市场概况： 上周（4月21日至4月25日）A 股市场呈现显著的结构性分化特征，A 股市场呈现 "中 小盘成长领涨、大盘价值承压" 的分化格局。上证指数微涨 0.56%，深证成指上行1.38%，创业板 指表现强劲，上涨超过1.5%，万得微盘指数上涨2.52%，涨幅领先其他宽基指数，反映资金加速 向高弹性小盘股聚集。全周上证指数上涨0.56%，深证指数上涨1.38%，创业板指上涨1.74%。 行业板块： 上周Wind一级平均涨幅0.76%，Wind百大概念指数上涨比例78%。板块方面，77% 板块获得正收益，汽车、美容护理、基础化工相对表现良好，分别上涨4.87%、3.80%、2.71%， 而煤炭、房地产、食品饮料相对表现不佳，小幅下跌0.63%、1.31%、1.36%。 基金发行： 上周合计发行27只，其中股票型基金发行17只，混合型基金发行4只，债券型基金发行 5只， FOF型基金发行1只，总发行份额245.79亿份。 基金表现 ： 上周万得中国基金总指数上涨0.81%。其中，万得普通股票型基金指数上涨1.66%， 万得偏股混合型基金指数上涨1.90%，万得债券型基金指数上涨0.03%。 数据来源：Wind ...

Core Insights - The public fund market in China has shown signs of recovery, with total assets under management exceeding 32 trillion yuan, marking a 0.92% increase from the previous month, primarily driven by a rebound in the equity market [1][16] - Different types of funds have exhibited varied performance, with stock funds, mixed funds, money market funds, and QDII funds all experiencing growth, while bond funds faced a slight decline [1][16] Fund Performance Summary - As of the end of February 2025, the total scale of stock funds reached 4.48 trillion yuan, an increase of 909.14 billion yuan from January, representing a 2.07% month-on-month growth [3] - Mixed funds rebounded with a growth of 1,055.54 billion yuan, reaching a total of 3.53 trillion yuan, marking a 3.08% increase, the highest growth rate in the past 12 months [5] - Money market funds also saw a recovery, with a total scale of 13.47 trillion yuan, up by 2.09% or 2,755.98 billion yuan from January [6] - Conversely, bond funds experienced a decline for the second consecutive month, with a total scale of 6.35 trillion yuan, down by 2,074 billion yuan, reflecting a 3.16% decrease [6] - QDII funds reached a record high of 631.88 billion yuan, increasing by 148.43 billion yuan or 2.41% from January, despite a 6.15% decrease in share volume [6][11] Market Trends - The stock ETF market saw significant contributions from passive index funds, with stock ETFs totaling 2.88 trillion yuan, an increase of 322.23 billion yuan, accounting for 35.44% of the growth in January [3] - Despite the overall growth, some investors opted to take profits, leading to a net redemption of 631.8 billion shares in stock ETFs [5] - The bond market has been under pressure, with the yield curve shifting towards a bear market, as the one-year government bond yield returned to around 1.5% [6] Notable Fund Movements - Several ETFs related to technology and innovation saw substantial gains, with the Hang Seng Technology Index rising by 25% in February, and multiple ETFs achieving over 20% growth [6][8] - However, there were notable outflows from popular ETFs such as the Hang Seng Internet ETF and the China Concept Internet ETF, indicating a trend of profit-taking among investors [11][13]