng Index fell 4.33%, and the Nikkei 225 rose 1.20% [17]. 1.3 Market Valuation Situation - Last month, most of the market's major index valuations were adjusted downward. The historical percentile of the ChiNext Index and CSI 300's price - to - earnings ratio dropped by 11.5pct and 8.0pct respectively. Only the Sci - Tech Innovation 50's price - to - book ratio percentile increased by 0.2pct to 36.1%. The industries with the highest historical percentile of price - to - earnings ratio were real estate, steel, building materials, automobiles, and commercial trade, while those with the lowest were non - bank finance, agriculture, forestry, animal husbandry, and fishery, non - ferrous metals, light industry manufacturing, and electrical equipment [20]. 2. Overall Situation of Public Funds 2.1 Fund Issuance Situation - In April, 76 new funds were issued with a scale of 583.80 billion yuan. Among them, 6 active equity funds were issued with a scale of 14.76 billion yuan, and 53 index funds were issued with a scale of 282.19 billion yuan. The issuance of active equity funds was cold, while the issuance share of passive equity funds increased slightly [2][28]. 2.2 Fund Market Return Situation - In April, only commodity funds and pure - bond funds rose, with growth rates of 4.53% and 0.52% respectively. The pure - bond funds had the highest positive - return ratio of 98.30%. Growth style underperformed value style, and large - cap style was inferior to small - cap style. Generally, small - cap growth style was relatively resistant to decline, while large - cap growth style had the largest decline. Larger - scale funds in the equity market generally performed better [2][35]. 2.3 Active Equity Fund Position Situation - The position of active equity funds on April 30, 2025 was 81.17%, a decrease of 0.69pct from the previous month [40]. 3. ETF Fund Situation - Equity ETFs had the highest net inflow, reaching 18.2928 billion yuan. The average daily trading volume of the overall ETF market was 258.712 billion yuan, the average daily trading volume was 163.29 billion shares, and the average daily turnover rate was 9.72%. Most broad - based indexes had large net inflows. Some ETFs had significant gains or losses, and there were differences in capital inflows and outflows among different ETFs [3][44]. 4. Model Operation Situation - In April, the risk - parity model dropped 0.09%, and the risk - budget model dropped 0.61%. Since 2015, the risk - parity model has had an annualized return of 4.46% and a maximum drawdown of 2.31%; the risk - budget model has had an annualized return of 3.99% and a maximum drawdown of 9.80%. Next month, the asset - allocation weights of the models remain unchanged [4][55].